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): ~~June~~July 25, 2003 MORGAN STANLEY ABS CAPITAL I INC. (as Depositor, Ocwen Federal Bank FSB as Servicer, CDC Mortgage as Unaffiliated Seller and Deutsche Bank National Trust Company, as Trustee). MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2003-HE2 (Exact name of Registrant as specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-104046-03 13-3939229 (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 ~~June~~July 25, 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 May 1,2003.. Date: ~~Jul~~Aug 0201, 2003 By: /s/ ~~David~~Katherine CoM. ~~David~~Wannenmacher CoKatherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of ~~June~~July 25, 2003.

	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	June 25, 2003 Distribution
	July 25, 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				12
			8.	Foreclosure Report				13
			9.	Prepayment Report				14
			10.	Prepayment Detail Report				17
			11.	Realized Loss Report				18
			12.	Realized Loss Detail Report				21
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				22
				Total Number of Pages				22
			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:		CDC Mortgage Capital					Cut-Off Date: May 1, 2003
	Certificate Insurer(s):							Closing Date: May 29, 2003
								First Payment Date: June 25, 2003
	Servicer(s):		Ocwen Federal Master Servicer
								Distribution Date: June 25, 2003
								Distribution Date: July 25, 2003
	Underwriter(s):		Morgan Stanley Dean Witter					Record Date: ~~June~~July 24, 2003
						Page 1 of 22					© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-HE2
	Certificate Payment Report for June 25, 2003 Distribution
	Certificate Payment Report for July 25, 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	FLT	557,072,000.00			~~557~~554,~~072~~069,~~000~~375.0044	~~697~~639,~~732~~488.6840	35,~~002~~751,~~624~~071.5611	36,~~700~~390,~~357~~559.2451	-	-	~~554~~548,~~069~~318,~~375~~304.4433
M-1	MEZ	41,137,000.00			41,137,000.00	6562,~~407~~905.8333	-	6562,~~407~~905.8333	-	-	41,137,000.00
M-2	MEZ	37,710,000.00			37,710,000.00	9192,~~069~~232.6538	-	9192,~~069~~232.6538	-	-	37,710,000.00
M-3	MEZ	11,998,000.00			11,998,000.00	3132,~~674~~344.7261	-	3132,~~674~~344.7261	-	-	11,998,000.00
B-1	SUB	10,285,000.00			10,285,000.00	3638,~~408~~011.9065	-	3638,~~408~~011.9065	-	-	10,285,000.00
B-2	SUB	7,884,000.00			7,884,000.00	2931,~~978~~437.9145	-	2931,~~978~~437.9145	-	-	7,884,000.00
B-3	SUB	8,914,000.00			8,914,000.00	3335,~~895~~544.4958	-	3335,~~895~~544.4958	-	-	8,914,000.00
X	SUB	10,627,122.00			10,627,~~122~~221.0094	2,~~348~~685,~~955~~635.0224	-	2,~~348~~685,~~955~~635.0224	-	~~99.94~~-	10,627,221.94
P	EXE	100.00			~~100.00~~-	3738,~~984~~081.4603	~~100.00~~-	38,~~084~~081.4603	-	-	-
R	R	-			-	-	-	-	-	-	-
Total		685,627,222.00			~~685~~682,~~627~~624,~~222~~597.0038	3,~~373~~655,~~107~~680.6667	35,~~002~~751,~~724~~071.5611	69,~~375~~406,~~832~~751.2278	-	~~99.94~~-	~~682~~676,~~624~~873,~~597~~526.3827
	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	0506/2925/03	0607/24/03		A-Act/360	12506YBD0	557,072,000.00	~~1,000~~994.~~000000~~609988	1.~~252500~~147946	510.~~390012~~323748	611.~~642512~~471694	~~994~~984.~~609988~~286240
M-1	0506/2925/03	0607/24/03		A-Act/360	12506YBE8	41,137,000.00	1,000.000000	1.~~590000~~529167	-	1.~~590000~~529167	1,000.000000
M-2	0506/2925/03	0607/24/03		A-Act/360	12506YBF5	37,710,000.00	1,000.000000	2.~~415000~~445833	-	2.~~415000~~445833	1,000.000000
M-3	0506/2925/03	0607/24/03		A-Act/360	12506YBG3	11,998,000.00	1,000.000000	2.~~640000~~695833	-	2.~~640000~~695833	1,000.000000
B-1	0506/2925/03	0607/24/03		A-Act/360	12506YBH1	10,285,000.00	1,000.000000	3.~~540000~~695834	-	3.~~540000~~695834	1,000.000000
B-2	0506/2925/03	0607/24/03		A-Act/360	12506YBJ7	7,884,000.00	1,000.000000	3.~~802500~~987500	-	3.~~802500~~987500	1,000.000000
