

                           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):  March 25, 2004


                             MORGAN STANLEY ABS CAPITAL I INC.
             (as Depositor, Countrywide Home Loans Servicing LP as Servicer,
                    CDC Mortgage Capital Inc., as Unaffiliated Seller
                  and Deutsche Bank National Trust Company, as Trustee

               MORGAN STANLEY ABS CAP I INC CDC MORT CAP TRUST 2004-HE1
                  (Exact name of Registrant as specified in its Charter)


                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-104046-21                        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
     March 25, 2004.



                                     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 February 1,2004.

          Date:  Apr 26, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President



                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of March 25, 2004.


	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates


	March 25, 2004 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				15
			8.	Foreclosure Report				16
			9.	Prepayment Report				17
			10.	Prepayment Detail Report				20
			11.	Realized Loss Report				21
			12.	Realized Loss Detail Report				24
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				25
			14.	Additional Certificate Report				26



				Total Number of Pages				26



			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: February 1, 2004
	Certificate Insurer(s):							Closing Date: February 25, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		Countrywide Home Loans Serv Master Servicer


								Distribution Date: March 25, 2004
	Underwriter(s):		Morgan Stanley Dean Witter Lead Underwriter					Record Date: March 24, 2004
			Bank of America Underwriter					February 27, 2004
			Countrywide Securities Underwriter
			Greenwich Capital Markets Underwriter




						Page 1 of 26					© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates
	REMIC III Series 2004-HE1
	Certificate Payment Report for March 25, 2004 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, STEP	400,266,000.00			400,266,000.00	444,962.37	3,591,609.41	4,036,571.78	-	-	396,674,390.59
A-2	FLT, STEP	200,226,000.00			200,226,000.00	225,810.43	1,360,148.63	1,585,959.06	-	-	198,865,851.37
A-3	FLT, STEP	91,000,000.00			91,000,000.00	95,297.22	2,646,204.21	2,741,501.43	-	-	88,353,795.79
A-4	FLT, STEP	35,827,000.00			35,827,000.00	44,733.99	-	44,733.99	-	-	35,827,000.00
M-1	MEZ, FLT, S	53,218,000.00			53,218,000.00	71,164.29	-	71,164.29	-	-	53,218,000.00
M-2	MEZ, FLT, S	44,349,000.00			44,349,000.00	81,811.59	-	81,811.59	-	-	44,349,000.00
M-3	MEZ, FLT, S	15,966,000.00			15,966,000.00	31,382.06	-	31,382.06	-	-	15,966,000.00
B-1	SUB, FLT, S	11,974,000.00			11,974,000.00	26,911.57	-	26,911.57	-	-	11,974,000.00
B-2	SUB, FLT, S	11,087,000.00			11,087,000.00	25,811.15	-	25,811.15	-	-	11,087,000.00
B-3	SUB, FLT, S	11,087,000.00			11,087,000.00	43,226.98	-	43,226.98	-	-	11,087,000.00
P	SUB, EXE	100.00			100.00	96,041.16	100.00	96,141.16	-	-	-
X	SUB	11,974,051.04			11,974,051.04	3,120,793.98	-	3,120,793.98	-	100.00	11,974,151.04
R	R	-			-	-	-	-	-	-	-


Total		886,974,151.04			886,974,151.04	4,307,946.79	7,598,062.25	11,906,009.04	-	100.00	879,376,188.79


