Exhibit 99.1
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XXXXXX XXXXXXX May 15, 2003
Securitized Products Group
XXXXXX XXXXXXX [GRAPHIC OMITTED]
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Computational Materials
$483,155,000
Approximately
MSDWCC HELOC Trust 2003-1
Home Equity Line of Credit
Asset Backed Certificates
Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit Corporation
Seller/Servicer
MBIA Wrapped
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XXXXXX XXXXXXX May 15, 2003
Securitized Products Group
XXXXXX XXXXXXX [GRAPHIC OMITTED]
-------------------------------------------------------------------------------
Approximately $483,155,000
MSDWCC HELOC Trust 2003-1
Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit Corporation - Seller/Servicer
Transaction Highlights
----------------------
------------------------------------------------------------------------------------------------------------
Expected
Ratings Modified
(S&P/ Avg Life To Duration To
Class(1) Description Moody's) Balance Call/Mty(1)(2) Call/Mty(1)(2)(3)
============================================================================================================
A MBIA Wrapped AAA
Asset Backed Notes AAA/Aaa $483,155,000 2.80/2.87 2.73/2.80
------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------
Payment Window To
Class(1) Call/Mty(1)(2) Day Count Benchmark
==========================================================================
A 06/03-09/09 / 06/03-03/11 Act/360 1-mo. LIBOR
--------------------------------------------------------------------------
Notes: (1) The Notes are priced to the 10% Optional Redemption Date.
(2) Based on the Prepayment and Draw Rate assumptions. See details below.
(3) Run at par
Seller: Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit Corporation
Servicer: Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit Corporation
Indenture Trustee: Xxxxx Fargo Bank Minnesota, N.A.
Owner Trustee: Wilmington Trust Company
Manager(s): Xxxxxx Xxxxxxx (lead manager), Xxxxxxxx & Partners, L.P. and
Xxxxxxxx Capital Partners, L.P. (co-managers)
Auction Administrator: Xxxxx Fargo Bank Minnesota, N.A.
Rating Agencies: Xxxxx'x Investor Service and Standard & Poor's
Cut-Off Date: May 1, 2003
Expected Pricing Date: [May , 2003]. Priced to 10% Optional Redemption Date.
Expected Closing Date: May 28, 2003 through DTC, Euroclear, and Clearstream.
Settles flat.
Payment Dates: The 25th of each month, beginning June 25, 2003.
Mortgage Loans: The combination of:
(i) approximately 1,559 adjustable-rate, prime quality first
lien revolving credit loans with an approximate aggregate unpaid
balance of $146,267,444;
(ii) approximately 6,767 adjustable-rate, prime quality second
lien revolving credit loans with an approximate aggregate unpaid
balance of $ 305,093,851;
(iii) approximately 14 one-month LIBOR indexed first lien loans
with an approximate aggregate unpaid balance of $8,543,585; and
(iv) approximately 53 six-month LIBOR indexed first lien loans
with an approximate aggregate unpaid balance of $23,250,348.
This information has been prepared in connection with the issuance of securities representing debt of the above
trust, and is based in part on information provided by Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit Corporation with respect
to the expected characteristics of the pool of home equity loans in which these securities will represent debt
obligations. The actual characteristics and performance of the home equity loans will differ from the assumptions
used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material
impact on the information set forth in these materials. No representation is made that any performance or return
indicated herein will be achieved. For example, it is very unlikely that the collateral will prepay or new balances
will be originated at a constant rate or follow a predictable pattern. This information may not be used or
otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection
with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY
ARE BASED. Additional information is available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular
trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND
PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH
SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN
CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the collateral contained herein, shall be deemed superseded, amended and supplemented
in their entirety by such Prospectus and Prospectus Supplement. Any collateral or structural termsheets contained
herein supercede all prior termsheets. To Our Readers Worldwide: In addition, please note that this information has
been provided by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx Xxxxxxx & Co. International Limited, a
member of the Securities and Futures Authority, and Xxxxxx Xxxxxxx Japan Ltd. We recommend that investors obtain
the advice of their Xxxxxx Xxxxxxx & Co. International Limited or Xxxxxx Xxxxxxx Japan Ltd. representative about
the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
2
Transaction Structure: 60-month Managed Amortization Period (MAP) followed by Rapid
Amortization Period (RAP) in which 100% of principal collections
are distributed to the Class A Noteholders
Pricing Speed: o Prepayment Rate: 40% CPR
o Draw Rate: 20%
Scheduled Final Payment Date: Payment Date in November of 2015
Insurer: MBIA Insurance Corporation ("MBIA")
Mandatory Auction: On the fifth business day before the Payment Date in May 2015,
the Auction Administrator will conduct an auction of the Home
Equity Loans remaining in the Trust to third party investors. If
a bid equal to at least the Minimum Auction Price is received or
if the Insurer directs the Auction Administrator to accept the
bid which, although the highest bid, is not equal to the Minimum
Auction Price, (i) the Auction Administrator will instruct the
Trust to transfer the Home Equity Loans to the highest bidder,
(ii) the Auction Administrator will deliver to the Indenture
Trustee the proceeds of the auction for deposit into the Payment
Account, (iii) if necessary, the Insurer will deliver the amount
of the shortfall between the highest bid received and the
Minimum Auction Price to the Indenture Trustee for deposit into
the Payment Account, and (iv) the Indenture Trustee will pay to
Noteholders the Security Balance on the Payment Date related to
the month of the auction. If a bid equal to at least the Minimum
Auction Price is not received and the Insurer does not direct
the Auction Administrator to accept a lower bid, the Auction
Administrator will terminate the auction and the Insurer will
have the option to purchase the Home Equity Loans or to direct
the Auction Administrator to conduct another auction at any time
before the Scheduled Final Payment Date. If the Insurer
exercises its purchase option or if the Auction Administrator
receives the Minimum Auction Price at a subsequent auction , the
Indenture Trustee will pay Noteholders the Security Balance on
the Payment Date immediately following the purchase by the
Insurer or the receipt of the Minimum Auction Price. If the Home
Equity Loans are not sold at auction and the Insurer does not
exercise its option to purchase the Home Equity Loans prior to
the Scheduled Final Payment Date, the Insurer will be required,
in accordance with the Policy, to pay the outstanding Security
Balance of the Notes on the Scheduled Final Payment Date.
