8-K 1 ms809216-8k.txt CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) December 1, 2004 ------------------------------- Morgan Stanley ABS Capital Inc. (as depositor under the Pooling and Servicing Agreement, dated as of June 1, 2003, relating to the Morgan Stanley ABS Capital I Inc. Trust Mortgage Pass-Through Certificates, Series 2003-HE1) -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 333-104046-06 13-3939229 ------------------------------------------------------------------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 1585 Broadway, New York, New York 10036 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (212) 296-7000 -------------------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 8.01. Other Events ------------ On December 1, 2004, The Provident Bank ("Provident") resigned as servicer under the Pooling and Servicing Agreement (as defined below), and Litton Loan Servicing LP ("Litton") was appointed as successor servicer thereunder. In connection with such resignation and succession, the Registrant, Provident, Litton, Chase Manhattan Mortgage Corporation ("CMMC"), Accredited Home Lenders, Inc. ("Accredited"), NC Capital Corporation ("NC Capital") and Deutsche Bank National Trust Company, as trustee (the "Trustee"), entered into a Servicer Resignation, Appointment, Assumption and Amendment Agreement, dated as of December 1, 2004 ("Amendment"), which Amendment, among other things, amends certain provisions of the Pooling and Servicing Agreement, dated as of June 1, 2003 (the "Pooling and Servicing Agreement"), by and among the Registrant, CMMC, Provident, Accredited, NC Capital and the Trustee, for the Morgan Stanley ABS Capital I Inc. Trust Mortgage Pass-Through Certificates, Series 2003-HE1. Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits. ------------------------------------------------------------------ (c) Exhibits Exhibit 4 The Servicer Resignation, Appointment, Assumption and Amendment Agreement, dated as of December 1, 2004 by and among the Registrant, as depositor, Chase Manhattan Mortgage Corporation, as a servicer, The Provident Bank, as a servicer, Litton Loan Servicing LP, as successor servicer, Accredited Home Lenders, Inc., as responsible party, NC Capital Corporation, as responsible party, and Deutsche Bank National Trust Company, as trustee. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MORGAN STANLEY ABS CAPITAL INC. Date: January 6, 2005 By: /s/ Steven Shapiro ----------------------------------- Name: Steven Shapiro Title: Executive Director INDEX TO EXHIBITS Paper (P) or Exhibit No. Description Electronic (E) ----------- ----------- -------------- 4 The Servicer Resignation, E Appointment, Assumption and Amendment Agreement, dated as of December 1, 2004 by and among the Registrant, as depositor, Chase Manhattan Mortgage Corporation, as a servicer, The Provident Bank, as a servicer, Litton Loan Servicing LP, as successor servicer, Accredited Home Lenders, Inc., as responsible party, NC Capital Corporation, as responsible party, and Deutsche Bank National Trust Company, as trustee.

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 26, 2003 MORGAN STANLEY CAPITAL I INC. (as Depositor, Chase Manhattan Mortgage Corporation as Servicer, The Provident Bank as Servicer and Deutsche Bank National Trust Company, as Trustee). MORTGAGE PASS_THROUGH CERTIFICATES SERIES 2003-HE 1 (Exact name of Registrant as specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-104046-06 13-3291626 (Commission File Number) (I.R.S. Employer Identification No.) 1585 BROADWAY, 2ND FLOOR NEW YORK, NEW YORK 10036 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (212) 761-4000 Item 5. Other Events Attached hereto is a copy of the Monthly Remittance Statements to the Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust to the Trustee. Item 7. Financial Statement and Exhibits Exhibits: (as noted in Item 5 above) Monthly Remittance Statement to the Certificateholders dated as of December 26, 2003. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Deutsche Bank National Trust Company, not in its individual capacity, but solely as a duly authorized agent of the Registrant pursuant to the Pooling and Servicing Agreement, dated as of June 1,2003. Date: Jan 02, 2004 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of December 26, 2003.

	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	December 26, 2003 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				17
			10.	Prepayment Detail Report				20
			11.	Realized Loss Report				23
			12.	Realized Loss Detail Report				26
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				27
				Total Number of Pages				27
			CONTACTS
				Administrator: Jeremy Conyers
