UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K ~~Current~~CURRENT ~~Report~~REPORT Pursuant Toto Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): ~~April~~September 2627, 2004 (Date of earliest event reported) MORGAN STANLEY ABS CAPITAL I INC. (as Depositor, ~~Homeq~~under ~~Servicing~~the ~~Corporation~~Pooling asand ~~Servicer,~~Servicing ~~NC Capital Corporation~~Agreement, dated as ~~Responsible~~January ~~Party~~1, ~~and Deutsche Bank National Trust Company~~2004, asproviding ~~Trustee~~for ~~MORGAN~~the ~~STANLEY~~issuance ~~ABS~~of ~~CAP~~Mortgage IPass-Through ~~INC~~Certificates, ~~MORT~~Series ~~PAS THR CERT SER~~ 2004 -NC1) (Exact name of ~~Registrant~~registrant as specified in ~~its Charter~~charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-104046-17 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~~(Former 5name or former address, if changed since last report.) ~~Other~~Check ~~Events~~the ~~Attached~~appropriate ~~hereto~~box below if the Form 8-K filing is aintended ~~copy~~to simultaneously satisfy the filing obligation of the ~~Monthly~~registrant ~~Remittance~~under ~~Statements~~any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the ~~Certificateholders~~Securities ~~which~~Act ~~was~~(17 ~~derived~~CFR ~~from~~230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the ~~monthly~~Exchange ~~information~~Act ~~submitted~~(17 byCFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the ~~Master~~Exchange ~~Servicer~~Act of(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the ~~Trust~~Exchange Act (17 CFR 240.13e-4(c)) Item 8.01 Other Events. This current report on Form 8-K relates to the ~~Trustee~~monthly distribution reported to the holders of Morgan Stanley ABS Capital I Inc. Mortgage Pass-Through Certificates, Series 2004-NC1, which was made on January 1, 2004 Item 79.01 Financial ~~Statement~~Statements and Exhibits. ~~Exhibits:~~ (asc) ~~noted~~Exhibits inExhibit ~~Item~~No. 5Description ~~above)~~99.1 Monthly Remittance Statement to the Certificateholders dated as of ~~April~~September 2627, 2004. ~~SIGNATURE~~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 of the Registrant by the undersigned, ~~hereunto~~thereunto duly authorized. ~~Deutsche~~DEUTSCHE ~~Bank~~BANK ~~National~~NATIONAL ~~Trust~~TRUST ~~Company~~COMPANY, ~~not~~IN inITS ~~its~~CAPACITY ~~individual~~AS ~~capacity,~~TRUSTEE ~~but~~UNDER ~~solely~~THE asPOOLING aAND ~~duly~~SERVICING ~~authorized~~AGREEMENT ~~agent~~ON ofBEHALF ~~the~~OF ~~Registrant~~MORGAN ~~pursuant~~STANLEY toABS ~~the~~CAPITAL ~~Pooling~~I ~~and Servicing Agreement~~INC., ~~dated~~REGISTRANT ~~as of January 1,2004.~~ Date: ~~Apr~~Sep 2627, 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 ~~April~~September 2627, 2004.

	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	April 26, 2004 Distribution
	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				2325
			12.	Realized Loss Detail Report				2628
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				2729
				Total Number of Pages				2729
			CONTACTS
				Administrator: Jeremy Conyers
				Administrator: Kumar Khambhaita
				Direct Phone Number: (714)247-6274
				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:		Morgan Stanley					Cut-Off Date: January 1, 2004
	Certificate Insurer(s):							Closing Date: January 29, 2004
								First Payment Date: February 25, 2004
	Servicer(s):		HomeQ Servicing Corp. Master Servicer
								Distribution Date: April 26, 2004
								Distribution Date: September 27, 2004
	Underwriter(s):		Morgan Stanley Dean Witter					Record Date: ~~March~~August 31, 2004
						Page 1 of 27					© COPYRIGHT 2004 Deutsche Bank
						Page 1 of 29					© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	REMIC III Series 2004-NC1
	Certificate Payment Report for April 26, 2004 Distribution
	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	737,480,000.00			~~711~~560,~~901~~761,~~566~~567.5600	~~974~~1,~~514~~061,474.1492	2536,~~420~~241,~~770~~823.4061	2637,~~395~~303,~~284~~298.5453	-	-	~~686~~524,~~480~~519,~~796~~743.1639
A-2	FLT	300,000,000.00			~~288~~229,~~616~~339,~~659~~600.2954	~~374~~417,~~560~~302.2951	915,~~954~~072,~~003~~024.9574	1015,~~328~~489,~~564~~327.2425	-	-	~~278~~214,~~662~~267,~~655~~575.3380
A-3	FLT	111,000,000.00			~~105~~75,~~224~~149,~~548~~739.2673	~~123~~127,~~463~~097.4700	57,~~050~~646,~~263~~942.4547	57,~~173~~774,~~726~~039.9247	-	-	~~100~~67,~~174~~502,~~284~~797.8126
A-4	FLT	41,208,000.00			41,208,000.00	5981,~~339~~025.5223	-	5981,~~339~~025.5223	-	-	41,208,000.00
M-1	MEZ	91,964,000.00			91,964,000.00	~~146~~195,~~324~~155.9427	-	~~146~~195,~~324~~155.9427	-	-	91,964,000.00
M-2	MEZ	72,987,000.00			72,987,000.00	~~171~~211,~~276~~753.1653	-	~~171~~211,~~276~~753.1653	-	-	72,987,000.00
M-3	MEZ	21,895,000.00			21,895,000.00	5466,~~299~~533.6043	-	5466,~~299~~533.6043	-	-	21,895,000.00
B-1	SUB	18,247,000.00			18,247,000.00	4858,~~496~~793.4735	-	4858,~~496~~793.4735	-	-	18,247,000.00
B-2	SUB	18,247,000.00			18,247,000.00	5464,~~173~~647.3260	-	5464,~~173~~647.3260	-	-	18,247,000.00
B-3	SUB	18,247,000.00			18,247,000.00	7889,~~502~~737.6523	-	7889,~~502~~737.6523	-	-	18,247,000.00
X	SUB	28,465,884.00			28,464,947.24	54,~~756~~107,~~230~~650.0430	-	54,~~756~~107,~~230~~650.0430	-	-	28,464,947.24
P	EXE	-			-	~~714~~1,~~910~~045,786.7354	-	~~714~~1,~~910~~045,786.7354	-	-	-
R	R	-			-	-	-	-	-	-	-
Total		1,459,740,884.00			1,~~417~~176,~~002~~510,~~721~~854.3451	87,~~556~~526,~~091~~956.3391	4058,~~425~~960,~~037~~790.8082	4866,~~981~~487,~~129~~747.1373	-	-	1,~~376~~117,~~577~~550,~~683~~063.5469
	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	0308/25/04	0409/2526/04		A-Act/360	61744CBC9	737,480,000.00	~~965~~760.~~316438~~375287	1.~~321411~~439327	3449.~~469776~~142788	3550.~~791187~~582115	~~930~~711.~~846662~~232499
A-2	0308/25/04	0409/2526/04		A-Act/360	61744CAT3	300,000,000.00	~~962~~764.~~055531~~465335	1.~~248534~~391008	3350.~~180013~~240082	3451.~~428547~~631091	~~928~~714.~~875518~~225253
A-3	0308/25/04	0409/2526/04		A-Act/360	61744CAU0	111,000,000.00	~~947~~677.~~968903~~024682	1.~~112284~~145018	4568.~~497869~~891374	4670.~~610152~~036392	~~902~~608.~~471034~~133309
A-4	0308/25/04	0409/2526/04		A-Act/360	61744CAV8	41,208,000.00	1,000.000000	1.~~440000~~966250	-	1.~~440000~~966250	1,000.000000
M-1	0308/25/04	0409/2526/04		A-Act/360	61744CAW6	91,964,000.00	1,000.000000	12.~~591111~~122083	-	12.~~591111~~122083	1,000.000000
M-2	0308/25/04	0409/2526/04		A-Act/360	61744CAX4	72,987,000.00	1,000.000000	2.~~346667~~901250	-	2.~~346667~~901250	1,000.000000
M-3	0308/25/04	0409/2526/04		A-Act/360	61744CAY2	21,895,000.00	1,000.000000	23.~~480000~~038750	-	23.~~480000~~038750	1,000.000000
B-1	0308/25/04	0409/2526/04		A-Act/360	61744CAZ9	18,247,000.00	1,000.000000	23.~~657778~~222083	-	23.~~657778~~222083	1,000.000000
B-2	0308/25/04	0409/2526/04		A-Act/360	61744CBA3	18,247,000.00	1,000.000000	23.~~968889~~542917	-	23.~~968889~~542917	1,000.000000
B-3	0308/25/04	0409/2526/04		A-Act/360	61744CBB1	18,247,000.00	1,000.000000	4.~~302222~~917917	-	4.~~302222~~917917	1,000.000000
X	0308/25/04	0409/2526/04		A-Act/360		1,488,206,768.00	~~971~~809.~~281478~~683055	32.~~867897~~760134	-	32.~~867897~~760134	~~944~~770.~~117888~~064373
P	0308/25/04	0409/2526/04		-		-	-	-	-	-	-
R	0308/25/04	0409/2526/04		-		-	-	-	-	-	-
							Page 2 of 27				© COPYRIGHT 2004 Deutsche Bank
							Page 2 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	REMIC III Series 2004-NC1
	Certificate Payment Report for April 26, 2004 Distribution
