Document:

<PAGE>
                                                                   EXHIBIT 10.17

As of February 18, 2004

Sunset Financial Resources, Inc.
4231 Walnut Bend
Jacksonville, Florida 32257

Attention: John Bert Watson
Telephone: (904) 288-9330
Telecopy: (904) 230-9109
Email: bwatson@sunsetfinancial.net

Attention: Byron L. Boston
Telephone: (703) 675-2829
Telecopy: (904) 230-9109
Email: byronboston@cox.net
       byronboston@mac.com

         Re: Sale of 5/1 Hybrid ARM Mortgage Loans

Ladies and Gentlemen:

         This letter is intended to set forth the terms under which Morgan
Stanley Mortgage Capital Inc. (the "Seller") will sell and Sunset Financial
Resources, Inc. (the "Purchaser") will purchase, on a servicing-retained basis,
in whole loan format and without recourse, certain one- to four-family,
first-lien, 5/1 hybrid, adjustable rate residential mortgage loans (the
"Mortgage Loans"). As of February 18, 2004, the Mortgage Loans had an aggregate
outstanding scheduled principal balance of approximately $58.7 million and had
the general characteristics as described in Exhibit A attached hereto. The
aggregate principal amount of Mortgage Loans to be purchased by the Purchaser on
the Closing Date may be increased or decreased by up to 3% of principal amount
set forth above.

         The Seller, as purchaser, entered into Seller's Warranties and
Servicing Agreements (each, a "Servicing Agreement") with each of Bank of
America, N.A. ("Bank of America"), Cendant Mortgage Corporation ("Cendant"),
Greenpoint Mortgage Funding, Inc. ("Greenpoint") and Morgan Stanley Dean Witter
Credit Corporation ("Morgan Stanley," together with Bank of America, Cendant and
Greenpoint, the "Mortgage Loan Sellers"), as the seller and servicer under each
of their respective Servicing Agreement, which are attached hereto as Exhibits
B, C, D and E, respectively. Each Servicing Agreement sets forth further the
terms and provisions with respect to the Mortgage Loans and the sale and
servicing thereof. Ownership of the Mortgage Loans shall

<PAGE>

be evidenced by delivery of the Mortgage Loans as whole loans to the Purchaser
subject to the related Servicing Agreement.

1.       Settlement Schedule

         The Mortgage Loans shall be sold and settled by the Seller to the
Purchaser on March 30, 2004, or such other date as is mutually acceptable to the
Seller and the Purchaser (the "Closing Date"). The Cut-off Date for the Mortgage
Loans will be March 1, 2004 (the "Cut-off Date"), and the Purchaser shall be
entitled to all scheduled payments on each Mortgage Loan due and payable after
the Cut-off Date, including all interest accrued after the Cut-off Date, in all
cases net of any Servicing Fee (as defined below).

2.       Purchase Price and Mortgage Loan Characteristics

         The purchase price (the "Purchase Price") for the Mortgage Loans,
subject to the succeeding paragraphs in this Section 2, shall be 103.140625%
(the "Purchase Price Percentage") of the aggregate outstanding scheduled
principal balance of the Mortgage Loans as of the Cut-Off Date, after
application of payments due on the Mortgage Loans on or before the Cut-off Date
whether or not received, plus accrued interest at the weighted average of the
gross interest rates of the Mortgage Loans, net of the Servicing Fee Rate (as
defined below) applicable for the Mortgage Loans, from the Cut-off Date through
the day prior to the Closing Date, inclusive (which Purchase Price reflects a
corporate bond equivalent yield of 3.858%, calculated using the Bloomberg
calculator "BC35" and the Parameters set forth below).

         The Purchase Price Percentage is calculated using the Bloomberg
calculator "BC35" and the following parameters (collectively referred to herein
as the "Parameters"): (i) a weighted average net interest rate on the Mortgage
Loans of 5.076% per annum as of the Cut-off Date, (ii) a prepayment speed
assumption of 18% CPR, (iii) a weighted average remaining term of 355 months,
(iv) a weighted average months to next Interest Rate Adjustment Date (as defined
below) of 55 months, (v) a 47-day payment delay, and (vi) a spread of 1.70% over
the applicable interpolated Treasury bond.

         The Seller and the Purchaser agree to recompute the Purchase Price on
March 19, 2004 or such other date agreed to by the Purchaser and the Seller (the
"New Pricing Date") using a Purchase Price Percentage calculated based on the
Parameters and subject to this paragraph. The Seller and the Purchaser agree
that the Closing Date shall occur 11 days after the New Pricing Date (the
"Required Closing Date"). If the Closing Date occurs earlier than the Required
Closing Date, the Purchase Price Percentage calculated on the New Pricing Date
shall be increased by a rate equal to the product of (i) 0.0001042% (1.042 bps)
and (ii) the number of days prior to the Required Closing Date that the Closing
Date occurs. If the Closing Date occurs later than the Required Closing Date,
the Purchase Price Percentage calculated on the New Pricing Date shall be
reduced by a rate equal to the product of (i) 0.0001042% (1.042 bps) and (ii)
the number of days after the Required Closing Date that the Closing Date occurs.

         In the event that, as of the Cut-off Date, the weighted average net
interest rate on the Mortgage Loans is not equal to 5.076% per annum, the
Purchase Price Percentage shall be

<PAGE>

recalculated using the Bloomberg calculator "BC35" and the Parameters above, to
achieve a corporate bond equivalent yield that results from maintaining a spread
of 1.70% over the applicable interpolated Treasury bond.

         The Purchase Price shall be paid to the Seller in immediately available
funds by wire transfer on the Closing Date.

3.       Delivery of Documents

         No later than 5 Business Days before the Closing Date, the Seller will
assemble and deliver to the custodian (the "Custodian") for the Mortgage Loans,
pursuant to a bailee letter to be entered into by the Seller and the Custodian,
the legal documents related to the Mortgage Loans. The Seller will pay any costs
or fees (e.g., termination fees, packaging fees, etc.) charged by its existing
custodians in connection with the transfer of the Mortgage Loan files to the
Custodian, and the Purchaser will pay any costs or expenses charged by the
Custodian associated with the initial inventory and maintenance of the Mortgage
Loan files.

4.       Due Diligence

         The Purchaser understands that the Mortgage Loans have been acquired by
the Seller from the Mortgage Loan Sellers in the secondary residential mortgage
market and that the Seller does not make any representations and warranties with
respect to the Servicing Agreement except that on the Closing Date, the Seller
will make those representations and warranties set forth in the Assignment and
Assumption Agreement. With respect to each Mortgage Loan, the Seller and the
Purchaser shall have the right prior to the Closing Date to review each
Servicing Agreement and to review each Mortgage Loan file, together with the
related mortgagor's payment history, available at the respective offices of the
Mortgage Loan Sellers for review during normal business hours for the purpose of
ensuring conformity with the terms of this letter.

5.       Servicing Agreements

         The Seller purchased the Mortgage Loans from the Mortgage Loan Sellers
pursuant to the Servicing Agreements. On the Closing Date the Seller shall
assign to the Purchaser, solely with respect to the Mortgage Loans purchased by
the Purchaser on the Closing Date, each of the related Servicing Agreements and
the rights and remedies available thereunder pursuant to an Assignment and
Assumption Agreement substantially in the form attached as an exhibit to the
related Servicing Agreement (the "Assignment and Assumption Agreement"). The
Seller shall make no representations and warranties, other than those explicitly
set forth in the Assignment and Assumption Agreement. Each Servicing Agreement
will contain certain representations and warranties with respect to the related
Mortgage Loans, as of the date set forth therein. Each Servicing Agreement shall
also require the related Mortgage Loan Seller to repurchase or substitute, at
the Purchaser's option, any Mortgage Loan with respect to which a material
breach of a representation or warranty is discovered and cannot be cured
according to the terms of the related Servicing Agreement. The repurchase price
shall equal the price specified in the related Servicing Agreement (the
"Repurchase Price").

<PAGE>

         In the event that (i) any Mortgage Loan purchased by the Purchaser
prepays in full on or prior to the Closing Date or (ii) any Mortgage Loan
prepays in full during the period of time ending on and including the last day
of the calendar month immediately following the calendar month in which the
Closing Date takes place, the Seller shall promptly pay the Purchaser, with
respect to such Mortgage Loan, the difference between the Purchase Price
Percentage and par, multiplied by the then outstanding principal balance of such
Mortgage Loan.

6.       Servicing

         Each Mortgage Loan Seller shall service the applicable Mortgage Loans
in accordance with the related Servicing Agreement on behalf of the Purchaser
and its assignees. Each Mortgage Loan Seller shall be entitled to retain from
the applicable actual mortgagor interest payments a servicing fee (the
"Servicing Fee") equal to the product of (a) the per annum rate (for each
Mortgage Loan Seller, the "Servicing Fee Rate") set forth below for such
Mortgage Loan Seller and (b) the principal balance of the Mortgage Loans.

<Table>
<Caption>
MORTGAGE LOAN SELLER             SERVICING FEE RATE
--------------------             ------------------
<S>                              <C>
Bank of America                         0.250%
Cendant                                 0.375%
Greenpoint                              0.250%
Morgan Stanley                          0.500%
</Table>

         Pursuant to the terms of each Servicing Agreement, the related Mortgage
Loan Seller shall (a) remit by wire transfer to an account designated by the
Purchaser payments of principal and interest at the Mortgage Loan remittance
rate on each Mortgage Loan on the 18th day of each month (the "Remittance
Date"), whether or not such payments of principal and interest have been
received from the mortgagor, and (b) make all principal and interest advances
and servicing advances through the last monthly payment due prior to the payment
in full of the Mortgage Loan, or through the Remittance Date prior to the
Remittance Date for the distribution of all liquidation proceeds and other
payments or recoveries (including insurance proceeds or condemnation awards)
with respect to the Mortgage Loan unless the related Mortgage Loan Seller deems
such advance to be nonrecoverable.

7.       Closing

         (a) The Seller's obligation to sell the Mortgage Loans shall be subject
to the following conditions:

                  (1) the Seller shall have received the Purchase Price, as
         described herein;

                  (2) the Purchaser shall have performed all obligations
         hereunder, to the extent that such obligations were to be performed by
         the Purchaser on or before the Closing Date (unless waived by the
         Seller);

                  (3) the covenants of the Purchaser contained herein and its
         representations and warranties contained in the Assignment and
         Assumption Agreement shall be true and correct in all material respects
         as of the Closing Date; and

<PAGE>

                  (4) all other terms and conditions of this letter agreement,
         to the extent not in the Seller's control, shall have been complied
         with (unless waived by the Seller).

         (b) The Purchaser's obligation to purchase the Mortgage Loans shall be
subject to the following conditions:

                  (1) the Seller shall have performed any obligations hereunder
         and under the Assignment and Assumption Agreement, to the extent that
         such obligations were to be performed by the Seller on or before the
         Closing Date;

                  (2) the covenants of the Seller contained herein and the
         representations and warranties contained in the Assignment and
         Assumption Agreement shall be true and correct in all material respects
         as of the Closing Date;

                  (3) the results of the Purchaser's due diligence review to
         ensure conformity to the terms hereof and the Servicing Agreements
         shall have been satisfactory;

                  (4) the Purchaser shall have received a trust receipt from the
         Custodian relating to all of the Mortgage Loans; and

                  (5) all other terms and conditions of this letter agreement
         and the Servicing Agreements, to the extent not in the Purchaser's
         control, shall have been complied with (unless waived by the
         Purchaser).

8.       Costs

         The Seller shall pay any commissions due its salesmen, the legal fees
and expenses of its attorneys. The Purchaser shall pay its due diligence fees
and the fees and expenses of its counsel. All other costs and expenses incurred
in connection with the transfer and delivery of the Mortgage Loans, including
recording fees, fees for title policy endorsements and continuations and the
Purchaser's attorney's fees, shall be paid by the Purchaser or by the related
Mortgage Loan Seller as described in the related Servicing Agreement.

         Neither the Seller nor the Purchaser has employed a broker in
connection with the transaction contemplated herein, and the Seller and the
Purchaser shall not be responsible for brokerage fees incurred or payable by the
other party hereto.

9.       Confidential Information

         The Seller, the Purchaser and their agents shall keep confidential and
shall not divulge to any person, other than affiliates, without the written
consent of the other party, the terms of this letter, except (a) to the extent
required by law or judicial order, (b) to the extent such information enters
into the public domain other than through the wrongful act of the Seller or the
Purchaser, as the case may be, or (c) as is necessary in working with legal
counsel, auditors, agents, taxing authorities or other governmental agencies.
The rights and obligations set forth in this paragraph shall survive the Closing
Date and shall not merge into the closing documents but shall be independently
enforceable by the parties hereto.

<PAGE>

10.      Governing Law

         This letter shall be deemed in effect when a counterpart fully executed
by the Seller is received by the Seller and shall be deemed to have been made in
the State of New York. This letter shall be construed in accordance with the
laws of New York (without regard to conflicts of laws provisions) and the
obligations, rights and remedies of the parties hereunder shall be determined in
accordance with the laws of the State of New York (without regard to conflicts
of laws provisions), except as preempted by federal law.

11.      Further Assurances

         The Purchaser and the Seller each agree to execute and deliver to the
other such additional documents, instruments or agreements as may be reasonably
necessary or appropriate to effectuate the purposes of this letter.

12.      Notices

         All communications hereunder shall be in writing and mailed and
delivered to the Purchaser at the address listed above, or to the Seller at 1221
Avenue of the Americas, 27th Floor, New York, NY 10016, Attention: Kevin G.
Chavers.

13.      Survival

         The agreements herein shall survive the sale of the Mortgage Loans
notwithstanding any restrictive or qualified endorsement on any Mortgage Loan
Document.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>
         Kindly acknowledge receipt of and agreement with the terms of this
letter by signing and promptly returning three originals of this letter to Kevin
G. Chavers, on or before 12:00 p.m. February 19, 2004. Your failure to return
this letter to us within the time indicated shall give us the right, at our sole
option, to declare the oral agreement confirmed hereby null and void.

                                    Very truly yours,

                                    MORGAN STANLEY MORTGAGE CAPITAL INC.

                                    By:   /s/ KEVIN G. CHAVERS
                                          --------------------------------------
                                    Name:  Kevin G. Chavers
                                          --------------------------------------
                                    Its:  Vice President
                                          --------------------------------------

ACCEPTED AND AGREED:

SUNSET FINANCIAL RESOURCES, INC.