B-3	0506/2925/03	0607/24/03		A-Act/360	12506YBK4	8,914,000.00	1,000.000000	3.~~802501~~987501	-	3.~~802501~~987501	1,000.000000
X				A-Act/360		10,627,122.00	65,~~516~~234.~~735758~~201632	~~221~~252.~~033975~~715198	-	~~221~~252.~~033975~~715198	6564,~~234~~693.~~201632~~032432
P				-		100.00	~~1,000.000000~~-	~~379~~380,~~844~~810.~~600000~~300000	~~1,000.000000~~-	380,~~844~~810.~~600000~~300000	-
R				-		-	-	-	-	-	-
							Page 2 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-HE2
	Certificate Payment Report for June 25, 2003 Distribution
	Certificate Payment Report for July 25, 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	557,072,000.00		~~697~~1,~~732~~337,221.6808		-	38,~~002~~753,~~624~~695.5667	38,~~002~~753,~~624~~695.5667	310,~~700~~090,~~357~~916.2475	-	-	~~554~~548,~~069~~318,~~375~~304.4433
M-1	41,137,000.00		65128,~~407~~313.8316		-	-	-	65128,~~407~~313.8316	-	-	41,137,000.00
M-2	37,710,000.00		91183,~~069~~302.6503		-	-	-	91183,~~069~~302.6503	-	-	37,710,000.00
M-3	11,998,000.00		3164,~~674~~019.7233		-	-	-	3164,~~674~~019.7233	-	-	11,998,000.00
B-1	10,285,000.00		3674,~~408~~420.9055		-	-	-	3674,~~408~~420.9055	-	-	10,285,000.00
B-2	7,884,000.00		2961,~~978~~416.9136		-	-	-	2961,~~978~~416.9136	-	-	7,884,000.00
B-3	8,914,000.00		3369,~~895~~440.4907		-	-	-	3369,~~895~~440.4907	-	-	8,914,000.00
X	10,627,122.00		25,~~348~~034,~~955~~590.0226		-	-	-	25,~~348~~034,~~955~~590.0226	-	99.94	10,627,221.94
P	100.00		3776,~~984~~065.4649		100.00	-	100.00	3876,~~084~~165.4649	-	-	-
R	-		-		-	-	-	-	-	-	-
Total	685,627,222.00		37,~~373~~028,~~107~~788.6633		100.00	38,~~002~~753,~~624~~695.5667	38,~~002~~753,~~724~~795.5667	615,~~375~~782,~~832~~584.2200	-	99.94	~~682~~676,~~624~~873,~~597~~526.3827
	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.~~67000~~38500%	~~557~~554,~~072~~069,~~000~~375.0044			~~697~~639,~~732~~488.6840	-	-	-	~~697~~639,~~732~~488.6840	~~697~~639,~~732~~488.6840	-
M-1	21.~~12000~~83500%	41,137,000.00			6562,~~407~~905.8333	-	-	-	6562,~~407~~905.8333	6562,~~407~~905.8333	-
M-2	32.~~22000~~93500%	37,710,000.00			9192,~~069~~232.6538	-	-	-	9192,~~069~~232.6538	9192,~~069~~232.6538	-
M-3	3.~~52000~~23500%	11,998,000.00			3132,~~674~~344.7261	-	-	-	3132,~~674~~344.7261	3132,~~674~~344.7261	-
B-1	4.~~72000~~43500%	10,285,000.00			3638,~~408~~011.9065	-	-	-	3638,~~408~~011.9065	3638,~~408~~011.9065	-
B-2	54.~~07000~~78500%	7,884,000.00			2931,~~978~~437.9145	-	-	-	2931,~~978~~437.9145	2931,~~978~~437.9145	-
B-3	54.~~07000~~78500%	8,914,000.00			3335,~~895~~544.4958	-	-	-	3335,~~895~~544.4958	3335,~~895~~544.4958	-
X	4.~~96763~~70828%	~~696~~693,~~254~~251,~~343~~819.9432			2,~~348~~685,~~955~~635.0224	-	-	-	2,~~348~~685,~~955~~635.0224	2,~~349~~685,~~054~~635.9624	-
P		~~100.00~~-			3738,~~984~~081.4603	-	-	-	3738,~~984~~081.4603	3738,~~984~~081.4603	-
R		-			-	-	-	-	-	-	-
Total		1,~~371~~365,~~254~~249,~~443~~194.9476			3,~~373~~655,~~107~~680.6667	-	-	-	3,~~373~~655,~~107~~680.6667	3,~~373~~655,~~207~~680.6067	-
							Page 3 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Collection Account Report for June 25, 2003 Distribution
	Collection Account Report for July 25, 2003 Distribution
	Collection Account Report
SUMMARY								TOTAL
	Principal Collections							35,~~002~~751,~~624~~071.5611
	Principal Other Accounts							0.00
	TOTAL NET PRINCIPAL							35,~~002~~751,~~624~~071.5611
	Interest Collections							3,~~537,~~840,240.9802
	Interest Withdrawals							0.00
	Interest Other Accounts							0.00
	Interest Fees							(~~202~~222,~~617~~640.7838)
	TOTAL NET INTEREST							3,~~335~~617,~~223~~599.2064
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE							69,~~337~~368,~~847~~670.7675
	Prepayment Premiums Collected							3738,~~984~~081.4603
	TOTAL FUNDS AVAILABLE FOR DISTRIBUTION							69,~~375~~406,~~832~~751.2278