	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	02/25/04	03/24/04		A-Act/360	12506YCG2	400,266,000.00	1,000.000000	1.111667	8.973056	10.084723	991.026944
A-2	02/25/04	03/24/04		A-Act/360	12506YCH0	200,226,000.00	1,000.000000	1.127778	6.793067	7.920845	993.206933
A-3	02/25/04	03/24/04		A-Act/360	12506YCJ6	91,000,000.00	1,000.000000	1.047222	29.079167	30.126389	970.920833
A-4	02/25/04	03/24/04		A-Act/360	12506YCK3	35,827,000.00	1,000.000000	1.248611	-	1.248611	1,000.000000
M-1	02/25/04	03/24/04		A-Act/360	12506YCL1	53,218,000.00	1,000.000000	1.337222	-	1.337222	1,000.000000
M-2	02/25/04	03/24/04		A-Act/360	12506YCM9	44,349,000.00	1,000.000000	1.844722	-	1.844722	1,000.000000
M-3	02/25/04	03/24/04		A-Act/360	12506YCN7	15,966,000.00	1,000.000000	1.965556	-	1.965556	1,000.000000
B-1	02/25/04	03/24/04		A-Act/360	12506YCP2	11,974,000.00	1,000.000000	2.247500	-	2.247500	1,000.000000
B-2	02/25/04	03/24/04		A-Act/360	12506YCQ0	11,087,000.00	1,000.000000	2.328055	-	2.328055	1,000.000000
B-3	02/25/04	03/24/04		A-Act/360	12506YCR8	11,087,000.00	1,000.000000	3.898889	-	3.898889	1,000.000000
P	02/25/04	03/24/04		-		100.00	1,000.000000	960,411.600000	1,000.000000	961,411.600000	-
X	02/25/04	03/24/04		A-Act/360		11,974,051.04	75,074.692690	260.629754	-	260.629754	74,440.165392
R	02/25/04	03/24/04		-		-	-	-	-	-	-


							Page 2 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates
	REMIC III Series 2004-HE1
	Certificate Payment Report for March 25, 2004 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	400,266,000.00		444,962.37		3,318,382.08	273,227.33	3,591,609.41	4,036,571.78	-	-	396,674,390.59
A-2	200,226,000.00		225,810.43		1,256,676.97	103,471.66	1,360,148.63	1,585,959.06	-	-	198,865,851.37
A-3	91,000,000.00		95,297.22		2,444,897.43	201,306.78	2,646,204.21	2,741,501.43	-	-	88,353,795.79
A-4	35,827,000.00		44,733.99		-	-	-	44,733.99	-	-	35,827,000.00
M-1	53,218,000.00		71,164.29		-	-	-	71,164.29	-	-	53,218,000.00
M-2	44,349,000.00		81,811.59		-	-	-	81,811.59	-	-	44,349,000.00
M-3	15,966,000.00		31,382.06		-	-	-	31,382.06	-	-	15,966,000.00
B-1	11,974,000.00		26,911.57		-	-	-	26,911.57	-	-	11,974,000.00
B-2	11,087,000.00		25,811.15		-	-	-	25,811.15	-	-	11,087,000.00
B-3	11,087,000.00		43,226.98		-	-	-	43,226.98	-	-	11,087,000.00
P	100.00		96,041.16		-	100.00	100.00	96,141.16	-	-	-
X	11,974,051.04		3,120,793.98		-	-	-	3,120,793.98	-	100.00	11,974,151.04
R	-		-		-	-	-	-	-	-	-


Total	886,974,151.04		4,307,946.79		7,019,956.48	578,105.77	7,598,062.25	11,906,009.04	-	100.00	879,376,188.79


	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	1.38000%	400,266,000.00			444,962.37	-	-	-	444,962.37	444,962.37	-
A-2	1.40000%	200,226,000.00			225,810.43	-	-	-	225,810.43	225,810.43	-
A-3	1.30000%	91,000,000.00			95,297.22	-	-	-	95,297.22	95,297.22	-
A-4	1.55000%	35,827,000.00			44,733.99	-	-	-	44,733.99	44,733.99	-
M-1	1.66000%	53,218,000.00			71,164.29	-	-	-	71,164.29	71,164.29	-
M-2	2.29000%	44,349,000.00			81,811.59	-	-	-	81,811.59	81,811.59	-
M-3	2.44000%	15,966,000.00			31,382.06	-	-	-	31,382.06	31,382.06	-
B-1	2.79000%	11,974,000.00			26,911.57	-	-	-	26,911.57	26,911.57	-
B-2	2.89000%	11,087,000.00			25,811.15	-	-	-	25,811.15	25,811.15	-
B-3	4.84000%	11,087,000.00			43,226.98	-	-	-	43,226.98	43,226.98	-
P		100.00			96,041.16	-	-	-	96,041.16	96,041.16	-
X	5.58945%	898,948,202.08			3,120,793.98	-	-	-	3,120,793.98	3,120,893.98	-
R		-			-	-	-	-	-	-	-