By:   /S/ J. BERT WATSON
      --------------------------------------
Name:   J. Bert Watson
      --------------------------------------
Its:   President & Chief Executive Officer
      --------------------------------------

<PAGE>
                                                                       EXHIBIT A

                       CHARACTERISTICS OF MORTGAGE LOANS

<Table>
<Caption>
                               Original                                   Refined      Property      Loan
   Source        Loan Number    Balance     Balance    GWAC   Product     Product        Type       Purpose       City
<S>              <C>           <C>        <C>         <C>     <C>         <C>          <C>          <C>        <C>

Morgan Stanley     24448417      100000     8250.45    4.685    A5/1        A5/1         DPUD          P       LAUGHLIN
Morgan Stanley   6031217810       47920     47750.5    5.125    A5/1        A5/1         CO            P       NEW BEDFORD
Morgan Stanley     23678766       62000    61459.72     5.25    A5/1        A5/1         SFR           CO      SANTA TERESA
Morgan Stanley   6244322035       66000    65510.63     5.75    A5/1        A5/1         SFR           RT      GOLDEN
Morgan Stanley     24753386       70300    69670.92     5.75    A5/1        A5/1         SFR           P       MINOT
Morgan Stanley   6961760003       70700    70562.19    6.125    A5/1        A5/1         SFR           CO      OSHKOSH
Morgan Stanley     25394826       72200     71877.8    5.435    A5/1        A5/1         SFR           P       MIDDLEBURG
Morgan Stanley     25310681       78000    77622.73        5    A5/1        A5/1         SFR           RT      ENGLEWOOD
Morgan Stanley   6035044673       78400    78159.01    5.875    A5/1        A5/1         SFR           RT      OSHKOSH
Morgan Stanley   6071065756       85600     85330.6     5.75    A5/1        A5/1         SFR           CO      MONTOURSVILLE
Morgan Stanley   6137018435       86200    85901.24     5.25    A5/1        A5/1         SFR           RT      TULSA
Morgan Stanley   6628054501       87200    86950.48     6.25    A5/1        A5/1         CO            P       ANNANDALE
Morgan Stanley   6314423754       88000    87748.17     6.25    A5/1        A5/1         SFR           P       TUCSON
Morgan Stanley   6951770871       90000    89709.97    5.625    A5/1        A5/1         SFR           CO      BRIGHTON
Morgan Stanley   6376264658       90320     90073.7      6.5    A5/1        A5/1         DPUD          P       PALM SPRINGS
Morgan Stanley   6971282865       92500    91308.49        5    A5/1        A5/1         CO            RT      SAN DIEGO
Morgan Stanley   6933331099      100600    98776.24      5.5    A5/1        A5/1         SFR           RT      CHATTANOOGA
Morgan Stanley   6618657305       99921    99628.13    6.125    A5/1        A5/1         SFR           P       CANYON
Morgan Stanley   6069630439      100000    99629.62    4.875    A5/1        A5/1         SFR           P       BIG BEAR CITY
Morgan Stanley   6607687073      100000    99683.29    5.875    A5/1        A5/1         CO            P       MIAMI BEACH
Morgan Stanley   6198103191      100000    99795.58    5.875    A5/1        A5/1         SFR           RT      OSHKOSH
Morgan Stanley   6568327271      102000   101663.51      5.5    A5/1        A5/1         SFR           P       TWIN PEAKS
Morgan Stanley   6139235342      104000   103640.53     5.25    A5/1        A5/1         SFR           RT      LAUDERDALE LAKES
Morgan Stanley   6394446444      105300   104193.65     5.25    A5/1        A5/1         CO            P       PAWLEYS ISLAND
Morgan Stanley   6190228228      104750   104420.31     5.75    A5/1        A5/1         DPUD          P       PAWLEYS ISLAND
Morgan Stanley     22414619      110000   108870.56    5.375    A5/1        A5/1         SFR           P       MARMORA
Morgan Stanley        22903      111800   111548.88    5.375    A5/6        A5/6         CO            P       LAS VEGAS
Morgan Stanley   6341413562      111990   111669.53     6.25    A5/1        A5/1         SFR           P       PORT ST. LUCIE
Morgan Stanley   6273810009      112500   111859.91     5.75    A5/1        A5/1         DPUD          P       MIAMI
Morgan Stanley     25531914      112575   112004.01      5.5    A5/1        A5/1         SFR           P       MULBERRY
Morgan Stanley   6395770362      115830    112030.2        6    A5/1        A5/1         SFR           P       GREENSBORO
Morgan Stanley    200066991      116000   114930.24      5.5    A5/1        A5/1         SFR           P       BOYNTON BEACH
Morgan Stanley   6685734805      121500   115451.33    5.125    A5/6        A5/6         SFR           RT      West Mifflin
Morgan Stanley   6794712601      122500   121039.56     4.75    A5/1        A5/1         SFR           RT      CRAWFORDVILLE
Morgan Stanley     25345315      125000   122255.49        6    A5/1        A5/1         DPUD          RT      GILBERT
Morgan Stanley     82545997      130000   124248.86    5.045    A5/1        A5/1         SFR           P       KISSIMMEE
Morgan Stanley   6089397803      130950   129413.36    5.375    A5/6        A5/6         SFR           CO      Littlerock
Morgan Stanley     24727323      133000   130436.97    6.125    A5/1        A5/1         SFR           P       TOWSON
Morgan Stanley   6692872119      155400   132399.82    5.375    A5/1        A5/1         SFR           P       ORANGE

<Caption>
   Source        Loan Number    State     Zip        ARMIPAP     ARMIPERCAP    ARMIRAP   ARMLIFECAP  ARMMARGIN    ARMMAX
<S>              <C>            <C>      <C>         <C>         <C>           <C>       <C>         <C>         <C>

Morgan Stanley     24448417       NV     89029          60           5           60           5        2.75        9.685
Morgan Stanley   6031217810       MA     02742          60           5           60           5        2.25       10.125
Morgan Stanley     23678766       NM     88008          60           5           60           5        2.75        10.25
Morgan Stanley   6244322035       CO     80401          60           5           60           5        2.25        10.75
Morgan Stanley     24753386       ME     04258          60           5           60           5        2.75        10.75
Morgan Stanley   6961760003       WI     54901          60           5           60           5        2.25       11.125
Morgan Stanley     25394826       FL     32068          60           5           60           5        2.75       10.435
Morgan Stanley     25310681       FL     34224          60           5           60           5        2.75           10
Morgan Stanley   6035044673       WI     54902          60           5           60           5        2.25       10.875
Morgan Stanley   6071065756       PA     17754          60           5           60           5        2.25        10.75
Morgan Stanley   6137018435       OK     74134          60           5           60           5        2.25        10.25
Morgan Stanley   6628054501       VA     22003          60           5           60           5        2.25        11.25
Morgan Stanley   6314423754       AZ     85710          60           5           60           5        2.25        11.25
Morgan Stanley   6951770871       CO     80602          60           5           60           5        2.25       10.625
Morgan Stanley   6376264658       FL     33406          60           5           60           5        2.25         11.5
Morgan Stanley   6971282865       CA     92104          60           5           60           5        2.25           10
Morgan Stanley   6933331099       TN     37405          60           5           60           5        2.25         10.5
Morgan Stanley   6618657305       TX     79015          60           5           60           5        2.25       11.125
Morgan Stanley   6069630439       CA     92314          60           5           60           5        2.25        9.875
Morgan Stanley   6607687073       FL     33139          60           5           60           5        2.25       10.875
Morgan Stanley   6198103191       WI     54902          60           5           60           5        2.25       10.875
Morgan Stanley   6568327271       CA     92391          60           5           60           5        2.25         10.5
Morgan Stanley   6139235342       FL     33309          60           5           60           5        2.25        10.25
Morgan Stanley   6394446444       SC     29585          60           5           60           5        2.25        10.25
Morgan Stanley   6190228228       SC     29585          60           5           60           5        2.25        10.75
Morgan Stanley     22414619       NJ     08223          60           5           60           5        2.75       10.375
Morgan Stanley        22903       NV     89149          60           6           60           6        2.25       11.375
Morgan Stanley   6341413562       FL     34986          60           5           60           5        2.25        11.25
Morgan Stanley   6273810009       FL     33180          60           5           60           5        2.25        10.75
Morgan Stanley     25531914       FL     33860          60           5           60           5        2.25         10.5
Morgan Stanley   6395770362       NC     27410          60           5           60           5        2.75           11
Morgan Stanley    200066991       FL     33435          60           5           60           5        2.25         10.5
Morgan Stanley   6685734805       PA     15122          60           5           60           5        2.25       10.125
Morgan Stanley   6794712601       FL     32327          60           5           60           5        2.25         9.75
Morgan Stanley     25345315       AZ     85233          60           5           60           5        2.25           11
Morgan Stanley     82545997       FL     34743          60           5           60           5        2.75       10.045
Morgan Stanley   6089397803       CA     93543          60           5           60           5        2.25       10.375
Morgan Stanley     24727323       MD     21286          60           5           60           5        2.25       11.125
Morgan Stanley   6692872119       NJ     07050          60           5           60           5        2.75       10.375

<Caption>
                                  NPA         NRA                             Property       Sale     Doc                 Occupancy
   Source        Loan Number     Months      Months       ARMPAP      ARMRAP     Value      Balance   Type        Index     Status
<S>              <C>             <C>         <C>          <C>         <C>     <C>         <C>         <C>         <C>     <C>

Morgan Stanley     24448417        56          55           12          12      210000      210000    FULL         TY1         S
Morgan Stanley   6031217810        57          56           12          12       59900       59900    FULL         LY1         S
Morgan Stanley     23678766        55          54           12          12       88700           0    FULL         TY1         I
Morgan Stanley   6244322035        53          52           12          12      225000           0    FULL         LY1         I
Morgan Stanley     24753386        55          54           12          12       74000       74000    FULL         TY1         P
Morgan Stanley   6961760003        58          57           12          12      101500           0    FULL         LY1         I
Morgan Stanley     25394826        56          55           12          12       76000       76000    FULL         TY1         P
Morgan Stanley     25310681        56          55           12          12      116000           0    FULL         TY1         S
Morgan Stanley   6035044673        57          56           12          12       98000           0    FULL         LY1         I
Morgan Stanley   6071065756        57          56           12          12      107000           0    FULL         LY1         P
Morgan Stanley   6137018435        57          56           12          12      101500           0    FULL         LY1         P
Morgan Stanley   6628054501        57          56           12          12      109000      109000    FULL         LY1         I
Morgan Stanley   6314423754        57          56           12          12      110000      110000    FULL         LY1         P
Morgan Stanley   6951770871        57          56           12          12      325000           0    FULL         LY1         P
Morgan Stanley   6376264658        57          56           12          12      112900      112900    FULL         LY1         I
Morgan Stanley   6971282865        50          49           12          12      220000           0    ALT          LY1         I
Morgan Stanley   6933331099        44          43           12          12      137000           0    FULL         LY1         I
Morgan Stanley   6618657305        57          56           12          12      103000      103000    FULL         LY1         P
Morgan Stanley   6069630439        57          56           12          12      125500      125500    FULL         LY1         S
Morgan Stanley   6607687073        58          57           12          12      125000      125000    FULL         LY1         S
Morgan Stanley   6198103191        58          57           12          12      127000           0    FULL         LY1         I
Morgan Stanley   6568327271        57          56           12          12      127500      127500    FULL         LY1         P
Morgan Stanley   6139235342        57          56           12          12      140000           0    FULL         LY1         P
Morgan Stanley   6394446444        51          50           12          12      117000      117000    ALT          LY1         P
Morgan Stanley   6190228228        57          56           12          12      130938      130938    FULL         LY1         P
Morgan Stanley     22414619        51          50           12          12      137500      137500    FULL         TY1         S
Morgan Stanley        22903        58          57            6           6      139850      139850    FULL         LM6         P
Morgan Stanley   6341413562        57          56           12          12      140650      140650    FULL         LY1         S
Morgan Stanley   6273810009        57          56           12          12      125000      125000    FULL         LY1         P
Morgan Stanley     25531914        56          55           12          12      118500      118500    FULL         LY1         P
Morgan Stanley   6395770362        56          55           12          12      128700      128700    FULL         TY1         P
Morgan Stanley    200066991        53          52           12          12      150000           0    FULL         LY1         P
Morgan Stanley   6685734805        57          56            6           6      150000           0    FULL         LM6         P
Morgan Stanley   6794712601        57          56           12          12      147000           0    FULL         LY1         P
Morgan Stanley     25345315        58          57           12          12      141000      141000    FULL         LY1         P
Morgan Stanley     82545997        55          54           12          12      183000           0    FULL         TY1         P
Morgan Stanley   6089397803        57          56            6           6      145500      145500    FULL         LM6         P
Morgan Stanley     24727323        56          55           12          12      140000      140000    FULL         LY1         P
Morgan Stanley   6692872119        56          55           12          12      265000           0    FULL         TY1         P

<Caption>
                                  PMI          Prepayment
   Source        Loan Number    Company          Penalty        DATECUTOFF   DATEFPAY     DATEMAT       DTIBACK     LOANIDMERS
<S>              <C>            <C>            <C>              <C>          <C>          <C>           <C>         <C>

Morgan Stanley     24448417       NO                0            20040201    20031001     20330901       32.61        24448417
Morgan Stanley   6031217810       NO                0            20040201    20031101     20331001        4.37      6031217810
Morgan Stanley     23678766       NO                0            20040201    20030901     20330801       36.69        23678766
Morgan Stanley   6244322035       NO                0            20040201    20030701     20330601          38      6244322035
Morgan Stanley     24753386       UGI               0            20040201    20030901     20330801       28.96        24753386
Morgan Stanley   6961760003       NO                0            20040201    20031201     20331101        18.3      6961760003
Morgan Stanley     25394826       UGI               0            20040201    20031001     20330901       27.06        25394826
Morgan Stanley     25310681       NO                0            20040201    20031001     20330901       24.84        25310681
Morgan Stanley   6035044673       NO                0            20040201    20031101     20331001        21.4      6035044673
Morgan Stanley   6071065756       NO                0            20040201    20031101     20331001          37      6071065756
Morgan Stanley   6137018435       GE                0            20040201    20031101     20331001        37.9      6137018435
Morgan Stanley   6628054501       NO                0            20040201    20031101     20331001        41.3      6628054501
Morgan Stanley   6314423754       NO                0            20040201    20031101     20331001        37.3      6314423754
Morgan Stanley   6951770871       NO                0            20040201    20031101     20331001        25.8      6951770871
Morgan Stanley   6376264658       NO                0            20040201    20031101     20331001        30.8      6376264658
Morgan Stanley   6971282865       NO                0            20040201    20030401     20330301        35.5      6971282865
Morgan Stanley   6933331099       NO                0            20040201    20021001     20320901        14.3      6933331099
Morgan Stanley   6618657305       UGI               0            20040201    20031101     20331001        35.3      6618657305
Morgan Stanley   6069630439       NO                0            20040201    20031101     20331001        27.4      6069630439
Morgan Stanley   6607687073       NO                0            20040201    20031201     20331101          17      6607687073
Morgan Stanley   6198103191       NO                0            20040201    20031201     20331101        16.9      6198103191
Morgan Stanley   6568327271       NO                0            20040201    20031101     20331001        35.6      6568327271
Morgan Stanley   6139235342       NO                0            20040201    20031101     20331001        33.7      6139235342
Morgan Stanley   6394446444       GE                0            20040201    20030501     20330401        20.6      6394446444
Morgan Stanley   6190228228       NO                0            20040201    20031101     20331001        27.4      6190228228
Morgan Stanley     22414619       NO                0            20040201    20030501     20330401       37.08        22414619
Morgan Stanley        22903       NO                0            20040201    20031201     20331101       37.62           22903
Morgan Stanley   6341413562       NO                0            20040201    20031101     20331001        31.5      6341413562
Morgan Stanley   6273810009       PMI               0            20040201    20031101     20331001        18.3      6273810009
Morgan Stanley     25531914       UGI               0            20040201    20031001     20330901          30      6195549198
Morgan Stanley   6395770362       UGI               0            20040201    20030701     20330601       38.15        25531914
Morgan Stanley    200066991       NO               36            20040201    20031101     20331001        24.7      6395770362
Morgan Stanley   6685734805       UGI               0            20040201    20031101     20331001       26.49       200066991
Morgan Stanley   6794712601       UGI               0            20040201    20031201     20331101        38.6      6685734805
Morgan Stanley     25345315       UGI               0            20040201    20030901     20330801        37.8      6794712601
Morgan Stanley     82545997       NO                0            20040201    20031101     20331001       37.46        25345315
Morgan Stanley   6089397803       GE                0            20040201    20031001     20330901       39.95        82545997
Morgan Stanley     24727323       UGI               0            20040201    20031001     20330901        13.8      6089397803
Morgan Stanley   6692872119       NO                0            20040201    20031101     20331001       26.31        24727323

<Caption>
   Source        Loan Number      LTVCOMBCURR    LTVCOMBORIG   LTVCURR     LTVEFFORIG    LTVORIG        PMILEVEL PMTPNICURR
<S>              <C>              <C>            <C>           <C>         <C>           <C>            <C>      <C>

Morgan Stanley     24448417            3.93             48        3.93                    47.62             0      517.74
Morgan Stanley   6031217810           79.72             80       79.72                       80             0      260.92
Morgan Stanley     23678766           69.29             70       69.29                     69.9             0      342.37
Morgan Stanley   6244322035           29.12          29.33       29.12                    29.33             0      385.16
Morgan Stanley     24753386           94.15             95       94.15                       95            35      410.26
Morgan Stanley   6961760003           69.52          69.66       69.52                    69.66             0      429.59
Morgan Stanley     25394826           94.58             95       94.58                       95            35      407.01
Morgan Stanley     25310681           66.92          67.24       66.92                    67.24             0      418.73
Morgan Stanley   6035044673           79.75             80       79.75                       80             0      463.77
Morgan Stanley   6071065756           79.75             80       79.75                       80             0      499.54
Morgan Stanley   6137018435           84.63          84.93       84.63                    84.93            12         476
Morgan Stanley   6628054501           79.77             80       79.77                       80             0      536.91
Morgan Stanley   6314423754           79.77             80       79.77                       80             0      541.84
Morgan Stanley   6951770871            27.6          27.69        27.6                    27.69             0       518.1
Morgan Stanley   6376264658           79.78             80       79.78                       80             0      570.89
Morgan Stanley   6971282865            41.5          42.05        41.5                    42.05             0      496.56
Morgan Stanley   6933331099            72.1          73.43        72.1                    73.43             0       571.2
Morgan Stanley   6618657305           96.73          97.01       96.73                    97.01            35      607.14
Morgan Stanley   6069630439           79.39          79.68       79.39                    79.68             0      529.21
Morgan Stanley   6607687073           79.75             80       79.75                       80             0      591.54
Morgan Stanley   6198103191           78.58          78.74       78.58                    78.74             0      591.54
Morgan Stanley   6568327271           79.74             80       79.74                       80             0      579.15
Morgan Stanley   6139235342           74.03          74.29       74.03                    74.29             0       574.3
Morgan Stanley   6394446444           89.05             90       89.05                       90            25      581.48
Morgan Stanley   6190228228           79.75             80       79.75                       80             0       611.3
Morgan Stanley     22414619           79.18             80       79.18                       80             0      615.97
Morgan Stanley        22903           79.76          99.96       79.76                    79.94             0      626.05
Morgan Stanley   6341413562            79.4          79.62        79.4                    79.62             0      689.55
Morgan Stanley   6273810009           89.49             90       89.49                       90            25      656.52
Morgan Stanley     25531914           99.56            100       99.56                      100            35      638.77
Morgan Stanley   6395770362           94.54             95       94.54                       95            35      674.95
Morgan Stanley    200066991            89.3             90        89.3                       90            25      657.67
Morgan Stanley   6685734805           76.97             91       76.97                    77.33             0      631.61
Morgan Stanley   6794712601           80.69             81       80.69                       81            12      633.81
Morgan Stanley     25345315           83.17          83.33       83.17                    83.33            12      734.45
Morgan Stanley     82545997           88.12             89       88.12                    88.65            30      674.47
Morgan Stanley   6089397803           70.72          71.04       70.72                    71.04             0      727.97
Morgan Stanley     24727323           89.65             90       89.65                       90            25      795.67
Morgan Stanley   6692872119           94.57             95       94.57                       95            35      744.77