Minimum Auction Price: The sum of (i) the outstanding Security Balance plus accrued and
unpaid interest on the Notes, and (ii) any amounts owed to the
Insurer, the Auction Administrator and the Indenture Trustee.
Optional Redemption Date: The First Distribution Date when the outstanding Class A Note
Balance after application of the Class A principal paydown for
such Payment Date is less than or equal to 10% of the original
Class A Note Balance. The Notes are priced to the 10% Optional
Redemption Date.
Step-up Coupon: The margin on the Notes will double after the Optional
Redemption Date if the redemption is not exercised.
Net Funds Cap: The weighted average of the Mortgage Loan Rates, net of the
servicing fee, trustee fee, policy premium and, after the
Payment Date in November of 2003, a minimum Excess Interest
amount of 0.50%.
Net Funds Cap Carry-Over Amount: Net Funds Cap Carry-Over Amount will be payable on the Notes.
The Net Funds Cap Carry-Over Amount will not be covered by the
MBIA guaranty and will not be addressed by the ratings assigned
to the Notes by the rating agencies.
Trust Tax Status: Owner Trust.
ERISA Eligibility: The Notes are expected to be ERISA eligible.
SMMEA Eligibility: The Notes are not SMMEA eligible.
This information has been prepared in connection with the issuance of securities representing debt of the above
trust, and is based in part on information provided by Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit Corporation with respect
to the expected characteristics of the pool of home equity loans in which these securities will represent debt
obligations. The actual characteristics and performance of the home equity loans will differ from the assumptions
used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material
impact on the information set forth in these materials. No representation is made that any performance or return
indicated herein will be achieved. For example, it is very unlikely that the collateral will prepay or new balances
will be originated at a constant rate or follow a predictable pattern. This information may not be used or
otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection
with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY
ARE BASED. Additional information is available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular
trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND
PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH
SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN
CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the collateral contained herein, shall be deemed superseded, amended and supplemented
in their entirety by such Prospectus and Prospectus Supplement. Any collateral or structural termsheets contained
herein supercede all prior termsheets. To Our Readers Worldwide: In addition, please note that this information has
been provided by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx Xxxxxxx & Co. International Limited, a
member of the Securities and Futures Authority, and Xxxxxx Xxxxxxx Japan Ltd. We recommend that investors obtain
the advice of their Xxxxxx Xxxxxxx & Co. International Limited or Xxxxxx Xxxxxxx Japan Ltd. representative about
the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
3
Credit Structure: On each Payment Date, the Investor Percentage of interest and
principal collections (please see below) on the loans (net of
the 0.50% servicing fee) will be used to pay the following
amounts in the priority indicated:
1. Indenture and Owner Trustee Fees
2. Insurer Premium
3. Class A Interest
4. Class A Principal
5. Class A Investor Losses
6. Class A Overcollateralization Deficit
7. Any Outstanding Amounts owed to the Insurer
8. Class A Overcollateralization Requirement
9. Class A Net Funds Cap Carry-Over Amount
10. Remaining amounts payable to MSDWCC or its affiliate as
Certificateholder
The Investor Percentage is the ratio of the outstanding Class A
Investor Amount to the Pool Balance.
During the Managed Amortization Period (MAP), principal
collections (net of draws) will be allocated on a pro rata basis
to investors based on the Investor Percentage. During the Rapid
Amortization Period (RAP), all principal collections will be
paid to the Class A Noteholders.
Interest collections and losses will be allocated on a pro rata
basis based on the Investor Percentage during both the MAP and
RAP.
As of the Closing Date, the Certificateholder Interest will
equal zero. To the extent principal draws exceed principal
payments during the MAP, the Certificateholder Interest will
increase by the amount of this differential. The
Certificateholder Interest will grow by the amount of draws
during the RAP.
Class A Interest: The Class A Noteholders will be entitled to receive monthly
interest based on a 1-month LIBOR rate + [ ] on the outstanding
balance of the Class A Notes subject to a Net Funds Cap for the
related period. The Noteholders' Interest will generally be
payable out of the Investor Percentage of interest collections.
Interest will be payable on an actual/360 day-count basis.
Interest will accrue from and including the prior Payment Date
to but excluding the next Payment Date. For the first Payment
Date, interest will accrue from the Closing Date to the day
prior to the next Payment Date.
This information has been prepared in connection with the issuance of securities representing debt of the above
trust, and is based in part on information provided by Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit Corporation with respect
to the expected characteristics of the pool of home equity loans in which these securities will represent debt
obligations. The actual characteristics and performance of the home equity loans will differ from the assumptions
used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material
impact on the information set forth in these materials. No representation is made that any performance or return
indicated herein will be achieved. For example, it is very unlikely that the collateral will prepay or new balances
will be originated at a constant rate or follow a predictable pattern. This information may not be used or
otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection
with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY
ARE BASED. Additional information is available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular
trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND
PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH
SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN
CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the collateral contained herein, shall be deemed superseded, amended and supplemented
in their entirety by such Prospectus and Prospectus Supplement. Any collateral or structural termsheets contained
herein supercede all prior termsheets. To Our Readers Worldwide: In addition, please note that this information has
been provided by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx Xxxxxxx & Co. International Limited, a
member of the Securities and Futures Authority, and Xxxxxx Xxxxxxx Japan Ltd. We recommend that investors obtain
the advice of their Xxxxxx Xxxxxxx & Co. International Limited or Xxxxxx Xxxxxxx Japan Ltd. representative about
the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
4
MAP:
For a period of approximately 60 months from the Closing Date through the
Payment Date in May 2008, Class A Noteholders shall receive the Investor
Percentage of the difference between aggregate principal collections and
draws or additional balances created during the related collection period.
The MAP may terminate earlier due to the occurrence of a Rapid Amortization
Event.