				Direct Phone Number: (714)247-6274
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		Morgan Stanley					Cut-Off Date: June 1, 2003
	Certificate Insurer(s):							Closing Date: June 27, 2003
								First Payment Date: July 25, 2003
	Servicer(s):		Chase Manhattan Mortgage Master Servicer
			Provident Bank Master Servicer
								Distribution Date: December 26, 2003
	Underwriter(s):		Morgan Stanley Dean Witter					Record Date: December 24, 2003
								November 28, 2003
						Page 1 of 27					© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-HE1
	Certificate Payment Report for December 26, 2003 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A-1	FLT	332,220,000.00			297,967,700.30	399,949.21	8,871,226.56	9,271,175.77	-	-	289,096,473.74
A-2	FLT	229,398,000.00			203,932,689.81	261,437.46	5,301,824.15	5,563,261.61	-	-	198,630,865.66
A-3	FLT	100,000,000.00			82,571,540.73	87,368.14	3,628,568.65	3,715,936.79	-	-	78,942,972.08
A-4	FLT	57,000,000.00			57,000,000.00	79,453.65	-	79,453.65	-	-	57,000,000.00
M-1	MEZ, FLT	58,388,000.00			58,388,000.00	96,471.98	-	96,471.98	-	-	58,388,000.00
M-2	MEZ, FLT	49,405,000.00			49,405,000.00	128,427.27	-	128,427.27	-	-	49,405,000.00
M-3	MEZ, FLT	14,372,000.00			14,372,000.00	41,691.28	-	41,691.28	-	-	14,372,000.00
B-1	SUB, FLT	13,923,000.00			13,923,000.00	51,179.11	-	51,179.11	-	-	13,923,000.00
B-2	SUB, FLT	11,679,000.00			11,679,000.00	48,964.61	-	48,964.61	-	-	11,679,000.00
B-3	SUB, FLT	12,576,000.00			12,576,000.00	52,725.32	-	52,725.32	-	-	12,576,000.00
X	SUB	19,419,980.02			19,315,191.07	3,790,665.91	-	3,790,665.91	-	-	19,315,191.07
UT-R	R	-			-	-	-	-	-	-	-
P	EXE	-			-	402,740.93	-	402,740.93	-	-	-
Total		898,380,980.02			821,130,121.90	5,441,074.87	17,801,619.36	23,242,694.23	-	-	803,328,502.54
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A-1	11/25/03	12/25/03		A-Act/360	61746RCB5	332,220,000.00	896.898743	1.203869	26.702867	27.906736	870.195875
A-2	11/25/03	12/25/03		A-Act/360	61746RBU4	229,398,000.00	888.990705	1.139668	23.111902	24.251570	865.878803
A-3	11/25/03	12/25/03		A-Act/360	61746RCC3	100,000,000.00	825.715407	0.873681	36.285687	37.159368	789.429721
A-4	11/25/03	12/25/03		A-Act/360	61746RCD1	57,000,000.00	1,000.000000	1.393924	-	1.393924	1,000.000000
M-1	11/25/03	12/25/03		A-Act/360	61746RBV2	58,388,000.00	1,000.000000	1.652257	-	1.652257	1,000.000000
M-2	11/25/03	12/25/03		A-Act/360	61746RBW0	49,405,000.00	1,000.000000	2.599479	-	2.599479	1,000.000000
M-3	11/25/03	12/25/03		A-Act/360	61746RBX8	14,372,000.00	1,000.000000	2.900868	-	2.900868	1,000.000000
B-1	11/25/03	12/25/03		A-Act/360	61746RBY6	13,923,000.00	1,000.000000	3.675868	-	3.675868	1,000.000000
B-2	11/25/03	12/25/03		A-Act/360	61746RBZ3	11,679,000.00	1,000.000000	4.192534	-	4.192534	1,000.000000
B-3	11/25/03	12/25/03		A-Act/360	61746RCA7	12,576,000.00	1,000.000000	4.192535	-	4.192535	1,000.000000
X	11/25/03	12/25/03		-		19,419,980.02	994.604065	195.194120	-	195.194120	994.604065
UT-R				-		-	-	-	-	-	-
P				-		-	-	-	-	-	-
							Page 2 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-HE1
	Certificate Payment Report for December 26, 2003 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A-1	332,220,000.00		2,481,173.04		41,258,331.01	1,865,195.26	43,123,526.26	45,604,699.30	-	-	289,096,473.74
A-2	229,398,000.00		1,624,515.63		29,356,928.81	1,410,205.53	30,767,134.34	32,391,649.97	-	-	198,630,865.66
A-3	100,000,000.00		566,477.01		20,091,883.21	965,144.72	21,057,027.92	21,623,504.93	-	-	78,942,972.08
A-4	57,000,000.00		460,862.82		-	-	-	460,862.82	-	-	57,000,000.00
M-1	58,388,000.00		560,640.36		0.00	-	-	560,640.36	-	-	58,388,000.00
M-2	49,405,000.00		749,132.48		-	-	-	749,132.48	-	-	49,405,000.00
M-3	14,372,000.00		243,354.40		-	-	-	243,354.40	-	-	14,372,000.00
B-1	13,923,000.00		299,101.33		-	-	-	299,101.33	-	-	13,923,000.00
B-2	11,679,000.00		286,320.83		-	-	-	286,320.83	-	-	11,679,000.00
B-3	12,576,000.00		308,311.57		-	-	-	308,311.57	-	-	12,576,000.00
X	19,419,980.02		24,376,361.88		90,180.21	14,608.74	104,788.95	24,481,150.83	-	-	19,315,191.07
UT-R	-		-		-	-	-	-	-	-	-
P	-		2,204,604.56		-	-	-	2,204,604.56	-	-	-
Total	898,380,980.02		34,160,855.91		90,797,323.23	4,255,154.25	95,052,477.48	129,213,333.39	-	-	803,328,502.54
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A-1	1.55875%	297,967,700.30			399,949.21	-	-	-	399,949.21	399,949.21	-
A-2	1.48875%	203,932,689.81			261,437.46	-	-	-	261,437.46	261,437.46	-
A-3	1.22875%	82,571,540.73			87,368.14	-	-	-	87,368.14	87,368.14	-
A-4	1.61875%	57,000,000.00			79,453.65	-	-	-	79,453.65	79,453.65	-
M-1	1.91875%	58,388,000.00			96,471.98	-	-	-	96,471.98	96,471.98	-
M-2	3.01875%	49,405,000.00			128,427.27	-	-	-	128,427.27	128,427.27	-
M-3	3.36875%	14,372,000.00			41,691.28	-	-	-	41,691.28	41,691.28	-