<Caption>
   Source        Loan Number       PMTPNIORIG    SCOREFICO1   TERMAMORT  TERMORIG     TERMSEASON      TERMAMORTREM
<S>              <C>               <C>           <C>          <C>        <C>          <C>             <C>

Morgan Stanley     24448417          517.74          687         360        360            5              355
Morgan Stanley   6031217810          260.92          724         360        360            4              357
Morgan Stanley     23678766          342.37          736         360        360            6              353
Morgan Stanley   6244322035          385.16          745         360        360            9              352
Morgan Stanley     24753386          410.26          709         360        360            4              357
Morgan Stanley   6961760003          429.59          715         360        360            4              357
Morgan Stanley     25394826          407.01          745         360        360            5              356
Morgan Stanley     25310681          418.73          736         360        360            5              356
Morgan Stanley   6035044673          463.77          715         360        360            3              358
Morgan Stanley   6071065756          499.54          686         360        360            4              357
Morgan Stanley   6137018435             476          684         360        360            4              357
Morgan Stanley   6628054501          536.91          730         360        360            4              357
Morgan Stanley   6314423754          541.84          691         360        360            4              357
Morgan Stanley   6951770871           518.1          762         360        360            4              353
Morgan Stanley   6376264658          570.89          704         360        360            4              357
Morgan Stanley   6971282865          496.56          710         360        360           11              349
Morgan Stanley   6933331099           571.2          785         360        360           17              344
Morgan Stanley   6618657305          607.14          716         360        360            4              357
Morgan Stanley   6069630439          529.21          710         360        360            4              357
Morgan Stanley   6607687073          591.54          709         360        360            4              357
Morgan Stanley   6198103191          591.54          715         360        360            4              357
Morgan Stanley   6568327271          579.15          680         360        360            4              357
Morgan Stanley   6139235342           574.3          719         360        360            4              357
Morgan Stanley   6394446444          581.48          740         360        360           10              351
Morgan Stanley   6190228228           611.3          695         360        360            4              357
Morgan Stanley     22414619          615.97          746         360        360           10              351
Morgan Stanley        22903          626.05          769         360        360            3              358
Morgan Stanley   6341413562          689.55          758         360        360            4              357
Morgan Stanley   6273810009          656.52          681         360        360            9              352
Morgan Stanley     25531914          638.77          747         360        360            8              353
Morgan Stanley   6395770362          674.95          717         360        360            4              357
Morgan Stanley    200066991          657.67          747         360        360            8              353
Morgan Stanley   6685734805          631.61          733         360        360            4              356
Morgan Stanley   6794712601          633.81          684         360        360            4              357
Morgan Stanley     25345315          734.45          690         360        360            5              355
Morgan Stanley     82545997          674.47          684         360        360            6              355
Morgan Stanley   6089397803          727.97          642         360        360            4              356
Morgan Stanley     24727323          795.67          688         360        360            3              358
Morgan Stanley   6692872119          744.77          731         360        360            5              356
</Table>

<PAGE>

<Table>
<Caption>
                               Original                                   Refined      Property      Loan
   Source        Loan Number    Balance     Balance    GWAC   Product     Product        Type       Purpose       City
<S>              <C>           <C>        <C>         <C>     <C>         <C>          <C>          <C>        <C>

Morgan Stanley   6464328795      160000   154850.31    5.125    A5/1        A5/1         SFR           RT      MIAMI
Morgan Stanley   6879302294      159000   157997.53        5    A5/1        A5/1         SFR           CO      APPLE VALLEY
Morgan Stanley   6824876616      160000   158674.98    5.875    A5/1        A5/1         SFR           RT      ROCHESTER
Morgan Stanley   6394417544      161000   159496.44     5.75    A5/1        A5/1         SFR           P       ROLLINSVILLE
Morgan Stanley   6327037427      161561   160521.78     6.25    A5/1        A5/1         DPUD          CO      CONCORD
Morgan Stanley   6466954929      163000   161052.53     5.75    A5/1        A5/1         SFR           P       PORT ST LUCIE
Morgan Stanley   6091008760      167400   162689.87     6.25    A5/1        A5/1         SFR           RT      GREENVILLE
Morgan Stanley   6279313065      168000   166920.98     6.25    A5/1        A5/1         SFR           P       NAPLES
Morgan Stanley   6038385768      178000   167419.34     5.25    A5/1        A5/1         DPUD          CO      TAMPA
Morgan Stanley   6715723646      178300   176238.68     5.25    A5/1        A5/1         SFR           CO      OAKMONT
Morgan Stanley     82624081      180000   177764.83        6    A5/1        A5/1         DPUD          RT      RANCHO CUCAMONGA
Morgan Stanley   6602022425      180000   178843.99    5.625    A5/6        A5/6         SFR           RT      Sacramento
Morgan Stanley        26879      180800   179302.19    4.625    A5/1        A5/1         CO            P       KIHEI
Morgan Stanley   6699582463      184000   179905.33    4.875    A5/1        A5/1         CO            P       CITY OF STAMFORD
Morgan Stanley    200278661      185500   182537.18    5.375    A5/1        A5/1         CO            RT      SAN BRUNO
Morgan Stanley   6437783043      187000   184873.61    5.375    A5/6        A5/6         CO            CO      Staten Island
Morgan Stanley   6535977406      189000   186368.54    5.375    A5/1        A5/1         SFR           P       ELK GROVE
Morgan Stanley   6127222112      196000   188376.51      5.5    A5/1        A5/1         SFR           P       COLUMBIA
Morgan Stanley   6596224318      195200   194335.14     5.75    A5/1        A5/1         SFR           CO      GREENWOOD
Morgan Stanley   6056986315      200000   194819.57    6.125    A5/1        A5/1         SFR           P       VISTA
Morgan Stanley   6610403526      204111   199275.98        5    A5/1        A5/1         DPUD          CO      MIAMI
Morgan Stanley   6391918270      209600   202630.72        4    A5/1        A5/1         DPUD          P       MT. PLEASANT
Morgan Stanley     82515131      210000   208300.84    4.875    A5/1        A5/1         SFR           RT      DENVER
Morgan Stanley   6766269820      212800   209074.22      5.5    A5/6        A5/6         DPUD          RT      Centreville
Morgan Stanley   6166204708      213300   210711.57     4.25    A5/1        A5/1         SFR           P       LA QUINTA
Morgan Stanley     21943642      212900   211564.65     5.25    A5/1        A5/1         DPUD          P       WESTON
Morgan Stanley   6626045998      213750   211961.41      5.5    A5/1        A5/1         SFR           P       FLETCHER
Morgan Stanley   6524855530      216700   213061.23    5.625    A5/1        A5/1         SFR           P       GREENWOOD
Morgan Stanley     25288887      220500   216005.49    5.625    A5/1        A5/1         CO            P       LYNNWOOD
Morgan Stanley   6872879330      220000   219133.29    4.875    A5/1        A5/1         SFR           P       YORK
Morgan Stanley   6756136732      222000   219307.59     5.75    A5/1        A5/1         CO            P       LOS ANGELES
Morgan Stanley     24515918      223250   219342.86    5.125    A5/1        A5/1         SFR           P       NORTH MIAMI BEACH
Morgan Stanley   6543390055      226400   221641.46    5.875    A5/1        A5/1         3F            P       RICHMOND
Morgan Stanley   6024041540      228800   225704.11    5.875    A5/1        A5/1         SFR           CO      LAUDERHILL
Morgan Stanley     82691528      228000   226853.08     5.75    A5/1        A5/1         SFR           CO      MINNEAPOLIS
Morgan Stanley   6821748644      229400   226994.88      5.5    A5/6        A5/6         DPUD          P       Kirkland
Morgan Stanley   6470585420      228574   227533.71     5.25    A5/1        A5/1         SFR           P       GARDENA
Morgan Stanley   6311175480      234500   227904.12    6.125    A5/1        A5/1         2F            P       LOS ANGELES
Morgan Stanley   6014492000      233082   232349.28    5.375    A5/1        A5/1         SFR           CO      COLORADO SPRINGS

<Caption>

   Source        Loan Number   State     Zip        ARMIPAP     ARMIPERCAP    ARMIRAP   ARMLIFECAP  ARMMARGIN    ARMMAX
<S>              <C>           <C>      <C>         <C>         <C>           <C>       <C>         <C>         <C>

Morgan Stanley   6464328795      FL     33155          60           5           60           5        2.25       10.125
Morgan Stanley   6879302294      MN     55124          60           5           60           5        2.25           10
Morgan Stanley   6824876616      MN     55901          60           5           60           5        2.25       10.875
Morgan Stanley   6394417544      CO     80474          60           5           60           5        2.25        10.75
Morgan Stanley   6327037427      CA     94520          60           5           60           5        2.25        11.25
Morgan Stanley   6466954929      FL     34983          60           5           60           5        2.25        10.75
Morgan Stanley   6091008760      NC     27834          60           5           60           5        2.25        11.25
Morgan Stanley   6279313065      FL     34120          60           5           60           5        2.25        11.25
Morgan Stanley   6038385768      FL     33618          60           5           60           5        2.25        10.25
Morgan Stanley   6715723646      PA     15139          60           5           60           5        2.25        10.25
Morgan Stanley     82624081      CA     91730          60           5           60           5        2.25           11
Morgan Stanley   6602022425      CA     95829          60           5           60           5        2.25       10.625
Morgan Stanley        26879      HI     96753          60           5           60           5        2.25        9.625
Morgan Stanley   6699582463      CT     06907          60           2           60           6        2.75       10.875
Morgan Stanley    200278661      CA     94066          60           5           60           5        2.25       10.375
Morgan Stanley   6437783043      NY     10314          60           5           60           5        2.25       10.375
Morgan Stanley   6535977406      CA     95758          60           5           60           5        2.25       10.375
Morgan Stanley   6127222112      SC     29206          60           5           60           5        2.25         10.5
Morgan Stanley   6596224318      MO     64034          60           5           60           5        2.25        10.75
Morgan Stanley   6056986315      CA     92083          60           5           60           5        2.25       11.125
Morgan Stanley   6610403526      FL     33196          60           5           60           5        2.25           10
Morgan Stanley   6391918270      SC     29466          60           5           60           5        2.25            9
Morgan Stanley     82515131      CO     80203          60           5           60           5        2.25        9.875
Morgan Stanley   6766269820      VA     20120          60           5           60           5        2.25         10.5
Morgan Stanley   6166204708      CA     92253          60           5           60           5        2.25         9.25
Morgan Stanley     21943642      FL     33327          60           5           60           5        2.25        10.25
Morgan Stanley   6626045998      NC     28732          60           5           60           5        2.75         10.5
Morgan Stanley   6524855530      MN     55331          60           5           60           5        2.25       10.625
Morgan Stanley     25288887      WA     98037          60           5           60           5        2.25       10.625
Morgan Stanley   6872879330      ME     03909          60           5           60           5        2.75        9.875
Morgan Stanley   6756136732      CA     90068          60           5           60           5        2.25        10.75
Morgan Stanley     24515918      FL     33179          60           5           60           5        2.25       10.125
Morgan Stanley   6543390055      NH     03470          60           5           60           5        2.75       10.875
Morgan Stanley   6024041540      FL     33319          60           5           60           5        2.25       10.875
Morgan Stanley     82691528      MN     55417          60           5           60           5        2.25        10.75
Morgan Stanley   6821748644      WA     98034          60           5           60           5        2.25         10.5
Morgan Stanley   6470585420      CA     90247          60           5           60           5        2.25        10.25
Morgan Stanley   6311175480      CA     90062          60           5           60           5        2.25       11.125
Morgan Stanley   6014492000      CO     80919          60           5           60           5        2.25       10.375

<Caption>
                                NPA         NRA                             Property       Sale     Doc                 Occupancy
   Source        Loan Number   Months      Months       ARMPAP      ARMRAP     Value      Balance   Type        Index     Status
<S>              <C>           <C>         <C>          <C>         <C>     <C>         <C>         <C>         <C>     <C>

Morgan Stanley   6464328795      57          56           12          12      200000           0    FULL         LY1         P
Morgan Stanley   6879302294      50          49           12          12      199000           0    ALT          LY1         P
Morgan Stanley   6824876616      58          57           12          12      200000      200000    FULL         LY1         S
Morgan Stanley   6394417544      57          56           12          12      230000           0    FULL         LY1         I
Morgan Stanley   6327037427      57          56           12          12      201952      201952    FULL         LY1         P
Morgan Stanley   6466954929      57          56           12          12      237500           0    FULL         LY1         P
Morgan Stanley   6091008760      58          57           12          12      186000      186000    FULL         LY1         P
Morgan Stanley   6279313065      57          56           12          12      210000           0    FULL         LY1         P
Morgan Stanley   6038385768      57          56           12          12      227000           0    FULL         LY1         P
Morgan Stanley   6715723646      52          51           12          12      225000           0    FULL         LY1         P
Morgan Stanley     82624081      57          56           12          12      225000           0    FULL         LY1         P
Morgan Stanley   6602022425      57          56            6           6      200000      200000    FULL         LM6         P
Morgan Stanley        26879      57          56           12          12      226000      226000    FULL         LY1         P
Morgan Stanley   6699582463      57          56           12          12      230000           0    FULL         LY1         P
Morgan Stanley    200278661      53          52           12          12      265000           0    FULL         LY1         P
Morgan Stanley   6437783043      58          57            6           6      257000      257000    ALT          LM6         P
Morgan Stanley   6535977406      57          56           12          12      210000      210000    FULL         LY1         P
Morgan Stanley   6127222112      57          56           12          12      245000           0    FULL         LY1         P
Morgan Stanley   6596224318      52          51           12          12      244000      244000    ALT          LY1         I
Morgan Stanley   6056986315      58          57           12          12      276000           0    FULL         LY1         P
Morgan Stanley   6610403526      57          56           12          12      226790      226790    FULL         LY1         P
Morgan Stanley   6391918270      55          54           12          12      288000           0    FULL         LY1         P
Morgan Stanley     82515131      55          54           12          12      307000           0    ALT          LY1         P
Morgan Stanley   6766269820      57          56            6           6      266000      266000    ALT          LM6         P
Morgan Stanley   6166204708      57          56           12          12      237000      237000    FULL         LY1         P
Morgan Stanley     21943642      53          52           12          12      224879      224879    FULL         LY1         P
Morgan Stanley   6626045998      56          55           12          12      237500      237500    FULL         TY1         P
Morgan Stanley   6524855530      57          56           12          12      254950      254950    FULL         LY1         P
Morgan Stanley     25288887      57          56           12          12      294000      294000    FULL         LY1         S
Morgan Stanley   6872879330      55          54           12          12      275000      275000    FULL         TY1         S
Morgan Stanley   6756136732      57          56           12          12      296000      296000    FULL         LY1         P
Morgan Stanley     24515918      50          49           12          12      235000      235000    FULL         LY1         P
Morgan Stanley   6543390055      55          54           12          12      283000           0    FULL         TY1         P
Morgan Stanley   6024041540      57          56           12          12      291000           0    FULL         LY1         P
Morgan Stanley     82691528      52          51           12          12      285000      285000    FULL         LY1         P
Morgan Stanley   6821748644      57          56            6           6      255000      255000    FULL         LM6         P
Morgan Stanley   6470585420      53          52           12          12      254000      254000    FULL         LY1         P
Morgan Stanley   6311175480      57          56           12          12      335000           0    FULL         LY1         I
Morgan Stanley   6014492000      52          51           12          12      258981      258981    FULL         LY1         P