PRINCIPAL - COLLECTIONS								TOTAL
	Scheduled Principal Received							~~404~~442,~~084~~272.4538
	Prepayments In Full							25,~~565~~241,~~494~~369.2858
	Curtailments							3367,~~045~~429.8315
	Liquidations							0.00
	Insurance Principal							0.00
	Repurchased Principal Amounts							0.00
	Other Principal							0.00
	Total Realized Loss Of Principal							0.00
	Delinquent Principal							(4038,~~220~~019.5300)
	Advanced Principal							4038,~~220~~019.5300
	TOTAL PRINCIPAL COLLECTED							35,~~002~~751,~~624~~071.5611
				Page 4 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Collection Account Report for June 25, 2003 Distribution
	Collection Account Report for July 25, 2003 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS								TOTAL
	Scheduled Interest							3,~~562~~863,~~494~~752.9755
	Liquidation Interest							0.00
	Repurchased Interest							0.00
	Insurance Interest							0.00
	Other Interest							0.00
	Relief Act Interest Shortfalls							0.00
	Net Prepayment Interest Shortfalls							0.00
	Delinquent Interest							(~~410~~394,~~896~~374.9620)
	Interest Advanced							~~386~~370,~~242~~861.9767
	TOTAL INTEREST COLLECTED							3,~~537,~~840,240.9802
				Page 5 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Collection Account Report for June 25, 2003 Distribution
	Collection Account Report for July 25, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS								TOTAL
	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00
	TOTAL INTEREST WITHDRAWALS							0.00
INTEREST - OTHER ACCOUNTS								TOTAL
	Retained Interest Due to Unaffiliated Seller							0.00
	TOTAL INTEREST OTHER ACCOUNTS							0.00
INTEREST - FEES								TOTAL
	Current Servicing Fees							~~200~~220,~~046~~080.6854
	Trustee Fee							2,~~571~~559.1084
	Certificate Insurance Fees
	TOTAL INTEREST OTHER FEES							~~202~~222,~~617~~640.7838
				Page 6 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for June 25, 2003 Distribution
	Credit Enhancement Report for July 25, 2003 Distribution
	Credit Enhancement Report
ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES								TOTAL
	Beginning Subordinated Amount							10,627,221.94
	Ending Subordinated Amount							10,627,221.94
	Specified Subordinated Amount							10,627,221.94
	Senior Enhancement Percentage							18.8399%
				Page 7 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Collateral Report for June 25, 2003 Distribution
	Collateral Report for July 25, 2003 Distribution
	Collateral Report
COLLATERAL								TOTAL
	Loan Count:
	Original							3162
	Prior							-3,151
	Prefunding							-268
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(1122)
	Repurchases							-
	Liquidations							-
	Current							3,~~151~~397
	Principal Balance:
	Original							539,281,596.93
	Prior							-536,278,972.37
	Prefunding							-48,344,385.39
	Scheduled Principal							(~~404~~442,~~084~~272.4538)
	Partial and Full Voluntary Prepayments							(25,~~598~~308,~~540~~798.1173)
	Repurchases							-
	Liquidations							-
	Current							~~536~~578,~~278~~872,~~972~~286.3765
PREFUNDING								TOTAL
	Prefunding Account - Initial Balance							146,345,625.01
	Prefunding Account - Beginning Balance							0.00
	Prefunding Account - Withdrawls for Subsequent Transfers							048,344,385.0039
	Prefunding Account - Released as Principal							0.00
	Prefunding Account - Ending Balance							~~146~~98,~~345~~001,~~625~~239.0162
	Capitalized Interest Account - Initial Balance							712,795.41
	Capitalized Interest Account - Beginning Balance							712,795.41
	Capitalized Interest Account - Withdrawls							0.00
	Capitalized Interest Account - Interest Earnings							0.00
	Capitalized Interest Account - Ending Balance							712,795.41
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Collateral Report for June 25, 2003 Distribution
