

                           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):  September 27, 2004
                          (Date of earliest event reported)

           Morgan Stanley ABS Capital I Inc (as Depositor under the Pooling
            and Servicing Agreement, dated as May 1, 2004, providing for the
          issuance of Asset-Backed Pass-Through Certificates, Series 2004-HE2)
                 (Exact name of registrant as specified in charter)

                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-113543-04                        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



         (Former name or former address, if changed since last report.)

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 (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] 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

     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 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     September 27, 2004.

                                    Signatures

               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,
                                  in its capacity as Trustee under the
                                  Pooling and Servicing Agreement on
                                  behalf of Morgan Stanley ABS
                                  Capital I Inc


          Date:  Sep 27, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of September 27, 2004.


	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates


	September 27, 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				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				22
			12.	Realized Loss Detail Report				25
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				26
			14.	Additional Certificate Report				27



				Total Number of Pages				27



			CONTACTS

				Administrator: Kumar Khambhaita
				Direct Phone Number: (714)247-6327
				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, 2004
	Certificate Insurer(s):							Closing Date: May 26, 2004
								First Payment Date: June 25, 2004
	Servicer(s):		Countrywide Home Loans, Inc. Master Servicer


								Distribution Date: September 27, 2004
	Underwriter(s):		Morgan Stanley Lead Underwriter					Record Date: September 24, 2004
								August 31, 2004






						Page 1 of 27					© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates
	REMIC III Series 2004-HE2
	Certificate Payment Report for September 27, 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	301,739,000.00			287,470,563.98	486,184.59	10,654,643.33	11,140,827.92	-	-	276,815,920.65
A-2	FLT, STEP	125,000,000.00			111,904,308.74	177,974.48	11,322,554.22	11,500,528.70	-	-	100,581,754.52
A-3	FLT, STEP	59,321,000.00			59,321,000.00	100,326.64	-	100,326.64	-	-	59,321,000.00
A-4	FLT, STEP	49,000,000.00			49,000,000.00	94,549.58	-	94,549.58	-	-	49,000,000.00
M-1	MEZ, FLT, S	8,257,000.00			40,295,000.00	79,230.04	-	79,230.04	-	-	40,295,000.00
M-2	MEZ, FLT, S	7,596,000.00			36,331,000.00	93,749.12	-	93,749.12	-	-	36,331,000.00
M-3	MEZ, FLT, S	4,954,000.00			9,909,000.00	28,294.32	-	28,294.32	-	-	9,909,000.00
B-1	SUB, FLT, S	40,295,000.00			9,909,000.00	32,835.95	-	32,835.95	-	-	9,909,000.00
B-2	SUB, FLT, S	36,331,000.00			8,257,000.00	30,010.75	-	30,010.75	-	-	8,257,000.00
B-3	SUB, FLT, S	9,909,000.00			7,596,000.00	37,356.50	-	37,356.50	-	-	7,596,000.00
B-4	SUB, FLT, S	9,909,000.00			4,954,000.00	24,363.36	-	24,363.36	-	-	4,954,000.00
X	SUB	8,257,001.27			8,257,101.26	2,484,593.60	-	2,484,593.60	-	-	8,257,101.26
R	R	-			-	-	-	-	-	-	-
P	SUB,P	100.00			-	497,725.49	-	497,725.49	-	-	-


Total		660,568,101.27			633,203,973.98	4,167,194.42	21,977,197.55	26,144,391.97	-	-	611,226,776.43


	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	08/25/04	09/26/04		A-Act/360	12506YCS6	301,739,000.00	952.712656	1.611275	35.310793	36.922068	917.401863
A-2	08/25/04	09/26/04		A-Act/360	12506YCT4	125,000,000.00	895.234470	1.423796	90.580434	92.004230	804.654036
A-3	08/25/04	09/26/04		A-Act/360	12506YCU1	59,321,000.00	1,000.000000	1.691250	-	1.691250	1,000.000000
A-4	08/25/04	09/26/04		A-Act/360	12506YCV9	49,000,000.00	1,000.000000	1.929583	-	1.929583	1,000.000000
M-1	08/25/04	09/26/04		A-Act/360	12506YCW7	8,257,000.00	4,880.101732	9.595500	-	9.595500	4,880.101732
M-2	08/25/04	09/26/04		A-Act/360	12506YCX5	7,596,000.00	4,782.912059	12.341906	-	12.341906	4,782.912059
M-3	08/25/04	09/26/04		A-Act/360	12506YCY3	4,954,000.00	2,000.201857	5.711409	-	5.711409	2,000.201857
B-1	08/25/04	09/26/04		A-Act/360	12506YCZ0	40,295,000.00	245.911403	0.814889	-	0.814889	245.911403
B-2	08/25/04	09/26/04		A-Act/360	12506YDA4	36,331,000.00	227.271476	0.826037	-	0.826037	227.271476
B-3	08/25/04	09/26/04		A-Act/360	12506YDB2	9,909,000.00	766.575840	3.769957	-	3.769957	766.575840
B-4	08/25/04	09/26/04		A-Act/360	12506YDC0	9,909,000.00	499.949541	2.458710	-	2.458710	499.949541
X	08/25/04	09/26/04		A-Act/360		8,257,001.27	77,686.929497	300.907499	-	300.907499	75,025.285538
R	08/25/04	09/26/04		-		-	-	-	-	-	-
P	08/25/04	09/26/04		-		100.00	-	4,977,254.900000	-	4,977,254.900000	-