B-1	4.26875%	13,923,000.00			51,179.11	-	-	-	51,179.11	51,179.11	-
B-2	4.86875%	11,679,000.00			48,964.61	-	-	-	48,964.61	48,964.61	-
B-3	4.86875%	12,576,000.00			52,725.32	-	-	-	52,725.32	52,725.32	-
X	5.53968%	19,315,191.07			3,790,665.91	-	-	-	3,790,665.91	3,790,665.91	-
UT-R		-			-	-	-	-	-	-	-
P		-			402,740.93	-	-	-	402,740.93	402,740.93	-
Total		821,130,121.90			5,441,074.87	-	-	-	5,441,074.87	5,441,074.87	-
							Page 3 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
SUMMARY						GROUP 2	GROUP 1	TOTAL
	Principal Collections					8,930,392.80	8,871,226.56	17,801,619.36
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					8,930,392.80	8,871,226.56	17,801,619.36
	Interest Collections					2,723,913.15	2,314,420.79	5,038,333.94
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(75,483.11)	(60,654.53)	(136,137.64)
	TOTAL NET INTEREST					2,648,430.04	2,253,766.26	4,902,196.30
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					11,578,822.84	11,124,992.82	22,703,815.66
	Prepayment Penalties Collected							402,740.93
	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							23,242,694.23
PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Principal Received					400,027.16	309,855.64	709,882.80
	Prepayments In Full					8,506,489.71	8,552,410.78	17,058,900.49
	Curtailments					23,875.93	8,960.14	32,836.07
	Liquidations					0.00	0.00	0.00
	Insurance Principal					0.00	0.00	0.00
	Repurchased Principal Amounts					0.00	0.00	0.00
	Other Principal					0.00	0.00	0.00
	Total Realized Loss Of Principal					0.00	0.00	0.00
	Delinquent Principal					(240,094.43)	(184,075.17)	(424,169.60)
	Advanced Principal					240,094.43	184,075.17	424,169.60
	TOTAL PRINCIPAL COLLECTED					8,930,392.80	8,871,226.56	17,801,619.36
				Page 4 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Interest					2,909,126.98	2,474,774.14	5,383,901.12
	Liquidation Interest					0.00	0.00	0.00
	Repurchased Interest					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Interest					0.00	0.00	0.00
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Net Prepayment Interest Shortfalls					0.00	0.00	0.00
	Delinquent Interest					(1,756,370.46)	(1,575,597.29)	(3,331,967.75)
	Interest Advanced					1,646,639.74	1,475,906.72	3,122,546.46
	TOTAL INTEREST COLLECTED					2,723,913.15	2,314,420.79	5,038,333.94
				Page 5 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00
	TOTAL INTEREST WITHDRAWALS							0.00
INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00
INTEREST - FEES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					73,649.31	59,066.96	132,716.27
	Trustee Fees					1,833.80	1,587.57	3,421.37
	TOTAL INTEREST OTHER FEES					75,483.11	60,654.53	136,137.64
				Page 6 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for December 26, 2003 Distribution
	Credit Enhancement Report
ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	Excess Reserve Fund Balance (Ending)							0.00
INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL
	Beginning Subordinated Amount							19,315,191.07
	Ending Subordinated Amount							19,315,191.07
	Specified Subordinated Amount							19,315,191.07
	Senior Enhancement Percentage							22.36%
				Page 7 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original					3121	2804	5925
	Prior					2,918	2,608	5,526
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(50)	(51)	(101)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					2,868	2,557	5,425
	Principal Balance:
	Original					483,066,231.46	415,314,748.56	898,380,980.02
	Prior					440,112,069.95	381,018,051.96	821,130,121.91
	Prefunding					-	-	-
	Scheduled Principal					(400,027.16)	(309,855.64)	(709,882.80)
	Partial and Full Voluntary Prepayments					(8,530,365.64)	(8,561,370.92)	(17,091,736.56)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					431,181,677.15	372,146,825.40	803,328,502.55
PREFUNDING						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
	Group 1
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Coupon Original					7.940511%	7.803952%	7.877381%
	Weighted Average Coupon Prior					7.933995%	7.790151%	7.867254%
	Weighted Average Coupon Current					7.931962%	7.794195%	7.868036%
	Weighted Average Months to Maturity Original					337	352	344
	Weighted Average Months to Maturity Prior					333	347	339
	Weighted Average Months to Maturity Current					329	345	336
	Weighted Avg Remaining Amortization Term Original					346	353	349
	Weighted Avg Remaining Amortization Term Prior					340	347	344
	Weighted Avg Remaining Amortization Term Current					340	347	343
	Weighted Average Seasoning Original					3.84	3.55	3.71
	Weighted Average Seasoning Prior					8.78	8.53	8.66
	Weighted Average Seasoning Current					9.78	9.52	9.66
Note: Original information refers to deal issue.