	Collateral Report for July 25, 2003 Distribution
	Collateral Report
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							7.927202%
	Weighted Average Coupon Prior							7.927202%
	Weighted Average Coupon Current							7.~~927202~~930752%
	Weighted Average Months to Maturity Original							92
	Weighted Average Months to Maturity Prior							-92
	Weighted Average Months to Maturity Current							9290
	Weighted Avg Remaining Amortization Term Original							-
	Weighted Avg Remaining Amortization Term Prior							-
	Weighted Avg Remaining Amortization Term Current							-
	Weighted Average Seasoning Original							-
	Weighted Average Seasoning Prior							-
	Weighted Average Seasoning Current							-
Note: Original information refers to deal issue.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Collateral Report for June 25, 2003 Distribution
	Collateral Report for July 25, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS								TOTAL
	Weighted Average Margin Original							4.861%
	Weighted Average Margin Prior							04.~~000~~861%
	Weighted Average Margin Current							4.~~861~~856%
	Weighted Average Max Rate Original							10.631%
	Weighted Average Max Rate Prior							010.~~000~~631%
	Weighted Average Max Rate Current							10.~~631~~525%
	Weighted Average Min Rate Original							5.696%
	Weighted Average Min Rate Prior							05.~~000~~696%
	Weighted Average Min Rate Current							5.~~696~~624%
	Weighted Average Cap Up Original							0.853%
	Weighted Average Cap Up Prior							0.~~000~~853%
	Weighted Average Cap Up Current							0.~~853~~847%
	Weighted Average Cap Down Original							0.853%
	Weighted Average Cap Down Prior							0.~~000~~853%
	Weighted Average Cap Down Current							0.~~853~~847%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES								TOTAL
	Current Servicing Fees							~~200~~220,~~046~~080.6854
	Delinquent Servicing Fees							2423,~~653~~512.9953
	TOTAL SERVICING FEES							~~224~~243,~~700~~593.6707
	Prepayment Interest Shortfall							612,~~847~~366.5324
	Compensating Interest							(612,~~847~~366.5324)
	Delinquent Servicing Fees							(2423,~~653~~512.9953)
	COLLECTED SERVICING FEES							~~200~~220,~~046~~080.6854
	Aggregate Advances with respect to this Distribution							~~426~~408,~~463~~880.5067
	Current Nonrecoverable Advances							0.00
	Cumulative Nonrecoverable Advances							0.00
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Net Prepayment Interest Shortfall							0.00
	Net Monthly Excess Cash Flow							2,~~349~~685,~~055~~635.0224
	Ending Pool Stated Principal Balance							~~536~~578,~~278~~872,~~972~~286.3765
				Page 10 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Delinquency Report for June 25, 2003 Distribution
	Delinquency Report for July 25, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			38,~~081~~396,~~912~~214.3501	-787,465.20	-	39,~~081~~183,~~912~~679.3521
		% Balance			01.5745%	0.0014%	0.00%	01.5759%
		# Loans			1645	-5	-	1650
		% # Loans			01.5132%	0.0015%	0.00%	01.5147%
FORECLOSURE		Balance		-	-681,787.63	-	-	-681,787.63
		% Balance		0.00%	0.0012%	0.00%	0.00%	0.0012%
		# Loans		-	-2	-	-	-2
		% # Loans		0.00%	0.0006%	0.00%	0.00%	0.0006%
BANKRUPTCY		Balance		-697,634.85	-212,052.63	-	-	-909,687.48
		% Balance		0.0012%	0.0004%	0.00%	0.00%	0.0016%
		# Loans		-4	-1	-	-	-5
		% # Loans		0.0012%	0.0003%	0.00%	0.00%	0.0015%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		-697,634.85	39,~~081~~290,~~912~~054.3527	-787,465.20	-	310,~~081~~775,~~912~~154.3532
		% Balance		0.0012%	01.5760%	0.0014%	0.00%	01.5786%
		# Loans		-4	1648	-5	-	1657
		% # Loans		0.0012%	01.5141%	0.0015%	0.00%	01.5168%
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 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	REO Report for June 25, 2003 Distribution
	REO Report for July 25, 2003 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