							Page 2 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates
	REMIC III Series 2004-HE2
	Certificate Payment Report for September 27, 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	301,739,000.00		1,628,682.99		24,053,783.67	869,295.67	24,923,079.35	26,551,762.34	-	-	276,815,920.65
A-2	125,000,000.00		610,616.55		23,539,613.36	878,632.13	24,418,245.48	25,028,862.03	-	-	100,581,754.52
A-3	59,321,000.00		327,278.90		-	-	-	327,278.90	-	-	59,321,000.00
A-4	49,000,000.00		314,219.31		-	-	-	314,219.31	-	-	49,000,000.00
M-1	8,257,000.00		263,949.03		-	-	-	263,949.03	-	-	40,295,000.00
M-2	7,596,000.00		321,827.07		-	-	-	321,827.07	-	-	36,331,000.00
M-3	4,954,000.00		98,015.15		-	-	-	98,015.15	-	-	9,909,000.00
B-1	40,295,000.00		115,080.66		-	-	-	115,080.66	-	-	9,909,000.00
B-2	36,331,000.00		105,849.01		-	-	-	105,849.01	-	-	8,257,000.00
B-3	9,909,000.00		134,005.05		-	-	-	134,005.05	-	-	7,596,000.00
B-4	9,909,000.00		87,396.13		0.00	-	-	87,396.13	-	-	4,954,000.00
X	8,257,001.27		9,527,230.76		-	-	-	9,527,230.76	-	99.99	8,257,101.26
R	-		-		-	-	-	-	-	-	-
P	100.00		1,136,660.95		-	100.00	100.00	1,136,760.95	-	-	-


Total	660,568,101.27		14,670,811.56		47,593,397.03	1,748,027.80	49,341,424.83	64,012,236.39	-	99.99	611,226,776.43


	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	1.84500%	287,470,563.98			486,184.59	-	-	-	486,184.59	486,184.59	-
A-2	1.73500%	111,904,308.74			177,974.48	-	-	-	177,974.48	177,974.48	-
A-3	1.84500%	59,321,000.00			100,326.64	-	-	-	100,326.64	100,326.64	-
A-4	2.10500%	49,000,000.00			94,549.58	-	-	-	94,549.58	94,549.58	-
M-1	2.14500%	40,295,000.00			79,230.04	-	-	-	79,230.04	79,230.04	-
M-2	2.81500%	36,331,000.00			93,749.12	-	-	-	93,749.12	93,749.12	-
M-3	3.11500%	9,909,000.00			28,294.32	-	-	-	28,294.32	28,294.32	-
B-1	3.61500%	9,909,000.00			32,835.95	-	-	-	32,835.95	32,835.95	-
B-2	3.96500%	8,257,000.00			30,010.75	-	-	-	30,010.75	30,010.75	-
B-3	5.36500%	7,596,000.00			37,356.50	-	-	-	37,356.50	37,356.50	-
B-4	5.36500%	4,954,000.00			24,363.36	-	-	-	24,363.36	24,363.36	-
X		641,461,075.52			2,484,593.60	-	-	-	2,484,593.60	2,484,593.60	-
R		-			-	-	-	-	-	-	-
P		-			497,725.49	-	-	-	497,725.49	497,725.49	-


Total		1,266,407,948.24			4,167,194.42	-	-	-	4,167,194.42	4,167,194.42	-


							Page 3 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					11,322,554.22	10,654,643.33	21,977,197.55
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					11,322,554.22	10,654,643.33	21,977,197.55

	Interest Collections					1,623,457.84	2,108,279.01	3,731,736.85
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees (Including Insurance Premium for Class A-1 Certs)					(21,446.49)	(40,821.43)	(62,267.92)
	TOTAL NET INTEREST					1,602,011.35	2,067,457.58	3,669,468.93

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					12,924,565.57	12,722,100.91	25,646,666.48

	Prepayment Penalties Collected							497,725.49

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							26,144,391.97


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received					198,852.94	270,313.81	469,166.75
	Prepayments In Full					11,108,186.56	10,363,635.06	21,471,821.62
	Curtailments					15,514.72	20,694.46	36,209.18
	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					(169,901.95)	(229,333.28)	(399,235.23)
	Advanced Principal					169,901.95	229,333.28	399,235.23