	Group 1
	Group 2
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original					3.095%	5.315%
	Weighted Average Margin Prior					3.049%	5.318%
	Weighted Average Margin Current					3.038%	5.320%
	Weighted Average Max Rate Original					7.281%	12.278%
	Weighted Average Max Rate Prior					7.178%	12.273%
	Weighted Average Max Rate Current					7.154%	12.279%
	Weighted Average Min Rate Original					4.029%	6.767%
	Weighted Average Min Rate Prior					3.970%	6.759%
	Weighted Average Min Rate Current					3.955%	6.764%
	Weighted Average Cap Up Original					0.577%	0.994%
	Weighted Average Cap Up Prior					0.570%	0.998%
	Weighted Average Cap Up Current					0.570%	0.999%
	Weighted Average Cap Down Original					0.577%	0.994%
	Weighted Average Cap Down Prior					0.570%	0.998%
	Weighted Average Cap Down Current					0.570%	0.999%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					73,649.31	59,066.96	132,716.27
	Delinquent Servicing Fees					109,730.71	99,690.57	209,421.28
	TOTAL SERVICING FEES					183,380.02	158,757.53	342,137.55
	Prepayment Interest Shortfall					22,300.54	21,564.05	43,864.59
	Compensating Interest					(22,300.54)	(21,564.05)	(43,864.59)
	Delinquent Servicing Fees					(109,730.71)	(99,690.57)	(209,421.28)
	COLLECTED SERVICING FEES					73,649.31	59,066.96	132,716.27
	Aggregate Advances with respect to this Distribution					1,886,734.17	1,659,981.89	3,546,716.06
	Current Nonrecoverable Advances					0.00	0.00	0.00
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00
ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Net Prepayment Interest Shortfall							0.00
	Net Monthly Excess Cash Flow							3,790,665.91
	Ending Pool Stated Principal Balance					431,181,677.15	372,146,825.40	803,328,502.55
				Page 10 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Delinquency Report for December 26, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			16,940,233.80	2,541,945.54	1,064,277.44	20,546,456.78
		% Balance			2.11%	0.32%	0.13%	2.56%
		# Loans			118	16	6	140
		% # Loans			2.18%	0.29%	0.11%	2.58%
FORECLOSURE		Balance		433,114.55	-	3,963,383.86	12,208,057.40	16,604,555.81
		% Balance		0.05%	0.00%	0.49%	1.52%	2.07%
		# Loans		3	-	33	92	128
		% # Loans		0.06%	0.00%	0.61%	1.70%	2.36%
BANKRUPTCY		Balance		2,547,547.29	-	166,308.50	973,665.50	3,687,521.29
		% Balance		0.32%	0.00%	0.02%	0.12%	0.46%
		# Loans		21	-	1	10	32
		% # Loans		0.39%	0.00%	0.02%	0.18%	0.59%
REO		Balance		290,908.29	-	-	465,091.45	755,999.74
		% Balance		0.04%	0.00%	0.00%	0.06%	0.09%
		# Loans		3	-	-	1	4
		% # Loans		0.06%	0.00%	0.00%	0.02%	0.07%
TOTAL		Balance		3,271,570.13	16,940,233.80	6,671,637.90	14,711,091.79	41,594,533.62
		% Balance		0.41%	2.11%	0.83%	1.83%	5.18%
		# Loans		27	118	50	109	304
		% # Loans		0.50%	2.18%	0.92%	2.01%	5.60%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Delinquency Report for December 26, 2003 Distribution
	Delinquency Report - Group 1 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			8,138,112.50	1,131,241.82	405,422.36	9,674,776.68
		% Balance			2.19%	0.30%	0.11%	2.60%
		# Loans			58	6	2	66
		% # Loans			2.27%	0.23%	0.08%	2.58%
FORECLOSURE		Balance		79,538.63	-	2,382,797.60	4,555,708.72	7,018,044.95
		% Balance		0.02%	0.00%	0.64%	1.22%	1.89%
		# Loans		1	-	19	38	58
		% # Loans		0.04%	0.00%	0.74%	1.49%	2.27%
BANKRUPTCY		Balance		1,735,704.44	-	166,308.50	532,520.76	2,434,533.70
		% Balance		0.47%	0.00%	0.04%	0.14%	0.65%
		# Loans		13	-	1	5	19
		% # Loans		0.51%	0.00%	0.04%	0.20%	0.74%
REO		Balance		227,416.75	-	-	-	227,416.75
		% Balance		0.06%	0.00%	0.00%	0.00%	0.06%
		# Loans		2	-	-	-	2
		% # Loans		0.08%	0.00%	0.00%	0.00%	0.08%
TOTAL		Balance		2,042,659.82	8,138,112.50	3,680,347.92	5,493,651.84	19,354,772.08
		% Balance		0.55%	2.19%	0.99%	1.48%	5.20%
		# Loans		16	58	26	45	145
		% # Loans		0.63%	2.27%	1.02%	1.76%	5.67%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Delinquency Report for December 26, 2003 Distribution
	Delinquency Report - Group 2 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			8,802,121.30	1,410,703.72	658,855.08	10,871,680.10
		% Balance			2.04%	0.33%	0.15%	2.52%
		# Loans			60	10	4	74
		% # Loans			2.09%	0.35%	0.14%	2.58%
FORECLOSURE		Balance		353,575.92	-	1,580,586.26	7,652,348.68	9,586,510.86
		% Balance		0.08%	0.00%	0.37%	1.77%	2.22%
		# Loans		2	-	14	54	70
		% # Loans		0.07%	0.00%	0.49%	1.88%	2.44%
BANKRUPTCY		Balance		811,842.85	-	-	441,144.74	1,252,987.59
		% Balance		0.19%	0.00%	0.00%	0.10%	0.29%
		# Loans		8	-	-	5	13
		% # Loans		0.28%	0.00%	0.00%	0.17%	0.45%
REO		Balance		63,491.54	-	-	465,091.45	528,582.99
		% Balance		0.01%	0.00%	0.00%	0.11%	0.12%
		# Loans		1	-	-	1	2
		% # Loans		0.03%	0.00%	0.00%	0.03%	0.07%
TOTAL		Balance		1,228,910.31	8,802,121.30	2,991,289.98	9,217,439.95	22,239,761.54