	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	737,480,000.00		27,~~731~~432,~~950~~126.2845		-	50212,~~999~~960,~~203~~256.8562	50212,~~999~~960,~~203~~256.8562	53220,~~731~~392,~~154~~383.1307	-	-	~~686~~524,~~480~~519,~~796~~743.1639
A-2	300,000,000.00		12,~~052~~866,~~793~~945.3555		-	2185,~~337~~732,~~344~~424.6720	2185,~~337~~732,~~344~~424.6720	2288,~~390~~599,~~138~~369.0275	-	-	~~278~~214,~~662~~267,~~655~~575.3380
A-3	111,000,000.00		~~349~~920,~~761~~251.7597		0.00	1043,~~825~~497,~~715~~202.1974	1043,~~825~~497,~~715~~202.1974	1144,~~175~~417,~~476~~454.9471	-	-	~~100~~67,~~174~~502,~~284~~797.8126
A-4	41,208,000.00		~~163~~489,~~492~~396.7451		-	-	-	~~163~~489,~~492~~396.7451	-	-	41,208,000.00
M-1	91,964,000.00		~~403~~1,~~083~~197,281.3286		-	-	-	~~403~~1,~~083~~197,281.3286	-	-	91,964,000.00
M-2	72,987,000.00		~~471~~1,~~556~~367,259.8438		-	-	-	~~471~~1,~~556~~367,259.8438	-	-	72,987,000.00
M-3	21,895,000.00		~~149~~432,~~488~~234.1167		-	-	-	~~149~~432,~~488~~234.1167	-	-	21,895,000.00
B-1	18,247,000.00		~~133~~384,~~502~~750.1566		-	-	-	~~133~~384,~~502~~750.1566	-	-	18,247,000.00
B-2	18,247,000.00		~~149~~427,~~113~~681.4882		-	-	-	~~149~~427,~~113~~681.4882	-	-	18,247,000.00
B-3	18,247,000.00		~~216~~611,~~019~~672.1440		-	-	-	~~216~~611,~~019~~672.1440	-	-	18,247,000.00
X	28,465,884.00		1843,~~082~~098,~~656~~047.4381		24.92	911.72	936.64	1843,~~083~~098,~~593~~984.0745	-	-	28,464,947.24
P	-		16,~~242~~181,~~209~~230.9134		-	-	-	16,~~242~~181,~~209~~230.9134	-	-	-
R	-		-		-	-	-	-	-	-	-
Total	1,459,740,884.00		2565,~~145~~408,~~627~~879.5042		24.92	83342,~~163~~190,~~175~~795.4227	83342,~~163~~190,~~200~~820.3419	~~108~~407,~~308~~599,~~827~~699.8461	-	-	1,~~376~~117,~~577~~550,~~683~~063.5469
	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	12.~~54000~~06500%	~~711~~560,~~901~~761,~~566~~567.5600			~~974~~1,~~514~~061,474.1492	-	-	-	~~974~~1,~~514~~061,474.1492	~~974~~1,~~514~~061,474.1492	-
A-2	1.~~46000~~98500%	~~288~~229,~~616~~339,~~659~~600.2954			~~374~~417,~~560~~302.2951	-	-	-	~~374~~417,~~560~~302.2951	~~374~~417,~~560~~302.2951	-
A-3	1.~~32000~~84500%	~~105~~75,~~224~~149,~~548~~739.2673			~~123~~127,~~463~~097.4700	-	-	-	~~123~~127,~~463~~097.4700	~~123~~127,~~463~~097.4700	-
A-4	12.~~62000~~14500%	41,208,000.00			5981,~~339~~025.5223	-	-	-	5981,~~339~~025.5223	5981,~~339~~025.5223	-
M-1	12.~~79000~~31500%	91,964,000.00			~~146~~195,~~324~~155.9427	-	-	-	~~146~~195,~~324~~155.9427	~~146~~195,~~324~~155.9427	-
M-2	23.~~64000~~16500%	72,987,000.00			~~171~~211,~~276~~753.1653	-	-	-	~~171~~211,~~276~~753.1653	~~171~~211,~~276~~753.1653	-
M-3	23.~~79000~~31500%	21,895,000.00			5466,~~299~~533.6043	-	-	-	5466,~~299~~533.6043	5466,~~299~~533.6043	-
B-1	23.~~99000~~51500%	18,247,000.00			4858,~~496~~793.4735	-	-	-	4858,~~496~~793.4735	4858,~~496~~793.4735	-
B-2	3.~~34000~~86500%	18,247,000.00			5464,~~173~~647.3260	-	-	-	5464,~~173~~647.3260	5464,~~173~~647.3260	-
B-3	45.~~84000~~36500%	18,247,000.00			7889,~~502~~737.6523	-	-	-	7889,~~502~~737.6523	7889,~~502~~737.6523	-
X	4.~~87471~~18964%	1,~~445~~204,~~467~~975,~~668~~801.7087			54,~~756~~107,~~230~~650.0430	-	-	-	54,~~756~~107,~~230~~650.0430	54,~~756~~107,~~230~~650.0430	-
P		-			~~714~~1,~~910~~045,786.7354	-	-	-	~~714~~1,~~910~~045,786.7354	~~714~~1,~~910~~045,786.7354	-
R		-			-	-	-	-	-	-	-
Total		2,~~834~~353,~~005~~021,~~442~~709.8014			87,~~556~~526,~~091~~956.3391	-	-	-	87,~~556~~526,~~091~~956.3391	87,~~556~~526,~~091~~956.3391	-
							Page 3 of 27				© COPYRIGHT 2004 Deutsche Bank
							Page 3 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Collection Account Report for April 26, 2004 Distribution
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report
SUMMARY						GROUP 2	GROUP 1	TOTAL
	Principal Collections					1522,~~004~~718,~~267~~967.4021	2536,~~420~~241,~~770~~823.4061	4058,~~425~~960,~~037~~790.8082
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					1522,~~004~~718,~~267~~967.4021	2536,~~420~~241,~~770~~823.4061	4058,~~425~~960,~~037~~790.8082
	Interest Collections					32,~~017~~637,~~371~~640.9690	4,~~928~~283,~~212~~801.1078	76,~~945~~921,~~584~~442.0668
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(39167,~~981~~662.3417)	(64272,~~422~~610.1216)	(~~104~~440,~~403~~272.4633)
	TOTAL NET INTEREST					2,~~977~~469,~~390~~978.6273	4,~~863~~011,~~789~~191.9862	76,~~841~~481,~~180~~170.6035
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					1725,~~981~~188,~~658~~945.0294	3040,~~284~~253,~~560~~015.3823	4865,~~266~~441,~~218~~961.4017
	Prepayment Premiums Collected					~~260~~340,~~681~~931.0699	~~454~~704,~~229~~854.6755	~~714~~1,~~910~~045,786.7354
	TOTAL FUNDS AVAILABLE FOR DISTRIBUTION						3040,~~738~~957,~~790~~869.0578	4866,~~981~~487,~~129~~747.1371
PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Principal Received					~~490~~892,~~928~~659.5978	~~790~~773,~~813~~300.8776	1,~~281~~665,~~742~~960.4654
	Prepayments In Full					1421,~~487~~826,~~429~~307.7043	2435,~~600~~468,~~452~~522.4985	3957,~~087~~294,~~882~~830.1928
	Curtailments					~~25,909~~0.1100	~~29,504~~0.0400	~~55,413~~0.1500
	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					(~~413~~39,~~241~~334.5431)	(~~667~~63,~~601~~706.8396)	(1103,~~080,843~~041.3727)
	Advanced Principal					~~413~~39,~~241~~334.5431	~~667~~63,~~601~~706.8396	1103,~~080,843~~041.3727
	TOTAL PRINCIPAL COLLECTED					1522,~~004~~718,~~267~~967.4021	2536,~~420~~241,~~770~~823.4061	4058,~~425~~960,~~037~~790.8082
				Page 4 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 4 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Collection Account Report for April 26, 2004 Distribution
	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					32,~~202~~657,~~820~~928.0472	54,~~232~~316,~~438~~475.9615	86,~~435~~974,~~259~~403.0087
	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					(2323,~~665,419~~083.7209)	(4507,~~361,255~~654.9857)	(7830,~~026,675~~737.7066)
	Interest Advanced					2302,~~479,971~~795.6427	4474,~~057,029~~981.1220	6777,~~537,000~~776.7647
	TOTAL INTEREST COLLECTED					32,~~017~~637,~~371~~640.9690	4,~~928~~283,~~212~~801.1078	76,~~945~~921,~~584~~442.0668
				Page 5 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 5 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Collection Account Report for April 26, 2004 Distribution
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
	Trust Fund Expenses						0.00	0.00
	Nonrecoverable Advances						0.00	0.00
	Reimbursements to Master Servicer						0.00	0.00
	TOTAL INTEREST WITHDRAWALS						0.00	0.00
INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	Retained Interest Due to Unaffiliated Seller						0.00	0.00
	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00
INTEREST - FEES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					38166,~~592~~503.2995	62270,~~150~~729.5806	~~100~~437,~~742~~233.8701
	Trustee Fee					1,~~389~~158.0522	21,~~271~~881.5410	3,~~660~~039.5932
	Certificate Insurance Fees					0.00	0.00	0.00
	TOTAL INTEREST OTHER FEES					39167,~~981~~662.3417	64272,~~422~~610.1216	~~104~~440,~~403~~272.4633
				Page 6 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 6 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for April 26, 2004 Distribution
	Credit Enhancement Report for September 27, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL
	Beginning Subordinated Amount							28,464,947.24
	Ending Subordinated Amount							28,464,947.24
	Specified Subordinated Amount							28,464,947.24