	TOTAL PRINCIPAL COLLECTED					11,322,554.22	10,654,643.33	21,977,197.55


				Page 4 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 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					1,717,629.93	2,232,474.81	3,950,104.74
	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					(1,417,900.65)	(1,869,281.82)	(3,287,182.47)
	Interest Advanced					1,323,728.56	1,745,086.02	3,068,814.58

	TOTAL INTEREST COLLECTED					1,623,457.84	2,108,279.01	3,731,736.85


				Page 5 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 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					20,392.50	25,074.61	45,467.11
	Trustee Fees					1,053.99	1,373.29	2,427.28
	Insurance Premium for Class A-1 Certificates						14,373.53	14,373.53


	TOTAL INTEREST OTHER FEES					21,446.49	40,821.43	62,267.92


				Page 6 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for September 27, 2004 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							8,257,101.26
	Ending Subordinated Amount							8,257,101.26
	Specified Subordinated Amount							8,257,101.26


	Senior Enhancement Percentage							20.53%


				Page 7 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					1217	2080	3297
	Prior					1,355	2,317	3,672
	Prefunding					111	160	271
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(43)	(66)	(109)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,423	2,411	3,834

	*Principal Balance:*
	Original					230,215,894.94	298,914,258.78	529,130,153.72
	Prior					255,166,925.22	334,144,077.45	589,311,002.67
	Prefunding					19,788,088.07	24,104,883.24	43,892,971.31
	Scheduled Principal					(198,852.94)	(270,313.81)	(469,166.75)
	Partial and Full Voluntary Prepayments					(11,123,701.28)	(10,384,329.52)	(21,508,030.80)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					263,632,459.07	347,594,317.36	611,226,776.43

PREFUNDING						GROUP 2	GROUP 1	TOTAL

	Prefunding Account - Initial Balance					57,834,809.51	73,603,137.76	131,437,947.27
	Prefunding Account - Beginning Balance					0.00	0.00	0.00
	Prefunding Account - Withdrawls for Subsequent Transfers					19,788,088.07	24,104,883.24	43,892,971.31
	Prefunding Account - Released as Principal					0.00	0.00	0.00
	Prefunding Account - Ending Balance					0.00	0.00	0.00


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


	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 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original					7.517678%	7.483512%	7.498377%
	Weighted Average Coupon Prior					7.506592%	7.472928%	7.487558%
	Weighted Average Coupon Current					7.496339%	7.477955%	7.485938%
	Weighted Average Months to Maturity Original					351	350	350
	Weighted Average Months to Maturity Prior					349	348	348
	Weighted Average Months to Maturity Current					348	347	347
	Weighted Avg Remaining Amortization Term Original					353	352	353
	Weighted Avg Remaining Amortization Term Prior					351	351	351
	Weighted Avg Remaining Amortization Term Current					350	350	350
	Weighted Average Seasoning Original					3.75	3.79	3.77
	Weighted Average Seasoning Prior					5.59	5.60	5.60
	Weighted Average Seasoning Current					6.46	6.50	6.48

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 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original					5.212%	5.026%
	Weighted Average Margin Prior					5.182%	5.041%
	Weighted Average Margin Current					5.191%	5.031%
	Weighted Average Max Rate Original					11.510%	11.168%
	Weighted Average Max Rate Prior					11.423%	11.169%
	Weighted Average Max Rate Current					11.428%	11.148%
	Weighted Average Min Rate Original					6.151%	5.960%
	Weighted Average Min Rate Prior					6.093%	5.953%
	Weighted Average Min Rate Current					6.089%	5.935%
	Weighted Average Cap Up Original					0.920%	0.905%
	Weighted Average Cap Up Prior					0.923%	0.912%
	Weighted Average Cap Up Current					0.924%	0.915%
	Weighted Average Cap Down Original					0.920%	0.905%
	Weighted Average Cap Down Prior					0.923%	0.912%
	Weighted Average Cap Down Current					0.924%	0.915%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					20,392.50	25,074.61	45,467.11
	Delinquent Servicing Fees					94,172.09	124,195.79	218,367.88
	TOTAL SERVICING FEES					114,564.59	149,270.40	263,834.99

	Prepayment Interest Shortfall					41,187.18	30,747.07	71,934.25
	Compensating Interest					(41,187.18)	(30,747.07)	(71,934.25)
	Delinquent Servicing Fees					(94,172.09)	(124,195.79)	(218,367.88)

	COLLECTED SERVICING FEES					20,392.50	25,074.61	45,467.11


	Aggregate Advances with respect to this Distribution					1,493,630.51	1,974,419.30	3,468,049.81
	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							2,484,593.60