		% Balance		0.29%	2.04%	0.69%	2.14%	5.16%
		# Loans		11	60	24	64	159
		% # Loans		0.38%	2.09%	0.84%	2.23%	5.54%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	REO Report for December 26, 2003 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 4				Loan Group 1 = Group 1 Group; REO Book Value = Not Available
Total Original Principal Balance = 760,920.00				Loan Group 2 = Group 2 Group; REO Book Value = Not Available
Total Current Balance = 755,999.74
REO Book Value = Not Available
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
212207595 3		182,800.00	181,394.98	Nov-01-03	7.500%	UT - 80.00%	360	Jan-29-03
303104627 3		46,200.00	46,021.77	Nov-01-03	9.990%	AZ - 70.00%	360	Mar-31-03
302046384 4		468,000.00	465,091.45	Jun-01-03	7.990%	CA - 80.00%	360	Feb-28-03
302215917 4		63,920.00	63,491.54	Nov-01-03	7.609%	IN - 80.00%	360	Mar-07-03
				Page 14 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Foreclosure Report for December 26, 2003 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 54				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 7,178,825.00				Loan Group 2 = Group 2 Group
Total Current Balance = 6,858,299.27
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
3617939 1		41,300.00	41,149.25	Jul-01-03	11.550%	NC - 70.00%	360	Dec-20-02
4061537 1		170,000.00	168,928.04	Aug-01-03	8.460%	FL - 85.00%	360	Jan-09-03
4083077 1		52,800.00	52,469.92	Aug-01-03	8.990%	IN - 80.00%	360	Dec-19-02
4084828 1		104,400.00	103,844.76	Aug-01-03	9.310%	IN - 90.00%	360	Jan-15-03
4085700 1		93,000.00	92,380.89	Jul-01-03	8.190%	LA - 75.00%	360	Feb-06-03
4089702 1		56,700.00	56,276.79	Aug-01-03	9.030%	IN - 90.00%	360	Dec-18-02
4089710 1		70,400.00	69,976.57	Aug-01-03	9.620%	MI - 80.00%	360	Nov-11-02
4093186 1		80,000.00	79,538.63	Nov-01-03	8.900%	FL - 80.00%	360	Jan-23-03
4094549 1		199,500.00	197,614.24	Aug-01-03	6.990%	CA - 95.00%	360	Jan-06-03
4118952 1		150,000.00	148,910.00	Jul-01-03	7.750%	MN - 78.33%	360	Jan-10-03
4272552 1		68,000.00	67,459.97	Aug-01-03	7.800%	WI - 78.16%	360	Jan-09-03
4509722 1		134,900.00	134,190.64	Jul-01-03	9.350%	FL - 95.00%	360	Jan-14-03
4568656 1		112,000.00	111,303.96	Aug-01-03	8.430%	MD - 80.00%	360	Mar-12-03
4586646 1		268,000.00	265,974.17	Aug-01-03	7.550%	NJ - 68.72%	360	Feb-05-03
4597443 1		192,000.00	191,334.04	Jul-01-03	10.825%	CA - 60.00%	360	Feb-25-03
4607848 1		46,125.00	46,003.93	Aug-01-03	12.100%	TX - 75.00%	360	Mar-11-03
4678516 1		73,500.00	73,181.86	Jul-01-03	9.800%	IN - 91.88%	360	Feb-11-03
4679067 1		163,920.00	162,894.64	Aug-01-03	8.500%	FL - 80.00%	360	Jan-27-03
4736303 1		155,000.00	153,814.29	Aug-01-03	7.500%	CA - 70.45%	360	Feb-06-03
4740483 1		148,200.00	147,540.33	Aug-01-03	10.150%	TX - 95.00%	360	Feb-04-03
4767306 1		85,000.00	84,351.80	Aug-01-03	6.950%	MN - 66.41%	360	Mar-05-03
4809157 1		111,200.00	110,391.29	Jul-01-03	7.500%	TX - 80.00%	360	Feb-12-03
4848330 1		121,600.00	121,061.32	Aug-01-03	9.650%	LA - 80.00%	360	Feb-13-03
4870832 1		47,400.00	47,255.79	Jul-01-03	10.850%	TX - 79.00%	360	Mar-12-03
4886461 1		207,200.00	206,001.75	Jul-01-03	8.350%	MA - 76.74%	360	Mar-12-03
4899385 1		109,225.00	108,741.21	Aug-01-03	9.650%	IN - 85.00%	360	Feb-24-03
4916603 1		162,750.00	161,738.52	Aug-01-03	7.990%	MI - 75.00%	360	Mar-06-03
4932862 1		221,000.00	219,696.24	Aug-01-03	8.250%	FL - 85.00%	360	Feb-28-03
4962826 1		68,000.00	67,679.39	Jul-01-03	9.350%	IL - 85.00%	360	Mar-04-03
4990439 1		278,700.00	-	Dec-01-03	8.300%	FL - 80.00%	360	Mar-04-03
3897389 2		96,000.00	95,376.10	Aug-01-03	8.800%	TX - 80.00%	360	Dec-06-02
3982033 2		61,215.00	60,959.23	Aug-01-03	10.450%	TX - 79.50%	360	Jan-14-03
4060237 2		168,300.00	167,260.66	Oct-01-03	9.050%	TX - 85.00%	360	Dec-09-02
4084653 2		171,000.00	169,376.20	Jun-01-03	7.350%	IN - 95.00%	360	Jan-15-03
4090551 2		70,400.00	70,083.19	Aug-01-03	10.570%	TX - 80.00%	360	Dec-26-02
4147472 2		60,000.00	59,625.60	Aug-01-03	9.000%	TX - 80.00%	360	Dec-30-02
4285085 2		126,900.00	126,386.30	Aug-01-03	10.600%	OH - 90.00%	360	Jan-13-03
4309189 2		144,000.00	143,023.91	Jul-01-03	8.100%	AZ - 90.00%	360	Feb-05-03
4326369 2		210,000.00	208,544.93	Aug-01-03	7.990%	CA - 62.69%	360	Feb-05-03
4341538 2		67,000.00	66,626.66	Aug-01-03	9.550%	IA - 76.14%	360	Jan-08-03
4347226 2		316,500.00	314,584.96	Jul-01-03	9.150%	FL - 87.92%	360	Jan-09-03
4457951 2		245,100.00	243,515.63	Jul-01-03	8.950%	CA - 95.00%	360	Jan-13-03
4509188 2		175,620.00	174,866.09	Aug-01-03	9.800%	NJ - 76.36%	360	Mar-07-03
4511220 2		132,000.00	131,298.70	Aug-01-03	9.300%	NJ - 80.00%	360	Feb-05-03
				Page 15 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Foreclosure Report for December 26, 2003 Distribution
	Foreclosure Report - Mortage Loans that Become Foreclosure During Current Distribution
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