	Senior Enhancement Percentage							1924.6216%
				Page 7 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 7 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Collateral Report for April 26, 2004 Distribution
	Collateral Report for September 27, 2004 Distribution
	Collateral Report
COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original					2743	5646	8389
	Prior					2,~~679~~310	54,~~522~~723	87,~~201~~033
	Prefunding					-	-	-
	Scheduled Paid Offs					-(1)	-	-(1)
	Full Voluntary Prepayments					(5689)	(~~132~~197)	(~~188~~286)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					2,~~623~~220	54,~~390~~526	86,~~013~~746
	Principal Balance:
	Original					554,855,778.16	904,883,863.70	1,459,739,641.86
	Prior					~~537~~448,~~696~~345,~~874~~007.9265	~~879~~728,~~305~~165,846.4286	1,~~417~~176,~~002~~510,~~721~~854.3451
	Prefunding					-	-	-
	Scheduled Principal					(~~490~~892,~~928~~659.5978)	(~~790~~773,~~813~~300.8776)	(1,~~281~~665,~~742~~960.4654)
	Partial and Full Voluntary Prepayments					(1421,~~513~~826,~~338~~307.8143)	(2435,~~629~~468,~~956~~522.5385)	(3957,~~143~~294,~~295~~830.3428)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					~~522~~425,~~692~~626,~~607~~040.5244	~~853~~691,~~885~~924,~~076~~023.0225	1,~~376~~117,~~577~~550,~~683~~063.5469
PREFUNDING						GROUP 2	GROUP 1	TOTAL
	Prefunding Account - Initial Balance					231.53	1,010.49	1,242.02
	Prefunding Account - Beginning Balance					0.00	0.00	0.00
	Prefunding Account - Withdrawls for Subsequent Transfers					0.00	0.00	0.00
	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							0.00
	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
				Page 8 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Collateral Report for April 26, 2004 Distribution
	Collateral Report for September 27, 2004 Distribution
	Collateral Report
CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Coupon Original					7.155495%	7.145865%	7.149525%
	Weighted Average Coupon Prior					7.~~150300~~117207%	7.~~143770~~119948%	7.~~146253~~118909%
	Weighted Average Coupon Current					7.~~147864~~113973%	7.~~140777~~113448%	7.~~143466~~113648%
	Weighted Average Months to Maturity Original					342	347	345
	Weighted Average Months to Maturity Prior					~~341~~336	~~347~~341	~~345~~339
	Weighted Average Months to Maturity Current					~~343~~335	~~347~~340	~~345~~338
	Weighted Avg Remaining Amortization Term Original					345	349	347
	Weighted Avg Remaining Amortization Term Prior					~~344~~338	~~348~~342	~~346~~341
	Weighted Avg Remaining Amortization Term Current					~~342~~337	~~347~~341	~~345~~339
	Weighted Average Seasoning Original					4.16	4.14	4.15
	Weighted Average Seasoning Prior					510.1615	510.1413	510.1514
	Weighted Average Seasoning Current					611.1615	611.1413	611.1514
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
				Page 9 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Collateral Report for April 26, 2004 Distribution
	Collateral Report for September 27, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original					3.710%	4.361%
	Weighted Average Margin Prior					3.~~698~~543%	4.~~352~~252%
	Weighted Average Margin Current					3.~~676~~507%	4.~~340~~210%
	Weighted Average Max Rate Original					9.178%	10.716%
	Weighted Average Max Rate Prior					98.~~144~~756%	10.~~693~~450%
	Weighted Average Max Rate Current					98.~~089~~670%	10.~~665~~348%
	Weighted Average Min Rate Original					4.664%	5.468%
	Weighted Average Min Rate Prior					4.~~644~~440%	5.~~456~~329%
	Weighted Average Min Rate Current					4.~~615~~397%	5.~~441~~277%
	Weighted Average Cap Up Original					0.991%	1.127%
	Weighted Average Cap Up Prior					0.~~988~~949%	1.~~124~~100%
	Weighted Average Cap Up Current					0.~~983~~939%	1.~~122~~089%
	Weighted Average Cap Down Original					0.991%	1.127%
	Weighted Average Cap Down Prior					0.~~988~~949%	1.~~124~~100%
	Weighted Average Cap Down Current					0.~~983~~939%	1.~~122~~089%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					38166,~~592~~503.2995	62270,~~150~~729.5806	~~100~~437,~~742~~233.8701
	Delinquent Servicing Fees					~~185~~20,~~448~~287.0882	~~304~~32,~~226~~673.8638	~~489~~52,~~674~~961.9420
	TOTAL SERVICING FEES					~~224~~186,~~040~~791.3777	~~366~~303,~~377~~402.44	~~590~~490,~~417~~194.8121
	Prepayment Interest Shortfall					917,~~613~~480.0090	1425,~~951~~926.6787	2443,~~564~~407.6777
	Compensating Interest					(917,~~613~~480.0090)	(1425,~~951~~926.6787)	(2443,~~564~~407.6777)
	Delinquent Servicing Fees					(~~185~~20,~~448~~287.0882)	(~~304~~32,~~226~~673.8638)	(~~489~~52,~~674~~961.9420)
	COLLECTED SERVICING FEES					38166,~~592~~503.2995	62270,~~150~~729.5806	~~100~~437,~~742~~233.8701
	Aggregate Advances with respect to this Distribution					2342,~~893,213~~129.1858	4538,~~724,630~~688.9516	7880,~~617,844~~817.1374
	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	0.00
	Net Monthly Excess Cash Flow							54,~~756~~107,~~230~~650.0428
	Ending Pool Stated Principal Balance					~~522~~425,~~692~~626,~~607~~040.5244	~~853~~691,~~885~~924,~~076~~023.0225	1,~~376~~117,~~577~~550,~~683~~063.5469
				Page 10 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 10 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Delinquency Report for April 26, 2004 Distribution
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			105,~~929~~689,~~996~~945.8633	5330,~~047,874~~282.5319	4773,~~390,194~~737.7859	206,~~368~~793,~~066~~965.1711
		% Balance			0.7951%	0.3703%	0.3207%	10.4861%
		# Loans			6940	264	216	~~116~~50
		% # Loans			0.8659%	0.3206%	0.2609%	10.4574%
FORECLOSURE		Balance		-544,073.91	-2,348,369.40	-3,867,878.78	-10,403,896.98	-17,164,219.07
		% Balance		0.0005%	0.0021%	0.0035%	0.0093%	01.0054%
		# Loans		-4	-17	-25	-64	-110
		% # Loans		0.0006%	0.0025%	0.0037%	0.0095%	01.0063%
BANKRUPTCY		Balance		-5,723,771.61	-837,156.09	-259,633.89	-1,866,500.99	-8,687,062.58
		% Balance		0.0051%	0.0007%	0.0002%	0.0017%	0.0078%
		# Loans		-38	-7	-4	-12	-61
		% # Loans		0.0056%	0.0010%	0.0006%	0.0018%	0.0090%
REO		Balance		-	-	-	-1,315,360.23	-1,315,360.23
		% Balance		0.00%	0.00%	0.00%	0.0012%	0.0012%
		# Loans		-	-	-	-6	-6
		% # Loans		0.00%	0.00%	0.00%	0.0009%	0.0009%
TOTAL		Balance		-6,267,845.52	108,~~929~~875,~~996~~470.8682	54,~~047~~457,~~874~~794.5386	414,~~390~~359,~~194~~495.7879	2033,~~368~~960,~~066~~606.1799
		% Balance		0.0056%	0.79%	0.3740%	01.3228%	13.4804%
		# Loans		-42	6964	2633	2188	~~116~~227
		% # Loans		0.0062%	0.8695%	0.3249%	01.2630%	13.4536%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 11 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Delinquency Report for April 26, 2004 Distribution
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report - Group 1 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			54,~~709~~028,~~540~~683.6968	296,~~981,860~~571.2798	1642,~~562,258~~956.0024	104,~~253~~768,~~658~~211.9690
		% Balance			0.6758%	0.3501%	0.1809%	10.2069%
		# Loans			3830	171	84	6335
		% # Loans			0.7166%	0.3202%	0.1509%	10.1777%
FORECLOSURE		Balance		-397,640.87	-1,803,779.10	-2,193,136.63	-6,185,049.34	-10,579,605.94
		% Balance		0.0006%	0.0026%	0.0032%	0.0089%	01.0053%
		# Loans		-3	-14	-15	-38	-70
		% # Loans		0.0007%	0.0031%	0.0033%	0.0084%	01.0055%
BANKRUPTCY		Balance		-4,070,865.22	-639,932.12	-220,090.56	-992,831.80	-5,923,719.70
		% Balance		0.0059%	0.0009%	0.0003%	0.0014%	0.0086%
		# Loans		-27	-4	-3	-6	-40
		% # Loans		0.0060%	0.0009%	0.0007%	0.0013%	0.0088%
REO		Balance		-	-	-	-224,497.82	-224,497.82
		% Balance		0.00%	0.00%	0.00%	0.0003%	0.0003%