	Ending Pool Stated Principal Balance					263,632,459.07	347,594,317.36	611,226,776.43


				Page 10 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			14,941,615.97	3,167,925.83	2,452,591.39	20,562,133.19
		% Balance			2.44%	0.52%	0.40%	3.36%
		# Loans			105	25	14	144
		% # Loans			2.74%	0.65%	0.37%	3.76%
FORECLOSURE		Balance		60,295.14	-	2,537,525.42	2,535,476.21	5,133,296.77
		% Balance		0.01%	0.00%	0.42%	0.41%	0.84%
		# Loans		1	-	17	13	31
		% # Loans		0.03%	0.00%	0.44%	0.34%	0.81%
BANKRUPTCY		Balance		833,814.94	291,954.57	-	-	1,125,769.51
		% Balance		0.14%	0.05%	0.00%	0.00%	0.18%
		# Loans		5	2	-	-	7
		% # Loans		0.13%	0.05%	0.00%	0.00%	0.18%
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		894,110.08	15,233,570.54	5,705,451.25	4,988,067.60	26,821,199.47
		% Balance		0.15%	2.49%	0.93%	0.82%	4.39%
		# Loans		6	107	42	27	182
		% # Loans		0.16%	2.79%	1.10%	0.70%	4.75%
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 11 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			8,101,188.07	1,959,126.46	2,310,930.29	12,371,244.82
		% Balance			2.33%	0.56%	0.66%	3.56%
		# Loans			66	15	13	94
		% # Loans			2.74%	0.62%	0.54%	3.90%
FORECLOSURE		Balance		60,295.14	-	1,485,835.69	681,262.55	2,227,393.38
		% Balance		0.02%	0.00%	0.43%	0.20%	0.64%
		# Loans		1	-	12	5	18
		% # Loans		0.04%	0.00%	0.50%	0.21%	0.75%
BANKRUPTCY		Balance		833,814.94	291,954.57	-	-	1,125,769.51
		% Balance		0.24%	0.08%	0.00%	0.00%	0.32%
		# Loans		5	2	-	-	7
		% # Loans		0.21%	0.08%	0.00%	0.00%	0.29%
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		894,110.08	8,393,142.64	3,444,962.15	2,992,192.84	15,724,407.71
		% Balance		0.26%	2.41%	0.99%	0.86%	4.52%
		# Loans		6	68	27	18	119
		% # Loans		0.25%	2.82%	1.12%	0.75%	4.94%
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 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Group 2 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			6,840,427.90	1,208,799.37	141,661.10	8,190,888.37
		% Balance			2.59%	0.46%	0.05%	3.11%
		# Loans			39	10	1	50
		% # Loans			2.74%	0.70%	0.07%	3.51%
FORECLOSURE		Balance		-	-	1,051,689.73	1,854,213.66	2,905,903.39
		% Balance		0.00%	0.00%	0.40%	0.70%	1.10%
		# Loans		-	-	5	8	13
		% # Loans		0.00%	0.00%	0.35%	0.56%	0.91%
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		-	6,840,427.90	2,260,489.10	1,995,874.76	11,096,791.76
		% Balance		0.00%	2.59%	0.86%	0.76%	4.21%
		# Loans		-	39	15	9	63
		% # Loans		0.00%	2.74%	1.05%	0.63%	4.43%
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 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	REO Report for September 27, 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
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 14 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Foreclosure Report for September 27, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 21				Loan Group 1 = Group 1
Total Original Principal Balance = 3,284,505.00				Loan Group 2 = Group 2
Total Current Balance = 3,270,093.32


Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date

21 1		101,500.00	101,117.91	May-01-04	10.940%	MI - 70.00%	360	Oct-07-03
776 1		105,000.00	104,667.04	May-01-04	9.250%	AZ - 75.00%	360	Feb-19-04
1101 1		39,520.00	39,429.03	Apr-01-04	11.500%	CA - 20.00%	180	Jan-16-04
2256 1		19,800.00	19,216.10	May-06-04	7.990%	IN - 60.00%	360	Nov-06-03
2775 1		157,500.00	156,393.51	May-01-04	6.750%	MN - 90.00%	360	Dec-26-03
2790 1		222,700.00	221,827.23	Apr-01-04	8.990%	WI - 85.00%	360	Jan-21-04
2912 1		133,000.00	132,224.17	May-01-04	7.700%	UT - 95.00%	360	Dec-23-03
2923 1		133,000.00	132,504.99	May-01-04	9.240%	CA - 73.89%	360	Jan-27-04
3077 1		116,450.00	116,048.94	May-01-04	8.850%	FL - 85.00%	360	Feb-26-04
3079 1		160,000.00	159,503.07	May-01-04	9.350%	FL - 80.00%	360	Feb-04-04
3210 1		188,000.00	188,000.00	May-01-04	5.950%	FL - 80.00%	360	Mar-15-04
3319 1		60,715.00	60,295.14	Aug-01-04	8.000%	IL - 78.85%	360	Oct-27-03
3660 1		195,000.00	193,816.04	May-01-04	7.500%	CA - 79.59%	360	Dec-08-03
3717 1		55,000.00	54,807.25	May-04-04	7.850%	KS - 52.38%	360	Feb-28-04
3792 1		127,920.00	127,536.67	May-01-04	7.500%	CO - 80.00%	360	Apr-30-04
941 2		68,800.00	68,545.47	May-01-04	8.500%	FL - 80.00%	360	Feb-26-04
1338 2		436,000.00	433,909.86	May-01-04	6.250%	CA - 80.00%	360	Mar-09-04
1486 2		37,600.00	37,521.94	May-01-04	9.300%	AR - 80.00%	360	Apr-08-04
2214 2		412,000.00	411,016.50	Apr-20-04	8.625%	CA - 80.00%	360	Mar-24-04
2803 2		90,000.00	89,310.78	May-01-04	7.990%	AZ - 73.77%	360	Sep-12-03
3810 2		425,000.00	422,401.68	May-01-04	4.950%	MT - 72.03%	360	Mar-10-04


				Page 15 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans					43	66	109
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					43	66	109

	Paid in Full Balance					11,108,186.56	10,363,635.06	21,471,821.62
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					15,514.72	20,694.46	36,209.18
	Total Prepayment Amount					11,123,701.28	10,384,329.52	21,508,030.80

	*Cumulative*
	Number of Paid in Full Loans					105	148	253
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					105	148	253

	Paid in Full Balance					23,587,301.63	23,823,343.40	47,410,645.03
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					85,016.60	90,417.67	175,434.27
	Total Prepayment Amount					23,672,318.23	23,913,761.07	47,586,079.30

SPACE INTENTIONALLY LEFT BLANK


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


				Page 16 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL

	SMM					4.05%	2.90%	3.40%
	3 Months Avg SMM					2.68%	2.20%	2.40%
	12 Months Avg SMM
	Avg SMM Since Cut-off					2.27%	1.76%	1.98%

	CPR					39.10%	29.76%	33.97%
	3 Months Avg CPR					27.79%	23.39%	25.33%
	12 Months Avg CPR
	Avg CPR Since Cut-off					24.05%	19.17%	21.32%

	PSA					3024.64%	2290.40%	2619.88%
	3 Months Avg PSA Approximation					2487.23%	2085.17%	2261.65%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					2345.25%	1859.94%	2073.25%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 17 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 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/(0.002*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 18 of 27				© COPYRIGHT 2004 Deutsche Bank


	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 109						Loan Group 1 = Group 1
Total Original Principal Balance = 21,575,323.00						Loan Group 2 = Group 2
Total Prepayment Amount = 21,471,821.62