<Caption>
                                 PMI          Prepayment
   Source        Loan Number   Company          Penalty        DATECUTOFF   DATEFPAY     DATEMAT       DTIBACK     LOANIDMERS
<S>              <C>           <C>            <C>              <C>          <C>          <C>           <C>         <C>

Morgan Stanley   6464328795      NO                0            20040201    20030401     20330301        25.9      6692872119
Morgan Stanley   6879302294      NO                0            20040201    20031201     20331101        33.9      6464328795
Morgan Stanley   6824876616      NO                0            20040201    20031101     20331001        35.8      6879302294
Morgan Stanley   6394417544      NO                0            20040201    20031101     20331001        16.6      6824876616
Morgan Stanley   6327037427      NO                0            20040201    20031101     20331001          39      6394417544
Morgan Stanley   6466954929      NO                0            20040201    20031201     20331101        37.4      6327037427
Morgan Stanley   6091008760      UGI               0            20040201    20031101     20331001        33.4      6466954929
Morgan Stanley   6279313065      NO                0            20040201    20031101     20331001        33.1      6091008760
Morgan Stanley   6038385768      NO                0            20040201    20030601     20330501        32.4      6279313065
Morgan Stanley   6715723646      NO                0            20040201    20031101     20331001        37.8      6038385768
Morgan Stanley     82624081      NO                0            20040201    20031101     20181001        21.9      6715723646
Morgan Stanley   6602022425      RMIC              0            20040201    20031101     20331001       30.31        82624081
Morgan Stanley        26879      NO                0            20040201    20031101     20331001        35.8      6602022425
Morgan Stanley   6699582463      NO                0            20040201    20030701     20330601       42.32           26879
Morgan Stanley    200278661      NO                0            20040201    20031201     20331101        36.8      6699582463
Morgan Stanley   6437783043      NO                0            20040201    20031101     20331001       24.02       200278661
Morgan Stanley   6535977406      UGI               0            20040201    20031101     20331001        37.2      6437783043
Morgan Stanley   6127222112      NO                0            20040201    20030601     20330501        28.4      6535977406
Morgan Stanley   6596224318      NO                0            20040201    20031201     20331101        36.8      6127222112
Morgan Stanley   6056986315      NO                0            20040201    20031101     20331001        40.7      6596224318
Morgan Stanley   6610403526      GE                0            20040201    20030901     20330801        27.5      6056986315
Morgan Stanley   6391918270      NO                0            20040201    20030901     20330801        31.5      6610403526
Morgan Stanley     82515131      NO               36            20040201    20031101     20331001        44.1      6391918270
Morgan Stanley   6766269820      NO                0            20040201    20031101     20331001       31.79        82515131
Morgan Stanley   6166204708      GE                0            20040201    20030701     20330601        36.9      6766269820
Morgan Stanley     21943642      UGI               0            20040201    20031001     20330901        40.3      6166204708
Morgan Stanley   6626045998      RMIC              0            20040201    20031101     20331001       41.34        21943642
Morgan Stanley   6524855530      PMI               0            20040201    20031101     20331001          27      6626045998
Morgan Stanley     25288887      NO                0            20040201    20030901     20330801        37.9      6524855530
Morgan Stanley   6872879330      NO                0            20040201    20031101     20331001       42.35        25288887
Morgan Stanley   6756136732      NO                0            20040201    20030401     20330301        33.7      6872879330
Morgan Stanley     24515918      UGI               0            20040201    20030901     20330801          31      6756136732
Morgan Stanley   6543390055      NO                0            20040201    20031101     20331001       35.76        24515918
Morgan Stanley   6024041540      NO                0            20040201    20030601     20330501        39.8      6543390055
Morgan Stanley     82691528      NO                0            20040201    20031101     20331001        37.8      6024041540
Morgan Stanley   6821748644      GE                0            20040201    20030701     20330601       37.92        82691528
Morgan Stanley   6470585420      UGI               0            20040201    20031101     20331001        30.1      6821748644
Morgan Stanley   6311175480      NO                0            20040201    20030601     20330501        33.9      6470585420
Morgan Stanley   6014492000      UGI               0            20040201    20031101     20331001        28.9      6311175480

<Caption>

   Source        Loan Number    LTVCOMBCURR    LTVCOMBORIG   LTVCURR     LTVEFFORIG    LTVORIG        PMILEVEL PMTPNICURR
<S>              <C>            <C>            <C>           <C>         <C>           <C>            <C>      <C>

Morgan Stanley   6464328795         58.43          58.64       58.43                    58.64             0      846.14
Morgan Stanley   6879302294            79             80          79                       80             0      858.92
Morgan Stanley   6824876616         79.74           79.9       79.74                     79.9             0      940.55
Morgan Stanley   6394417544         79.75             80       79.75                       80             0      933.72
Morgan Stanley   6327037427         69.79             70       69.79                       70             0      991.31
Morgan Stanley   6466954929         79.75             80       79.75                       80             0      942.83
Morgan Stanley   6091008760          68.5          68.63        68.5                    68.63             0     1003.62
Morgan Stanley   6279313065         89.74             90       89.74                       90            25     1030.72
Morgan Stanley   6038385768         79.72             80       79.72                       80             0      927.71
Morgan Stanley   6715723646         77.64          78.41       77.64                    78.41             0      982.93
Morgan Stanley     82624081         79.01          79.24       79.01                    79.24             0        1069
Morgan Stanley   6602022425         79.49             90       79.49                       80             0     1036.19
Morgan Stanley        26879         89.65             90       89.65                       90            25      925.46
Morgan Stanley   6699582463          79.6             95        79.6                       80             0      956.81
Morgan Stanley    200278661         79.36             80       79.36                       80             0     1030.35
Morgan Stanley   6437783043         69.76             70       69.76                       70             0     1038.75
Morgan Stanley   6535977406         72.52          72.76       72.52                    72.76             0     1047.15
Morgan Stanley   6127222112          89.7             90        89.7                       90            25     1073.13
Morgan Stanley   6596224318         79.32             80       79.32                       80             0     1143.81
Morgan Stanley   6056986315         79.84             80       79.84                       80             0     1186.06
Morgan Stanley   6610403526          72.2          72.46        72.2                    72.46             0     1073.65
Morgan Stanley   6391918270         89.35             90       89.35                       90            25      974.46
Morgan Stanley     82515131         72.33          72.78       72.33                    72.78             0     1109.23
Morgan Stanley   6766269820          68.1             89        68.1                     68.4             0     1192.36
Morgan Stanley   6166204708         79.21             80       79.21                       80             0     1046.85
Morgan Stanley     21943642         89.27             90       89.27                       90            25     1177.86
Morgan Stanley   6626045998         94.26             95       94.26                    94.67            35     1208.83
Morgan Stanley   6524855530         89.71             90       89.71                       90            25     1230.47
Morgan Stanley     25288887         84.72             85       84.72                       85            12     1247.45
Morgan Stanley   6872879330         74.54             75       74.54                       75             0     1166.91
Morgan Stanley   6756136732         79.75             80       79.75                       80             0     1283.87
Morgan Stanley     24515918          74.1             75        74.1                       75             0     1208.77
Morgan Stanley   6543390055         94.32             95       94.32                       95            35     1320.61
Morgan Stanley   6024041540         79.75             80       79.75                       80             0     1339.25
Morgan Stanley     82691528         77.96          78.63       77.96                    78.63             0     1335.22
Morgan Stanley   6821748644         79.65            100       79.65                       80             0     1294.56
Morgan Stanley   6470585420         89.23          89.96       89.23                    89.96            25     1266.76
Morgan Stanley   6311175480         89.73          89.99       89.73                    89.99            25     1388.84
Morgan Stanley   6014492000         69.36             70       69.36                       70             0     1313.14

<Caption>

   Source        Loan Number  PMTPNIORIG    SCOREFICO1   TERMAMORT  TERMORIG     TERMSEASON      TERMAMORTREM
<S>              <C>          <C>           <C>          <C>        <C>          <C>             <C>

Morgan Stanley   6464328795     846.14          711         360        360            4              357
Morgan Stanley   6879302294     858.92          756         360        360           11              350
Morgan Stanley   6824876616     940.55          698         360        360            6              355
Morgan Stanley   6394417544     933.72          787         360        360            3              358
Morgan Stanley   6327037427     991.31          711         360        360            4              357
Morgan Stanley   6466954929     942.83          682         360        360            4              357
Morgan Stanley   6091008760    1003.62          598         360        360            4              357
Morgan Stanley   6279313065    1030.72          702         360        360            4              357
Morgan Stanley   6038385768     927.71          687         360        360            4              357
Morgan Stanley   6715723646     982.93          746         360        360            9              352
Morgan Stanley     82624081       1069          718         360        360            3              358
Morgan Stanley   6602022425    1482.72          637         180        180            4              354
Morgan Stanley        26879     925.46          719         360        360            4              357
Morgan Stanley   6699582463     956.81          696         360        360            4              356
Morgan Stanley    200278661    1030.35          772         360        360            8              353
Morgan Stanley   6437783043    1038.75          757         360        360            3              357
Morgan Stanley   6535977406    1047.15          683         360        360            4              357
Morgan Stanley   6127222112    1073.13          707         360        360            4              357
Morgan Stanley   6596224318    1143.81          682         360        360            4              357
Morgan Stanley   6056986315    1186.06          739         360        360            4              357
Morgan Stanley   6610403526    1073.65          768         360        360            4              357
Morgan Stanley   6391918270     974.46          702         360        360            6              355
Morgan Stanley     82515131    1109.23          688         360        360            6              355
Morgan Stanley   6766269820    1192.36          713         360        360            4              356
Morgan Stanley   6166204708    1046.85          684         360        360            4              353
Morgan Stanley     21943642    1177.86          684         360        360            8              353
Morgan Stanley   6626045998    1208.83          683         360        360            5              356
Morgan Stanley   6524855530    1230.47          706         360        360            3              358
Morgan Stanley     25288887    1247.45          723         360        360            4              357
Morgan Stanley   6872879330    1166.91          747         360        360            6              355
Morgan Stanley   6756136732    1283.87          737         360        360            4              357
Morgan Stanley     24515918    1208.77          731         360        360           11              350
Morgan Stanley   6543390055    1320.61          754         360        360            3              358
Morgan Stanley   6024041540    1339.25          705         360        360            4              357
Morgan Stanley     82691528    1335.22          723         360        360            6              352
Morgan Stanley   6821748644    1294.56          717         360        360            4              356
Morgan Stanley   6470585420    1266.76          722         360        360            8              353
Morgan Stanley   6311175480    1388.84          680         360        360            3              358
Morgan Stanley   6014492000    1313.14          749         360        360            9              352
</Table>

<PAGE>

<Table>
<Caption>
                               Original                                   Refined      Property      Loan
   Source        Loan Number    Balance     Balance    GWAC   Product     Product        Type       Purpose       City
<S>              <C>           <C>        <C>         <C>     <C>         <C>          <C>          <C>        <C>

Morgan Stanley   6202871320      234000   232365.59    5.875    A5/1        A5/1         DPUD          P       LAS VEGAS
Morgan Stanley   6235916340      235000   233436.49        5    A5/1        A5/1         SFR           CO      WHISPERING PINES
Morgan Stanley     24524860      237200   234496.34    5.625    A5/1        A5/1         SFR           CO      SCOTTS VALLEY
Morgan Stanley   6059556982      240000   235810.64     5.25    A5/1        A5/1         SFR           P       SACRAMENTO
Morgan Stanley   6898752404      245800   239460.92    5.375    A5/1        A5/1         CO            P       SAN DIEGO
Morgan Stanley   6070777096      250000   245129.74      6.5    A5/1        A5/1         DPUD          P       RIVERSIDE
Morgan Stanley   6752213709      248000   245837.79    6.625    A5/1        A5/1         CO            RT      SAN DIEGO
Morgan Stanley   6791515403      250200   246193.34        5    A5/1        A5/1         2F            P       HOLLISTER
Morgan Stanley   6455690674      251920   249449.01        6    A5/1        A5/1         SFR           P       DALLAS
Morgan Stanley    200249274      253500    251028.9    5.125    A5/1        A5/1         DPUD          P       BRENTWOOD
Morgan Stanley    108735143      256000   252433.68     5.75    A5/6        A5/6         SFR           CO      Escondido
Morgan Stanley   6992095031      256500   254259.42    5.375    A5/6        A5/6         DPUD          RT      Wheat Ridge
Morgan Stanley   6971503864      262500   256011.97     6.25    A5/1        A5/1         SFR           P       GRANTS PASS
Morgan Stanley   6024132489      261500   260668.32      4.5    A5/1        A5/1         SFR           CO      LOS ANGELES
Morgan Stanley    200252914      262400   260939.55    5.625    A5/1        A5/1         DPUD          RT      LITTLETON
Morgan Stanley   6045318828      269050   261243.23      5.5    A5/6        A5/6         DPUD          P       San Jose
Morgan Stanley    200167237      271468   268141.47    5.375    A5/1        A5/1         DPUD          P       PORT HUENEME
Morgan Stanley   6188640038      272000   269804.36     5.25    A5/6        A5/6         DPUD          P       Mannassas
Morgan Stanley    200036507      275950   271163.95    5.875    A5/1        A5/1         SFR           CO      HERNDON
Morgan Stanley     82705401      280000    274389.9    5.375    A5/6        A5/6         SFR           P       Baldwin
Morgan Stanley   6884351880      280000   278298.02     5.75    A5/6        A5/6         SFR           P       Bellevue
Morgan Stanley   6998517194      280000   279009.57    5.125    A5/1        A5/1         CO            CO      HUNTINGTON BEACH
Morgan Stanley     23295116      285000   279454.33    6.125    A5/1        A5/1         CO            P       LAUDERDALE BY THE SE
Morgan Stanley   6372755949      288000   283235.05    5.875    A5/1        A5/1         2F            P       Union City
Morgan Stanley   6525782840      292000   284393.37    4.875    A5/1        A5/1         SFR           CO      MURRIETA
Morgan Stanley   6672231955      293600   290231.05        5    A5/1        A5/1         DPUD          RT      NEWPORT BEACH
Morgan Stanley   6005828881      300000   292924.97     5.25    A5/1        A5/1         DPUD          CO      WEST PALM BEACH
Morgan Stanley   6729383650      304000   299099.54        6    A5/1        A5/1         SFR           P       HUNTINGTON BEACH
Morgan Stanley   6509186125      318000   303130.11     6.25    A5/1        A5/1         SFR           P       SOUTHWEST RANCHES
Morgan Stanley   6455987195      320000   317132.88      6.5    A5/1        A5/1         DPUD          P       RIVERSIDE
Morgan Stanley   6538090314      320000   318858.64        5    A5/1        A5/1         SFR           CO      UPPER MARLBORO
Morgan Stanley   6012122435      330650   318992.86     5.75    A5/1        A5/1         CO            RT      LOS ANGELES
Morgan Stanley   6769657450      341300   329425.35    4.875    A5/1        A5/1         CO            P       CORONA
Morgan Stanley   6010020771      342000   340275.58        6    A5/1        A5/1         SFR           RT      SANTA FE
Morgan Stanley   6144843858      344000   340923.65     5.75    A5/1        A5/1         SFR           CO      WEST PALM BEACH
Morgan Stanley   6802114097      348000   342755.25     5.75    A5/1        A5/1         2F            P       MEDFORD
Morgan Stanley   6875956705      350000    347027.9    6.375    A5/1        A5/1         2F            CO      VALLEY STREAM
Morgan Stanley   6085719356      350000   348198.19    5.875    A5/1        A5/1         2F            P       SANTA CRUZ
Morgan Stanley   6021838179      353000   348790.31     5.25    A5/1        A5/1         SFR           P       VALLEJO

<Caption>

   Source        Loan Number   State     Zip        ARMIPAP     ARMIPERCAP    ARMIRAP   ARMLIFECAP  ARMMARGIN    ARMMAX
<S>              <C>           <C>      <C>         <C>         <C>           <C>       <C>         <C>         <C>