		# Loans		-	-	-	-2	-2
		% # Loans		0.00%	0.00%	0.00%	0.0004%	0.0004%
TOTAL		Balance		-4,468,506.09	56,~~709~~472,~~540~~394.6990	2,~~981~~509,~~860~~799.2717	18,~~562~~045,~~258~~335.0020	1021,~~253~~496,~~658~~035.9636
		% Balance		0.0065%	0.6794%	0.3536%	01.1816%	13.2011%
		# Loans		-30	3848	1719	850	63147
		% # Loans		0.0066%	01.7106%	0.3242%	01.1510%	13.1725%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 12 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Delinquency Report for April 26, 2004 Distribution
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report - Group 2 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			51,~~220~~661,~~456~~261.1765	2233,~~066,014~~710.2621	2130,~~827,936~~781.7835	102,~~114~~025,~~407~~753.21
		% Balance			10.0039%	0.4005%	0.5403%	10.9448%
		# Loans			3110	93	132	5315
		% # Loans			10.1845%	0.3414%	0.5009%	20.0268%
FORECLOSURE		Balance		-146,433.04	-544,590.30	-1,674,742.15	-4,218,847.64	-6,584,613.13
		% Balance		0.0003%	0.0013%	0.0039%	0.0099%	01.0055%
		# Loans		-1	-3	-10	-26	-40
		% # Loans		0.0005%	0.0014%	0.0045%	01.0017%	01.0080%
BANKRUPTCY		Balance		-1,652,906.39	-197,223.97	-39,543.33	-873,669.19	-2,763,342.88
		% Balance		0.0039%	0.0005%	0.0001%	0.0021%	0.0065%
		# Loans		-11	-3	-1	-6	-21
		% # Loans		0.0050%	0.0014%	0.0005%	0.0027%	0.0095%
REO		Balance		-	-	-	-1,090,862.41	-1,090,862.41
		% Balance		0.00%	0.00%	0.00%	0.0026%	0.0026%
		# Loans		-	-	-	-4	-4
		% # Loans		0.00%	0.00%	0.00%	0.0018%	0.0018%
TOTAL		Balance		-1,799,339.43	52,~~220~~403,~~456~~075.1792	21,~~066~~947,~~014~~995.2669	26,~~827~~314,~~936~~160.7859	1012,~~114~~464,~~407~~571.2163
		% Balance		0.0042%	10.0056%	0.4046%	01.5448%	12.9493%
		# Loans		-12	3116	914	1338	5380
		% # Loans		0.0054%	10.1872%	0.3463%	01.5071%	23.0260%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 13 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	REO Report for April 26, 2004 Distribution
	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 Loan Count = 3				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2; REO Book Value = 000.00
Total Original Principal Balance = 718,800.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Current Balance = 000.00
Total Current Balance = 711,680.37
REO Book Value = 000.00
REO Book Value = Not Available
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
985293 2		84,000.00	83,424.35	Jan-01-04	8.990%	MO - 80.00%	360	Sep-05-03
				Page 14 of 27				© COPYRIGHT 2004 Deutsche Bank
1034531 2		56,000.00	55,715.73	Feb-01-04	10.000%	MI - 80.00%	360	Sep-12-03
1089660 2		578,800.00	572,540.29	Dec-01-03	6.200%	CA - 84.13%	360	Sep-24-03
				Page 14 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Foreclosure Report for April 26, 2004 Distribution
	Foreclosure Report for September 27, 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 Loan Count = 31				Loan Group 1 = Group 1
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2
Total Original Principal Balance = 4,311,919.00				Loan Group 2 = Group 2
Total Current Balance = 000.00
Total Current Balance = 4,093,130.78
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
936516 1		73,000.00	72,671.41	Jun-01-04	10.700%	TX - 36.50%	360	Sep-22-03
				Page 15 of 27				© COPYRIGHT 2004 Deutsche Bank
962871 1		170,250.00	169,080.38	Jun-01-04	8.750%	MA - 75.00%	360	Sep-30-03
998810 1		105,400.00	104,708.00	Apr-01-04	8.750%	WI - 85.00%	360	Sep-02-03
1005251 1		288,000.00	285,620.57	May-01-04	7.600%	TX - 80.00%	360	Sep-24-03
1015674 1		150,000.00	148,785.06	Jun-01-04	7.700%	NY - 46.15%	360	Sep-10-03
1029217 1		107,000.00	106,166.93	Sep-01-04	7.900%	MI - 74.31%	360	Sep-10-03
1033388 1		170,000.00	168,663.40	Jun-01-04	7.850%	MI - 83.13%	360	Sep-15-03
1037177 1		139,000.00	138,130.98	Jun-01-04	8.990%	FL - 68.47%	360	Sep-26-03
1045061 1		204,000.00	202,649.87	Jan-01-04	9.500%	WA - 85.00%	360	Sep-02-03
1051965 1		37,500.00	37,273.10	May-01-04	9.150%	MO - 75.00%	360	Sep-11-03
1054912 1		115,000.00	113,490.81	Jun-01-04	6.250%	FL - 69.70%	360	Sep-15-03
1061384 1		260,000.00	258,015.71	Apr-01-04	8.000%	TX - 86.67%	360	Sep-24-03
1064095 1		35,910.00	35,604.44	May-01-04	7.450%	PA - 90.00%	360	Sep-30-03
1068280 1		50,240.00	49,926.48	Jun-01-04	9.000%	OH - 80.00%	360	Sep-30-03
1075533 1		247,919.00	245,949.60	Jun-01-04	8.200%	TX - 85.00%	360	Sep-16-03
1085664 1		187,000.00	-	May-01-04	7.750%	CA - 66.79%	360	Sep-29-03
1085972 1		80,000.00	79,576.69	Jun-01-04	9.800%	OH - 80.00%	360	Sep-17-03
1085983 1		152,000.00	150,380.23	Jun-01-04	6.300%	CO - 80.00%	360	Sep-16-03
1087507 1		82,400.00	81,764.77	Jun-01-04	7.950%	TX - 80.00%	360	Sep-26-03
1088384 1		180,000.00	178,034.84	May-01-04	6.150%	NJ - 58.06%	360	Sep-16-03
1092606 1		141,000.00	140,146.87	May-01-04	9.150%	TX - 75.00%	360	Sep-22-03
1093642 1		139,500.00	138,574.91	May-01-04	8.700%	IN - 90.00%	360	Sep-30-03
1095223 1		176,700.00	175,027.50	Jun-01-04	6.900%	IL - 95.00%	360	Sep-19-03
1113510 1		80,000.00	79,510.84	Jun-01-04	9.100%	TX - 80.00%	360	Sep-30-03
1013853 2		60,350.00	59,580.71	Apr-01-04	9.550%	NM - 85.00%	360	Sep-10-03
1069784 2		91,700.00	91,209.73	May-01-04	9.750%	FL - 70.00%	360	Sep-30-03
1087773 2		147,050.00	146,433.04	Jul-01-04	10.900%	GA - 85.00%	360	Sep-16-03
1098183 2		207,200.00	205,894.03	Jun-01-04	8.950%	MO - 80.00%	360	Sep-19-03
1100152 2		116,000.00	115,362.87	Jun-01-04	9.620%	TX - 100.00%	360	Sep-18-03
1109293 2		92,800.00	91,563.61	May-01-04	10.990%	CA - 20.00%	240	Sep-29-03
1112869 2		225,000.00	223,333.40	Jun-01-04	8.150%	CA - 61.64%	360	Sep-25-03
				Page 15 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Report for April 26, 2004 Distribution
	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					5689	~~132~~197	~~188~~286
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					5689	~~132~~197	~~188~~286
	Paid in Full Balance					1421,~~487~~826,~~429~~307.7043	2435,~~600~~468,~~452~~522.4985	3957,~~087~~294,~~882~~830.1928
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					~~25,909.11~~-	~~29,504.04~~-	~~55,413.15~~-
	Total Prepayment Amount					1421,~~513~~826,~~338~~307.8143	2435,~~629~~468,~~956~~522.5385	3957,~~143~~294,~~295~~830.3428
	Cumulative
	Number of Paid in Full Loans					~~120~~521	~~255~~1,119	~~375~~1,640
	Number of Repurchased Loans					-	1	1
	Total Number of Loans Prepaid in Full					~~120~~521	~~256~~1,120	~~376~~1,641
	Paid in Full Balance					30124,~~548~~562,~~241~~286.2145	48206,~~139~~164,~~522~~287.0074	78330,~~687~~726,~~763~~574.2119
	Repurchased Loans Balance					-	183,908.17	183,908.17
	Curtailments Amount					2557,~~909~~941.1163	29(199,~~504~~926.0498)	55(141,~~413~~985.1535)
	Total Prepayment Amount					30124,~~574~~620,~~150~~228.3208	48206,~~352~~148,~~934~~268.2193	78330,~~927~~768,~~084~~497.5301
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
				Page 16 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Report for April 26, 2004 Distribution
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL
	SMM					24.7088%	24.8088%	24.7688%
	3 Months Avg SMM					13.8897%	14.8253%	14.8432%
	12 Months Avg SMM
	Avg SMM Since Cut-off					13.8815%	13.8220%	13.8418%
	CPR					2845.0112%	2845.9111%	2845.5712%
	3 Months Avg CPR					2038.3348%	1942.7670%	1941.9814%
	12 Months Avg CPR
	Avg CPR Since Cut-off					2031.3388%	1932.7631%	1932.9814%
	PSA					~~2273~~2023.3837%	~~2356~~2027.0132%	~~2324~~2025.6781%
	3 Months Avg PSA Approximation					~~1968~~1894.7395%	~~1924~~2107.0186%	~~1941~~2028.1077%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					~~1968~~2081.7323%	~~1924~~2116.0105%	~~1941~~2102.1080%