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

7 1			133,000.00	132,131.29	Aug-02-04	7.740%	IL - 38.00%	Paid Off - 360	Oct-27-03
17 1			158,000.00	156,547.19	Aug-26-04	7.050%	CA - 60.77%	Paid Off - 360	Aug-25-03
80 1			128,000.00	127,286.89	Aug-18-04	8.590%	CA - 80.00%	Paid Off - 360	Oct-08-03
195 1			178,000.00	176,842.91	Aug-26-04	7.150%	CA - 80.91%	Paid Off - 360	Nov-19-03
256 1			207,400.00	206,940.75	Aug-31-04	8.990%	CA - 85.00%	Paid Off - 360	Mar-18-04
266 1			81,000.00	80,775.92	Aug-03-04	7.900%	CA - 90.00%	Paid Off - 360	Mar-11-04
391 1			187,500.00	187,067.30	Aug-10-04	8.790%	CA - 75.00%	Paid Off - 360	Mar-04-04
409 1			91,000.00	90,673.97	Aug-26-04	6.590%	MN - 65.00%	Paid Off - 360	Mar-25-04
466 1			202,500.00	201,695.37	Aug-16-04	6.490%	CA - 90.00%	Paid Off - 360	Mar-16-04
495 1			243,000.00	242,114.11	Aug-16-04	6.500%	IL - 86.79%	Paid Off - 360	Mar-26-04
626 1			292,400.00	291,501.76	Aug-24-04	7.375%	CA - 85.00%	Paid Off - 360	Mar-22-04
679 1			24,880.00	24,766.10	Aug-11-04	9.490%	OH - 80.00%	Paid Off - 360	Oct-17-03
707 1			101,700.00	100,974.82	Aug-20-04	7.500%	CA - 90.00%	Paid Off - 360	Nov-04-03
711 1			288,000.00	285,820.85	Aug-13-04	6.990%	CA - 80.00%	Paid Off - 360	Oct-16-03
725 1			54,136.00	53,618.64	Aug-12-04	10.990%	CA - 20.00%	Paid Off - 240	Nov-17-03
737 1			204,000.00	202,729.60	Aug-25-04	7.990%	CA - 80.00%	Paid Off - 360	Dec-04-03
738 1			51,000.00	50,086.49	Aug-25-04	10.990%	CA - 20.00%	Paid Off - 240	Dec-04-03
822 1			333,000.00	332,132.51	Aug-17-04	9.300%	CA - 90.00%	Paid Off - 360	Feb-19-04
890 1			62,000.00	61,724.67	Aug-02-04	9.049%	CA - 20.00%	Paid Off - 180	Nov-13-03
910 1			187,200.00	186,302.95	Aug-04-04	8.000%	WA - 90.00%	Paid Off - 360	Dec-23-03
972 1			276,250.00	275,115.46	Aug-18-04	11.000%	RI - 85.00%	Paid Off - 360	Aug-29-03
974 1			170,832.00	169,323.40	Aug-05-04	6.750%	NV - 80.00%	Paid Off - 360	Sep-22-03
975 1			42,708.00	42,569.30	Aug-05-04	11.625%	NV - 20.00%	Paid Off - 360	Sep-22-03
1067 1			149,400.00	148,221.83	Aug-16-04	7.750%	CA - 83.00%	Paid Off - 360	Dec-03-03
1127 1			103,500.00	103,071.57	Aug-27-04	7.990%	CA - 90.00%	Paid Off - 360	Jan-22-04
1197 1			131,100.00	130,184.42	Aug-25-04	7.950%	CA - 95.00%	Paid Off - 360	Aug-25-03
1248 1			39,400.00	39,283.68	Aug-09-04	10.990%	CA - 20.00%	Paid Off - 360	Nov-08-03
1249 1			140,250.00	138,968.00	Aug-18-04	6.000%	CA - 85.00%	Paid Off - 360	Oct-24-03
1258 1			34,350.00	33,696.48	Aug-04-04	10.490%	CA - 15.00%	Paid Off - 180	Nov-04-03
1307 1			237,000.00	235,612.53	Aug-05-04	6.990%	CA - 87.13%	Paid Off - 360	Dec-24-03
1324 1			157,500.00	156,854.94	Aug-17-04	8.000%	CA - 75.00%	Paid Off - 360	Jan-08-04
1441 1			48,200.00	48,112.18	Aug-19-04	9.850%	IL - 15.01%	Paid Off - 360	Apr-07-04
1509 1			94,400.00	94,059.53	Aug-05-04	8.850%	NY - 80.00%	Paid Off - 360	Jan-28-04
1731 1			51,375.00	51,231.08	Aug-11-04	8.950%	MO - 75.00%	Paid Off - 360	Feb-11-04
1853 1			111,300.00	110,639.06	Aug-02-04	7.625%	FL - 68.28%	Paid Off - 360	Nov-26-03
1854 1			31,800.00	31,366.09	Aug-02-04	11.490%	FL - 19.51%	Paid Off - 180	Nov-26-03
1871 1			216,000.00	215,060.47	Aug-09-04	7.950%	CA - 75.00%	Paid Off - 360	Jan-17-04
1885 1			280,000.00	279,052.11	Aug-27-04	8.850%	CA - 80.00%	Paid Off - 360	Jan-31-04
2012 1			110,000.00	106,228.61	Aug-20-04	7.500%	CA - 37.16%	Paid Off - 180	Jul-29-03
2123 1			161,000.00	160,634.93	Aug-06-04	8.875%	CA - 70.00%	Paid Off - 360	Feb-23-04
2160 1			191,700.00	191,139.69	Aug-20-04	7.625%	CT - 90.00%	Paid Off - 360	Mar-04-04
2209 1			228,000.00	227,127.85	Aug-24-04	6.250%	IL - 95.00%	Paid Off - 360	Mar-23-04
2225 1			148,500.00	148,076.19	Aug-12-04	7.750%	MA - 90.00%	Paid Off - 360	Mar-26-04
2305 1			140,000.00	139,352.83	Aug-02-04	7.390%	NV - 80.00%	Paid Off - 360	Jan-12-04

					Page 19 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 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