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
SPACE INTENTIONALLY LEFT BLANK
				Page 12 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Foreclosure Report for June 25, 2003 Distribution
	Foreclosure Report for July 25, 2003 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1 Group
Total Loan Count = 2				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 000.00
Total Original Principal Balance = 684,000.00
Total Current Balance = 000.00
Total Current Balance = 681,787.63
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
31961261 1		392,000.00	390,884.81	Apr-01-03	8.875%	CA - 80.00%	360
31997406 1		292,000.00	290,902.82	Apr-01-03	7.500%	FL - 80.00%	360
				Page 13 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Prepayment Report for June 25, 2003 Distribution
	Prepayment Report for July 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
	Current
	Number of Paid in Full Loans							1122
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							1122
	Paid in Full Balance							25,~~565~~241,~~494~~369.2858
	Repurchased Loans Balance							-
	Curtailments Amount							3367,~~045~~429.8315
	Total Prepayment Amount							25,~~598~~308,~~540~~798.1173
	Cumulative
	Number of Paid in Full Loans							1133
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							1133
	Paid in Full Balance							27,~~565~~806,~~494~~863.2886
	Repurchased Loans Balance							-
	Curtailments Amount							33100,~~045~~474.8398
	Total Prepayment Amount							27,~~598~~907,~~540~~338.1184
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 14 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Prepayment Report for June 25, 2003 Distribution
	Prepayment Report for July 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES								TOTAL
	SMM							0.4891%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off							0.4870%
	CPR							510.6438%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off							58.6404%
	PSA
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 15 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Prepayment Report for June 25, 2003 Distribution
	Prepayment Report for July 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
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 16 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for June 25, 2003 Distribution
	Prepayment Detail Report for July 25, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 11						Loan Group 1 = Group 1 Group
Total Loan Count = 22						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 2,574,141.00
Total Original Principal Balance = 4,566,647.00
Total Prepayment Amount = 2,565,494.28
Total Prepayment Amount = 5,241,369.58
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
31953201 1			650,000.00	647,496.63	May-14-03	7.875%	IN - 87.51%	Paid Off - 360
31953185 1			255,000.00	254,099.66	Jun-18-03	9.125%	NJ - 91.73%	Paid Off - 360
31959521 1			520,000.00	518,512.08	May-20-03	6.250%	CA - 54.74%	Paid Off - 360
31959794 1			89,250.00	88,986.96	Jun-13-03	7.600%	AR - 75.00%	Paid Off - 360
31962046 1			112,000.00	110,818.48	May-28-03	12.000%	MN - 20.00%	Paid Off - 180
31960693 1			480,000.00	478,240.74	Jun-18-03	7.625%	AZ - 58.18%	Paid Off - 360
31975717 1			190,000.00	189,271.83	May-21-03	6.240%	CA - 69.09%	Paid Off - 360
31961329 1			127,500.00	127,229.78	Jun-24-03	11.150%	CA - 15.00%	Paid Off - 180
31975766 1			155,000.00	154,627.69	May-30-03	7.990%	MA - 62.00%	Paid Off - 360
31975147 1			176,250.00	175,300.99	Jun-17-03	7.250%	CA - 75.00%	Paid Off - 360
31976509 1			74,500.00	74,067.90	May-29-03	6.990%	IL - 68.98%	Paid Off - 240
31977507 1			140,800.00	140,310.97	Jun-30-03	6.750%	IL - 80.00%	Paid Off - 360
31978463 1			120,000.00	119,764.11	May-13-03	8.150%	VA - 80.00%	Paid Off - 360
31978190 1			192,000.00	191,363.67	Jun-24-03	6.990%	IL - 80.00%	Paid Off - 360