Morgan Stanley   6202871320      NV     89129          60           5           60           5        2.25       10.875
Morgan Stanley   6235916340      NC     28327          60           5           60           5        2.25           10
Morgan Stanley     24524860      CA     95066          60           5           60           5        2.25       10.625
Morgan Stanley   6059556982      CA     95835          60           5           60           5        2.75        10.25
Morgan Stanley   6898752404      CA     92110          60           5           60           5        2.25       10.375
Morgan Stanley   6070777096      CA     92508          60           5           60           5        2.25         11.5
Morgan Stanley   6752213709      CA     92122          60           5           60           5        2.25       11.625
Morgan Stanley   6791515403      CA     95023          60           5           60           5        2.25           10
Morgan Stanley   6455690674      TX     75214          60           5           60           5        2.25           11
Morgan Stanley    200249274      TN     37027          60           5           60           5        2.25       10.125
Morgan Stanley    108735143      CA     92026          60           5           60           5        2.25        10.75
Morgan Stanley   6992095031      CO     80033          60           5           60           5        2.25       10.375
Morgan Stanley   6971503864      OR     97527          60           5           60           5        2.25        11.25
Morgan Stanley   6024132489      CA     90043          60           5           60           5        2.25          9.5
Morgan Stanley    200252914      CO     80126          60           5           60           5        2.25       10.625
Morgan Stanley   6045318828      CA     95132          60           5           60           5        2.25         10.5
Morgan Stanley    200167237      CA     93041          60           5           60           5        2.25       10.375
Morgan Stanley   6188640038      VA     20109          60           5           60           5        2.25        10.25
Morgan Stanley    200036507      VA     20170          60           5           60           5        2.25       10.875
Morgan Stanley     82705401      NY     11510          60           5           60           5        2.25       10.375
Morgan Stanley   6884351880      WA     98007          60           5           60           5        2.25        10.75
Morgan Stanley   6998517194      CA     92646          60           5           60           5        2.25       10.125
Morgan Stanley     23295116      FL     33308          60           5           60           5        2.25       11.125
Morgan Stanley   6372755949      NJ     07087          60           5           60           5        2.75       10.875
Morgan Stanley   6525782840      CA     92563          60           5           60           5        2.25        9.875
Morgan Stanley   6672231955      CA     92663          60           5           60           5        2.25           10
Morgan Stanley   6005828881      FL     33411          60           5           60           5        2.25        10.25
Morgan Stanley   6729383650      CA     92647          60           5           60           5        2.25           11
Morgan Stanley   6509186125      FL     33332          60           5           60           5        2.25        11.25
Morgan Stanley   6455987195      CA     92508          60           5           60           5        2.25         11.5
Morgan Stanley   6538090314      MD     20772          60           5           60           5        2.25           10
Morgan Stanley   6012122435      CA     91020          60           5           60           5        2.25        10.75
Morgan Stanley   6769657450      CA     92882          60           5           60           5        2.25        9.875
Morgan Stanley   6010020771      NM     87501          60           5           60           5        2.25           11
Morgan Stanley   6144843858      FL     33407          60           5           60           5        2.25        10.75
Morgan Stanley   6802114097      MA     02155          60           5           60           5        2.25        10.75
Morgan Stanley   6875956705      NY     11581          60           5           60           5        2.25       11.375
Morgan Stanley   6085719356      CA     95062          60           5           60           5        2.25       10.875
Morgan Stanley   6021838179      CA     94590          60           5           60           5        2.25        10.25

<Caption>
                                 NPA         NRA                             Property       Sale     Doc                 Occupancy
   Source        Loan Number    Months      Months       ARMPAP      ARMRAP     Value      Balance   Type        Index     Status
<S>              <C>            <C>         <C>          <C>         <C>     <C>         <C>         <C>         <C>     <C>

Morgan Stanley   6202871320       57          56           12          12      292500           0    FULL         LY1         P
Morgan Stanley   6235916340       58          57           12          12      505000           0    FULL         LY1         I
Morgan Stanley     24524860       58          57           12          12      250000      250721    FULL         LY1         P
Morgan Stanley   6059556982       55          54           12          12      300000      300000    FULL         TY1         I
Morgan Stanley   6898752404       58          57           12          12      435000      443000    FULL         LY1         I
Morgan Stanley   6070777096       57          56           12          12      326000           0    FULL         LY1         P
Morgan Stanley   6752213709       42          41           12          12      310000      310000    FULL         LY1         I
Morgan Stanley   6791515403       54          53           12          12      278000      278000    FULL         LY1         P
Morgan Stanley   6455690674       57          56           12          12      314900      314900    FULL         LY1         P
Morgan Stanley    200249274       57          56           12          12      325000           0    FULL         LY1         P
Morgan Stanley    108735143       57          56            6           6      325000           0    FULL         LM6         P
Morgan Stanley   6992095031       55          54            6           6      285000      285000    ALT          LM6         P
Morgan Stanley   6971503864       58          57           12          12      350000           0    FULL         LY1         P
Morgan Stanley   6024132489       55          54           12          12      300000           0    ALT          LY1         P
Morgan Stanley    200252914       58          57           12          12      328000      328000    FULL         LY1         P
Morgan Stanley   6045318828       57          56            6           6      299000      299000    ALT          LM6         P
Morgan Stanley    200167237       57          56           12          12      339336      339336    FULL         LY1         P
Morgan Stanley   6188640038       57          56            6           6      340000           0    FULL         LM6         P
Morgan Stanley    200036507       57          56           12          12      345000      345050    FULL         LY1         P
Morgan Stanley     82705401       56          55            6           6      350000      350000    ALT          LM6         P
Morgan Stanley   6884351880       58          57            6           6      350000           0    ALT          LM6         P
Morgan Stanley   6998517194       57          56           12          12      350000      350000    FULL         LY1         S
Morgan Stanley     23295116       58          57           12          12      300000      300000    FULL         LY1         P
Morgan Stanley   6372755949       54          53           12          12      360000           0    FULL         TY1         P
Morgan Stanley   6525782840       50          49           12          12      780000           0    ALT          LY1         P
Morgan Stanley   6672231955       55          54           12          12      367000           0    ALT          LY1         P
Morgan Stanley   6005828881       58          57           12          12      420000      450000    FULL         LY1         I
Morgan Stanley   6729383650       57          56           12          12      380000      380000    FULL         LY1         P
Morgan Stanley   6509186125       57          56           12          12      431000      435000    FULL         LY1         I
Morgan Stanley   6455987195       57          56           12          12      400000           0    FULL         LY1         P
Morgan Stanley   6538090314       57          56           12          12      430000           0    FULL         LY1         P
Morgan Stanley   6012122435       57          56           12          12      389000      389000    FULL         LY1         P
Morgan Stanley   6769657450       57          56           12          12      475000           0    FULL         LY1         I
Morgan Stanley   6010020771       57          56           12          12      456000           0    FULL         LY1         P
Morgan Stanley   6144843858       57          56           12          12      430000      430000    FULL         LY1         I
Morgan Stanley   6802114097       57          56           12          12      435000           0    FULL         LY1         P
Morgan Stanley   6875956705       57          56           12          12      575000      575000    FULL         LY1         P
Morgan Stanley   6085719356       55          54           12          12      600731      600731    FULL         LY1         S
Morgan Stanley   6021838179       57          56           12          12      442500           0    FULL         LY1         P

<Caption>
                                   PMI          Prepayment
   Source        Loan Number     Company          Penalty        DATECUTOFF   DATEFPAY     DATEMAT       DTIBACK     LOANIDMERS
<S>              <C>             <C>            <C>              <C>          <C>          <C>           <C>         <C>

Morgan Stanley   6202871320        NO                0            20040201    20031201     20331101        40.3      6014492000
Morgan Stanley   6235916340        NO                0            20040201    20031201     20331101        31.8      6202871320
Morgan Stanley     24524860        UGI               0            20040201    20030901     20330801        35.9      6235916340
Morgan Stanley   6059556982        NO                0            20040201    20031201     20331101       31.66        24524860
Morgan Stanley   6898752404        NO                0            20040201    20031101     20331001        29.2      6059556982
Morgan Stanley   6070777096        NO                0            20040201    20020801     20320701        41.1      6898752404
Morgan Stanley   6752213709        NO                0            20040201    20030801     20330701        31.8      6070777096
Morgan Stanley   6791515403        TGIC              0            20040201    20031101     20331001        39.2      6752213709
Morgan Stanley   6455690674        NO                0            20040201    20031101     20331001        29.6      6791515403
Morgan Stanley    200249274        NO                0            20040201    20031101     20331001          31      6455690674
Morgan Stanley    108735143        NO                0            20040201    20030901     20330801        24.5       200249274
Morgan Stanley   6992095031        GE                0            20040201    20031201     20331101       36.57       108735143
Morgan Stanley   6971503864        NO                0            20040201    20030901     20330801        21.2      6992095031
Morgan Stanley   6024132489        RDN               0            20040201    20031201     20331101        38.1      6971503864
Morgan Stanley    200252914        NO                0            20040201    20031101     20331001        23.9      6024132489
Morgan Stanley   6045318828        GE                0            20040201    20031101     20331001       28.29       200252914
Morgan Stanley    200167237        NO                0            20040201    20031101     20331001        41.5      6045318828
Morgan Stanley   6188640038        NO                0            20040201    20031101     20331001       43.46       200167237
Morgan Stanley    200036507        NO                0            20040201    20031001     20330901          36      6188640038
Morgan Stanley     82705401        NO                0            20040201    20031201     20331101       30.99       200036507
Morgan Stanley   6884351880        NO                0            20040201    20031101     20331001       30.21        82705401
Morgan Stanley   6998517194        NO                0            20040201    20031201     20331101        40.7      6884351880
Morgan Stanley     23295116        UGI               0            20040201    20030801     20330701        34.6      6998517194
Morgan Stanley   6372755949        NO                0            20040201    20030401     20330301       42.35        23295116
Morgan Stanley   6525782840        NO                0            20040201    20030901     20330801        21.6      6372755949
Morgan Stanley   6672231955        NO                0            20040201    20031201     20331101        28.4      6525782840
Morgan Stanley   6005828881        NO                0            20040201    20031101     20331001          35      6672231955
Morgan Stanley   6729383650        NO                0            20040201    20031101     20331001          26      6005828881
Morgan Stanley   6509186125        NO                0            20040201    20031101     20331001        30.5      6729383650
Morgan Stanley   6455987195        NO                0            20040201    20031101     20331001        28.2      6509186125
Morgan Stanley   6538090314        NO                0            20040201    20031101     20331001        29.6      6455987195
Morgan Stanley   6012122435        UGI               0            20040201    20031101     20331001        31.1      6538090314
Morgan Stanley   6769657450        NO                0            20040201    20031101     20331001        33.4      6012122435
Morgan Stanley   6010020771        NO                0            20040201    20031101     20331001        22.4      6769657450
Morgan Stanley   6144843858        NO                0            20040201    20031101     20331001        40.3      6010020771
Morgan Stanley   6802114097        NO                0            20040201    20031101     20331001        33.9      6144843858
Morgan Stanley   6875956705        NO                0            20040201    20030901     20330801          20      6802114097
Morgan Stanley   6085719356        NO                0            20040201    20031101     20331001        40.1      6875956705
Morgan Stanley   6021838179        NO                0            20040201    20031201     20331101        19.8      6085719356

<Caption>
   Source        Loan Number      LTVCOMBCURR    LTVCOMBORIG   LTVCURR     LTVEFFORIG    LTVORIG        PMILEVEL PMTPNICURR
<S>              <C>              <C>            <C>           <C>         <C>           <C>            <C>      <C>

Morgan Stanley   6202871320           89.72            90       89.72                       90            25       1378.77
Morgan Stanley   6235916340           79.81            80       79.81                       80             0       1256.17
Morgan Stanley     24524860           46.43         46.53       46.43                    46.53             0        1352.8
Morgan Stanley   6059556982           94.32            95       94.32                    94.88            35       1309.83
Morgan Stanley   6898752404           79.82            80       79.82                       80             0       1343.94
Morgan Stanley   6070777096           56.35         56.51       56.35                    56.51             0       1553.63
Morgan Stanley   6752213709           75.41         76.69       75.41                    76.69             0       1600.78
Morgan Stanley   6791515403           79.42            80       79.42                       80             0       1331.32
Morgan Stanley   6455690674           89.73            90       89.73                       90            25       1500.08
Morgan Stanley    200249274           79.72            80       79.72                       80             0       1371.68
Morgan Stanley    108735143           77.67            88       77.67                       78             0       1479.36
Morgan Stanley   6992095031           78.23            99       78.23                    78.77             0       1433.53
Morgan Stanley   6971503864           89.83            90       89.83                       90            25       1579.32
Morgan Stanley   6024132489           74.48            75       74.48                       75             0       1330.05
Morgan Stanley    200252914           86.98         87.17       86.98                    87.17            25       1505.35
Morgan Stanley   6045318828           79.65            95       79.65                       80             0       1489.88
Morgan Stanley    200167237           89.68         89.98       89.68                    89.98            25       1506.61
Morgan Stanley   6188640038           79.51           100       79.51                       80             0       1499.06
Morgan Stanley    200036507           79.75            80       79.75                       80             0       1608.99
Morgan Stanley     82705401           79.53            94       79.53                    79.99             0       1545.25
Morgan Stanley   6884351880           79.51            90       79.51                       80             0       1634.01
Morgan Stanley   6998517194           79.72            80       79.72                       80             0       1524.57
Morgan Stanley     23295116           79.84            80       79.84                       80             0       1701.31
Morgan Stanley   6372755949           94.41            95       94.41                       95            35       1685.89
Morgan Stanley   6525782840              79            80          79                       80             0       1524.12
Morgan Stanley   6672231955           37.21         37.44       37.21                    37.44             0       1567.52
Morgan Stanley   6005828881           79.82            80       79.82                       80             0       1621.28
Morgan Stanley   6729383650           71.21         71.43       71.21                    71.43             0       1798.66
Morgan Stanley   6509186125           79.77            80       79.77                       80             0       1871.79
Morgan Stanley   6455987195           73.58         73.78       73.58                    73.78             0       2009.98
Morgan Stanley   6538090314           79.71            80       79.71                       80             0       1717.83
Morgan Stanley   6012122435           74.18         74.42       74.18                    74.42             0       1867.44
Morgan Stanley   6769657450           84.69            85       84.69                       85            12       1749.83
Morgan Stanley   6010020771           71.64         71.85       71.64                    71.85             0       2046.27
Morgan Stanley   6144843858           74.76            75       74.76                       75             0       1995.82
Morgan Stanley   6802114097           79.71            80       79.71                       80             0        2007.5
Morgan Stanley   6875956705           79.78            80       79.78                       80             0       2171.07
Morgan Stanley   6085719356           60.56         60.87       60.56                    60.87             0       2070.39
Morgan Stanley   6021838179           58.06         58.26       58.06                    58.26             0       1932.72

<Caption>

   Source        Loan Number  PMTPNIORIG    SCOREFICO1   TERMAMORT  TERMORIG     TERMSEASON      TERMAMORTREM
<S>              <C>          <C>           <C>          <C>        <C>          <C>             <C>

Morgan Stanley   6202871320    1378.77          718         360        360            4              357
Morgan Stanley   6235916340    1256.17          696         360        360            3              358
Morgan Stanley     24524860     1352.8          771         360        360            4              357
Morgan Stanley   6059556982    1309.83          702         360        360            6              355
Morgan Stanley   6898752404    1343.94          788         360        360            3              358
Morgan Stanley   6070777096    1553.63          706         360        360            4              356
Morgan Stanley   6752213709    1600.78          688         360        360            4              355
Morgan Stanley   6791515403    1331.32          769         360        360            7              354
Morgan Stanley   6455690674    1500.08          695         360        360            3              358
Morgan Stanley    200249274    1371.68          701         360        360            4              357
Morgan Stanley    108735143    1479.36          644         360        360            4              356
Morgan Stanley   6992095031    1433.53          782         360        360            6              354
Morgan Stanley   6971503864    1579.32          687         360        360            3              358
Morgan Stanley   6024132489    1330.05          713         360        360            6              355
Morgan Stanley    200252914    1505.35          681         360        360            4              357
Morgan Stanley   6045318828    1489.88          684         360        360            4              356
Morgan Stanley    200167237    1506.61          690         360        360            4              357
Morgan Stanley   6188640038    1499.06          697         360        360            4              355
Morgan Stanley    200036507    1608.99          696         360        360            4              357
Morgan Stanley     82705401    1545.25          742         360        360            5              355
Morgan Stanley   6884351880    1634.01          689         360        360            3              354
Morgan Stanley   6998517194    1524.57          688         360        360            4              357
Morgan Stanley     23295116    1701.31          696         360        360            4              357
Morgan Stanley   6372755949    1685.89          725         360        360            4              357
Morgan Stanley   6525782840    1524.12          700         360        360           11              350
Morgan Stanley   6672231955    1567.52          702         360        360            6              355
Morgan Stanley   6005828881    1621.28          688         360        360            3              358
Morgan Stanley   6729383650    1798.66          713         360        360            5              356
Morgan Stanley   6509186125    1871.79          710         360        360            4              357
Morgan Stanley   6455987195    2009.98          717         360        360           19              342
Morgan Stanley   6538090314    1717.83          696         360        360            4              357
Morgan Stanley   6012122435    1867.44          695         360        360            4              357
Morgan Stanley   6769657450    1749.83          734         360        360            4              357
Morgan Stanley   6010020771    2046.27          710         360        360            4              357
Morgan Stanley   6144843858    1995.82          682         360        360            3              358
Morgan Stanley   6802114097     2007.5          779         360        360            4              355
Morgan Stanley   6875956705    2171.07          746         360        360            4              357
Morgan Stanley   6085719356    2070.39          689         360        360            7              354
Morgan Stanley   6021838179    1932.72          703         360        360            4              357
</Table>