Total		1,773,948,302.08			4,307,946.79	-	-	-	4,307,946.79	4,308,046.79	-


							Page 3 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Collection Account Report for March 25, 2004 Distribution


	Collection Account Report


SUMMARY					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Principal Collections				2,646,204.27	1,360,148.66	3,591,609.50	7,597,962.43
	Principal Other Accounts				0.00	0.00	0.00	0.00
	TOTAL NET PRINCIPAL				2,646,204.27	1,360,148.66	3,591,609.50	7,597,962.43

	Interest Collections				751,870.25	1,183,122.51	2,342,448.90	4,277,441.66
	Interest Withdrawals				0.00	0.00	0.00	0.00
	Interest Other Accounts				0.00	0.00	0.00	0.00
	Interest Fees (Including Insurance Premium for Class A-1 Certs)				(7,987.70)	(11,703.89)	(45,744.62)	(65,436.21)
	TOTAL NET INTEREST				743,882.55	1,171,418.62	2,296,704.28	4,212,005.45

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE				3,390,086.82	2,531,567.28	5,888,313.78	11,809,967.88

	Prepayment Penalties Collected							96,041.16

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							11,906,009.04


PRINCIPAL - COLLECTIONS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received				100,367.80	154,509.61	323,128.36	578,005.77
	Prepayments In Full				2,529,653.68	1,189,673.73	3,209,204.44	6,928,531.85
	Curtailments				16,182.79	15,965.32	59,276.70	91,424.81
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Principal				0.00	0.00	0.00	0.00
	Repurchased Principal Amounts				0.00	0.00	0.00	0.00
	Other Principal				0.00	0.00	0.00	0.00
	Total Realized Loss Of Principal				0.00	0.00	0.00	0.00
	Delinquent Principal				(87,623.57)	(134,124.47)	(274,139.79)	(495,887.83)
	Advanced Principal				87,623.57	134,124.47	274,139.79	495,887.83

	TOTAL PRINCIPAL COLLECTED				2,646,204.27	1,360,148.66	3,591,609.50	7,597,962.43


				Page 4 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Collection Account Report for March 25, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Scheduled Interest				796,430.84	1,254,297.17	2,483,391.66	4,534,119.67
	Liquidation Interest				0.00	0.00	0.00	0.00
	Repurchased Interest				0.00	0.00	0.00	0.00
	Insurance Interest				0.00	0.00	0.00	0.00
	Other Interest				0.00	0.00	0.00	0.00
	Relief Act Interest Shortfalls				0.00	0.00	0.00	0.00
	Net Prepayment Interest Shortfalls				0.00	0.00	0.00	0.00
	Delinquent Interest				(683,018.00)	(1,090,000.64)	(2,121,668.12)	(3,894,686.76)
	Interest Advanced				638,457.41	1,018,825.98	1,980,725.36	3,638,008.75

	TOTAL INTEREST COLLECTED				751,870.25	1,183,122.51	2,342,448.90	4,277,441.66


				Page 5 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Collection Account Report for March 25, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS					GROUP 3	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 3	GROUP 2	GROUP 1	TOTAL


	TOTAL INTEREST OTHER ACCOUNTS				0.00	0.00	0.00	0.00


INTEREST - FEES					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees				7,537.71	10,994.17	24,304.02	42,835.90
	Trustee Fees				449.99	709.72	1,427.30	2,587.01
	Insurance Premium for Class A-1 Certificates						20,013.30	20,013.30


	TOTAL INTEREST OTHER FEES				7,987.70	11,703.89	45,744.62	65,436.21


				Page 6 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for March 25, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Excess Reserve Fund Balance (Ending)							0.00


INSURANCE					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Beginning Subordinated Amount							11,974,051.22
	Ending Subordinated Amount							11,974,151.04
	Specified Subordinated Amount							11,974,151.04


	Senior Enhancement Percentage							18.16%


				Page 7 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Collateral Report for March 25, 2004 Distribution