31979115 1			399,000.00	398,106.08	May-14-03	7.500%	IL - 95.00%	Paid Off - 360
32055584 1			100,000.00	99,692.52	Jun-25-03	7.370%	TX - 80.00%	Paid Off - 360
31997208 1			36,000.00	35,943.59	May-22-03	9.250%	IL - 90.00%	Paid Off - 360
32060410 1			195,000.00	194,521.45	Jun-23-03	8.490%	CA - 75.00%	Paid Off - 360
32055527 1			71,991.00	71,779.81	May-12-03	6.120%	TX - 79.99%	Paid Off - 360
32062515 1			126,000.00	125,824.06	Jun-18-03	9.800%	MN - 70.00%	Paid Off - 360
32059750 1			245,650.00	245,106.08	May-19-03	8.990%	CA - 85.00%	Paid Off - 360
32062689 1			183,000.00	182,510.57	Jun-13-03	6.600%	CA - 56.66%	Paid Off - 360
32063612 1			180,000.00	179,416.94	Jun-30-03	6.600%	CA - 68.70%	Paid Off - 360
32063976 1			230,930.00	230,582.71	Jun-19-03	7.450%	NY - 70.00%	Paid Off - 360
32068033 1			82,000.00	81,646.01	Jun-13-03	11.250%	UT - 18.22%	Paid Off - 180
32072076 1			147,000.00	146,851.72	Jun-25-03	9.400%	MD - 70.00%	Paid Off - 360
32072969 1			184,000.00	183,591.86	Jun-11-03	6.300%	CA - 80.00%	Paid Off - 360
32073199 1			262,617.00	262,229.86	Jun-13-03	7.550%	FL - 80.00%	Paid Off - 360
32075350 1			262,500.00	262,109.55	Jun-30-03	9.500%	CA - 75.00%	Paid Off - 360
32075988 1			208,800.00	208,450.22	Jun-11-03	8.930%	CA - 90.00%	Paid Off - 360
32078370 1			375,000.00	374,765.72	Jun-23-03	8.350%	CA - 78.78%	Paid Off - 360
32079121 1			213,000.00	212,672.57	Jun-17-03	7.340%	CA - 73.45%	Paid Off - 360
32488850 1			356,000.00	354,748.48	Jun-30-03	8.750%	NJ - 84.78%	Paid Off - 360
					Page 17 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Realized Loss Report for June 25, 2003 Distribution
	Realized Loss Report for July 25, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES								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.
	Cumulative Loss Percentage							0.00%
							3 Months Moving Average
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 18 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Realized Loss Report for June 25, 2003 Distribution
	Realized Loss Report for July 25, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS								TOTAL
	MDR							0.00%
	3 Months Avg MDR
	12 Months Avg MDR
	Avg MDR Since Cut-off							0.00%
	CDR							0.00%
	3 Months Avg CDR
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.00%
	SDA
	3 Months Avg SDA Approximation
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation
	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
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 19 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Realized Loss Report for June 25, 2003 Distribution
	Realized Loss Report for July 25, 2003 Distribution
	Realized Loss Report - Collateral
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 20 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for June 25, 2003 Distribution
	Realized Loss Detail Report for July 25, 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
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 21 of 22				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE2
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for June 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for July 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS								TOTAL
	Has a Stepdown Date occurred?							No
	Does Trigger Event exist?							No
	(60+ Day Delq % is > = to 40% of Senior Enhancement %)
	(x) Rolling 3-month avg. of 60+ Day Delq loans							0333,172.0061
	(y) Stated Principal Balance							0.00
	60+ Day Delq % ( quotient of (x) over (y) )							0.0005%
	Trigger Event 40% of Sr Enhancement Percentage							06.0097%
	Senior Enhancement Percentage							18.8399%
ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION								TOTAL
	Basis Risk Carry Forward Amount							0.00
				Page 22 of 22				© COPYRIGHT 2003 Deutsche Bank

Filing Compare · MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2003-HE2