4685881 2		187,500.00	186,315.26	Oct-01-03	8.450%	MI - 75.00%	360	Jan-28-03
4728181 2		179,000.00	177,673.34	Aug-01-03	7.650%	CA - 94.21%	360	Feb-04-03
4786408 2		125,000.00	124,240.01	Jul-01-03	8.100%	NY - 60.98%	360	Feb-25-03
4790545 2		47,920.00	47,749.83	Aug-01-03	10.700%	OH - 80.00%	360	Mar-04-03
4831713 2		172,000.00	171,189.14	Aug-01-03	9.350%	TX - 80.00%	360	Feb-25-03
4835026 2		141,550.00	141,008.69	Aug-01-03	10.350%	CO - 95.00%	360	Feb-19-03
4927907 2		56,000.00	55,799.03	Jul-01-03	10.650%	OH - 80.00%	360	Feb-28-03
4936833 2		96,000.00	95,388.04	Jul-01-03	7.250%	TX - 80.00%	360	Mar-07-03
212310240 4		200,000.00	198,517.67	Jul-01-03	7.650%	MA - 87.72%	360	Jan-10-03
301156723 4		138,000.00	137,185.87	Apr-01-03	8.250%	IN - 98.57%	360	Feb-20-03
				Page 16 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Paid in Full Loans					50	51	101
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					50	51	101
	Paid in Full Balance					8,506,489.71	8,552,410.78	17,058,900.49
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					23,875.93	8,960.14	32,836.07
	Total Prepayment Amount					8,530,365.64	8,561,370.92	17,091,736.56
	Cumulative
	Number of Paid in Full Loans					253	247	500
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					253	247	500
	Paid in Full Balance					49,072,507.51	40,964,346.82	90,036,854.33
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					451,262.40	309,206.50	760,468.90
	Total Prepayment Amount					49,523,769.91	41,273,553.32	90,797,323.23
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 17 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL
	SMM					1.94%	2.25%	2.08%
	3 Months Avg SMM					2.34%	2.55%	2.44%
	12 Months Avg SMM
	Avg SMM Since Cut-off					1.79%	1.74%	1.77%
	CPR					20.95%	23.89%	22.32%
	3 Months Avg CPR					24.69%	26.69%	25.63%
	12 Months Avg CPR
	Avg CPR Since Cut-off					19.51%	18.95%	19.25%
	PSA					1071.17%	1254.15%	1155.51%
	3 Months Avg PSA Approximation					1405.80%	1564.58%	1478.70%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1399.89%	1413.18%	1406.01%
	Group 1
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 18 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
	Group 1
	Group 2
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
				Page 19 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for December 26, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 101						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 17,183,673.00						Loan Group 2 = Group 2 Group
Total Prepayment Amount = 17,058,900.49
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
3598020 1			268,600.00	266,371.06	Nov-06-03	7.050%	CA - 85.00%	Paid Off - 360	Feb-04-03
3886328 1			224,000.00	221,727.88	Nov-14-03	6.300%	NY - 80.00%	Paid Off - 360	Jan-09-03
4045324 1			207,000.00	205,909.69	Nov-03-03	8.870%	NY - 90.00%	Paid Off - 360	Jan-22-03
4045514 1			174,000.00	173,110.80	Nov-06-03	8.960%	NY - 39.55%	Paid Off - 360	Jan-27-03
4045977 1			103,000.00	102,396.78	Nov-25-03	7.680%	MI - 60.59%	Paid Off - 360	Feb-27-03
4083457 1			80,000.00	79,248.53	Nov-25-03	7.470%	CA - 83.33%	Paid Off - 360	Dec-19-02
4083721 1			102,425.00	101,950.71	Nov-13-03	9.450%	FL - 85.00%	Paid Off - 360	Dec-30-02
4084729 1			247,000.00	243,578.87	Nov-13-03	7.500%	CA - 95.00%	Paid Off - 360	Dec-13-02
4085627 1			142,400.00	141,671.14	Dec-01-03	9.860%	VA - 80.00%	Paid Off - 360	Jan-24-03
4111563 1			125,000.00	124,311.81	Nov-25-03	7.990%	IL - 72.46%	Paid Off - 360	Feb-26-03
4166744 1			168,000.00	166,646.28	Dec-01-03	7.230%	MA - 80.00%	Paid Off - 360	Jan-03-03
4170318 1			138,000.00	136,937.59	Nov-28-03	9.400%	FL - 80.00%	Paid Off - 360	Jan-17-03
4189248 1			318,750.00	316,334.95	Nov-24-03	6.990%	NY - 75.00%	Paid Off - 360	Jan-10-03
4236394 1			151,280.00	148,043.33	Nov-18-03	5.800%	CA - 56.03%	Paid Off - 360	Jan-09-03
4268520 1		FCL	185,000.00	184,154.60	Nov-06-03	9.500%	CA - 58.36%	Paid Off - 360	Jan-22-03
4291689 1			218,800.00	217,193.00	Nov-28-03	7.150%	NY - 80.00%	Paid Off - 360	Jan-28-03
4296621 1			116,000.00	112,159.48	Nov-24-03	6.750%	MD - 43.28%	Paid Off - 180	Jan-21-03
4304292 1			118,600.00	117,661.52	Nov-19-03	7.350%	CA - 84.71%	Paid Off - 360	Jan-15-03
4349261 1			94,500.00	94,006.25	Nov-11-03	8.850%	MD - 90.00%	Paid Off - 360	Jan-13-03
4402464 1			248,000.00	246,394.03	Nov-13-03	7.800%	CA - 82.67%	Paid Off - 360	Jan-17-03
4410475 1			312,000.00	309,860.14	Nov-05-03	7.500%	CA - 89.66%	Paid Off - 360	Feb-10-03
4548582 1			86,250.00	86,035.82	Nov-04-03	12.350%	NV - 75.00%	Paid Off - 360	Jan-22-03
4585879 1			119,200.00	118,755.46	Nov-26-03	9.900%	FL - 80.00%	Paid Off - 360	Feb-25-03
4681169 1			75,000.00	74,655.90	Nov-28-03	8.900%	FL - 39.06%	Paid Off - 360	Feb-24-03
4686292 1			216,000.00	214,206.38	Nov-29-03	7.350%	CA - 80.00%	Paid Off - 360	Feb-04-03