	Group 1
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 17 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Report for April 26, 2004 Distribution
	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/(0.02*Avg WASn,m))
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
				Page 18 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for April 26, 2004 Distribution
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 188						Loan Group 1 = Group 1
Total Loan Count = 286						Loan Group 1 = Group 1
Total Original Principal Balance = 39,259,521.00						Loan Group 2 = Group 2
Total Original Principal Balance = 57,838,161.00						Loan Group 2 = Group 2
Total Prepayment Amount = 39,087,882.19
Total Prepayment Amount = 57,294,830.28
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
931039 1			207,250.00	206,429.94	Apr-06-04	8.250%	CA - 86.35%	Paid Off - 360	Sep-04-03
914699 1			135,520.00	134,310.47	Sep-01-04	6.900%	CA - 77.44%	Paid Off - 360	Sep-12-03
945557 1			195,500.00	194,288.37	Mar-22-04	7.100%	CA - 85.00%	Paid Off - 360	Sep-05-03
924797 1			195,500.00	194,116.91	Sep-01-04	7.900%	ME - 85.00%	Paid Off - 360	Sep-30-03
950671 1			200,000.00	199,178.76	Apr-06-04	7.050%	CA - 80.00%	Paid Off - 360	Sep-30-03
945087 1			206,250.00	203,846.11	Aug-30-04	5.800%	CA - 75.00%	Paid Off - 360	Sep-02-03
974520 1			215,000.00	214,268.98	Mar-31-04	8.000%	CA - 83.33%	Paid Off - 360	Sep-05-03
950468 1			97,750.00	96,767.89	Aug-31-04	7.550%	IL - 85.00%	Paid Off - 360	Sep-16-03
979603 1			204,000.00	203,398.38	Apr-02-04	8.700%	CA - 74.73%	Paid Off - 360	Sep-08-03
963711 1			322,500.00	319,217.64	Sep-14-04	6.990%	CA - 76.79%	Paid Off - 360	Jun-28-03
989245 1			65,000.00	64,778.99	Apr-06-04	8.000%	FL - 52.00%	Paid Off - 360	Sep-04-03
972257 1			201,400.00	199,260.16	Sep-08-04	6.990%	VA - 95.00%	Paid Off - 360	Sep-09-03
997239 1			283,000.00	281,367.73	Apr-01-04	6.250%	CA - 61.52%	Paid Off - 360	Sep-05-03
976210 1			93,750.00	93,081.31	Aug-23-04	8.450%	CA - 75.00%	Paid Off - 360	Sep-08-03
1000902 1			405,000.00	402,878.08	Mar-17-04	6.750%	CA - 75.00%	Paid Off - 360	Sep-05-03
987239 1			268,200.00	265,511.29	Sep-14-04	6.600%	CA - 90.00%	Paid Off - 360	Sep-12-03
1002101 1			238,000.00	236,541.19	Apr-06-04	6.750%	CA - 88.15%	Paid Off - 360	Jul-26-03
990839 1			60,000.00	59,631.25	Aug-16-04	8.900%	TX - 21.82%	Paid Off - 360	Sep-19-03
1003118 1			131,750.00	131,319.77	Mar-19-04	8.200%	OR - 85.00%	Paid Off - 360	Sep-25-03
990963 1			274,500.00	272,445.33	Sep-10-04	7.600%	MI - 90.00%	Paid Off - 360	Sep-08-03
1003552 1			248,000.00	247,100.97	Mar-30-04	8.600%	IL - 78.73%	Paid Off - 360	Sep-03-03
992176 1			100,000.00	99,141.94	Aug-18-04	6.900%	PA - 66.67%	Paid Off - 360	Sep-04-03
1005279 1			120,000.00	119,492.54	Apr-05-04	6.900%	FL - 82.76%	Paid Off - 360	Sep-15-03
993889 1			157,200.00	156,113.00	Aug-03-04	8.000%	CA - 62.88%	Paid Off - 360	Sep-15-03
1006912 1			150,000.00	149,583.25	Mar-23-04	8.990%	FL - 40.00%	Paid Off - 360	Sep-04-03
994609 1			261,000.00	258,572.11	Sep-02-04	6.990%	CA - 90.00%	Paid Off - 360	Sep-04-03
1008322 1			229,500.00	228,213.72	Mar-30-04	6.400%	CA - 90.00%	Paid Off - 360	Sep-05-03
996030 1			220,500.00	217,892.38	Aug-20-04	5.750%	MA - 90.00%	Paid Off - 360	Sep-11-03
1008397 1			126,000.00	125,377.30	Mar-17-04	7.050%	CA - 80.25%	Paid Off - 360	Sep-05-03
998606 1			62,000.00	60,090.06	Aug-17-04	7.600%	FL - 64.58%	Paid Off - 180	Sep-26-03
1009564 1			123,000.00	122,595.06	Mar-24-04	8.200%	FL - 66.85%	Paid Off - 360	Sep-22-03
999442 1			35,700.00	35,447.63	Sep-08-04	8.100%	IL - 85.00%	Paid Off - 360	Sep-15-03
1010557 1			120,000.00	119,450.11	Apr-02-04	6.500%	CA - 78.69%	Paid Off - 360	Sep-12-03
1000805 1			233,000.00	230,378.81	Sep-01-04	5.990%	CA - 62.13%	Paid Off - 360	Sep-03-03
1011342 1			167,000.00	166,081.79	Apr-02-04	6.500%	CA - 84.34%	Paid Off - 360	Sep-02-03
1003429 1			90,250.00	89,656.34	Aug-24-04	8.250%	FL - 95.00%	Paid Off - 360	Sep-12-03
1013262 1			35,000.00	34,878.55	Mar-25-04	7.900%	OH - 46.05%	Paid Off - 360	Sep-09-03
1004369 1			148,750.00	147,788.03	Aug-23-04	8.400%	CA - 85.00%	Paid Off - 360	Sep-02-03
1013318 1			62,400.00	61,382.67	Apr-07-04	6.750%	FL - 38.42%	Paid Off - 180	Sep-11-03
1005632 1			124,950.00	124,073.79	Aug-17-04	8.450%	CA - 85.00%	Paid Off - 360	Sep-02-03
1014708 1			105,400.00	105,119.62	Apr-07-04	9.200%	SC - 85.00%	Paid Off - 360	Sep-09-03
1007845 1			175,000.00	172,318.99	Sep-09-04	6.850%	NC - 74.47%	Paid Off - 360	Sep-12-03
1020183 1			301,950.00	300,358.54	Apr-15-04	5.750%	MD - 90.00%	Paid Off - 360	Sep-02-03
1008248 1			161,000.00	159,865.86	Aug-30-04	7.990%	IL - 64.40%	Paid Off - 360	Sep-11-03
1020385 1			165,000.00	164,193.76	Apr-14-04	6.150%	RI - 76.74%	Paid Off - 360	Sep-18-03
1010119 1			110,000.00	108,938.29	Aug-20-04	6.800%	CA - 51.89%	Paid Off - 360	Sep-05-03
1024953 1			135,000.00	134,497.74	Mar-26-04	7.550%	CA - 75.00%	Paid Off - 360	Sep-23-03
1012572 1			265,000.00	262,977.06	Aug-24-04	7.500%	MI - 80.79%	Paid Off - 360	Sep-15-03
1027400 1			86,000.00	85,721.21	Mar-24-04	8.250%	FL - 68.80%	Paid Off - 360	Sep-24-03
1015161 1			36,800.00	36,494.05	Sep-02-04	7.950%	PA - 80.00%	Paid Off - 360	Sep-24-03
1028600 1			116,910.00	116,496.18	Apr-07-04	7.800%	MA - 90.00%	Paid Off - 360	Sep-08-03
1015194 1			207,300.00	205,168.93	Sep-03-04	6.500%	CA - 83.59%	Paid Off - 360	Sep-11-03
1034481 1			141,000.00	140,432.26	Apr-13-04	7.150%	NJ - 72.31%	Paid Off - 360	Sep-08-03
1015771 1			91,350.00	90,477.01	Aug-30-04	6.850%	MI - 60.50%	Paid Off - 360	Sep-03-03
1034576 1			252,500.00	251,098.33	Mar-25-04	6.450%	CA - 78.91%	Paid Off - 360	Sep-18-03
1016276 1			241,400.00	239,425.58	Aug-31-04	7.650%	CA - 85.00%	Paid Off - 360	Sep-02-03
1035928 1			157,950.00	157,350.59	Apr-07-04	7.450%	NC - 90.00%	Paid Off - 360	Sep-12-03
1016543 1			225,000.00	222,954.99	Aug-31-04	6.600%	CA - 90.00%	Paid Off - 360	Sep-22-03
1038025 1			188,900.00	187,950.81	Mar-31-04	6.990%	CA - 89.95%	Paid Off - 360	Sep-04-03
1016738 1			157,500.00	156,688.03	Sep-03-04	9.500%	DC - 75.00%	Paid Off - 360	Sep-09-03
1043375 1			319,500.00	318,054.10	Apr-01-04	6.550%	CA - 90.00%	Paid Off - 360	Sep-11-03
1017345 1			140,000.00	138,640.00	Aug-31-04	6.250%	MA - 47.46%	Paid Off - 360	Sep-04-03
1043615 1			78,000.00	76,639.42	Mar-16-04	6.250%	RI - 60.47%	Paid Off - 180	Sep-29-03
1017577 1			268,500.00	257,439.21	Sep-08-04	5.250%	VA - 62.88%	Paid Off - 180	Sep-04-03
1045245 1			108,000.00	107,112.41	Apr-02-04	6.100%	CA - 61.71%	Paid Off - 360	Sep-03-03
1018070 1			127,000.00	125,704.38	Aug-18-04	5.990%	FL - 71.35%	Paid Off - 360	Sep-05-03
1045709 1			240,000.00	238,723.08	Apr-01-04	5.700%	CA - 66.02%	Paid Off - 360	Sep-09-03
1018765 1			38,500.00	38,328.55	Aug-24-04	10.150%	TN - 70.00%	Paid Off - 360	Sep-12-03
1045726 1			288,000.00	286,803.44	Apr-08-04	6.990%	CA - 90.00%	Paid Off - 360	Sep-11-03
1020364 1			116,025.00	115,382.66	Aug-19-04	9.100%	FL - 85.00%	Paid Off - 360	Sep-26-03
1047995 1			176,800.00	176,061.54	Apr-09-04	7.900%	CA - 85.00%	Paid Off - 360	Sep-02-03
1020726 1			75,000.00	74,337.66	Sep-02-04	6.750%	FL - 51.72%	Paid Off - 360	Sep-11-03
1049991 1			499,000.00	497,087.49	Mar-16-04	7.400%	IL - 76.77%	Paid Off - 360	Sep-02-03
1024537 1			180,000.00	178,458.35	Aug-19-04	8.000%	NY - 80.00%	Paid Off - 360	Sep-10-03
1051469 1			265,000.00	264,113.23	Mar-31-04	8.100%	NY - 72.60%	Paid Off - 360	Sep-02-03
1027382 1			260,000.00	257,161.51	Aug-24-04	6.150%	CA - 80.00%	Paid Off - 360	Sep-08-03
1052725 1			247,000.00	245,503.22	Apr-15-04	5.990%	CA - 65.00%	Paid Off - 360	Sep-02-03