2371 1			174,000.00	173,286.27	Aug-16-04	7.990%	FL - 75.00%	Paid Off - 360	Jan-20-04
2381 1			151,900.00	151,349.35	Aug-05-04	8.600%	CO - 70.00%	Paid Off - 360	Jan-15-04
2410 1			40,000.00	39,764.86	Aug-03-04	6.150%	OH - 80.00%	Paid Off - 360	Jan-22-04
2481 1			210,000.00	208,694.91	Aug-18-04	7.990%	CA - 69.00%	Paid Off - 360	Oct-17-03
2501 1			254,250.00	253,000.81	Aug-18-04	7.875%	CA - 90.00%	Paid Off - 360	Dec-01-03
2549 1			187,000.00	186,216.94	Aug-31-04	6.950%	MD - 89.05%	Paid Off - 360	Feb-27-04
2663 1			262,500.00	260,811.64	Aug-25-04	6.500%	CA - 74.79%	Paid Off - 360	Dec-11-03
2687 1			320,000.00	319,200.41	Aug-25-04	9.500%	CA - 57.14%	Paid Off - 360	Jan-30-04
2699 1			312,000.00	311,999.83	Aug-31-04	5.950%	HI - 80.00%	Paid Off - 360	Feb-20-04
2700 1			78,000.00	77,425.56	Aug-31-04	9.250%	HI - 20.00%	Paid Off - 240	Feb-20-04
2727 1			56,000.00	55,452.88	Aug-05-04	9.740%	NV - 20.00%	Paid Off - 240	Dec-17-03
2867 1			54,000.00	53,678.62	Aug-03-04	7.600%	CA - 53.20%	Paid Off - 360	Nov-06-03
2877 1			187,500.00	186,861.19	Aug-31-04	7.990%	CA - 75.00%	Paid Off - 360	Jan-30-04
2906 1			321,000.00	319,125.58	Aug-16-04	5.200%	CA - 70.55%	Paid Off - 360	Jan-28-04
2934 1			195,000.00	193,677.38	Aug-11-04	7.350%	CA - 75.00%	Paid Off - 360	Nov-24-03
3007 1			28,570.00	28,492.63	Aug-17-04	10.750%	FL - 20.00%	Paid Off - 180	Dec-30-03
3240 1			26,400.00	26,355.48	Aug-31-04	11.990%	FL - 20.00%	Paid Off - 180	Mar-26-04
3329 1			66,000.00	65,758.98	Aug-12-04	9.990%	CA - 20.00%	Paid Off - 360	Nov-06-03
3336 1			342,000.00	339,965.08	Aug-19-04	7.600%	IL - 90.00%	Paid Off - 360	Dec-01-03
3356 1			299,100.00	297,153.02	Aug-19-04	6.990%	CA - 79.99%	Paid Off - 360	Dec-05-03
3362 1			146,000.00	145,172.45	Aug-09-04	7.000%	CA - 80.00%	Paid Off - 360	Jan-14-04
3735 1			204,000.00	203,474.87	Aug-23-04	8.260%	CA - 85.00%	Paid Off - 360	Feb-27-04
48 2			488,000.00	484,303.28	Aug-13-04	6.990%	CA - 80.00%	Paid Off - 360	Oct-13-03
77 2			204,000.00	203,027.58	Aug-13-04	8.750%	CA - 80.00%	Paid Off - 360	Oct-28-03
81 2			80,000.00	79,644.83	Aug-25-04	9.640%	MD - 80.00%	Paid Off - 360	Oct-27-03
91 2			360,000.00	357,585.77	Aug-02-04	6.990%	CA - 90.00%	Paid Off - 360	Nov-03-03
336 2			168,000.00	167,574.90	Aug-10-04	8.340%	MD - 66.67%	Paid Off - 360	Mar-10-04
383 2			113,600.00	113,332.40	Aug-05-04	8.690%	VA - 80.00%	Paid Off - 360	Mar-05-04
432 2			195,300.00	194,671.53	Aug-31-04	7.140%	GA - 75.41%	Paid Off - 360	Mar-26-04
480 2			382,500.00	381,541.95	Aug-19-04	8.390%	NY - 85.00%	Paid Off - 360	Mar-23-04
623 2			241,000.00	240,183.13	Aug-18-04	6.875%	CA - 68.86%	Paid Off - 360	Mar-26-04
682 2			279,000.00	276,943.68	Aug-19-04	7.125%	CA - 90.00%	Paid Off - 360	Oct-21-03
702 2			361,250.00	358,676.86	Aug-02-04	7.300%	CA - 85.00%	Paid Off - 360	Oct-02-03
722 2			216,547.00	215,230.23	Aug-12-04	7.490%	CA - 80.00%	Paid Off - 360	Nov-17-03
755 2			393,225.00	390,691.14	Aug-04-04	8.500%	CA - 95.00%	Paid Off - 360	Dec-08-03
805 2			399,200.00	397,168.61	Aug-03-04	6.900%	CA - 80.00%	Paid Off - 360	Jan-21-04
874 2			225,000.00	225,000.00	Aug-02-04	7.300%	CA - 60.00%	Paid Off - 360	Mar-04-04
1054 2			74,800.00	74,625.56	Aug-19-04	11.490%	CA - 20.01%	Paid Off - 180	Dec-05-03
1090 2			495,000.00	492,374.00	Aug-16-04	7.490%	CA - 90.00%	Paid Off - 360	Dec-10-03
1218 2			71,800.00	71,457.03	Aug-27-04	10.500%	CA - 20.00%	Paid Off - 360	Aug-11-03
1263 2			187,500.00	186,579.65	Aug-25-04	7.880%	IL - 69.44%	Paid Off - 360	Dec-23-03
1487 2			540,000.00	538,522.46	Aug-17-04	6.550%	CA - 80.00%	Paid Off - 360	Apr-08-04
1496 2			333,000.00	331,544.72	Aug-27-04	8.000%	MD - 90.00%	Paid Off - 360	Jan-06-04
1632 2			273,000.00	272,338.19	Aug-20-04	8.550%	MA - 68.42%	Paid Off - 360	Mar-26-04
2001 2			76,500.00	76,267.82	Aug-10-04	9.900%	MD - 90.00%	Paid Off - 360	Mar-24-04
2048 2			185,500.00	184,500.50	Aug-12-04	8.700%	CA - 88.33%	Paid Off - 360	Oct-06-03
2076 2			146,000.00	145,237.04	Aug-03-04	8.250%	GA - 84.88%	Paid Off - 360	Nov-14-03
2607 2			457,200.00	454,200.19	Aug-30-04	7.600%	CA - 90.00%	Paid Off - 360	Nov-04-03
2726 2			224,000.00	223,999.94	Aug-05-04	6.800%	NV - 80.00%	Paid Off - 360	Dec-17-03
2778 2			344,700.00	343,184.65	Aug-16-04	6.700%	MN - 90.00%	Paid Off - 360	Feb-27-04
2792 2			360,000.00	358,504.28	Aug-13-04	6.990%	CA - 75.00%	Paid Off - 360	Jan-29-04
2806 2			125,400.00	124,911.89	Aug-05-04	8.250%	IL - 69.67%	Paid Off - 360	Jan-08-04