RAP: Upon the completion of the MAP or upon the occurrence of a Rapid
Amortization Event, Class A Noteholders shall receive all principal
collections on the collateral until the Class A Notes are retired in full.
Rapid Amortization Events: The following will constitute Rapid Amortization Events:
1. Breach of representations and warranties or covenants in a material
manner which continues unremedied for a specified period of time after
written notice
2. Occurrence of certain events of bankruptcy, insolvency or receivership
relating to the Seller or Issuer
3. Issuer becomes subject to regulation as an investment company within
the meaning of the Investment Company Act of 1940
4. Failure to make a payment or deposit when due under the various
Agreements within five business days
5. Aggregate of all draws under the insurance policy exceeds a
predetermined amount or percentage
6. Issuer is determined to be an association taxable as a corporation for
federal income tax purposes
7. Any other event specified in the Indenture.
Class A Investor Amount: The Class A Investor Amount equals the initial principal amount of the
Class A Notes issued minus (i) the Investor Floating Allocation Percentage
of the Net Principal Collections during the MAP or of the Principal
Collections during the RAP, and (ii) Class A Investor Losses.
Investor Floating Allocation The percentage equivalent of a fraction, the numerator of which is the
Percentage: Class A Investor Amount as of the end of the immediately preceding Payment
Date and the denominator of which is the Pool Balance at the beginning of
the related Collection Period.
Certificateholder Interest: The Certificateholder Interest will comprise the Pool Balance in excess of
the Class A Investor Amount.
Credit Enhancement: Credit Enhancement consists of the following:
1. Excess Interest Collections
2. Overcollateralization Amount
3. MBIA Financial Guaranty Insurance Policy
The MBIA Financial Guaranty Insurance Policy will generally
guarantee the timely payment of interest on the Class A Notes
and the ultimate payment of the outstanding principal amount of
the Class A Notes on the Scheduled Final Payment Date, November
2015. In addition, on any Payment Date, the policy will
guarantee payment of principal on the Class A Notes equal to the
amount by which the Class A Note Balance exceeds the Class A
Investor Amount.
On the Distribution Date in December 2005 and thereafter, the required
overcollateralization amount will be equal to the lesser of (i) two times
the initial overcollateralization percent times the aggregate principal
balance of the Mortgage Loans as of the last day of the applicable Due
Period subject to a 0.50% floor and performance triggers, and (ii) the
initial required overcollateralization amount.
Servicer Advances: There will be no Servicer Advances.
This information has been prepared in connection with the issuance of securities representing debt of the above
trust, and is based in part on information provided by Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit Corporation with respect
to the expected characteristics of the pool of home equity loans in which these securities will represent debt
obligations. The actual characteristics and performance of the home equity loans will differ from the assumptions
used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material
impact on the information set forth in these materials. No representation is made that any performance or return
indicated herein will be achieved. For example, it is very unlikely that the collateral will prepay or new balances
will be originated at a constant rate or follow a predictable pattern. This information may not be used or
otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection
with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY
ARE BASED. Additional information is available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular
trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND
PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH
SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN
CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the collateral contained herein, shall be deemed superseded, amended and supplemented
in their entirety by such Prospectus and Prospectus Supplement. Any collateral or structural termsheets contained
herein supercede all prior termsheets. To Our Readers Worldwide: In addition, please note that this information has
been provided by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx Xxxxxxx & Co. International Limited, a
member of the Securities and Futures Authority, and Xxxxxx Xxxxxxx Japan Ltd. We recommend that investors obtain
the advice of their Xxxxxx Xxxxxxx & Co. International Limited or Xxxxxx Xxxxxxx Japan Ltd. representative about
the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
5
Weighted Average Life and Maturity
Sensitivity of the Notes to Prepayments and Draws
Class A
(Assumes 10% Optional Termination)
----------------------------------
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Prepayment Speeds (CPR%)
------------------------
Draw Rate % 0% 15% 20% 25% 30% 35% 40%
-------------------------------------------------------------------------------------------------------------------------------
WAL (yrs) 0% 9.44 4.77 3.89 3.08 2.48 2.06 1.74
Maturity 12/2012 12/2012 12/2012 04/2011 09/2009 08/2008 10/2007
Window 1 - 115 1 - 115 1 - 115 1 - 95 1 - 76 1 - 63 1 - 53
-------------------------------------------------------------------------------------------------------------------------------
WAL (yrs) 10% 9.44 6.40 5.06 4.00 3.21 2.62 2.16
Maturity 12/2012 12/2012 12/2012 11/2011 09/2010 09/2009 10/2008
Window 1 - 115 1 - 115 1 - 115 1 - 102 1 - 88 1 - 76 1 - 65
-------------------------------------------------------------------------------------------------------------------------------
WAL (yrs) 15% 9.44 7.57 5.87 4.60 3.68 2.99 2.45
Maturity 12/2012 12/2012 09/2012 10/2011 12/2010 02/2010 04/2009
Window 1 - 115 1 - 115 1 - 112 1 - 101 1 - 91 1 - 81 1 - 71
-------------------------------------------------------------------------------------------------------------------------------
WAL (yrs) 20% 9.44 7.10 6.92 5.38 4.28 3.44 2.80
Maturity 12/2012 03/2012 06/2012 09/2011 01/2011 05/2010 09/2009
Window 1 - 115 1 - 106 1 - 109 1 - 100 1 - 92 1 - 84 1 - 76