1029416 1			86,400.00	85,693.33	Sep-15-04	7.650%	MI - 80.00%	Paid Off - 360	Sep-12-03
1053256 1			238,400.00	237,362.00	Apr-08-04	6.750%	MA - 80.00%	Paid Off - 360	Sep-09-03
1030055 1			118,800.00	117,874.65	Aug-19-04	7.950%	MN - 80.00%	Paid Off - 360	Sep-12-03
1053569 1			80,000.00	79,182.76	Apr-06-04	6.575%	OH - 59.26%	Paid Off - 240	Sep-10-03
1030731 1			289,000.00	285,770.57	Sep-02-04	5.500%	NJ - 69.98%	Paid Off - 360	Sep-03-03
1055843 1			166,250.00	165,749.57	Apr-06-04	8.600%	NV - 94.46%	Paid Off - 360	Sep-17-03
1031177 1			263,700.00	261,434.49	Aug-24-04	6.900%	MA - 90.00%	Paid Off - 360	Sep-16-03
1056239 1			144,000.00	143,441.25	Apr-01-04	7.450%	MN - 90.00%	Paid Off - 360	Sep-16-03
1032334 1			253,500.00	250,448.03	Sep-15-04	5.625%	CA - 65.00%	Paid Off - 360	Sep-08-03
1058873 1			294,000.00	292,720.03	Apr-07-04	6.750%	CA - 70.00%	Paid Off - 360	Sep-11-03
1032592 1			204,000.00	201,915.42	Aug-25-04	6.500%	CA - 85.00%	Paid Off - 360	Sep-02-03
					Page 19 of 27				© COPYRIGHT 2004 Deutsche Bank
					Page 19 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for April 26, 2004 Distribution
	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
1058937 1			82,450.00	82,232.94	Apr-09-04	9.250%	IL - 85.00%	Paid Off - 360	Sep-25-03
1033159 1			230,400.00	228,516.66	Aug-19-04	7.150%	MA - 90.00%	Paid Off - 360	Sep-09-03
1060210 1			120,000.00	119,684.07	Apr-09-04	9.250%	FL - 78.43%	Paid Off - 360	Sep-29-03
1033223 1			228,000.00	225,883.80	Sep-14-04	6.490%	CA - 42.62%	Paid Off - 360	Sep-23-03
1061829 1			152,000.00	151,264.09	Mar-18-04	6.200%	CA - 69.09%	Paid Off - 360	Sep-11-03
1033648 1			279,950.00	273,189.84	Sep-01-04	5.525%	NJ - 76.70%	Paid Off - 240	Sep-24-03
1062129 1			135,150.00	134,666.82	Mar-30-04	7.750%	NV - 85.00%	Paid Off - 360	Sep-25-03
1034448 1			115,900.00	114,826.28	Aug-23-04	6.500%	VA - 79.93%	Paid Off - 360	Sep-29-03
1062676 1			252,000.00	250,298.74	Mar-30-04	5.650%	CA - 70.00%	Paid Off - 360	Sep-10-03
1034894 1			56,000.00	55,057.97	Aug-24-04	8.325%	FL - 80.00%	Paid Off - 240	Sep-19-03
1062734 1			152,000.00	151,456.61	Apr-02-04	7.750%	OH - 72.38%	Paid Off - 360	Sep-17-03
1038298 1			208,000.00	206,163.09	Sep-14-04	6.750%	RI - 80.00%	Paid Off - 360	Sep-05-03
1064025 1			297,000.00	296,168.01	Mar-26-04	8.950%	NY - 90.00%	Paid Off - 360	Sep-29-03
1038477 1			304,000.00	301,035.83	Sep-02-04	7.000%	FL - 80.00%	Paid Off - 360	Sep-10-03
1064928 1			168,150.00	167,309.20	Apr-09-04	6.990%	CA - 95.00%	Paid Off - 360	Sep-05-03
1039018 1			369,000.00	366,422.86	Sep-02-04	7.950%	NJ - 90.00%	Paid Off - 360	Sep-08-03
1065303 1			161,000.00	160,332.55	Apr-08-04	8.005%	CA - 70.00%	Paid Off - 360	Sep-05-03
1041399 1			215,000.00	213,008.26	Sep-13-04	6.500%	CA - 71.67%	Paid Off - 360	Sep-16-03
1065419 1			92,000.00	91,583.04	Mar-16-04	7.490%	CA - 80.00%	Paid Off - 360	Sep-04-03
1041684 1			221,000.00	218,675.94	Aug-25-04	6.350%	CA - 88.40%	Paid Off - 360	Sep-04-03
1065728 1			255,850.00	255,055.90	Mar-19-04	8.450%	CA - 85.00%	Paid Off - 360	Sep-16-03
1042367 1			246,600.00	244,772.22	Sep-10-04	7.650%	IL - 90.00%	Paid Off - 360	Sep-03-03
1066008 1			204,400.00	203,254.38	Apr-02-04	6.400%	CA - 80.00%	Paid Off - 360	Sep-08-03
1043818 1			141,400.00	140,058.52	Sep-01-04	6.375%	CA - 69.66%	Paid Off - 360	Sep-24-03
1066064 1			80,000.00	79,668.21	Mar-30-04	6.999%	AZ - 78.43%	Paid Off - 360	Sep-08-03
1044044 1			315,000.00	311,750.62	Aug-16-04	6.450%	FL - 78.75%	Paid Off - 360	Sep-09-03
1066347 1			180,000.00	179,252.87	Mar-26-04	7.000%	CA - 85.71%	Paid Off - 360	Sep-05-03
1045345 1			140,000.00	138,421.13	Sep-15-04	5.450%	ME - 81.87%	Paid Off - 360	Sep-30-03
1067432 1			72,250.00	72,049.70	Mar-23-04	9.000%	ME - 85.00%	Paid Off - 360	Sep-04-03
1045371 1			67,000.00	65,918.22	Aug-26-04	6.600%	MD - 77.91%	Paid Off - 360	Sep-19-03
1067527 1			171,700.00	170,958.72	Apr-02-04	6.900%	CA - 71.84%	Paid Off - 360	Sep-30-03
1046625 1			219,120.00	216,506.09	Sep-10-04	6.300%	CA - 80.00%	Paid Off - 360	Sep-10-03
1068419 1			240,000.00	238,897.20	Mar-17-04	6.500%	WA - 80.00%	Paid Off - 360	Sep-08-03
1048652 1			255,000.00	252,163.32	Sep-13-04	6.050%	CA - 85.00%	Paid Off - 360	Sep-04-03
1068831 1			99,200.00	98,800.56	Apr-05-04	7.150%	UT - 80.00%	Paid Off - 360	Sep-30-03
1049533 1			238,000.00	235,426.05	Sep-08-04	6.200%	CA - 76.77%	Paid Off - 360	Sep-05-03
1069102 1			264,000.00	263,111.41	Apr-02-04	8.050%	FL - 80.00%	Paid Off - 360	Sep-12-03
1050693 1			69,700.00	69,129.80	Aug-31-04	7.150%	WI - 85.00%	Paid Off - 360	Sep-08-03
1070024 1			261,000.00	260,009.51	Mar-31-04	7.450%	NJ - 84.19%	Paid Off - 360	Sep-08-03
1051081 1			177,000.00	175,049.35	Aug-26-04	6.100%	CA - 74.37%	Paid Off - 360	Sep-05-03
1070030 1			89,000.00	88,675.42	Apr-06-04	7.650%	MI - 88.12%	Paid Off - 360	Sep-10-03
1052950 1			188,000.00	186,271.30	Aug-31-04	7.050%	CA - 80.00%	Paid Off - 360	Sep-03-03
1070343 1			306,000.00	304,488.24	Apr-09-04	6.100%	CA - 90.00%	Paid Off - 360	Sep-17-03
1053975 1			215,900.00	213,982.89	Sep-13-04	7.250%	CA - 85.00%	Paid Off - 360	Sep-08-03
1072879 1			195,200.00	194,008.15	Mar-30-04	5.950%	IL - 80.00%	Paid Off - 360	Sep-02-03
1054674 1			137,275.00	136,416.32	Aug-24-04	8.500%	FL - 85.00%	Paid Off - 360	Sep-15-03
1073448 1			168,500.00	167,885.45	Apr-14-04	7.650%	MN - 82.20%	Paid Off - 360	Sep-15-03
1055056 1			234,000.00	232,265.62	Aug-16-04	7.650%	CA - 90.00%	Paid Off - 360	Sep-11-03
1074283 1			207,000.00	206,222.18	Apr-08-04	7.500%	CA - 90.00%	Paid Off - 360	Sep-09-03
1055828 1			224,000.00	222,167.83	Aug-31-04	7.650%	CA - 89.64%	Paid Off - 360	Sep-03-03
1074939 1			154,800.00	154,311.88	Mar-30-04	8.400%	IL - 90.00%	Paid Off - 360	Sep-30-03
1057802 1			140,000.00	139,150.49	Aug-30-04	8.650%	OR - 70.00%	Paid Off - 360	Sep-18-03
1078594 1			283,500.00	282,358.51	Apr-01-04	7.150%	CA - 90.00%	Paid Off - 360	Sep-18-03
1058015 1			225,000.00	222,353.13	Aug-27-04	5.750%	CA - 50.00%	Paid Off - 360	Sep-08-03
1078967 1			276,000.00	274,899.57	Apr-02-04	7.200%	CA - 80.00%	Paid Off - 360	Sep-10-03
1058940 1			255,000.00	253,014.84	Aug-26-04	7.400%	NJ - 85.00%	Paid Off - 360	Sep-24-03
1079176 1			395,000.00	393,882.05	Mar-30-04	8.900%	MA - 74.53%	Paid Off - 360	Sep-30-03
1059493 1			233,900.00	231,733.18	Sep-08-04	6.500%	CA - 100.00%	Paid Off - 360	Sep-24-03
1079227 1			166,000.00	165,412.41	Mar-18-04	7.800%	IL - 79.81%	Paid Off - 360	Sep-16-03
1060053 1			132,000.00	130,889.16	Sep-02-04	7.000%	CA - 80.00%	Paid Off - 360	Sep-12-03
1079393 1			277,200.00	275,969.54	Mar-31-04	6.650%	CA - 90.00%	Paid Off - 360	Sep-25-03
1060256 1			160,100.00	158,739.59	Sep-01-04	6.950%	CA - 80.05%	Paid Off - 360	Sep-05-03
1079528 1			159,800.00	159,228.72	Mar-23-04	7.750%	VA - 85.00%	Paid Off - 360	Sep-26-03
1061587 1			182,700.00	181,359.56	Sep-01-04	8.200%	CA - 84.98%	Paid Off - 360	Sep-04-03
1079542 1			167,200.00	166,659.53	Mar-25-04	8.250%	CA - 80.00%	Paid Off - 360	Sep-19-03
1061880 1			297,600.00	294,610.75	Aug-19-04	6.590%	CA - 80.00%	Paid Off - 360	Sep-03-03
1081282 1			56,250.00	56,055.94	Apr-01-04	7.950%	MI - 74.01%	Paid Off - 360	Sep-30-03
1062034 1			66,500.00	65,966.87	Sep-08-04	7.250%	MD - 70.00%	Paid Off - 360	Sep-16-03
1081581 1			188,000.00	187,416.46	Apr-14-04	8.450%	MN - 80.00%	Paid Off - 360	Sep-16-03
1062294 1			155,000.00	153,787.59	Sep-14-04	7.380%	CA - 100.00%	Paid Off - 360	Sep-12-03
1081671 1			199,750.00	199,184.62	Apr-05-04	8.900%	MA - 85.00%	Paid Off - 360	Sep-19-03
1062883 1			190,800.00	189,771.75	Sep-02-04	9.250%	WI - 80.00%	Paid Off - 360	Sep-12-03
1082780 1			204,300.00	203,375.41	Mar-22-04	6.550%	VA - 60.00%	Paid Off - 360	Sep-15-03