<PAGE>

<Table>
<Caption>
                               Original                                   Refined      Property      Loan
   Source        Loan Number    Balance     Balance    GWAC   Product     Product        Type       Purpose       City
<S>              <C>           <C>        <C>         <C>     <C>         <C>          <C>          <C>        <C>

Morgan Stanley   6425532428      357000   352261.11     5.75    A5/1        A5/1         DPUD          CO      STERLING
Morgan Stanley   6693786466      360000   355647.16     4.75    A5/1        A5/1         DPUD          CO      SUMMERVILLE
Morgan Stanley   6948646812      360000   357071.21     5.25    A5/1        A5/1         SFR           CO      SANTA CRUZ
Morgan Stanley   6137215510      360000   358969.88     6.25    A5/1        A5/1         SFR           CO      ALBANY
Morgan Stanley   6731849896      360000   359133.08        5    A5/1        A5/1         SFR           P       CULVER CITY
Morgan Stanley   6951779435      362000   359246.46     5.75    A5/1        A5/1         SFR           P       FELTON
Morgan Stanley     23188220      364000   360748.85     5.25    A5/1        A5/1         SFR           CO      CLAYTON
Morgan Stanley   6085068549      365000   360755.91     4.75    A5/1        A5/1         CO            P       WAILEA
Morgan Stanley     23678543      366000   363706.14    5.625    A5/1        A5/1         SFR           P       PACIFIC GROVE
Morgan Stanley   6964081712      365000   363782.75        5    A5/1        A5/1         SFR           CO      ANTHONY
Morgan Stanley   6082549749      367500   363851.24     5.75    A5/1        A5/1         SFR           RT      ELLENSBURG
Morgan Stanley     82564535      372000   366259.04    5.375    A5/1        A5/1         SFR           P       MARCO ISLAND
Morgan Stanley   6981282293      372000   370360.05      5.5    A5/6        A5/6         SFR           CO      Costa Mesa
Morgan Stanley   6372920378      374000    370801.3    5.625    A5/1        A5/1         SFR           P       SARASOTA
Morgan Stanley   6238698697      377000   371094.69      5.5    A5/1        A5/1         SFR           CO      SAN JOSE
Morgan Stanley   6245448102      380000   374499.01      4.5    A5/1        A5/1         SFR           RT      UNION CITY
Morgan Stanley   6896854723      380000   379126.33     5.25    A5/1        A5/1         SFR           CO      SANTA CRUZ
Morgan Stanley   6840379330      381000    379204.6     5.75    A5/1        A5/1         SFR           CO      SAN FRANCISCO
Morgan Stanley   6171760207      382500   379320.38      5.5    A5/1        A5/1         SFR           P       EVERGREEN
Morgan Stanley   6055998782      385500   381050.53     4.75    A5/1        A5/1         CO            CO      SAN DIEGO
Morgan Stanley   6999266502      387952   384286.73     5.75    A5/1        A5/1         DPUD          RT      ALEXANDRIA
Morgan Stanley   6821025233      389000   386515.11    4.875    A5/1        A5/1         CO            RT      SAN FRANCISCO
Morgan Stanley     25517954      390600   387525.92     4.75    A5/1        A5/1         DPUD          RT      SAN CLEMENTE
Morgan Stanley   6083870946      390000    389032.9        6    A5/1        A5/1         DPUD          P       PARKLAND
Morgan Stanley     82576067      392000   389103.34     5.25    A5/1        A5/1         DPUD          RT      DISCOVERY BAY
Morgan Stanley   6261983578      394000   390271.87      5.5    A5/6        A5/6         SFR           P       Redwood City
Morgan Stanley   6988693856      400000   392912.41     4.25    A5/1        A5/1         SFR           CO      PACIFICA
Morgan Stanley   6961104053      398000   396186.42    5.125    A5/1        A5/1         SFR           RT      BELMONT
Morgan Stanley   6394692427      400000   396687.07      5.5    A5/1        A5/1         SFR           RT      FOLSOM
Morgan Stanley   6437950733      399000   396964.17    5.625    A5/1        A5/1         SFR           RT      SANTA CLARA
Morgan Stanley   6015774422      403000   397555.74        5    A5/1        A5/1         DPUD          P       COTO DE CAZA AREA
Morgan Stanley     82413378      404000    400959.8     4.75    A5/1        A5/1         SFR           CO      IRVINE
Morgan Stanley   6606703350      410000   402260.18    5.625    A5/6        A5/6         DPUD          CO      SAN RAMON
Morgan Stanley   6037143861      420000   408615.52    5.375    A5/1        A5/1         SFR           P       SAN RAFAEL
Morgan Stanley   6938277743      418000   416086.38     5.25    A5/1        A5/1         SFR           CO      SAN CARLOS
Morgan Stanley   6963045098      419500   416486.95        5    A5/1        A5/1         SFR           P       SAN JOSE
Morgan Stanley   6170857210      428000   418535.52     5.25    A5/1        A5/1         SFR           P       JACKSON
Morgan Stanley   6470005411      435500   426684.46    5.875    A5/1        A5/1         SFR           P       MIAMI BEACH
Morgan Stanley    200218121      437000   432980.36     5.25    A5/1        A5/1         DPUD          P       LA QUINTA

<Caption>

   Source        Loan Number   State     Zip        ARMIPAP     ARMIPERCAP    ARMIRAP   ARMLIFECAP  ARMMARGIN    ARMMAX
<S>              <C>           <C>      <C>         <C>         <C>           <C>       <C>         <C>         <C>

Morgan Stanley   6425532428      VA     20164          60           5           60           5        2.25        10.75
Morgan Stanley   6693786466      SC     29485          60           5           60           5        2.25         9.75
Morgan Stanley   6948646812      CA     95062          60           5           60           5        2.25        10.25
Morgan Stanley   6137215510      CA     94706          60           5           60           5        2.25        11.25
Morgan Stanley   6731849896      CA     90232          60           5           60           5        2.25           10
Morgan Stanley   6951779435      CA     95018          60           5           60           5        2.25        10.75
Morgan Stanley     23188220      CA     94517          60           5           60           5        2.25        10.25
Morgan Stanley   6085068549      HI     96753          60           5           60           5        2.75         9.75
Morgan Stanley     23678543      CA     93950          60           5           60           5        2.25       10.625
Morgan Stanley   6964081712      NM     88021          60           5           60           5        2.75           10
Morgan Stanley   6082549749      WA     98926          60           5           60           5        2.25        10.75
Morgan Stanley     82564535      FL     34145          60           5           60           5        2.25       10.375
Morgan Stanley   6981282293      CA     92626          60           5           60           5        2.25         10.5
Morgan Stanley   6372920378      FL     34240          60           5           60           5        2.25       10.625
Morgan Stanley   6238698697      CA     95126          60           5           60           5        2.25         10.5
Morgan Stanley   6245448102      CA     94587          60           5           60           5        2.25          9.5
Morgan Stanley   6896854723      CA     95060          60           5           60           5        2.25        10.25
Morgan Stanley   6840379330      CA     94112          60           5           60           5        2.25        10.75
Morgan Stanley   6171760207      CO     80439          60           5           60           5        2.25         10.5
Morgan Stanley   6055998782      CA     92111          60           5           60           5        2.25         9.75
Morgan Stanley   6999266502      VA     22306          60           5           60           5        2.25        10.75
Morgan Stanley   6821025233      CA     94114          60           5           60           5        2.25        9.875
Morgan Stanley     25517954      CA     92673          60           5           60           5        2.25         9.75
Morgan Stanley   6083870946      FL     33076          60           5           60           5        2.75           11
Morgan Stanley     82576067      CA     94514          60           5           60           5        2.25        10.25
Morgan Stanley   6261983578      CA     94063          60           5           60           5        2.25         10.5
Morgan Stanley   6988693856      CA     94044          60           5           60           5        2.25         9.25
Morgan Stanley   6961104053      CA     94002          60           5           60           5        2.25       10.125
Morgan Stanley   6394692427      CA     95630          60           5           60           5        2.25         10.5
Morgan Stanley   6437950733      CA     95054          60           5           60           5        2.25       10.625
Morgan Stanley   6015774422      CA     92679          60           5           60           5        2.25           10
Morgan Stanley     82413378      CA     92620          60           5           60           5        2.25         9.75
Morgan Stanley   6606703350      CA     94583          60           5           60           5        2.25       10.625
Morgan Stanley   6037143861      CA     94903          60           5           60           5        2.25       10.375
Morgan Stanley   6938277743      CA     94070          60           5           60           5        2.25        10.25
Morgan Stanley   6963045098      CA     95111          60           5           60           5        2.25           10
Morgan Stanley   6170857210      WY     83001          60           5           60           5        2.25        10.25
Morgan Stanley   6470005411      FL     33139          60           5           60           5        2.25       10.875
Morgan Stanley    200218121      CA     92253          60           5           60           5        2.25        10.25

<Caption>
                                  NPA         NRA                             Property       Sale     Doc                 Occupancy
   Source        Loan Number     Months      Months       ARMPAP      ARMRAP     Value      Balance   Type        Index     Status
<S>              <C>             <C>         <C>          <C>         <C>     <C>         <C>         <C>         <C>     <C>

Morgan Stanley   6425532428        58          57           12          12      478000           0    FULL         LY1         P
Morgan Stanley   6693786466        57          56           12          12      510000           0    FULL         LY1         P
Morgan Stanley   6948646812        53          52           12          12      700000           0    FULL         LY1         P
Morgan Stanley   6137215510        57          56           12          12      450000      450000    FULL         LY1         P
Morgan Stanley   6731849896        58          57           12          12      450000      450000    FULL         LY1         P
Morgan Stanley   6951779435        58          57           12          12      800000           0    FULL         LY1         P
Morgan Stanley     23188220        57          56           12          12      455000      455000    FULL         LY1         S
Morgan Stanley   6085068549        53          52           12          12      465000      465000    FULL         TY1         P
Morgan Stanley     23678543        57          56           12          12      550000           0    FULL         LY1         P
Morgan Stanley   6964081712        55          54           12          12      467000           0    FULL         TY1         P
Morgan Stanley   6082549749        57          56           12          12      490000      490000    FULL         LY1         S
Morgan Stanley     82564535        57          56           12          12      465000           0    FULL         LY1         P
Morgan Stanley   6981282293        57          56            6           6      465000      465000    ALT          LM6         P
Morgan Stanley   6372920378        57          56           12          12      555000           0    FULL         LY1         P
Morgan Stanley   6238698697        53          52           12          12      507000           0    FULL         LY1         P
Morgan Stanley   6245448102        55          54           12          12      685000           0    ALT          LY1         P
Morgan Stanley   6896854723        58          57           12          12      516000           0    FULL         LY1         P
Morgan Stanley   6840379330        58          57           12          12      480000      480000    FULL         LY1         P
Morgan Stanley   6171760207        56          55           12          12      482000           0    FULL         LY1         P
Morgan Stanley   6055998782        57          56           12          12      462000           0    FULL         LY1         P
Morgan Stanley   6999266502        57          56           12          12      485000           0    FULL         LY1         P
Morgan Stanley   6821025233        57          56           12          12      760000           0    FULL         LY1         P
Morgan Stanley     25517954        57          56           12          12      434000      437000    FULL         LY1         P
Morgan Stanley   6083870946        56          55           12          12      650000           0    FULL         TY1         S
Morgan Stanley     82576067        58          57           12          12      490000      490000    FULL         LY1         P
Morgan Stanley   6261983578        57          56            6           6      540000           0    ALT          LM6         P
Morgan Stanley   6988693856        58          57           12          12      505000           0    FULL         LY1         P
Morgan Stanley   6961104053        52          51           12          12      595000           0    FULL         LY1         P
Morgan Stanley   6394692427        57          56           12          12      505000           0    FULL         LY1         P
Morgan Stanley   6437950733        53          52           12          12      519000      519000    FULL         LY1         P
Morgan Stanley   6015774422        57          56           12          12      555000           0    FULL         LY1         P
Morgan Stanley     82413378        56          55           12          12      505000           0    FULL         LY1         P
Morgan Stanley   6606703350        57          56            6           6      660000      660000    ALT          LM6         P
Morgan Stanley   6037143861        57          56           12          12      565000           0    FULL         LY1         P
Morgan Stanley   6938277743        52          51           12          12      525000      532000    FULL         LY1         P
Morgan Stanley   6963045098        57          56           12          12      525000      525000    FULL         LY1         P
Morgan Stanley   6170857210        58          57           12          12      535000      535000    FULL         LY1         P
Morgan Stanley   6470005411        57          56           12          12      670000      670000    FULL         LY1         S
Morgan Stanley    200218121        55          54           12          12      550000           0    FULL         LY1         P

<Caption>
                                  PMI          Prepayment
   Source        Loan Number    Company          Penalty        DATECUTOFF   DATEFPAY     DATEMAT       DTIBACK     LOANIDMERS
<S>              <C>            <C>            <C>              <C>          <C>          <C>           <C>         <C>

Morgan Stanley   6425532428       NO                0            20040201    20031101     20331001        27.2      6021838179
Morgan Stanley   6693786466       NO                0            20040201    20030701     20330601          37      6425532428
Morgan Stanley   6948646812       NO                0            20040201    20031101     20331001        32.3      6693786466
Morgan Stanley   6137215510       NO                0            20040201    20031201     20331101        32.5      6948646812
Morgan Stanley   6731849896       NO                0            20040201    20031201     20331101        35.5      6137215510
Morgan Stanley   6951779435       NO                0            20040201    20031101     20331001        26.2      6731849896
Morgan Stanley     23188220       NO                0            20040201    20030701     20330601          31      6951779435
Morgan Stanley   6085068549       NO                0            20040201    20031101     20331001       18.53        23188220
Morgan Stanley     23678543       NO                0            20040201    20030901     20330801        38.3      6085068549
Morgan Stanley   6964081712       NO                0            20040201    20031101     20331001       38.17        23678543
Morgan Stanley   6082549749       NO                0            20040201    20031101     20331001        31.9      6964081712
Morgan Stanley     82564535       NO                0            20040201    20031101     20331001        31.4      6082549749
Morgan Stanley   6981282293       NO                0            20040201    20031101     20331001       38.64        82564535
Morgan Stanley   6372920378       NO                0            20040201    20030701     20330601        35.8      6981282293
Morgan Stanley   6238698697       NO                0            20040201    20030901     20330801        23.4      6372920378
Morgan Stanley   6245448102       NO                0            20040201    20031201     20331101        33.5      6238698697
Morgan Stanley   6896854723       NO                0            20040201    20031201     20331101        34.8      6245448102
Morgan Stanley   6840379330       NO                0            20040201    20031001     20330901        37.2      6896854723
Morgan Stanley   6171760207       NO                0            20040201    20031101     20331001        36.9      6840379330
Morgan Stanley   6055998782       RDN               0            20040201    20031101     20331001        35.4      6171760207
Morgan Stanley   6999266502       NO                0            20040201    20031101     20331001          24      6055998782
Morgan Stanley   6821025233       NO                0            20040201    20031101     20331001        24.4      6999266502
Morgan Stanley     25517954       UGI               0            20040201    20031001     20330901        36.5      6821025233
Morgan Stanley   6083870946       NO                0            20040201    20031201     20331101       40.93        25517954
Morgan Stanley     82576067       NO                0            20040201    20031101     20331001        38.1      6083870946
Morgan Stanley   6261983578       NO                0            20040201    20031201     20331101       39.84        82576067
Morgan Stanley   6988693856       NO                0            20040201    20030601     20330501        26.7      6261983578
Morgan Stanley   6961104053       NO                0            20040201    20031101     20331001        35.7      6988693856
Morgan Stanley   6394692427       NO                0            20040201    20030701     20330601        21.3      6961104053
Morgan Stanley   6437950733       NO                0            20040201    20031101     20331001        35.6      6394692427
Morgan Stanley   6015774422       NO                0            20040201    20031001     20330901        41.8      6437950733
Morgan Stanley     82413378       NO                0            20040201    20031101     20331001        34.6      6015774422
Morgan Stanley   6606703350       NO                0            20040201    20031101     20331001        39.8        82413378
Morgan Stanley   6037143861       NO                0            20040201    20030601     20330501        37.6      6606703350
Morgan Stanley   6938277743       NO                0            20040201    20031101     20331001        41.2      6037143861
Morgan Stanley   6963045098       NO                0            20040201    20031201     20331101        27.9      6938277743
Morgan Stanley   6170857210       NO                0            20040201    20031101     20331001        36.6      6963045098
Morgan Stanley   6470005411       NO                0            20040201    20030901     20330801          18      6170857210
Morgan Stanley    200218121       NO               36            20040201    20031101     20331001        35.2      6470005411