	Collateral Report


COLLATERAL					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*				674	1014	2725	4413
	Prior				-	-	-	-
	Prefunding				-	-	-	-
	Scheduled Paid Offs				-	-	-	-
	Full Voluntary Prepayments				(9)	(5)	(23)	(37)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				665	1,009	2,702	4,376

	*Principal Balance:*
	Original				125,035,934.23	197,205,168.45	396,592,265.54	718,833,368.22
	Prior				-	-	-	-
	Prefunding				-	-	-	-
	Scheduled Principal				(100,367.80)	(154,509.61)	(323,128.36)	(578,005.77)
	Partial and Full Voluntary Prepayments				(2,545,836.47)	(1,205,639.05)	(3,268,481.14)	(7,019,956.66)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				122,389,729.96	195,845,019.79	393,000,656.04	711,235,405.79

PREFUNDING					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Prefunding Account - Initial Balance				29,246,889.00	46,127,841.00	92,766,053.00	168,140,783.00
	Prefunding Account - Beginning Balance				29,246,889.00	46,127,841.00	92,766,053.00	168,140,783.00
	Prefunding Account - Withdrawls for Subsequent Transfers				0.00	0.00	0.00	0.00
	Prefunding Account - Released as Principal				0.00	0.00	0.00	0.00
	Prefunding Account - Ending Balance				29,246,889.00	46,127,841.00	92,766,053.00	168,140,783.00


	Capitalized Interest Account - Initial Balance							759,988.00
	Capitalized Interest Account - Beginning Balance							759,988.00
	Capitalized Interest Account - Withdrawls							0.00
	Capitalized Interest Account - Interest Earnings							0.00
	Capitalized Interest Account - Ending Balance							759,988.00


	Group 1		Group 3
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Collateral Report for March 25, 2004 Distribution


	Collateral Report


CHARACTERISTICS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original				7.643539%	7.632440%	7.514191%	7.569131%
	Weighted Average Coupon Prior
	Weighted Average Coupon Current				7.643539%	7.632440%	7.514191%	7.569131%
	Weighted Average Months to Maturity Original				344	352	347	348
	Weighted Average Months to Maturity Prior				-	-	-	-
	Weighted Average Months to Maturity Current				344	352	347	348
	Weighted Avg Remaining Amortization Term Original				350	352	350	351
	Weighted Avg Remaining Amortization Term Prior				-	-	-	-
	Weighted Avg Remaining Amortization Term Current				350	352	350	351
	Weighted Average Seasoning Original				4.52	4.42	4.52	4.49
	Weighted Average Seasoning Prior				-	-	-	-
	Weighted Average Seasoning Current				4.52	4.42	4.52	4.49

Note: Original information refers to deal issue.


	Group 1		Group 3
	Group 2
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Collateral Report for March 25, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original				4.060%	4.508%	4.246%
	Weighted Average Margin Prior
	Weighted Average Margin Current				4.060%	4.508%	4.246%
	Weighted Average Max Rate Original				9.398%	10.411%	9.971%
	Weighted Average Max Rate Prior
	Weighted Average Max Rate Current				9.398%	10.411%	9.971%
	Weighted Average Min Rate Original				5.008%	5.631%	5.233%
	Weighted Average Min Rate Prior
	Weighted Average Min Rate Current				5.008%	5.631%	5.233%
	Weighted Average Cap Up Original				0.758%	0.820%	0.807%
	Weighted Average Cap Up Prior
	Weighted Average Cap Up Current				0.758%	0.820%	0.807%
	Weighted Average Cap Down Original				0.758%	0.820%	0.807%
	Weighted Average Cap Down Prior
	Weighted Average Cap Down Current				0.758%	0.820%	0.807%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees				7,537.71	10,994.17	24,304.02	42,835.90
	Delinquent Servicing Fees				44,560.59	71,174.65	140,942.76	256,678.00
	TOTAL SERVICING FEES				52,098.30	82,168.82	165,246.78	299,513.90

	Prepayment Interest Shortfall				6,644.50	1,918.33	9,230.34	17,793.17
	Compensating Interest				(6,644.50)	(1,918.33)	(9,230.34)	(17,793.17)
	Delinquent Servicing Fees				(44,560.59)	(71,174.65)	(140,942.76)	(256,678.00)