1063096 1			156,000.00	145,398.81	Sep-08-04	7.990%	IL - 89.66%	Paid Off - 360	Sep-23-03
1082872 1			299,000.00	297,607.21	Mar-30-04	6.400%	CA - 74.94%	Paid Off - 360	Sep-16-03
1063237 1			238,000.00	235,664.58	Sep-01-04	6.875%	CA - 85.00%	Paid Off - 360	Sep-09-03
1083159 1			180,000.00	179,289.37	Mar-31-04	7.250%	GA - 38.30%	Paid Off - 360	Sep-24-03
1063880 1			205,000.00	203,082.75	Sep-01-04	6.450%	CA - 69.73%	Paid Off - 360	Sep-17-03
1083172 1			122,500.00	122,150.81	Mar-24-04	8.900%	VA - 55.68%	Paid Off - 360	Sep-23-03
1064221 1			215,000.00	213,641.58	Aug-24-04	8.450%	NJ - 67.19%	Paid Off - 360	Sep-19-03
1084994 1			315,000.00	313,810.34	Mar-23-04	8.000%	RI - 79.75%	Paid Off - 360	Sep-26-03
1064290 1			202,350.00	200,647.12	Aug-27-04	7.000%	CA - 95.00%	Paid Off - 360	Sep-10-03
1085180 1			112,800.00	112,435.38	Mar-18-04	8.250%	FL - 80.00%	Paid Off - 360	Sep-25-03
1064717 1			117,000.00	115,946.76	Aug-31-04	6.650%	CA - 90.00%	Paid Off - 360	Sep-23-03
1085912 1			153,850.00	153,296.76	Apr-15-04	7.750%	CA - 85.00%	Paid Off - 360	Sep-19-03
1065140 1			114,750.00	113,891.00	Aug-27-04	7.600%	FL - 85.00%	Paid Off - 360	Sep-26-03
1087471 1			145,000.00	144,427.53	Mar-18-04	7.250%	CA - 58.00%	Paid Off - 360	Sep-24-03
1065192 1			118,915.00	118,108.89	Sep-03-04	8.100%	UT - 85.00%	Paid Off - 360	Sep-25-03
1088321 1			208,250.00	207,402.72	Mar-31-04	7.100%	CA - 85.00%	Paid Off - 360	Sep-22-03
1065465 1			297,000.00	294,237.17	Aug-18-04	6.990%	CA - 90.00%	Paid Off - 360	Sep-03-03
1088485 1			315,000.00	313,628.59	Apr-13-04	6.750%	CA - 90.00%	Paid Off - 360	Sep-19-03
1066481 1			191,250.00	189,637.39	Sep-01-04	6.990%	CA - 85.00%	Paid Off - 360	Sep-18-03
1088683 1			85,000.00	84,751.87	Apr-01-04	8.750%	MI - 85.00%	Paid Off - 360	Sep-22-03
1067963 1			246,500.00	244,216.49	Aug-18-04	6.500%	CA - 85.00%	Paid Off - 360	Sep-17-03
1088696 1			280,000.00	278,379.98	Apr-07-04	5.250%	CA - 70.00%	Paid Off - 360	Sep-19-03
1068105 1			67,500.00	66,920.83	Sep-01-04	6.900%	IL - 90.00%	Paid Off - 360	Sep-04-03
1090540 1			274,000.00	272,727.78	Mar-31-04	6.800%	IL - 90.00%	Paid Off - 360	Sep-24-03
1068274 1			179,100.00	177,746.10	Sep-13-04	7.550%	CA - 90.00%	Paid Off - 360	Sep-19-03
1091775 1			168,000.00	167,250.62	Apr-12-04	6.625%	CA - 80.00%	Paid Off - 360	Sep-22-03
1068379 1			288,000.00	285,477.26	Aug-31-04	7.300%	CA - 90.00%	Paid Off - 360	Sep-04-03
1091984 1			119,000.00	117,877.70	Apr-05-04	7.850%	CA - 64.32%	Paid Off - 360	Sep-30-03
1069055 1			184,000.00	182,872.08	Aug-17-04	8.600%	MN - 80.00%	Paid Off - 360	Sep-22-03
1093029 1			275,500.00	274,412.33	Mar-18-04	7.250%	CA - 52.48%	Paid Off - 360	Sep-30-03
1069347 1			141,300.00	139,927.41	Sep-10-04	6.250%	CA - 90.00%	Paid Off - 360	Sep-16-03
					Page 20 of 27				© COPYRIGHT 2004 Deutsche Bank
					Page 20 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for April 26, 2004 Distribution
	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
1093084 1			163,200.00	162,536.39	Mar-31-04	7.100%	CA - 68.00%	Paid Off - 360	Sep-25-03
1069678 1			211,500.00	209,406.36	Sep-02-04	6.150%	NY - 90.00%	Paid Off - 360	Sep-08-03
1093298 1			78,000.00	77,655.99	Mar-24-04	7.100%	CA - 28.89%	Paid Off - 360	Sep-17-03
1070000 1			198,000.00	196,321.69	Sep-10-04	7.100%	MA - 62.46%	Paid Off - 360	Sep-22-03
1093924 1			182,000.00	181,222.87	Mar-29-04	6.850%	MA - 65.00%	Paid Off - 360	Sep-24-03
1070140 1			180,000.00	178,410.38	Sep-01-04	6.750%	CA - 90.00%	Paid Off - 360	Sep-12-03
1094597 1			119,000.00	118,521.17	Apr-06-04	8.000%	IL - 85.00%	Paid Off - 360	Sep-29-03
1070173 1			254,600.00	252,689.41	Aug-25-04	7.600%	IL - 95.00%	Paid Off - 360	Sep-26-03
1095131 1			92,000.00	90,401.75	Apr-09-04	8.500%	FL - 80.00%	Paid Off - 180	Sep-30-03
1070227 1			307,200.00	304,834.73	Aug-18-04	7.550%	CA - 80.00%	Paid Off - 360	Sep-18-03
1095836 1			243,900.00	243,018.90	Apr-02-04	7.700%	GA - 90.00%	Paid Off - 360	Sep-29-03
1072721 1			79,100.00	78,488.50	Sep-10-04	7.950%	TX - 73.93%	Paid Off - 360	Sep-30-03
1097216 1			168,750.00	167,257.79	Mar-17-04	7.775%	MN - 87.89%	Paid Off - 240	Sep-16-03
1073450 1			157,000.00	155,801.47	Aug-26-04	7.500%	NV - 74.76%	Paid Off - 360	Sep-16-03
1098626 1			84,850.00	84,515.01	Apr-02-04	7.250%	OH - 86.58%	Paid Off - 360	Sep-29-03
1074146 1			295,000.00	292,975.21	Aug-30-04	8.300%	CA - 84.29%	Paid Off - 360	Sep-08-03
1098664 1			239,000.00	238,219.54	Mar-30-04	8.200%	CA - 72.42%	Paid Off - 360	Sep-22-03
1075068 1			63,750.00	63,247.95	Aug-31-04	7.400%	OH - 75.00%	Paid Off - 360	Sep-30-03
1100448 1			104,500.00	104,101.92	Apr-01-04	7.950%	AL - 95.00%	Paid Off - 360	Sep-23-03
1075879 1			68,600.00	67,993.73	Sep-02-04	6.750%	ID - 70.00%	Paid Off - 360	Sep-30-03
1100902 1			163,000.00	162,322.79	Apr-07-04	6.990%	CA - 69.66%	Paid Off - 360	Sep-30-03
1076542 1			232,000.00	229,277.42	Aug-31-04	5.990%	NY - 87.55%	Paid Off - 360	Sep-05-03
1102837 1			236,250.00	235,017.41	Apr-12-04	6.250%	IL - 75.00%	Paid Off - 360	Sep-19-03
1076635 1			191,250.00	189,787.17	Sep-01-04	7.490%	OR - 85.00%	Paid Off - 360	Sep-17-03
1103465 1			274,500.00	273,359.50	Apr-13-04	6.990%	CA - 90.00%	Paid Off - 360	Sep-19-03
1077400 1			395,000.00	392,213.72	Sep-01-04	7.900%	IL - 84.95%	Paid Off - 360	Sep-11-03
1104395 1			240,000.00	239,043.09	Apr-15-04	7.200%	PA - 75.00%	Paid Off - 360	Sep-12-03
1078211 1			251,200.00	248,889.33	Aug-26-04	6.750%	CA - 80.00%	Paid Off - 360	Sep-12-03
1104435 1			288,000.00	286,758.26	Apr-02-04	6.800%	CA - 90.00%	Paid Off - 360	Sep-29-03
1078290 1			76,500.00	75,944.05	Sep-15-04	7.750%	MI - 75.00%	Paid Off - 360	Sep-22-03
1105529 1			159,375.00	158,758.10	Apr-13-04	7.350%	IL - 85.00%	Paid Off - 360	Sep-24-03
1078711 1			97,600.00	96,394.23	Sep-15-04	7.275%	CA - 80.00%	Paid Off - 300	Sep-25-03
1105825 1			308,550.00	307,042.32	Mar-18-04	6.150%	CA - 85.00%	Paid Off - 360	Sep-22-03
1079199 1			315,000.00	312,595.35	Sep-13-04	7.500%	FL - 90.00%	Paid Off - 360	Sep-10-03
1105849 1			110,000.00	109,625.23	Mar-31-04	7.990%	CA - 61.11%	Paid Off - 360	Sep-25-03
1079269 1			240,000.00	237,976.93	Sep-01-04	7.000%	CA - 80.00%	Paid Off - 360	Sep-05-03
1107051 1			68,800.00	68,676.41	Apr-02-04	11.050%	MO - 80.00%	Paid Off - 360	Sep-30-03
1079292 1			148,500.00	147,332.59	Aug-26-04	7.350%	CA - 53.04%	Paid Off - 360	Sep-23-03
1107709 1			176,800.00	176,052.41	Mar-26-04	6.900%	CA - 80.00%	Paid Off - 360	Sep-24-03
1081364 1			201,700.00	198,751.23	Sep-13-04	6.250%	CA - 63.03%	Paid Off - 360	Sep-26-03
1107778 1			173,700.00	173,060.14	Apr-14-04	7.600%	IL - 90.00%	Paid Off - 360	Sep-30-03
1081565 1			249,900.00	247,527.50	Sep-10-04	6.900%	CA - 85.00%	Paid Off - 360	Sep-03-03
1108126 1			163,200.00	162,728.48	Apr-06-04	8.800%	IL - 85.00%	Paid Off - 360	Sep-23-03
1081732 1			50,600.00	50,308.98	Aug-26-04	9.000%	TN - 50.60%	Paid Off - 360	Sep-22-03
1108503 1			221,000.00	219,940.53	Apr-06-04	6.250%	IL - 65.00%	Paid Off - 360	Sep-22-03
1082305 1			58,500.00	58,083.16	Sep-15-04	7.850%	IN - 65.00%	Paid Off - 360	Sep-18-03
1109467 1			164,900.00	164,175.06	Mar-29-04	6.700%	CA - 85.00%	Paid Off - 360	Sep-25-03
1082306 1			121,200.00	120,370.16	Aug-31-04	8.050%	NV - 89.78%	Paid Off - 360	Sep-29-03
1110539 1			81,200.00	80,943.99	Apr-02-04	8.750%	AL - 70.00%	Paid Off - 360	Sep-30-03
1082618 1			212,000.00	210,381.62	Sep-02-04	7.500%	IL - 80.00%	Paid Off - 360	Sep-23-03
1110593 1			289,000.00	287,741.81	Apr-14-04	6.750%	CA - 85.00%	Paid Off - 360	Sep-23-03
1085569 1			164,000.00	162,723.20	Sep-09-04	7.400%	MD - 80.00%	Paid Off - 360	Sep-24-03
1111415 1			44,000.00	43,859.18	Apr-07-04	8.300%	ID - 36.67%	Paid Off - 360	Sep-30-03