-------------------------------------------------------------------------------------------------------------------------------
WAL (yrs) 25% 9.44 6.55 6.53 6.42 5.04 4.02 3.24
Maturity 12/2012 04/2011 03/2011 07/2011 12/2010 06/2010 12/2009
Window 1 - 115 1 - 95 1 - 94 1 - 98 1 - 91 1 - 85 1 - 79
-------------------------------------------------------------------------------------------------------------------------------
WAL (yrs) 30% 9.44 6.50 6.12 6.18 6.08 4.79 3.81
Maturity 12/2012 04/2011 07/2010 08/2010 12/2010 07/2010 02/2010
Window 1 - 115 1 - 95 1 - 86 1 - 87 1 - 91 1 - 86 1 - 81
-------------------------------------------------------------------------------------------------------------------------------
(table continued)
----------------------------------------------------
Prepayment Speeds (CPR%)
------------------------
45% 50% 60%
----------------------------------------------------
WAL (yrs) 1.49 1.29 0.97
Maturity 03/2007 09/2006 10/2005
Window 1 - 46 1 - 40 1 - 29
----------------------------------------------------
WAL (yrs) 1.80 1.51 1.11
Maturity 12/2007 03/2007 03/2006
Window 1 - 55 1 - 46 1 - 34
----------------------------------------------------
WAL (yrs) 2.02 1.67 1.18
Maturity 07/2008 08/2007 05/2006
Window 1 - 62 1 - 51 1 - 36
----------------------------------------------------
WAL (yrs) 2.29 1.88 1.29
Maturity 12/2008 03/2008 09/2006
Window 1 - 67 1 - 58 1 - 40
----------------------------------------------------
WAL (yrs) 2.63 2.14 1.42
Maturity 05/2009 09/2008 01/2007
Window 1 - 72 1 - 64 1 - 44
----------------------------------------------------
WAL (yrs) 3.06 2.47 1.59
Maturity 08/2009 02/2009 06/2007
Window 1 - 75 1 - 69 1 - 49
----------------------------------------------------
This information has been prepared in connection with the issuance of securities representing debt of the above
trust, and is based in part on information provided by Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit Corporation with respect
to the expected characteristics of the pool of home equity loans in which these securities will represent debt
obligations. The actual characteristics and performance of the home equity loans will differ from the assumptions
used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material
impact on the information set forth in these materials. No representation is made that any performance or return
indicated herein will be achieved. For example, it is very unlikely that the collateral will prepay or new balances
will be originated at a constant rate or follow a predictable pattern. This information may not be used or
otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection
with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY
ARE BASED. Additional information is available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular
trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND
PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH
SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN
CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the collateral contained herein, shall be deemed superseded, amended and supplemented
in their entirety by such Prospectus and Prospectus Supplement. Any collateral or structural termsheets contained
herein supercede all prior termsheets. To Our Readers Worldwide: In addition, please note that this information has
been provided by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx Xxxxxxx & Co. International Limited, a
member of the Securities and Futures Authority, and Xxxxxx Xxxxxxx Japan Ltd. We recommend that investors obtain
the advice of their Xxxxxx Xxxxxxx & Co. International Limited or Xxxxxx Xxxxxxx Japan Ltd. representative about
the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
6
Weighted Average Life and Maturity(1)
Sensitivity of the Notes to Prepayments and Draws
Class A
(Assumes no Optional Termination)
---------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Prepayment Speeds (CPR%)
------------------------
Draw Rate % 0% 15% 20% 25% 30% 35% 40%
-------------------------------------------------------------------------------------------------------------------------------
WAL (yrs) 0% 9.60 4.79 3.89 3.20 2.67 2.25 1.91
Maturity 11/2015 11/2015 08/2014 12/2012 2/2012 12/2012 12/2012
Window 1 - 150 1 - 150 1 - 135 1 - 115 1 - 115 1 - 115 1 - 115
-------------------------------------------------------------------------------------------------------------------------------
WAL (yrs) 10% 9.44 6.40 5.06 4.07 3.32 2.74 2.29
Maturity 12/2012 12/2012 12/2012 12/2012 2/2012 07/2012 01/2012
Window 1 - 115 1 - 115 1 - 115 1 - 115 1 - 115 1 - 110 1 - 104
-------------------------------------------------------------------------------------------------------------------------------
WAL (yrs) 15% 9.44 7.57 5.89 4.66 3.75 3.07 2.55
Maturity 12/2012 12/2012 12/2012 12/2012 6/2012 12/2011 07/2011
Window 1 - 115 1 - 115 1 - 115 1 - 115 1 - 109 1 - 103 1 - 98
-------------------------------------------------------------------------------------------------------------------------------
WAL (yrs) 20% 9.44 7.12 6.94 5.41 4.32 3.50 2.87
Maturity 12/2012 08/2012 11/2012 04/2012 1/2011 07/2011 03/2011
Window 1 - 115 1 - 111 1 - 114 1 - 107 1 - 102 1 - 98 1 - 94
-------------------------------------------------------------------------------------------------------------------------------
WAL (yrs) 25% 9.44 6.57 6.55 6.43 5.07 4.06 3.29
Maturity 12/2012 08/2011 07/2011 11/2011 7/2011 03/2011 12/2010
Window 1 - 115 1 - 99 1 - 98 1 - 102 1 - 98 1 - 94 1 - 91
-------------------------------------------------------------------------------------------------------------------------------
WAL (yrs) 30% 9.44 6.51 6.13 6.19 6.09 4.81 3.84
Maturity 12/2012 08/2011 10/2010 11/2010 3/2011 12/2010 09/2010
Window 1 - 115 1 - 99 1 - 89 1 - 90 1 - 94 1 - 91 1 - 88
-------------------------------------------------------------------------------------------------------------------------------
(table continued)
----------------------------------------------------
Prepayment Speeds (CPR%)
------------------------
45% 50% 60%
----------------------------------------------------
WAL (yrs) 1.63 1.41 1.07
Maturity 04/2012 01/2011 03/2009
Window 1 - 107 1 - 92 1 - 70
----------------------------------------------------
WAL (yrs) 1.93 1.64 1.21
Maturity 06/2011 12/2010 08/2009