	COLLECTED SERVICING FEES				7,537.71	10,994.17	24,304.02	42,835.90


	Aggregate Advances with respect to this Distribution				726,080.98	1,152,950.45	2,254,865.15	4,133,896.58
	Current Nonrecoverable Advances				0.00	0.00	0.00	0.00
	Cumulative Nonrecoverable Advances				0.00	0.00	0.00	0.00


ADDITIONAL COLLATERAL INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Net Prepayment Interest Shortfall							0.00

	Net Monthly Excess Cash Flow							3,120,893.80


	Ending Pool Stated Principal Balance				122,389,729.96	195,845,019.79	393,000,656.04	711,235,405.79


				Page 10 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Delinquency Report for March 25, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			7,018,465.68	914,090.98	-	7,932,556.66
		% Balance			0.99%	0.13%	0.00%	1.12%
		# Loans			45	3	-	48
		% # Loans			1.03%	0.07%	0.00%	1.10%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
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		-	7,018,465.68	914,090.98	-	7,932,556.66
		% Balance		0.00%	0.99%	0.13%	0.00%	1.12%
		# Loans		-	45	3	-	48
		% # Loans		0.00%	1.03%	0.07%	0.00%	1.10%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								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 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Delinquency Report for March 25, 2004 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			3,899,299.29	-	-	3,899,299.29
		% Balance			0.99%	0.00%	0.00%	0.99%
		# Loans			28	-	-	28
		% # Loans			1.04%	0.00%	0.00%	1.04%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
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		-	3,899,299.29	-	-	3,899,299.29
		% Balance		0.00%	0.99%	0.00%	0.00%	0.99%
		# Loans		-	28	-	-	28
		% # Loans		0.00%	1.04%	0.00%	0.00%	1.04%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								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 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Delinquency Report for March 25, 2004 Distribution


	Delinquency Report - Group 2 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			2,275,213.45	914,090.98	-	3,189,304.43
		% Balance			1.16%	0.47%	0.00%	1.63%
		# Loans			12	3	-	15
		% # Loans			1.19%	0.30%	0.00%	1.49%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
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		-	2,275,213.45	914,090.98	-	3,189,304.43
		% Balance		0.00%	1.16%	0.47%	0.00%	1.63%
		# Loans		-	12	3	-	15
		% # Loans		0.00%	1.19%	0.30%	0.00%	1.49%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								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 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Delinquency Report for March 25, 2004 Distribution


	Delinquency Report - Group 3 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			843,952.94	-	-	843,952.94
		% Balance			0.69%	0.00%	0.00%	0.69%
		# Loans			5	-	-	5
		% # Loans			0.75%	0.00%	0.00%	0.75%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
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		-	843,952.94	-	-	843,952.94
		% Balance		0.00%	0.69%	0.00%	0.00%	0.69%
		# Loans		-	5	-	-	5
		% # Loans		0.00%	0.75%	0.00%	0.00%	0.75%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								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 14 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	REO Report for March 25, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group 1; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2; REO Book Value = 000.00
Total Current Balance = 000.00				Loan Group 3 = Group 3; REO Book Value = 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 15 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Foreclosure Report for March 25, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group 1
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2
Total Current Balance = 000.00				Loan Group 3 = Group 3


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 16 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Prepayment Report for March 25, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans				9	5	23	37
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				9	5	23	37

	Paid in Full Balance				2,529,653.68	1,189,673.73	3,209,204.44	6,928,531.85
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				16,182.79	15,965.32	59,276.70	91,424.81
	Total Prepayment Amount				2,545,836.47	1,205,639.05	3,268,481.14	7,019,956.66

	*Cumulative*
	Number of Paid in Full Loans				9	5	23	37
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				9	5	23	37

	Paid in Full Balance				2,529,653.68	1,189,673.73	3,209,204.44	6,928,531.85
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				16,182.79	15,965.32	59,276.70	91,424.81
	Total Prepayment Amount				2,545,836.47	1,205,639.05	3,268,481.14	7,019,956.66

SPACE INTENTIONALLY LEFT BLANK


Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)