<Caption>

   Source        Loan Number   LTVCOMBCURR    LTVCOMBORIG   LTVCURR     LTVEFFORIG    LTVORIG        PMILEVEL PMTPNICURR
<S>              <C>           <C>            <C>           <C>         <C>           <C>            <C>      <C>

Morgan Stanley   6425532428        79.61          79.77       79.61                    79.77             0     2060.02
Morgan Stanley   6693786466         74.4          74.69        74.4                    74.69             0     1862.29
Morgan Stanley   6948646812        70.01          70.59       70.01                    70.59             0     1987.94
Morgan Stanley   6137215510        51.28          51.43       51.28                    51.43             0     2216.59
Morgan Stanley   6731849896        79.81             80       79.81                       80             0     1932.56
Morgan Stanley   6951779435        79.83             80       79.83                       80             0     2100.87
Morgan Stanley     23188220        45.09          45.25       45.09                    45.25             0     1998.98
Morgan Stanley   6085068549        79.29             80       79.29                       80             0      1898.8
Morgan Stanley     23678543        78.22          78.49       78.22                    78.49             0     2101.15
Morgan Stanley   6964081712        66.14             67       66.14                    66.55             0     1964.77
Morgan Stanley   6082549749        77.91          78.16       77.91                    78.16             0     2130.05
Morgan Stanley     82564535        74.75             75       74.75                       75             0      2057.9
Morgan Stanley   6981282293        79.65             80       79.65                       80             0     2112.18
Morgan Stanley   6372920378        79.74             80       79.74                       80             0     2141.45
Morgan Stanley   6238698697        66.86          67.39       66.86                    67.39             0     2123.54
Morgan Stanley   6245448102        73.87          74.36       73.87                    74.36             0     1910.21
Morgan Stanley   6896854723        55.35          55.47       55.35                    55.47             0     2098.38
Morgan Stanley   6840379330        73.49          73.64       73.49                    73.64             0     2217.58
Morgan Stanley   6171760207        79.03          79.38       79.03                    79.38             0     2163.28
Morgan Stanley   6055998782        79.06          79.36       79.06                    79.36             0     1995.31
Morgan Stanley   6999266502        83.18          83.44       83.18                    83.44            12     2249.68
Morgan Stanley   6821025233        79.69          79.99       79.69                    79.99             0     2053.08
Morgan Stanley     25517954        50.99          51.18       50.99                    51.18             0     2029.21
Morgan Stanley   6083870946        89.64             90       89.64                       90            30     2341.85
Morgan Stanley     82576067        59.86             60       59.86                       60             0      2153.6
Morgan Stanley   6261983578        79.65            100       79.65                       80             0     2225.74
Morgan Stanley   6988693856        72.76          72.96       72.76                    72.96             0     1938.25
Morgan Stanley   6961104053        78.45          79.21       78.45                    79.21             0     2177.95
Morgan Stanley   6394692427        66.67          66.89       66.67                    66.89             0     2259.81
Morgan Stanley   6437950733        78.61          79.21       78.61                    79.21             0     2302.63
Morgan Stanley   6015774422         76.6          76.88        76.6                    76.88             0     2141.92
Morgan Stanley     82413378        72.25          72.61       72.25                    72.61             0     2102.24
Morgan Stanley   6606703350        79.66             85       79.66                       80             0     2325.66
Morgan Stanley   6037143861        61.91          62.12       61.91                    62.12             0     2295.89
Morgan Stanley   6938277743        73.64          74.34       73.64                    74.34             0     2319.26
Morgan Stanley   6963045098        79.33          79.62       79.33                    79.62             0     2243.92
Morgan Stanley   6170857210        79.72           79.9       79.72                     79.9             0      2316.5
Morgan Stanley   6470005411        79.75             80       79.75                       80             0     2531.79
Morgan Stanley    200218121        64.62             65       64.62                       65             0     2404.85

<Caption>

   Source        Loan Number   PMTPNIORIG    SCOREFICO1   TERMAMORT  TERMORIG     TERMSEASON      TERMAMORTREM
<S>              <C>           <C>           <C>          <C>        <C>          <C>             <C>

Morgan Stanley   6425532428     2060.02          693         360        360            4              357
Morgan Stanley   6693786466     1862.29          685         360        360            4              357
Morgan Stanley   6948646812     1987.94          808         360        360            8              353
Morgan Stanley   6137215510     2216.59          761         360        360            4              357
Morgan Stanley   6731849896     1932.56          741         360        360            3              358
Morgan Stanley   6951779435     2100.87          727         360        360            8              353
Morgan Stanley     23188220     1998.98          771         360        360            4              357
Morgan Stanley   6085068549      1898.8          777         360        360            8              353
Morgan Stanley     23678543     2101.15          700         360        360            8              353
Morgan Stanley   6964081712     1964.77          711         360        360            6              355
Morgan Stanley   6082549749     2130.05          695         360        360            3              358
Morgan Stanley     82564535      2057.9          695         360        360            4              357
Morgan Stanley   6981282293     2112.18          683         360        360            4              356
Morgan Stanley   6372920378     2141.45          683         360        360            3              358
Morgan Stanley   6238698697     2123.54          709         360        360            4              357
Morgan Stanley   6245448102     1910.21          696         360        360            6              355
Morgan Stanley   6896854723     2098.38          723         360        360            3              358
Morgan Stanley   6840379330     2217.58          681         360        360            3              358
Morgan Stanley   6171760207     2163.28          721         360        360            5              356
Morgan Stanley   6055998782     1995.31          758         360        360            4              357
Morgan Stanley   6999266502     2249.68          748         360        360            4              357
Morgan Stanley   6821025233     2053.08          744         360        360            4              357
Morgan Stanley     25517954     2029.21          704         360        360            4              357
Morgan Stanley   6083870946     2341.85          693         360        360            4              357
Morgan Stanley     82576067      2153.6          698         360        360            3              358
Morgan Stanley   6261983578     2225.74          760         360        360            4              356
Morgan Stanley   6988693856     1938.25          697         360        360            3              358
Morgan Stanley   6961104053     2177.95          763         360        360            9              352
Morgan Stanley   6394692427     2259.81          758         360        360            4              357
Morgan Stanley   6437950733     2302.63          751         360        360            4              357
Morgan Stanley   6015774422     2141.92          734         360        360            4              357
Morgan Stanley     82413378     2102.24          758         360        360            5              356
Morgan Stanley   6606703350     2325.66          692         360        360            4              356
Morgan Stanley   6037143861     2295.89          708         360        360            4              357
Morgan Stanley   6938277743     2319.26          755         360        360            9              352
Morgan Stanley   6963045098     2243.92          708         360        360            4              357
Morgan Stanley   6170857210      2316.5          782         360        360            3              358
Morgan Stanley   6470005411     2531.79          752         360        360            3              357
Morgan Stanley    200218121     2404.85          740         360        360            6              355
</Table>

<PAGE>

<Table>
<Caption>
                               Original                                   Refined      Property      Loan
   Source        Loan Number    Balance     Balance    GWAC   Product     Product        Type       Purpose       City
<S>              <C>           <C>        <C>         <C>     <C>         <C>          <C>          <C>        <C>

Morgan Stanley   6936721734      440000   435073.51      5.5    A5/6        A5/6         SFR           RT      Gilroy
Morgan Stanley   6570080751      440000   438255.22      4.5    A5/1        A5/1         SFR           RT      LOS ANGELES
Morgan Stanley   6234973797      444000    439100.6    5.875    A5/1        A5/1         SFR           P       GRANADA HILLS
Morgan Stanley   6343113897      444800   443002.71    5.375    A5/1        A5/1         SFR           P       GEORGETOWN
Morgan Stanley   6716815110      450000   443189.94        5    A5/1        A5/1         DPUD          P       HAYWARD
Morgan Stanley   6070439150      456000   448549.97    5.625    A5/1        A5/1         CO            RT      AVON
Morgan Stanley   6049340604      458000   454387.02    5.125    A5/1        A5/1         SFR           RT      RANCHO CUCAMONGA
Morgan Stanley   6862117915      468750   454813.22     5.25    A5/1        A5/1         SFR           P       ALAMEDA
Morgan Stanley        26880      479950   467203.69      5.5    A5/1        A5/1         SFR           CO      GRASS VALLEY
Morgan Stanley   6598702022      480000   478212.72        5    A5/1        A5/1         SFR           P       CATLETT
Morgan Stanley   6601003053      487500   478453.29    5.625    A5/1        A5/1         SFR           P       ESCONDIDO
Morgan Stanley    200295152      489300   485929.14    5.625    A5/1        A5/1         SFR           CO      TAOS
Morgan Stanley   6342874903      493000   487142.92      5.5    A5/6        A5/6         SFR           RT      Reno
Morgan Stanley   6489846037      496000   489397.32    5.625    A5/1        A5/1         DPUD          RT      DANVILLE
Morgan Stanley   6782888504      496000   494546.36    6.125    A5/1        A5/1         SFR           RT      PLACERVILLE
Morgan Stanley   6520944148      500000   494749.43     4.75    A5/1        A5/1         DPUD          RT      LONG BEACH
Morgan Stanley   6974381532      500000   495123.11        5    A5/1        A5/1         SFR           RT      WALNUT CREEK
Morgan Stanley   6634044678      500000   497636.82    5.125    A5/1        A5/1         SFR           P       CHARLESTON
Morgan Stanley   6303853458      500000   498148.09    4.875    A5/1        A5/1         CO            P       SAN DIEGO
Morgan Stanley   6081227727      511500   498190.15        5    A5/1        A5/1         CO            P       NEW YORK
Morgan Stanley   6299610060      516500   509890.19     5.75    A5/1        A5/1         DPUD          P       DESTIN
Morgan Stanley     25494303      535200   515469.07        6    A5/1        A5/1         2F            RT      SANTA BARBARA
Morgan Stanley   6166067246      550000    532551.6    4.875    A5/1        A5/1         SFR           P       SACRAMENTO
Morgan Stanley   6556621032      567000   547769.31    4.375    A5/1        A5/1         SFR           P       BURBANK
Morgan Stanley   6521777976      577500   564947.63        5    A5/1        A5/1         DPUD          P       SAN CLEMENTE
Morgan Stanley   6654138079      592000   575594.95      5.5    A5/1        A5/1         SFR           P       FOSTER CITY
Morgan Stanley   6858283051      592500    586483.7     5.25    A5/1        A5/1         SFR           RT      FREMONT
Morgan Stanley   6120120222      600000   590305.52    4.875    A5/1        A5/1         DPUD          P       HOUSTON
Morgan Stanley     24272908      612800   609001.82    4.875    A5/1        A5/1         SFR           P       CERRITOS
Morgan Stanley   6306262392      616000   610420.46    4.625    A5/1        A5/1         SFR           P       RANCHO PALOS VERDES
Morgan Stanley   6814259559      615000   612773.87        5    A5/1        A5/1         SFR           P       WEST RIVER
Morgan Stanley     23842487      650000    644035.5     4.75    A5/1        A5/1         SFR           P       PARAMUS
Morgan Stanley   6287452707      650000   646478.53    4.375    A5/1        A5/1         2F            CO      NEWPORT BEACH
Morgan Stanley     25496720      650000   646927.87    5.125    A5/1        A5/1         SFR           P       ALTADENA
Morgan Stanley   6102057103      650000   648540.02    5.375    A5/1        A5/1         DPUD          P       COROLLA
Morgan Stanley   6117917234      700000   696911.33    4.125    A5/1        A5/1         SFR           P       HONOLULU
Morgan Stanley   6845454302     1000000    992344.9     4.75    A5/1        A5/1         SFR           P       LIGHTHOUSE POINT
Morgan Stanley     82655655     1000000   996701.23      5.5    A5/6        A5/6         DPUD          P       Henderson

<Caption>

   Source        Loan Number    State     Zip        ARMIPAP     ARMIPERCAP    ARMIRAP   ARMLIFECAP  ARMMARGIN    ARMMAX
<S>              <C>            <C>      <C>         <C>         <C>           <C>       <C>         <C>         <C>

Morgan Stanley   6936721734       CA     95020          60           5           60           5        2.25         10.5
Morgan Stanley   6570080751       CA     90046          60           5           60           5        2.25          9.5
Morgan Stanley   6234973797       CA     91344          60           5           60           5        2.25       10.875
Morgan Stanley   6343113897       SC     29440          60           5           60           5        2.25       10.375
Morgan Stanley   6716815110       CA     94544          60           5           60           5        2.25           10
Morgan Stanley   6070439150       CO     81620          60           5           60           5        2.25       10.625
Morgan Stanley   6049340604       CA     91737          60           5           60           5        2.25       10.125
Morgan Stanley   6862117915       CA     94501          60           5           60           5        2.25        10.25
Morgan Stanley        26880       CA     95949          60           5           60           5        2.25         10.5
Morgan Stanley   6598702022       VA     20119          60           2           60           6        2.75           11
Morgan Stanley   6601003053       CA     92026          60           5           60           5        2.25       10.625
Morgan Stanley    200295152       NM     87571          60           5           60           5        2.25       10.625
Morgan Stanley   6342874903       NV     89509          60           5           60           5        2.25         10.5
Morgan Stanley   6489846037       CA     94526          60           5           60           5        2.25       10.625
Morgan Stanley   6782888504       CO     81430          60           5           60           5        2.25       11.125
Morgan Stanley   6520944148       CA     90803          60           5           60           5        2.25         9.75
Morgan Stanley   6974381532       CA     94596          60           5           60           5        2.25           10
Morgan Stanley   6634044678       SC     29401          60           5           60           5        2.25       10.125
Morgan Stanley   6303853458       CA     92037          60           5           60           5        2.25        9.875
Morgan Stanley   6081227727       NY     10021          60           5           60           5        2.25           10
Morgan Stanley   6299610060       FL     32541          60           5           60           5        2.25        10.75
Morgan Stanley     25494303       CA     93101          60           5           60           5        2.25           11
Morgan Stanley   6166067246       CA     95833          60           5           60           5        2.75        9.875
Morgan Stanley   6556621032       CA     91504          60           5           60           5        2.25        9.375
Morgan Stanley   6521777976       CA     92673          60           5           60           5        2.25           10
Morgan Stanley   6654138079       CA     94404          60           5           60           5        2.25         10.5
Morgan Stanley   6858283051       CA     94539          60           5           60           5        2.25        10.25
Morgan Stanley   6120120222       TX     77056          60           5           60           5        2.25        9.875
Morgan Stanley     24272908       CA     90703          60           5           60           5        2.75        9.875
Morgan Stanley   6306262392       CA     90275          60           5           60           5        2.25        9.625
Morgan Stanley   6814259559       MD     20778          60           5           60           5        2.25           10
Morgan Stanley     23842487       NJ     07652          60           5           60           5        2.75         9.75
Morgan Stanley   6287452707       CA     92661          60           5           60           5        2.25        9.375
Morgan Stanley     25496720       CA     91001          60           5           60           5        2.75       10.125
Morgan Stanley   6102057103       NC     27927          60           5           60           5        2.25       10.375
Morgan Stanley   6117917234       HI     96816          60           5           60           5        2.25        9.125
Morgan Stanley   6845454302       FL     33064          60           5           60           5        2.25         9.75
Morgan Stanley     82655655       NV     89052          60           5           60           5        2.25         10.5

<Caption>
                                NPA         NRA                             Property       Sale     Doc                 Occupancy
   Source        Loan Number   Months      Months       ARMPAP      ARMRAP     Value      Balance   Type        Index     Status
<S>              <C>           <C>         <C>          <C>         <C>     <C>         <C>         <C>         <C>     <C>