					Page 20 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 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

2938 2			203,150.00	202,435.77	Aug-06-04	8.750%	CA - 85.00%	Paid Off - 360	Jan-29-04
3034 2			310,500.00	308,615.07	Aug-26-04	6.800%	FL - 90.00%	Paid Off - 360	Dec-19-03
3188 2			510,000.00	508,560.68	Aug-05-04	7.800%	CA - 76.12%	Paid Off - 360	Mar-12-04
3239 2			105,600.00	105,249.24	Aug-31-04	7.550%	FL - 80.00%	Paid Off - 360	Mar-26-04
3301 2			187,500.00	186,396.37	Aug-30-04	8.800%	NV - 75.00%	Paid Off - 360	Sep-17-03
3311 2			228,000.00	226,343.21	Aug-09-04	7.750%	NJ - 95.00%	Paid Off - 360	Sep-30-03
3354 2			334,050.00	332,465.29	Aug-11-04	8.050%	FL - 85.30%	Paid Off - 360	Dec-19-03
3397 2			191,000.00	190,035.60	Aug-16-04	6.940%	NV - 84.89%	Paid Off - 360	Jan-16-04
3464 2			360,000.00	359,022.13	Aug-02-04	7.990%	MD - 80.00%	Paid Off - 360	Mar-09-04
3601 2			122,500.00	122,275.79	Aug-23-04	9.900%	CA - 70.00%	Paid Off - 360	Mar-22-04
3651 2			387,000.00	386,362.44	Aug-03-04	6.990%	NY - 87.95%	Paid Off - 360	May-06-04
4012 2			112,500.00	112,214.85	Aug-19-04	6.875%	MD - 85.23%	Paid Off - 360	Mar-10-04
4021 2			105,000.00	104,386.31	Aug-16-04	7.690%	NJ - 73.43%	Paid Off - 360	Nov-24-03


					Page 21 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 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.


	Cumulative Loss Percentage							0.00%


	Group 1						3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 22 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 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 23 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 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 24 of 27				© COPYRIGHT 2004 Deutsche Bank


	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for September 27, 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
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 25 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 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

	1. Does (A) exceed (B)?							No
	(A) 60+ Day Delinq % (quotient of (x) over (y))							1.17%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							7,172,465.61
	(y) Stated Principal Balance							611,226,776.43
	(B) 44.5% of Sr. Enhancement Percentage							8.32%

	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							660,568,100.99
	(B) Applicable Percentage							100.00%


	Senior Enhancement Percentage (Prior)							19.82%



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 26 of 27				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Additional Certificate Report for September 27, 2004 Distribution


	Additional Certificate Report

SPACE INTENTIONALLY LEFT BLANK
	CLASS


				Page 27 of 27				© COPYRIGHT 2004 Deutsche Bank

MORGAN STANLEY ABS CAPITAL I INC CDC MOR CAP TR 2004-HE2 8-K