				Page 17 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Prepayment Report for March 25, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES					GROUP 3	GROUP 2	GROUP 1	TOTAL

	SMM				2.04%	0.61%	0.82%	0.98%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off				2.04%	0.61%	0.82%	0.98%

	CPR				21.89%	7.10%	9.46%	11.12%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off				21.89%	7.10%	9.46%	11.12%

	PSA				2422.70%	803.41%	1047.03%	1237.92%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				2422.70%	803.41%	1047.03%	1237.92%



	Group 1		Group 3
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 18 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Prepayment Report for March 25, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1		Group 3
	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 26				© COPYRIGHT 2004 Deutsche Bank


	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for March 25, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 37						Loan Group 1 = Group 1
Total Original Principal Balance = 6,956,510.00						Loan Group 2 = Group 2
Total Prepayment Amount = 6,928,531.85						Loan Group 3 = Group 3


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

48794367 1			97,750.00	97,638.23	Feb-12-04	10.735%	CT - 85.00%	Paid Off - 360	Oct-31-03
48996625 1			356,000.00	355,341.69	Feb-17-04	8.450%	NY - 80.00%	Paid Off - 360	Oct-27-03
48996753 1			120,000.00	119,724.38	Feb-13-04	7.375%	CA - 71.43%	Paid Off - 360	Oct-20-03
49124607 1			221,360.00	220,900.00	Feb-25-04	7.875%	NJ - 80.00%	Paid Off - 360	Oct-08-03
49551459 1			114,000.00	112,719.75	Feb-27-04	7.500%	CA - 69.09%	Paid Off - 180	Oct-09-03
49552267 1			159,800.00	159,492.18	Feb-10-04	8.250%	MI - 85.00%	Paid Off - 360	Oct-14-03
49881542 1			242,250.00	240,568.03	Feb-12-04	6.990%	CA - 95.00%	Paid Off - 360	May-29-03
49883246 1			130,000.00	129,310.49	Feb-04-04	7.490%	FL - 100.00%	Paid Off - 360	Jun-24-03
49886550 1			62,400.00	62,118.85	Feb-24-04	8.000%	FL - 79.49%	Paid Off - 360	Aug-01-03
49887918 1			141,600.00	141,175.94	Feb-13-04	8.625%	CA - 80.00%	Paid Off - 360	Aug-21-03
49888158 1			50,000.00	49,738.39	Feb-10-04	5.490%	CO - 29.41%	Paid Off - 360	Aug-11-03
49890295 1			196,800.00	195,416.84	Feb-26-04	6.750%	AZ - 80.00%	Paid Off - 360	May-29-03
49892239 1			234,000.00	232,813.67	Feb-19-04	5.990%	CA - 90.00%	Paid Off - 360	Jul-29-03
49892615 1			247,500.00	246,304.76	Feb-25-04	6.990%	CA - 90.00%	Paid Off - 360	Aug-15-03
49892983 1			90,000.00	89,768.81	Feb-24-04	11.740%	OH - 50.73%	Paid Off - 360	May-28-03
49893287 1			115,000.00	114,545.95	Feb-24-04	7.250%	NY - 57.50%	Paid Off - 360	Aug-25-03
49893743 1			127,500.00	126,631.38	Feb-18-04	9.490%	FL - 75.00%	Paid Off - 360	May-21-03
51514438 1			140,000.00	139,764.07	Feb-13-04	6.875%	CA - 63.64%	Paid Off - 360	Nov-07-03
52548599 1			93,750.00	93,517.63	Feb-25-04	6.990%	CA - 78.13%	Paid Off - 360	Oct-08-03
52551223 1			76,500.00	76,328.61	Feb-24-04	7.500%	CO - 90.00%	Paid Off - 360	Oct-31-03
54742437 1			45,000.00	44,642.50	Feb-02-04	7.500%	MI - 55.56%	Paid Off - 360	Mar-27-03
54743477 1			97,500.00	97,184.80	Feb-11-04	8.250%	IL - 75.00%	Paid Off - 360	Aug-21-03
54743645 1			63,700.00	63,557.49	Feb-15-04	10.150%	IL - 75.03%	Paid Off - 360	Aug-14-03
48556115 2			60,000.00	59,927.04	Feb-26-04	8.500%	AZ - 50.00%	Paid Off - 360	Nov-21-03
48912838 2			276,300.00	275,794.29	Feb-27-04	8.500%	CA - 90.00%	Paid Off - 360	Sep-29-03
49552755 2			198,000.00	197,509.29	Feb-23-04	6.990%	CA - 90.00%	Paid Off - 360	Sep-26-03
49888230 2			62,000.00	61,110.89	Feb-24-04	8.240%	IN - 53.68%	Paid Off - 180	Aug-22-03
52549055 2			598,500.00	595,332.22	Feb-20-04	6.500%	CA - 90.00%	Paid Off - 360	Aug-22-03
47984282 3			415,000.00	413,301.14	Feb-25-04	8.000%	CA - 79.96%	Paid Off - 360	Jul-14-03
48994633 3			42,000.00	41,927.46	Feb-20-04	10.200%	OK - 75.00%	Paid Off - 360	Sep-25-03
48995825 3			237,250.00	236,718.45	Feb-10-04	7.500%	NY - 65.00%	Paid Off - 360	Oct-27-03
49884790 3			612,000.00	608,814.72	Feb-25-04	6.900%	CA - 80.00%	Paid Off - 360	Jul-22-03
49893751 3			126,400.00	125,887.52	Feb-20-04	9.490%	FL - 80.00%	Paid Off - 360	May-21-03
51514174 3			97,000.00	96,913.64	Feb-25-04	9.990%	IL - 20.00%	Paid Off - 360	Nov-10-03
52548407 3			200,000.00	199,673.19	Feb-13-04	9.050%	IL - 80.00%	Paid Off - 360	Oct-14-03
54707926 3			438,400.00	437,367.78	Feb-09-04	7.250%	OR - 80.00%	Paid Off - 360	Oct-29-03
54743781 3			371,250.00	369,049.78	Feb-20-04	7.620%	CA - 75.00%	Paid Off - 360	May-12-03