Morgan Stanley   6936721734      57          56            6           6      685000           0    FULL         LM6         P
Morgan Stanley   6570080751      57          56           12          12      550000      550000    FULL         LY1         P
Morgan Stanley   6234973797      58          57           12          12      555000      555000    FULL         LY1         P
Morgan Stanley   6343113897      58          57           12          12      556000      556000    FULL         LY1         P
Morgan Stanley   6716815110      57          56           12          12      860000           0    FULL         LY1         S
Morgan Stanley   6070439150      57          56           12          12      590000           0    FULL         LY1         P
Morgan Stanley   6049340604      57          56           12          12      572500      572500    FULL         LY1         P
Morgan Stanley   6862117915      54          53           12          12      625000           0    ALT          LY1         P
Morgan Stanley        26880      57          56           12          12      599950      599950    FULL         LY1         P
Morgan Stanley   6598702022      58          57           12          12      600000      600000    FULL         LY1         P
Morgan Stanley   6601003053      57          56           12          12      650000           0    FULL         LY1         P
Morgan Stanley    200295152      57          56           12          12      632000           0    FULL         LY1         P
Morgan Stanley   6342874903      57          56            6           6      620000           0    ALT          LM6         P
Morgan Stanley   6489846037      57          56           12          12      705000           0    FULL         LY1         P
Morgan Stanley   6782888504      57          56           12          12      620000           0    FULL         LY1         P
Morgan Stanley   6520944148      58          57           12          12      735000           0    FULL         LY1         P
Morgan Stanley   6974381532      52          51           12          12      628500      628500    ALT          LY1         P
Morgan Stanley   6634044678      56          55           12          12      635000      635000    FULL         LY1         P
Morgan Stanley   6303853458      57          56           12          12      730000      730000    FULL         LY1         P
Morgan Stanley   6081227727      57          56           12          12      682000      682000    FULL         LY1         P
Morgan Stanley   6299610060      57          56           12          12      700000           0    FULL         LY1         P
Morgan Stanley     25494303      58          57           12          12      650000      669000    FULL         LY1         P
Morgan Stanley   6166067246      56          55           12          12      850000      850000    FULL         TY1         P
Morgan Stanley   6556621032      57          56           12          12      767000      767000    FULL         LY1         P
Morgan Stanley   6521777976      57          56           12          12      825000      825000    FULL         LY1         P
Morgan Stanley   6654138079      57          56           12          12     1550000           0    FULL         LY1         P
Morgan Stanley   6858283051      52          51           12          12      790000      790000    FULL         LY1         P
Morgan Stanley   6120120222      57          56           12          12      900000           0    FULL         LY1         P
Morgan Stanley     24272908      55          54           12          12      766000      766000    FULL         TY1         P
Morgan Stanley   6306262392      57          56           12          12      866000      866000    FULL         LY1         P
Morgan Stanley   6814259559      57          56           12          12     1500000     1500000    FULL         LY1         P
Morgan Stanley     23842487      53          52           12          12      835000      835000    FULL         TY1         P
Morgan Stanley   6287452707      56          55           12          12     1175000           0    FULL         LY1         P
Morgan Stanley     25496720      56          55           12          12      945000      945000    FULL         TY1         S
Morgan Stanley   6102057103      58          57           12          12     1000000     1000000    FULL         LY1         S
Morgan Stanley   6117917234      57          56           12          12     1100000     1100000    FULL         LY1         P
Morgan Stanley   6845454302      58          57           12          12     1600000     1600000    FULL         LY1         P
Morgan Stanley     82655655      58          57            6           6     1575000     1575000    ALT          LM6         P

<Caption>
                                  PMI          Prepayment
   Source        Loan Number    Company          Penalty        DATECUTOFF   DATEFPAY     DATEMAT       DTIBACK     LOANIDMERS
<S>              <C>            <C>            <C>              <C>          <C>          <C>           <C>         <C>

Morgan Stanley   6936721734       NO                0            20040201    20031101     20331001       36.74       200218121
Morgan Stanley   6570080751       NO                0            20040201    20031201     20331101        21.4      6936721734
Morgan Stanley   6234973797       NO                0            20040201    20031201     20331101        26.1      6570080751
Morgan Stanley   6343113897       NO                0            20040201    20031101     20331001          27      6234973797
Morgan Stanley   6716815110       NO                0            20040201    20031101     20331001        35.7      6343113897
Morgan Stanley   6070439150       NO                0            20040201    20031101     20331001        47.1      6716815110
Morgan Stanley   6049340604       NO                0            20040201    20030801     20330701        26.4      6070439150
Morgan Stanley   6862117915       NO                0            20040201    20031101     20331001        35.2      6049340604
Morgan Stanley        26880       NO                0            20040201    20031201     20331101        35.4      6862117915
Morgan Stanley   6598702022       NO                0            20040201    20031101     20331001        36.9           26880
Morgan Stanley   6601003053       NO                0            20040201    20031101     20331001        41.5      6598702022
Morgan Stanley    200295152       NO                0            20040201    20031101     20331001        40.3      6601003053
Morgan Stanley   6342874903       NO                0            20040201    20031101     20331001       35.79       200295152
Morgan Stanley   6489846037       NO                0            20040201    20031101     20331001        17.6      6342874903
Morgan Stanley   6782888504       NO                0            20040201    20031201     20331101        26.9      6489846037
Morgan Stanley   6520944148       NO                0            20040201    20030601     20330501          34      6782888504
Morgan Stanley   6974381532       NO                0            20040201    20031001     20330901        22.6      6520944148
Morgan Stanley   6634044678       NO                0            20040201    20031101     20331001        35.1      6974381532
Morgan Stanley   6303853458       NO                0            20040201    20031101     20331001        40.7      6634044678
Morgan Stanley   6081227727       NO                0            20040201    20031101     20331001        24.6      6303853458
Morgan Stanley   6299610060       NO                0            20040201    20031201     20331101        13.8      6081227727
Morgan Stanley     25494303       NO                0            20040201    20031001     20330901        29.9      6299610060
Morgan Stanley   6166067246       NO                0            20040201    20031101     20331001       31.13        25494303
Morgan Stanley   6556621032       NO                0            20040201    20031101     20331001        20.1      6166067246
Morgan Stanley   6521777976       NO                0            20040201    20031101     20331001        39.8      6556621032
Morgan Stanley   6654138079       NO                0            20040201    20030601     20330501        36.9      6521777976
Morgan Stanley   6858283051       NO                0            20040201    20031101     20331001          40      6654138079
Morgan Stanley   6120120222       NO                0            20040201    20030701     20330601        40.2      6858283051
Morgan Stanley     24272908       NO                0            20040201    20030901     20330801       30.63        24272908
Morgan Stanley   6306262392       NO                0            20040201    20031101     20331001        23.4      6306262392
Morgan Stanley   6814259559       NO                0            20040201    20031101     20331001        36.5      6814259559
Morgan Stanley     23842487       NO                0            20040201    20030701     20330601       31.12        23842487
Morgan Stanley   6287452707       NO                0            20040201    20031001     20330901          34      6287452707
Morgan Stanley     25496720       NO                0            20040201    20031001     20330901       35.98        25496720
Morgan Stanley   6102057103       NO                0            20040201    20031201     20331101        30.4      6102057103
Morgan Stanley   6117917234       NO                0            20040201    20031101     20331001          43      6117917234
Morgan Stanley   6845454302       NO                0            20040201    20031201     20181101        37.7      6845454302
Morgan Stanley     82655655       NO                0            20040201    20031201     20331101       22.75        82655655

<Caption>

   Source        Loan Number       LTVCOMBCURR    LTVCOMBORIG   LTVCURR     LTVEFFORIG    LTVORIG        PMILEVEL PMTPNICURR
<S>              <C>               <C>            <C>           <C>         <C>           <C>            <C>      <C>

Morgan Stanley   6936721734             79.1             98        79.1                    79.45             0     2481.24
Morgan Stanley   6570080751            63.98          64.23       63.98                    64.23             0     2229.42
Morgan Stanley   6234973797            79.84             80       79.84                       80             0     2602.77
Morgan Stanley   6343113897            79.82             80       79.82                       80             0     2486.28
Morgan Stanley   6716815110            79.71             80       79.71                       80             0     2387.79
Morgan Stanley   6070439150            52.16          52.33       52.16                    52.33             0     2590.46
Morgan Stanley   6049340604            77.01          77.29       77.01                    77.29             0     2482.87
Morgan Stanley   6862117915            79.44             80       79.44                       80             0      2529.1
Morgan Stanley        26880            74.75             75       74.75                       75             0     2661.52
Morgan Stanley   6598702022            79.71         89.991       79.71                   79.998             0     2576.48
Morgan Stanley   6601003053            79.74             80       79.74                       80             0     2763.16
Morgan Stanley    200295152            74.76             75       74.76                       75             0     2806.33
Morgan Stanley   6342874903            77.08          77.42       77.08                    77.42             0      2778.2
Morgan Stanley   6489846037            78.94          79.52       78.94                    79.52             0     2837.99
Morgan Stanley   6782888504            70.15          70.35       70.15                    70.35             0     3013.75
Morgan Stanley   6520944148             79.8             80        79.8                       80             0     2587.38
Morgan Stanley   6974381532            67.36          68.03       67.36                    68.03             0     2684.11
Morgan Stanley   6634044678            79.18          79.55       79.18                    79.55             0     2722.44
Morgan Stanley   6303853458            78.45          78.74       78.45                    78.74             0     2646.05
Morgan Stanley   6081227727            68.25          68.49       68.25                    68.49             0     2684.11
Morgan Stanley   6299610060            74.76             75       74.76                       75             0     2984.98
Morgan Stanley     25494303            73.64          73.79       73.64                    73.79             0     3096.68
Morgan Stanley   6166067246            81.93          82.34       81.93                    82.34             0     2832.33
Morgan Stanley   6556621032            64.44          64.71       64.44                    64.71             0     2746.07
Morgan Stanley   6521777976            73.66          73.92       73.66                    73.92             0     3043.78
Morgan Stanley   6654138079            69.77             70       69.77                       70             0     3278.99
Morgan Stanley   6858283051            37.84          38.19       37.84                    38.19             0     3269.05
Morgan Stanley   6120120222            74.72             75       74.72                       75             0     3135.56
Morgan Stanley     24272908             79.5             80        79.5                       80             0     3242.99
Morgan Stanley   6306262392            70.49          71.13       70.49                    71.13             0      3167.1
Morgan Stanley   6814259559            40.85             41       40.85                       41             0     3301.46
Morgan Stanley     23842487            77.13             78       77.13                    77.84             0     3390.71
Morgan Stanley   6287452707            55.02          55.32       55.02                    55.32             0     3245.36
Morgan Stanley     25496720            68.46             69       68.46                    68.78             0     3539.17
Morgan Stanley   6102057103            64.85             65       64.85                       65             0     3639.82
Morgan Stanley   6117917234            63.36          63.64       63.36                    63.64             0     3392.55
Morgan Stanley   6845454302            62.02           62.5       62.02                     62.5             0     7778.32
Morgan Stanley     82655655            63.28             70       63.28                    63.49             0      5677.9

<Caption>

   Source        Loan Number    PMTPNIORIG    SCOREFICO1   TERMAMORT  TERMORIG     TERMSEASON      TERMAMORTREM
<S>              <C>            <C>           <C>          <C>        <C>          <C>             <C>

Morgan Stanley   6936721734      2481.24          737         360        360            4              356
Morgan Stanley   6570080751      2229.42          732         360        360            4              357
Morgan Stanley   6234973797      2602.77          730         360        360            4              357
Morgan Stanley   6343113897      2486.28          700         360        360            3              358
Morgan Stanley   6716815110      2387.79          726         360        360            4              357
Morgan Stanley   6070439150      2590.46          758         360        360            4              357
Morgan Stanley   6049340604      2482.87          752         360        360            4              357
Morgan Stanley   6862117915       2529.1          786         360        360            7              354
Morgan Stanley        26880      2661.52          696         360        360            4              357
Morgan Stanley   6598702022      2576.48          732         360        360            3              357
Morgan Stanley   6601003053      2763.16          802         360        360            4              357
Morgan Stanley    200295152      2806.33          770         360        360            4              357
Morgan Stanley   6342874903       2778.2          671         360        360            4              356
Morgan Stanley   6489846037      2837.99          751         360        360            4              357
Morgan Stanley   6782888504      3013.75          750         360        360            5              356
Morgan Stanley   6520944148      2587.38          728         360        360            3              358
Morgan Stanley   6974381532      2684.11          782         360        360            9              352
Morgan Stanley   6634044678      2722.44          687         360        360            5              356
Morgan Stanley   6303853458      2646.05          742         360        360            4              357
Morgan Stanley   6081227727      2684.11          752         360        360            4              357
Morgan Stanley   6299610060      2984.98          736         360        360            4              357
Morgan Stanley     25494303      3096.68          699         360        360            4              357
Morgan Stanley   6166067246      2832.33          687         360        360            5              356
Morgan Stanley   6556621032      2746.07          733         360        360            4              357
Morgan Stanley   6521777976      3043.78          726         360        360            4              357
Morgan Stanley   6654138079      3278.99          716         360        360            4              357
Morgan Stanley   6858283051      3269.05          717         360        360            9              352
Morgan Stanley   6120120222      3135.56          777         360        360            4              357
Morgan Stanley     24272908      3242.99          734         360        360            6              355
Morgan Stanley   6306262392       3167.1          684         360        360            4              353
Morgan Stanley   6814259559      3301.46          694         360        360            4              357
Morgan Stanley     23842487      3390.71          649         360        360            8              353
Morgan Stanley   6287452707      3245.36          777         360        360            5              356
Morgan Stanley     25496720      3539.17          770         360        360            5              356
Morgan Stanley   6102057103      3639.82          749         360        360            3              358
Morgan Stanley   6117917234      3392.55          714         360        360            4              357
Morgan Stanley   6845454302      7778.32          737         180        180            3              178
Morgan Stanley     82655655       5677.9          676         360        360            3              357
</Table><PAGE>
                                                                   Exhibit 10.18

                                February 20, 2004

Sunset Financial Resources
4231 Walnut Bend, Suite 1-A
Jacksonville, Florida  32257

Ladies and Gentlemen:

Bridge Capital (USVI), LLC ("Bridge") is pleased to issue this offer to sell to
Sunset Financial Resources ("Purchaser") the loans or undivided participation
interests ("Loans") listed on Exhibit A attached hereto subject to the following
terms and conditions:

PURCHASE PRICE:                 The purchase price for each Loan shall be equal
                                to the outstanding principal balance of the
                                Loan on the date of closing. In the case of
                                participation interests, the outstanding
                                principal balance shall be pro rated in
                                accordance with Bridge's participation interest.

RECOURSE:                       The Loans shall be conveyed to Purchaser without
                                recourse as to the future performance of any
                                borrower.

EXCEPTIONS FROM                 Bridge shall retain all servicing rights on all
CONVEYANCE:                     Loans and all rights to receive all interest and
                                fees realized on the Loans in excess of 10%
                                annual interest. All conveyances of
                                participation interests shall be subject to
                                existing third party participation agreements.

DUE DILIGENCE                   Within fifteen (15) days of the date of this
DOCUMENTATION:                  letter, Bridge shall provide to Purchaser the
                                following documents:

                                1.       Copy of original note

                                2.       Copy of all collateral documents
                                         including original mortgage or deed of
                                         trust

                                3.       Amortization table

                                4.       Copy of mortgagee's title policy

                                5.       Copy of borrower's certificate of
                                         hazard insurance

                                6.       Payment history (affidavit form)

                                7.       Copies of all underlying notes,
                                         mortgages, deeds of trust, and/or other
                                         liens, along with payoff amounts for
                                         each

                                8.       Copy of original closing statement

                                9.       Photos of real property (if any)

                                10.      Borrowing resolution

                                11.      Legal opinion

                                12.      Copy of participation agreement.

CLOSING:                        The Closing of the transaction contemplated
                                herein shall occur on or before March 31, 2004.

This letter is provided solely as an expression of the good faith intent of
Bridge and Purchaser to negotiate the definitive terms of the transaction
contemplated herein and closing is subject to the negotiation and execution of a
binding Purchase Agreement and Participation Agreements for each Loan with such
terms and conditions as shall be satisfactory to Bridge and Purchaser.

                                        BRIDGE CAPITAL (USVI), LLC

                                        By:     /s/
                                           -------------------------------------
                                        Title:  COO
                                              ----------------------------------

<PAGE>

AGREED:

SUNSET FINANCIAL RESOURCES

By:      /s/ J. Bert Watson
   ---------------------------------
Title:   President and CEO
      ------------------------------

<PAGE>

                                   EXHIBIT "A"

<Table>
<Caption>
            LOAN/STATE/TYPE                      AMOUNT             INTEREST                 LTV
----------------------------------------     ---------------     ---------------       ---------------
<S>                                          <C>                 <C>                   <C>
Anaheim, Disney Land, CA Hotel(1)            $    11,500,000                  10+%                  55%
Kona, III Mixed  Use Development(1)          $    15,000,000                  10+%                  55%
Right Star III Cemetery(1)                   $     6,600,000                  10+%                  65%
Pend Oreille, ID Estate & Land(2)            $     8,000,000                  10+%                  55%
</Table>

Participation Interest Only(1)
Pending loan(2)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}]]