Window 1 - 97 1 - 91 1 - 75
----------------------------------------------------
WAL (yrs) 2.13 1.80 1.30
Maturity 03/2011 10/2010 10/2009
Window 1 - 94 1 - 89 1 - 77
----------------------------------------------------
WAL (yrs) 2.38 1.99 1.41
Maturity 12/2010 08/2010 11/2009
Window 1 - 91 1 - 87 1 - 78
----------------------------------------------------
WAL (yrs) 2.70 2.22 1.54
Maturity 09/2010 06/2010 12/2009
Window 1 - 88 1 - 85 1 - 79
----------------------------------------------------
WAL (yrs) 3.11 2.53 1.70
Maturity 07/2010 05/2010 11/2009
Window 1 - 86 1 - 84 1 - 78
----------------------------------------------------
Notes: (1) Run to Scheduled Final Payment Date
This information has been prepared in connection with the issuance of securities representing debt of the above
trust, and is based in part on information provided by Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit Corporation with respect
to the expected characteristics of the pool of home equity loans in which these securities will represent debt
obligations. The actual characteristics and performance of the home equity loans will differ from the assumptions
used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material
impact on the information set forth in these materials. No representation is made that any performance or return
indicated herein will be achieved. For example, it is very unlikely that the collateral will prepay or new balances
will be originated at a constant rate or follow a predictable pattern. This information may not be used or
otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection
with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY
ARE BASED. Additional information is available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular
trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND
PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH
SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN
CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the collateral contained herein, shall be deemed superseded, amended and supplemented
in their entirety by such Prospectus and Prospectus Supplement. Any collateral or structural termsheets contained
herein supercede all prior termsheets. To Our Readers Worldwide: In addition, please note that this information has
been provided by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx Xxxxxxx & Co. International Limited, a
member of the Securities and Futures Authority, and Xxxxxx Xxxxxxx Japan Ltd. We recommend that investors obtain
the advice of their Xxxxxx Xxxxxxx & Co. International Limited or Xxxxxx Xxxxxxx Japan Ltd. representative about
the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
7
Net Funds Cap Schedule
----------------------
Distribution Net Funds Cap Distribution Net Funds Cap Period Distribution Net Funds Cap
Period Date (ACT/360) Period Date (ACT/360) Date (ACT/360)
----------------------------------------------------------------------------------------------------------------------------------
0 May-03 -- 40 Sep-06 16.30 80 Jan-10 16.30
1 Jun-03 3.98 41 Oct-06 16.84 81 Feb-10 16.30
2 Jul-03 16.64 42 Nov-06 16.30 82 Mar-10 18.05
3 Aug-03 16.12 43 Dec-06 16.84 83 Apr-10 16.30
4 Sep-03 16.13 44 Jan-07 16.30 84 May-10 16.84
5 Oct-03 17.34 45 Feb-07 16.30 85 Jun-10 16.30
6 Nov-03 16.78 46 Mar-07 18.05 86 Jul-10 16.84
7 Dec-03 16.84 47 Apr-07 16.30 87 Aug-10 16.30
8 Jan-04 16.30 48 May-07 16.84 88 Sep-10 16.30
9 Feb-04 16.30 49 Jun-07 16.30 89 Oct-10 16.84
10 Mar-04 17.42 50 Jul-07 16.84 90 Nov-10 16.30
11 Apr-04 16.30 51 Aug-07 16.30 91 Dec-10 16.84
12 May-04 16.84 52 Sep-07 16.30 92 Jan-11 16.30
13 Jun-04 16.30 53 Oct-07 16.84 93 Feb-11 16.30
14 Jul-04 16.84 54 Nov-07 16.30 94 Mar-11 18.05
15 Aug-04 16.30 55 Dec-07 16.84
16 Sep-04 16.30 56 Jan-08 16.30
17 Oct-04 16.84 57 Feb-08 16.30
18 Nov-04 16.30 58 Mar-08 17.42
19 Dec-04 16.84 59 Apr-08 16.30
20 Jan-05 16.30 60 May-08 16.84
21 Feb-05 16.30 61 Jun-08 16.30
22 Mar-05 18.04 62 Jul-08 16.84
23 Apr-05 16.30 63 Aug-08 16.30
24 May-05 16.84 64 Sep-08 16.30
25 Jun-05 16.30 65 Oct-08 16.84
26 Jul-05 16.84 66 Nov-08 16.30
27 Aug-05 16.30 67 Dec-08 16.84
28 Sep-05 16.30 68 Jan-09 16.30
29 Oct-05 16.84 69 Feb-09 16.30
30 Nov-05 16.30 70 Mar-09 18.05
31 Dec-05 16.84 71 Apr-09 16.30
32 Jan-06 16.30 72 May-09 16.84
33 Feb-06 16.30 73 Jun-09 16.30
34 Mar-06 18.05 74 Jul-09 16.84
35 Apr-06 16.30 75 Aug-09 16.30
36 May-06 16.84 76 Sep-09 16.30
37 Jun-06 16.30 77 Oct-09 16.84
38 Jul-06 16.84 78 Nov-09 16.30
39 Aug-06 16.30 79 Dec-09 16.84
1 Run assuming prepayment rate of 40% CPR, Draw Rate 20% , no losses, and with Prime Rate, 1 month and 6 month LIBOR Rates of 20%
This information has been prepared in connection with the issuance of securities representing debt of the above trust, and is
based in part on information provided by Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will represent debt obligations. The actual
characteristics and performance of the home equity loans will differ from the assumptions used in preparing these materials, which
are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials.
No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that
the collateral will prepay or new balances will be originated at a constant rate or follow a predictable pattern. This information
may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not constitute an offer to buy or sell or a solicitation of
an offer to buy or sell any security or instrument or to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR
SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN
RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN
CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any
description of the collateral contained herein, shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. Any collateral or structural termsheets contained herein supercede all prior termsheets. To
Our Readers Worldwide: In addition, please note that this information has been provided by Xxxxxx Xxxxxxx & Co. Incorporated and
approved by Xxxxxx Xxxxxxx & Co. International Limited, a member of the Securities and Futures Authority, and Xxxxxx Xxxxxxx Japan
Ltd. We recommend that investors obtain the advice of their Xxxxxx Xxxxxxx & Co. International Limited or Xxxxxx Xxxxxxx Japan
Ltd. representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES
AND FUTURES AUTHORITY.