					Page 20 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Realized Loss Report for March 25, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES					GROUP 3	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.


	Cumulative Loss Percentage							0.00%


	Group 1		Group 3				3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 21 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Realized Loss Report for March 25, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	MDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg MDR
	12 Months Avg MDR
	Avg MDR Since Cut-off				0.00%	0.00%	0.00%	0.00%

	CDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg CDR
	12 Months Avg CDR
	Avg CDR Since Cut-off				0.00%	0.00%	0.00%	0.00%

	SDA				0.00%	0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation				0.00%	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 3
	Group 2
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 22 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Realized Loss Report for March 25, 2004 Distribution


	Realized Loss Report - Collateral

	Group 1		Group 3
	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 23 of 26				© COPYRIGHT 2004 Deutsche Bank


	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for March 25, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00						Loan Group 2 = Group 2
Total Current Realized Loss Amount = 0.00						Loan Group 3 = Group 3
Total Revisions Amount = 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			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK


					Page 24 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for March 25, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Has a Stepdown Date occurred?							No

	Does Trigger Event exist?							No

	1. Does (A) exceed (B)?							No
	(A) 60+ Day Delinq % (quotient of (x) over (y))							0.13%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							914,090.98
	(y) Stated Principal Balance							711,235,405.79
	(B) 44.5% of Sr. Enhancement Percentage							16.02%

	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.00%
	(x) Agg. Realized Losses to date							0.00
	(y) Cut-off Date Pool Principal Balance							886,974,151.22
	(B) Applicable Percentage							100.00%


	Senior Enhancement Percentage (Prior)							36.00%



ADJUSTABLE RATE CERTIFICATE INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Basis Risk Carry Forward Amount							0.00


				Page 25 of 26				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE1
	Mortgage Pass-Through Certificates

	Additional Certificate Report for March 25, 2004 Distribution


	Additional Certificate Report

SPACE INTENTIONALLY LEFT BLANK
	CLASS


				Page 26 of 26				© COPYRIGHT 2004 Deutsche Bank

MORGAN STANLEY ABS CAPITAL 1 INC CDC MORT CAP TRUST 2004-HE1 8-K