4688805 1			165,900.00	163,940.59	Nov-29-03	6.850%	CA - 70.00%	Paid Off - 360	Feb-07-03
4723805 1			115,900.00	115,360.37	Nov-03-03	9.850%	CT - 95.00%	Paid Off - 360	Mar-12-03
4738497 1			228,000.00	227,020.41	Nov-18-03	9.800%	NV - 80.00%	Paid Off - 360	Feb-10-03
4752643 1			112,000.00	111,688.47	Nov-19-03	11.300%	CA - 69.57%	Paid Off - 360	Feb-26-03
4757874 1			72,000.00	71,586.54	Nov-14-03	7.800%	RI - 80.00%	Paid Off - 360	Feb-24-03
4765931 1			110,000.00	109,457.76	Nov-29-03	8.550%	MN - 79.14%	Paid Off - 360	Feb-20-03
4775392 1			256,405.00	254,657.20	Nov-03-03	9.100%	FL - 95.00%	Paid Off - 360	Mar-04-03
4794044 1			250,750.00	248,859.85	Nov-13-03	6.750%	CA - 85.00%	Paid Off - 360	Mar-03-03
4828380 1			146,250.00	145,297.28	Nov-24-03	7.500%	CA - 75.00%	Paid Off - 360	Mar-07-03
4908856 1			143,500.00	141,832.90	Nov-24-03	9.600%	NY - 70.00%	Paid Off - 360	Mar-12-03
4961781 1			306,000.00	303,975.41	Nov-11-03	7.100%	CA - 89.47%	Paid Off - 360	Mar-04-03
4971450 1			135,000.00	134,325.26	Nov-07-03	8.990%	CA - 58.70%	Paid Off - 360	Mar-05-03
4990439 1		FCL	278,700.00	277,258.14	Nov-21-03	8.300%	FL - 80.00%	Paid Off - 360	Mar-04-03
5045231 1			107,200.00	106,416.26	Nov-19-03	6.550%	WA - 80.00%	Paid Off - 360	Mar-07-03
4003141 2			92,000.00	91,637.70	Nov-06-03	10.220%	MI - 80.00%	Paid Off - 360	Dec-30-02
4019857 2			133,500.00	130,711.15	Nov-13-03	7.570%	NY - 35.13%	Paid Off - 360	Dec-14-02
4044947 2			93,600.00	92,907.17	Nov-04-03	7.540%	CA - 74.88%	Paid Off - 360	Jan-11-03
4059743 2			169,000.00	168,025.38	Nov-11-03	8.900%	NY - 69.98%	Paid Off - 360	Dec-16-02
4063074 2			63,700.00	63,347.76	Nov-20-03	8.575%	NY - 84.93%	Paid Off - 360	Jan-17-03
					Page 20 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for December 26, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
4068432 2			500,000.00	496,369.68	Nov-10-03	8.250%	HI - 78.62%	Paid Off - 360	Dec-09-02
4075765 2		FCL	46,800.00	46,694.86	Nov-04-03	13.300%	FL - 65.00%	Paid Off - 360	Jan-14-03
4082111 2			220,000.00	218,384.40	Nov-28-03	8.650%	IL - 100.00%	Paid Off - 360	Oct-28-02
4085940 2			66,000.00	64,652.91	Nov-06-03	9.700%	AR - 42.48%	Paid Off - 180	Feb-04-03
4086153 2			330,000.00	328,179.48	Oct-24-03	7.980%	VA - 88.00%	Paid Off - 360	Feb-05-03
4086336 2			54,000.00	53,004.52	Nov-21-03	8.390%	TN - 67.50%	Paid Off - 240	Oct-29-02
4090155 2			52,000.00	50,831.01	Nov-29-03	10.500%	TX - 43.33%	Paid Off - 180	Feb-14-03
4090684 2			81,000.00	80,421.11	Nov-07-03	7.290%	CA - 50.63%	Paid Off - 360	Jan-16-03
4105885 2			110,000.00	109,377.12	Nov-12-03	8.990%	CA - 65.87%	Paid Off - 360	Dec-19-02
4110516 2			75,200.00	74,855.76	Nov-20-03	9.500%	NJ - 80.00%	Paid Off - 360	Jan-10-03
4122186 2			100,000.00	99,289.34	Nov-07-03	7.990%	CA - 74.63%	Paid Off - 360	Jan-03-03
4279964 2			124,000.00	123,307.55	Nov-19-03	8.700%	PA - 80.00%	Paid Off - 360	Mar-04-03
4295730 2			152,000.00	150,945.46	Nov-29-03	7.990%	CA - 80.00%	Paid Off - 360	Jan-28-03
4356624 2			38,570.00	38,467.44	Nov-07-03	12.550%	MI - 55.10%	Paid Off - 360	Jan-07-03
4378148 2			161,000.00	159,991.50	Nov-04-03	8.500%	CA - 70.31%	Paid Off - 360	Jan-06-03
4428250 2			311,550.00	309,675.28	Dec-01-03	8.200%	NJ - 93.00%	Paid Off - 360	Jan-23-03
4477901 2			174,350.00	173,799.27	Nov-25-03	11.250%	CA - 55.00%	Paid Off - 360	Jan-16-03
4507711 2			39,330.00	38,399.01	Nov-04-03	9.400%	TN - 83.50%	Paid Off - 180	Feb-04-03
4647831 2			250,000.00	248,442.25	Nov-14-03	7.375%	MA - 78.13%	Paid Off - 360	Mar-04-03
4737008 2			392,922.00	389,898.63	Nov-28-03	7.500%	CA - 80.00%	Paid Off - 360	Jan-24-03
4756029 2			324,000.00	320,061.82	Nov-11-03	8.050%	FL - 90.00%	Paid Off - 360	Feb-11-03
4758544 2			35,000.00	34,196.24	Nov-06-03	8.350%	MA - 41.18%	Paid Off - 180	Feb-28-03
4760417 2			388,424.00	386,082.45	Nov-10-03	8.150%	CA - 84.99%	Paid Off - 360	Feb-04-03
4803604 2			69,200.00	68,771.85	Nov-18-03	8.200%	NC - 80.00%	Paid Off - 360	Feb-27-03
4858034 2			152,150.00	151,660.96	Nov-18-03	11.400%	MN - 85.00%	Paid Off - 360	Feb-24-03
4858492 2			362,900.00	361,413.79	Nov-18-03	10.700%	MN - 95.00%	Paid Off - 360	Mar-04-03
4858808 2			181,900.00	181,315.30	Nov-18-03	11.400%	MN - 85.00%	Paid Off - 360	Feb-25-03
4911679 2			56,950.00	56,739.28	Nov-20-03	9.280%	MO - 85.00%	Paid Off - 360	Mar-12-03
4960459 2			128,332.00	127,604.80	Nov-17-03	7.850%	FL - 56.20%	Paid Off - 360	Feb-27-03
4963539 2			351,200.00	348,919.54	Nov-11-03	7.550%	CA - 80.00%	Paid Off - 360	Mar-05-03
4969081 2			500,000.00	496,967.81	Nov-03-03	7.900%	CA - 68.21%	Paid Off - 360	Feb-27-03
4979966 2			157,250.00	155,954.08	Nov-03-03	9.650%	FL - 85.00%	Paid Off - 360	Mar-11-03
210219713 3			185,400.00	184,182.85	Dec-01-03	8.750%	CA - 89.57%	Paid Off - 360	Nov-13-02