8
-------------------------------------------------------------------------------
Collateral Summary
MSDWC 2003-1
-------------------------------------------------------------------------------
Aggregate Principal Balance: $483,155,227
Number of Mortgage Loans: 8,393
Average Outstanding Principal Bal: $57,566
Average Outstanding Principal Bal $44,359
(Discover loans):
Average Outstanding Principal Bal: $63,813
(Credit Corp loans)
Avg. HELOC Credit Limit: $110,049
Avg HELOC Credit Lim. Utilization Rate: 49.34%
Wtd Avg Coupon: 4.342%
Wtd Avg Margin: 0.187% (prime)
1.748% (Libor)
Wtd Avg Max Rate: 17.96%
Wtd Avg Std Rem Term: 127 months
Seasoning: 4 months
% Owner Occupied: 92.10%
State Concentration (>5%): CA (27.16%)
FL (9.23%)
NJ (7.46%)
1st/2nd liens: 36.85% / 63.15%
Wtd Avg FICO: 725.7
% FICO below 750 (inc. N/A) 65.39%
% FICO below 700 (inc. N/A) 31.02%
% FICO below 650 (inc. N/A) 5.79%
Wtd Avg Combined LTV: 71.73%
% LTV > 80 42.09%
% LTV > 90 2.41%
%LTV > 100 0.10%
-------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing debt of the above trust, and is based in part on
information provided by Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit Corporation with
respect to the expected characteristics of the pool of home equity loans in
which these securities will represent debt obligations. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the collateral will prepay or new balances will be
originated at a constant rate or follow a predictable pattern. This
information may not be used or otherwise disseminated in connection with the
offer or sale of these or any other securities, except in connection with the
initial offer or sale of these securities to you to the extent set forth
below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS,
ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY
ARE BASED. Additional information is available upon request. These materials
do not constitute an offer to buy or sell or a solicitation of an offer to buy
or sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO
A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN
SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the collateral contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
Any collateral or structural termsheets contained herein supercede all prior
termsheets. To Our Readers Worldwide: In addition, please note that this
information has been provided by Xxxxxx Xxxxxxx & Co. Incorporated and
approved by Xxxxxx Xxxxxxx & Co. International Limited, a member of the
Securities and Futures Authority, and Xxxxxx Xxxxxxx Japan Ltd. We recommend
that investors obtain the advice of their Xxxxxx Xxxxxxx & Co. International
Limited or Xxxxxx Xxxxxxx Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
9
MSDWCC HELOC 2003-1 XXXXXX XXXXXXX
8,393 records
All records Balance 483,155,227
==========================================================================================================
----------------------------------------------------------------------------------------------------------
Percent of
Number of Mortgage Pool
Mortgage Cut-off Date by Cut-off
Product Loans Balance Date Balance
----------------------------------------------------------------------------------------------------------
HELOC 8,326 451,361,295.19 93.42
Select Source A10/1 14 8,543,584.68 1.77
Select Source A10/6 53 23,250,347.61 4.81
----------------------------------------------------------------------------------------------------------
Total: 8,393 483,155,227.48 100.00
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Percent of
Number of Mortgage Pool
Mortgage Cut-off Date by Cut-off
Property Type Loans Balance Date Balance
----------------------------------------------------------------------------------------------------------
Single Family Residence 6,802 394,491,420.28 81.65
PUD 843 49,107,818.95 10.16
Condo 613 31,834,940.97 6.59
Other 129 6,523,068.10 1.35
Co-op 2 1,011,200.00 0.21
Manufactured Housing 4 186,779.18 0.04
----------------------------------------------------------------------------------------------------------
Total: 8,393 483,155,227.48 100.00
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Percent of
Number of Mortgage Pool
Mortgage Cut-off Date by Cut-off
Occupancy (as indicated by Borrower) Loans Balance Date Balance
----------------------------------------------------------------------------------------------------------
Primary 7,927 445,002,409.28 92.1
Second Home 352 32,140,007.69 6.65
Investment 114 6,012,810.51 1.24
----------------------------------------------------------------------------------------------------------
Total: 8,393 483,155,227.48 100.00
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Percent of
Number of Mortgage Pool
Mortgage Cut-off Date by Cut-off
Range of Principal Balances ($) Loans Balance Date Balance
----------------------------------------------------------------------------------------------------------
<= 0.00 870 0.00 0.00
0.01 to 10,000.00 1,273 5,783,640.35 1.20
10,000.01 to 20,000.00 1,088 16,533,879.48 3.42
20,000.01 to 30,000.00 980 24,578,298.64 5.09
30,000.01 to 40,000.00 827 29,086,093.93 6.02
40,000.01 to 50,000.00 668 30,333,163.42 6.28
50,000.01 to 60,000.00 434 23,950,858.60 4.96
60,000.01 to 70,000.00 322 21,089,815.25 4.37
70,000.01 to 80,000.00 280 21,071,832.08 4.36
80,000.01 to 90,000.00 219 18,659,146.12 3.86
90,000.01 to 100,000.00 295 28,400,053.11 5.88
100,000.01 to 110,000.00 115 12,057,332.05 2.50
110,000.01 to 120,000.00 112 12,865,948.35 2.66
120,000.01 to 130,000.00 101 12,629,599.32 2.61
130,000.01 to 140,000.00 79 10,707,203.35 2.22
140,000.01 to 150,000.00 78 11,358,236.76 2.35
150,000.01 to 200,000.00 264 46,345,601.86 9.59
200,000.01 to 250,000.00 117 26,217,243.58 5.43
250,000.01 to 300,000.00 64 17,758,743.47 3.68
300,000.01 to 350,000.00 51 16,625,137.37 3.44
350,000.01 to 400,000.00 39 14,712,091.67 3.05
400,000.01 to 450,000.00 19 8,140,852.61 1.68
450,000.01 to 500,000.00 20 9,577,759.86 1.98
500,000.01 to 1,000,000.00 65 44,701,500.46 9.25
1,000,000.01 to 1,500,000.00 8 10,960,571.79 2.27
1,500,000.01 to 2,000,000.00 5 9,010,624.00 1.86
----------------------------------------------------------------------------------------------------------
Total: 8,393 483,155,227.48 100.00
----------------------------------------------------------------------------------------------------------
Average: 57,566.45
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Percent of
Number of Mortgage Pool
Mortgage Cut-off Date by Cut-off
Geographic Location Loans Balance Date Balance
----------------------------------------------------------------------------------------------------------
Alabama 53 2,356,732.14 0.49
Alaska 20 779,602.76 0.16
Arizona 205 12,989,290.97 2.69
California-Northern 918 59,732,254.66 12.36
California-Southern 1,085 71,519,930.39 14.80
Colorado 218 13,369,811.39 2.77
Connecticut 151 10,760,438.35 2.23
Delaware 63 3,054,221.63 0.63
District of Columbia 23 1,142,798.43 0.24
Florida 762 44,600,440.51 9.23
Georgia 162 9,451,996.17 1.96
Hawaii 80 7,069,220.59 1.46
Idaho 23 956,532.09 0.20
Illinois 391 21,545,211.66 4.46
Indiana 59 2,327,440.22 0.48
Iowa 36 1,354,343.26 0.28
Kansas 80 2,428,702.68 0.50
Kentucky 20 755,231.25 0.16
Louisiana 41 2,158,023.02 0.45
Maine 34 1,577,380.68 0.33
Maryland 202 10,178,383.60 2.11
Massachusetts 245 19,102,461.50 3.95
Michigan 353 15,411,917.71 3.19
Minnesota 202 8,003,634.45 1.66
Mississippi 14 644,832.82 0.13
Missouri 141 4,465,051.31 0.92
Montana 15 645,637.97 0.13
Nebraska 32 1,072,821.03 0.22
Nevada 131 7,198,063.73 1.49
New Hampshire 71 2,094,324.41 0.43
New Jersey 565 36,055,425.08 7.46
New Mexico 76 3,318,459.49 0.69
New York 476 35,046,378.54 7.25
North Carolina 146 5,764,917.19 1.19
North Dakota 7 200,410.68 0.04
Ohio 148 5,761,516.81 1.19
Oklahoma 53 1,880,386.99 0.39
Oregon 114 4,998,689.05 1.03
Pennsylvania 310 15,596,159.35 3.23
Rhode Island 26 1,203,439.65 0.25
South Carolina 54 2,690,486.24 0.56
South Dakota 10 362,561.19 0.08
Tennessee 37 2,716,092.14 0.56
Texas 2 1,820,278.45 0.38
Utah 44 1,914,672.83 0.40
Vermont 24 1,728,076.37 0.36
Virginia 193 10,800,052.94 2.24
Washington 164 8,603,396.68 1.78
West Virginia 15 380,238.10 0.08
Wisconsin 87 3,292,840.69 0.68
Wyoming 12 274,017.64 0.06
-----------------------------------------------------------------------------------------------------
Total: 8,393 483,155,227.48 100.00
-----------------------------------------------------------------------------------------------------
Number of States Represented: 50
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities representing debt of
the above trust, and is based in part on information provided by Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit
Corporation with respect to the expected characteristics of the pool of home equity loans in which
these securities will represent debt obligations. The actual characteristics and performance of the
home equity loans will differ from the assumptions used in preparing these materials, which are
hypothetical in nature. Changes in the assumptions may have a material impact on the information set
forth in these materials. No representation is made that any performance or return indicated herein
will be achieved. For example, it is very unlikely that the collateral will prepay or new balances
will be originated at a constant rate or follow a predictable pattern. This information may not be
used or otherwise disseminated in connection with the offer or sale of these or any other securities,
except in connection with the initial offer or sale of these securities to you to the extent set
forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION
NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY
CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description
of the collateral contained herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. Any collateral or structural termsheets
contained herein supercede all prior termsheets. To Our Readers Worldwide: In addition, please note
that this information has been provided by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx
Xxxxxxx & Co. International Limited, a member of the Securities and Futures Authority, and Xxxxxx
Xxxxxxx Japan Ltd. We recommend that investors obtain the advice of their Xxxxxx Xxxxxxx & Co.
International Limited or Xxxxxx Xxxxxxx Japan Ltd. representative about the investment concerned. NOT
FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
=====================================================================================================
10
MSDWCC HELOC 2003-1 XXXXXX XXXXXXX
8,393 records
All records Balance 483,155,227
==========================================================================================================
----------------------------------------------------------------------------------------------------------
Percent of
Number of Mortgage Pool
Mortgage Cut-off Date by Cut-off
Range of Combined Loan-to-Value Ratios (%) Loans Balance Date Balance
----------------------------------------------------------------------------------------------------------
<= 0.00 67 31,793,932.29 6.58
0.01 to 5.00 2 100,000.00 0.02
5.01 to 10.00 14 455,127.56 0.09
10.01 to 15.00 54 2,638,359.28 0.55
15.01 to 20.00 65 4,194,981.95 0.87
20.01 to 25.00 102 7,387,741.35 1.53
25.01 to 30.00 125 7,906,712.41 1.64
30.01 to 35.00 129 10,868,647.74 2.25
35.01 to 40.00 202 12,675,551.41 2.62
40.01 to 45.00 198 13,676,036.34 2.83
45.01 to 50.00 253 19,115,968.99 3.96
50.01 to 55.00 274 17,394,997.50 3.60
55.01 to 60.00 340 22,328,551.31 4.62
60.01 to 65.00 365 23,395,910.73 4.84
65.01 to 70.00 461 29,437,763.32 6.09
70.01 to 75.00 537 31,213,062.70 6.46
75.01 to 80.00 844 45,100,414.90 9.33
80.01 to 85.00 835 42,094,404.91 8.71
85.01 to 90.00 3,208 149,756,435.52 31.00
90.01 to 95.00 98 3,586,139.26 0.74
95.01 to 100.00 214 7,575,152.43 1.57
100.01 to 105.00 5 343,085.58 0.07
110.01 >= 1 116,250.00 0.02
---------------------------------------------------------------------------------------------------------
Total: 8,393 483,155,227.48 100.00
---------------------------------------------------------------------------------------------------------
Weighted Average by Current Balance: 71.73
---------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Percent of
Number of Mortgage Pool
Mortgage Cut-off Date by Cut-off
Range of Junior Ratios(%)(2nd Liens Only) Loans Balance Date Balance