211129942 3			276,250.00	273,622.64	Dec-01-03	6.875%	CA - 85.00%	Paid Off - 360	Nov-20-02
212050159 3			200,000.00	199,178.17	Dec-01-03	8.759%	PA - 80.00%	Paid Off - 360	Mar-14-03
212197320 3			159,300.00	158,309.95	Dec-01-03	7.990%	CA - 90.00%	Paid Off - 360	Jan-16-03
301031285 3			120,000.00	118,981.83	Dec-01-03	6.400%	NC - 80.00%	Paid Off - 360	Jan-29-03
301178232 3			173,600.00	172,574.86	Dec-01-03	8.250%	CA - 70.00%	Paid Off - 360	Feb-05-03
301208674 3			103,400.00	102,757.32	Dec-01-03	7.990%	MD - 57.44%	Paid Off - 360	Jan-31-03
301283482 3			126,400.00	125,534.29	Dec-01-03	7.500%	CA - 80.00%	Paid Off - 360	Feb-07-03
302110336 3			105,400.00	104,943.18	Dec-01-03	8.500%	CA - 85.00%	Paid Off - 360	Mar-14-03
302246438 3			184,000.00	182,766.02	Dec-01-03	6.990%	CA - 80.00%	Paid Off - 360	Mar-07-03
303030040 3			179,910.00	179,188.08	Dec-01-03	8.875%	CA - 90.00%	Paid Off - 360	Mar-27-03
303265473 3			136,200.00	135,373.14	Dec-01-03	6.800%	CA - 77.83%	Paid Off - 360	Mar-31-03
210116032 4			107,950.00	106,945.81	Dec-01-03	6.990%	CA - 85.00%	Paid Off - 360	Nov-27-02
210167736 4			223,500.00	221,917.03	Dec-01-03	8.490%	NY - 75.00%	Paid Off - 360	Nov-18-02
211129955 4			218,000.00	215,664.44	Dec-01-03	6.250%	CA - 55.90%	Paid Off - 360	Nov-29-02
212038920 4			172,000.00	170,636.81	Dec-01-03	6.750%	CA - 80.00%	Paid Off - 360	Jan-16-03
212134784 4			128,000.00	127,123.31	Dec-01-03	7.500%	CA - 80.00%	Paid Off - 360	Jan-31-03
301167943 4			150,000.00	148,977.61	Dec-01-03	7.500%	CA - 60.73%	Paid Off - 360	Jan-31-03
301231293 4			252,000.00	250,357.28	Dec-01-03	7.750%	NY - 90.00%	Paid Off - 360	Jan-31-03
301272462 4			199,750.00	198,509.16	Dec-01-03	7.390%	CA - 85.00%	Paid Off - 360	Feb-14-03
					Page 21 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for December 26, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
302057380 4			108,375.00	107,979.99	Dec-01-03	9.999%	AZ - 84.67%	Paid Off - 360	Feb-25-03
302078814 4			85,000.00	84,576.79	Dec-01-03	8.490%	VA - 100.00%	Paid Off - 360	Feb-24-03
302182975 4			200,000.00	198,786.34	Dec-01-03	7.500%	CA - 72.73%	Paid Off - 360	Feb-28-03
302194193 4			84,000.00	83,312.88	Dec-01-03	8.125%	CO - 80.00%	Paid Off - 360	Feb-28-03
303103944 4			101,000.00	100,398.62	Dec-01-03	6.900%	TN - 63.13%	Paid Off - 360	Mar-24-03
					Page 22 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Cumulative
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Applied Realized Loss Amount Current							0.00
	Applied Realized Loss Amount Aggregate							0.00
	Cumulative Loss Percentage							0.00%
	Group 1						3 Months Moving Average
	Group 2
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 23 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL
	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR					0.00%	0.00%	0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%
	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR					0.00%	0.00%	0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.00%	0.00%
	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation					0.00%	0.00%	0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.00%	0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
	Group 1
	Group 2
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 24 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
	Group 1
	Group 2
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.
				Page 25 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for December 26, 2003 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 0						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00						Loan Group 2 = Group 2 Group
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Original	Prior		Current	State &
&		Loan	Principal	Principal	Realized	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
					Page 26 of 27				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2003-HE1
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 26, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL
	Has a Stepdown Date occurred?							No
	Does Trigger Event exist?							No
	(i) Does (a) equal or exceed (b)?							No
	(a) the quotient of (x) over (y)							2.20%
	(x) 60+ DQ 3Mo Avg Bal							17,642,525.40
	(y) ending Stated Prin Bal							803,328,502.55
	(b) 37.5% of Senior Enhance Percentage							8.20%
	(ii) Does (x) divided by (y) exceed Loss Trigger Threshold Percentage?							No
	(x) Aggregate Realized Losses to date							0.00
	(y) Cut-off Balance							898,380,980.02
	Loss Trigger Threshold Percentage							100.00%
	Senior Enhancement Percentage (Prior)							21.88%
ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Basis Risk Carry Forward Amount							0.00
				Page 27 of 27				© COPYRIGHT 2003 Deutsche Bank

Filing Compare · MORGAN STANLEY ABS CAPITAL I - MOR PAS THR CERT SER 2003-HE1