----------------------------------------------------------------------------------------------------------
<= 0.00 1,303 38,097,900.16 12.49
0.01 to 5.00 2,327 67,843,116.50 22.24
5.01 to 10.00 639 23,684,460.47 7.76
10.01 to 15.00 1,070 46,685,154.74 15.30
15.01 to 20.00 386 23,989,146.17 7.86
20.01 to 25.00 262 19,831,438.89 6.50
25.01 to 30.00 189 15,225,732.08 4.99
30.01 to 40.00 256 27,805,812.60 9.11
40.01 to 50.00 158 18,719,058.49 6.14
50.01 to 60.00 93 10,397,200.56 3.41
60.01 to 70.00 33 3,760,143.05 1.23
70.01 to 80.00 30 5,928,426.75 1.94
80.01 to 90.00 11 1,550,633.29 0.51
90.01 to 100.00 10 1,575,627.11 0.52
----------------------------------------------------------------------------------------------------------
Total: 6,767 305,093,850.86 100.00
----------------------------------------------------------------------------------------------------------
Weighted Average by Current Balance: 20.34
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Percent of
Number of Mortgage Pool
Mortgage Cut-off Date by Cut-off
Range of Loan Rates(%) Loans Balance Date Balance
----------------------------------------------------------------------------------------------------------
2.501 to 3.000 51 21,196,041.69 4.39
3.001 to 3.500 12 7,975,890.60 1.65
3.501 to 4.000 1,352 64,377,314.91 13.32
4.001 to 4.500 3,770 302,978,190.33 62.71
4.501 to 5.000 1,812 51,290,630.63 10.62
5.001 to 5.500 93 5,708,046.28 1.18
5.501 to 6.000 760 21,287,906.15 4.41
6.001 to 6.500 495 7,156,706.10 1.48
6.501 to 7.000 25 648,045.88 0.13
7.001 to 7.500 18 408,626.22 0.08
7.501 to 8.000 1 49,995.79 0.01
8.001 to 8.500 1 37,937.74 0.01
8.501 to 9.000 2 39,895.16 0.01
9.501 to 10.000 1 0.00 0.00
----------------------------------------------------------------------------------------------------------
Total: 8,393 483,155,227.48 100.00
----------------------------------------------------------------------------------------------------------
Weighted Average by Current Balance: 4.342
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Percent of
Number of Mortgage Pool
Mortgage Cut-off Date by Cut-off
Range of Gross Margins(%) LIBOR INDEX ONLY Loans Balance Date Balance
----------------------------------------------------------------------------------------------------------
1.001 to 1.500 12 6,603,584.68 20.77
1.501 to 2.000 44 19,200,613.01 60.39
2.001 to 2.500 10 5,077,734.60 15.97
2.501 to 3.000 1 912,000.00 2.87
----------------------------------------------------------------------------------------------------------
Total: 67 31,793,932.29 100.00
----------------------------------------------------------------------------------------------------------
Weighted Average by Current Balance: 1.748
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
Percent of
Number of Mortgage Pool
Revolving Credit Cut-off Date by Cut-off
Range of Gross Margins(%) PRIME INDEX ONLY Loans Balance Date Balance
----------------------------------------------------------------------------------------------------------
= 0.000 4,881 352,396,763.58 78.07
0.001 to 0.500 468 19,674,263.90 4.36
0.501 to 1.000 1,612 47,663,336.43 10.56
1.001 to 1.500 57 2,067,336.25 0.46
1.501 to 2.000 1,165 26,321,606.27 5.83
2.001 to 2.500 94 2,028,487.97 0.45
2.501 to 3.000 42 1,081,672.10 0.24
3.001 to 3.500 2 0.00 0.00
3.501 to 4.000 1 49,995.79 0.01
4.001 to 4.500 1 37,937.74 0.01
4.501 to 5.000 2 39,895.16 0.01
5.001 to 5.500 1 0.00 0.00
----------------------------------------------------------------------------------------------------------
Total: 8,326 451,361,295.19 100.00
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Weighted Average by Current Balance: 0.187
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Percent of
Number of Mortgage Pool
Mortgage Cut-off Date by Cut-off
Maximum Loan Rates(%) Loans Balance Date Balance
----------------------------------------------------------------------------------------------------------
7.001 to 7.250 22 1,609,232.81 0.33
17.751 to 18.000 8,371 481,545,994.67 99.67
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Total: 8,393 483,155,227.48 100.00
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Weighted Average by Current Balance: 17.964
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This information has been prepared in connection with the issuance of securities representing debt of
the above trust, and is based in part on information provided by Xxxxxx Xxxxxxx Xxxx Xxxxxx Credit
Corporation with respect to the expected characteristics of the pool of home equity loans in which
these securities will represent debt obligations. The actual characteristics and performance of the
home equity loans will differ from the assumptions used in preparing these materials, which are
hypothetical in nature. Changes in the assumptions may have a material impact on the information set
forth in these materials. No representation is made that any performance or return indicated herein
will be achieved. For example, it is very unlikely that the collateral will prepay or new balances
will be originated at a constant rate or follow a predictable pattern. This information may not be
used or otherwise disseminated in connection with the offer or sale of these or any other securities,
except in connection with the initial offer or sale of these securities to you to the extent set
forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION
NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY
CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description
of the collateral contained herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. Any collateral or structural termsheets
contained herein supercede all prior termsheets. To Our Readers Worldwide: In addition, please note
that this information has been provided by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx
Xxxxxxx & Co. International Limited, a member of the Securities and Futures Authority, and Xxxxxx
Xxxxxxx Japan Ltd. We recommend that investors obtain the advice of their Xxxxxx Xxxxxxx & Co.
International Limited or Xxxxxx Xxxxxxx Japan Ltd. representative about the investment concerned. NOT
FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
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