1085664 1		FCL	187,000.00	185,641.06	Sep-10-04	7.750%	CA - 66.79%	Paid Off - 360	Sep-29-03
1111459 1			250,000.00	248,888.80	Apr-02-04	6.800%	CA - 54.35%	Paid Off - 360	Sep-29-03
1085719 1			155,550.00	154,385.70	Sep-13-04	7.600%	CA - 85.00%	Paid Off - 360	Sep-18-03
1111624 1			248,625.00	247,762.52	Apr-09-04	7.900%	CA - 85.00%	Paid Off - 360	Sep-25-03
1086231 1			265,500.00	262,796.64	Sep-02-04	6.000%	CA - 90.00%	Paid Off - 360	Sep-16-03
1113382 1			233,750.00	232,771.18	Mar-16-04	6.950%	CA - 85.00%	Paid Off - 360	Sep-25-03
1086527 1			152,100.00	151,148.12	Aug-24-04	8.500%	CO - 90.00%	Paid Off - 360	Sep-08-03
1113792 1			261,000.00	260,085.44	Apr-01-04	7.850%	IL - 90.00%	Paid Off - 360	Sep-29-03
1086716 1			232,800.00	230,316.33	Sep-07-04	5.750%	MA - 80.00%	Paid Off - 360	Sep-22-03
1115282 1			106,000.00	105,670.26	Apr-02-04	8.450%	TX - 57.30%	Paid Off - 360	Sep-30-03
1087076 1			184,000.00	182,700.57	Aug-20-04	8.170%	FL - 80.00%	Paid Off - 360	Sep-15-03
1118851 1			200,250.00	199,308.22	Mar-16-04	6.350%	CA - 90.00%	Paid Off - 360	Sep-25-03
1087430 1			261,000.00	258,907.59	Aug-26-04	7.250%	CA - 90.00%	Paid Off - 360	Sep-23-03
1121921 1			165,600.00	164,911.97	Mar-25-04	7.300%	CO - 80.00%	Paid Off - 360	Sep-25-03
1087607 1			80,000.00	79,146.48	Aug-31-04	5.750%	NY - 28.07%	Paid Off - 360	Sep-16-03
1124201 1			149,600.00	149,167.74	Mar-19-04	8.800%	CO - 80.00%	Paid Off - 360	Sep-30-03
1088200 1			180,000.00	178,752.77	Sep-03-04	7.990%	CA - 60.00%	Paid Off - 360	Sep-23-03
1125825 1			150,000.00	149,413.99	Apr-02-04	7.450%	CA - 60.00%	Paid Off - 360	Sep-30-03
1088431 1			86,250.00	85,742.26	Aug-18-04	8.800%	VA - 75.00%	Paid Off - 360	Sep-30-03
931594 2			499,999.00	497,758.00	Apr-05-04	6.600%	CA - 82.64%	Paid Off - 360	Sep-16-03
1088665 1			318,600.00	316,627.21	Aug-16-04	8.550%	CA - 90.00%	Paid Off - 360	Sep-24-03
963738 2			442,000.00	440,404.03	Apr-15-04	7.700%	MI - 68.00%	Paid Off - 360	Sep-30-03
1088720 1			124,700.00	123,690.34	Aug-18-04	7.200%	NJ - 43.00%	Paid Off - 360	Sep-25-03
981101 2			344,250.00	342,994.50	Mar-16-04	7.650%	NY - 85.00%	Paid Off - 360	Sep-05-03
1088922 1			288,000.00	285,691.21	Aug-24-04	7.250%	FL - 73.85%	Paid Off - 360	Sep-29-03
981806 2			247,500.00	246,471.72	Mar-31-04	6.990%	CA - 90.00%	Paid Off - 360	Sep-11-03
1089010 1			152,000.00	150,523.50	Aug-25-04	6.250%	KS - 86.86%	Paid Off - 360	Sep-23-03
1001341 2			324,000.00	322,669.56	Apr-02-04	7.050%	CA - 90.00%	Paid Off - 360	Sep-24-03
1089524 1			100,000.00	98,860.34	Sep-03-04	8.500%	AZ - 80.00%	Paid Off - 360	Sep-16-03
1003336 2			164,000.00	163,264.91	Apr-06-04	6.600%	CA - 80.00%	Paid Off - 360	Sep-24-03
1089598 1			300,000.00	297,709.82	Sep-02-04	7.500%	CA - 83.33%	Paid Off - 360	Sep-24-03
1007534 2			114,750.00	114,362.01	Mar-29-04	7.450%	NM - 85.00%	Paid Off - 360	Sep-30-03
1089714 1			208,000.00	205,862.18	Aug-19-04	5.950%	CA - 80.00%	Paid Off - 360	Sep-30-03
1010870 2			245,000.00	243,994.51	Mar-23-04	7.990%	NV - 100.00%	Paid Off - 360	Sep-02-03
1089943 1			202,500.00	201,181.32	Aug-24-04	8.300%	CA - 90.00%	Paid Off - 360	Sep-30-03
1020422 2			182,500.00	181,950.62	Mar-16-04	8.600%	VA - 84.88%	Paid Off - 360	Sep-08-03
1090344 1			309,400.00	306,796.20	Sep-15-04	7.000%	CA - 85.00%	Paid Off - 360	Sep-19-03
1027487 2			268,287.00	267,172.35	Apr-01-04	6.990%	CA - 100.00%	Paid Off - 360	Sep-23-03
1091055 1			163,000.00	161,090.60	Sep-09-04	7.200%	MA - 73.76%	Paid Off - 360	Sep-19-03
1028405 2			72,000.00	71,810.45	Mar-31-04	9.250%	NC - 64.29%	Paid Off - 360	Sep-24-03
1091308 1			35,000.00	34,796.09	Aug-31-04	8.850%	FL - 70.00%	Paid Off - 360	Sep-30-03
1032245 2			267,750.00	266,675.72	Apr-13-04	8.100%	CA - 85.00%	Paid Off - 360	Sep-02-03
1092085 1			238,000.00	235,709.83	Sep-01-04	6.300%	DC - 85.00%	Paid Off - 360	Sep-25-03
1032264 2			447,950.00	446,216.05	Apr-07-04	7.350%	CA - 85.00%	Paid Off - 360	Sep-04-03
1092233 1			274,500.00	271,858.87	Aug-17-04	6.350%	CA - 90.00%	Paid Off - 360	Sep-16-03
1036727 2			295,000.00	293,243.69	Apr-08-04	5.250%	MA - 68.60%	Paid Off - 360	Sep-05-03
1092299 1			79,200.00	78,738.50	Sep-09-04	8.850%	MI - 90.00%	Paid Off - 360	Sep-29-03
1038026 2			186,000.00	185,207.47	Mar-16-04	7.800%	IL - 75.00%	Paid Off - 360	Sep-05-03
1092555 1			133,450.00	132,552.73	Sep-09-04	8.450%	NJ - 85.00%	Paid Off - 360	Sep-17-03
1041111 2			440,000.00	437,557.48	Apr-09-04	6.450%	CA - 80.00%	Paid Off - 360	Sep-10-03
1092626 1			137,870.00	135,529.43	Aug-24-04	7.300%	IL - 85.00%	Paid Off - 360	Sep-26-03
					Page 21 of 27				© COPYRIGHT 2004 Deutsche Bank
					Page 21 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for April 26, 2004 Distribution
	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
1042822 2			146,400.00	145,898.18	Mar-24-04	9.200%	CA - 74.31%	Paid Off - 360	Sep-04-03
1092882 1			134,250.00	133,109.20	Aug-30-04	6.950%	CA - 75.00%	Paid Off - 360	Sep-25-03
1043333 2			470,500.00	468,308.36	Apr-15-04	6.400%	NJ - 72.38%	Paid Off - 360	Sep-09-03
1093003 1			168,750.00	167,587.09	Aug-24-04	8.050%	OR - 75.00%	Paid Off - 360	Sep-16-03
1046673 2			324,000.00	322,563.28	Apr-14-04	7.600%	MA - 80.00%	Paid Off - 360	Sep-05-03
1093231 1			150,000.00	148,805.18	Aug-23-04	7.350%	CA - 78.95%	Paid Off - 360	Sep-18-03
1048525 2			128,700.00	128,223.79	Apr-14-04	8.500%	DE - 90.00%	Paid Off - 360	Sep-05-03
1094121 1			265,500.00	263,937.31	Sep-08-04	8.800%	CA - 90.00%	Paid Off - 360	Sep-17-03
1049902 2			340,000.00	338,431.37	Mar-17-04	6.450%	CA - 80.00%	Paid Off - 360	Sep-10-03
1094665 1			116,900.00	116,270.36	Sep-08-04	9.250%	OH - 70.00%	Paid Off - 360	Sep-30-03
1050653 2			365,000.00	363,413.37	Apr-01-04	7.700%	MD - 73.00%	Paid Off - 360	Sep-03-03
1094782 1			103,500.00	102,847.57	Aug-31-04	8.850%	MI - 90.00%	Paid Off - 360	Sep-24-03
1051010 2			121,000.00	120,713.11	Apr-08-04	9.750%	MA - 25.21%	Paid Off - 360	Sep-10-03
1094798 1			220,500.00	218,533.96	Sep-15-04	6.700%	NY - 90.00%	Paid Off - 360	Sep-16-03
1055496 2			93,000.00	92,339.54	Mar-31-04	10.990%	CA - 20.00%	Paid Off - 240	Aug-15-03
1094991 1			108,000.00	106,927.24	Sep-03-04	6.900%	RI - 52.43%	Paid Off - 360	Sep-23-03
1056051 2			543,750.00	541,031.09	Mar-16-04	6.990%	CA - 75.00%	Paid Off - 360	Sep-04-03
1095678 1			205,000.00	203,340.50	Sep-01-04	7.200%	CA - 65.29%	Paid Off - 360	Sep-24-03
1058538 2			37,500.00	37,391.61	Mar-24-04	10.200%	LA - 75.00%	Paid Off - 360	Sep-02-03
1095683 1			252,000.00	250,095.09	Sep-01-04	7.550%	CA - 90.00%	Paid Off - 360	Sep-12-03
1059286 2			553,000.00	550,592.45	Mar-30-04	6.750%	CA - 70.00%	Paid Off - 360	Sep-05-03
1095818 1			268,000.00	265,700.62	Sep-15-04	6.900%	GA - 77.23%	Paid Off - 360	Sep-29-03
1062537 2			292,000.00	290,765.33	Mar-19-04	6.900%	CA - 80.00%	Paid Off - 360	Sep-17-03
1096010 1			102,000.00	101,441.09	Sep-08-04	9.150%	FL - 85.00%	Paid Off - 360	Sep-30-03
1062627 2			162,000.00	161,420.87	Apr-02-04	7.750%	NV - 90.00%	Paid Off - 360	Sep-10-03
1096264 1			35,000.00	34,719.33	Sep-01-04	7.250%	FL - 48.61%	Paid Off - 360	Sep-30-03
1064425 2			85,000.00	84,197.78	Mar-22-04	10.750%	NC - 73.91%	Paid Off - 360	Sep-30-03
1096672 1			157,500.00	156,309.36	Aug-13-04	7.550%	CA - 75.00%	Paid Off - 360	Sep-30-03
1065670 2			472,500.00	471,299.28	Mar-31-04	10.850%	TX - 90.00%	Paid Off - 360	Sep-30-03
1096722 1			157,000.00	153,623.09	Sep-03-04	6.250%	CA - 64.34%	Paid Off - 240	Sep-24-03
1066009 2			51,100.00	50,695.53	Apr-02-04	10.150%	CA - 20.00%	Paid Off - 240	Sep-08-03
1096863 1			241,600.00	237,825.39	Aug-31-04	7.250%	CA - 80.00%	Paid Off - 360	Sep-24-03
1068891 2			324,000.00	322,671.01	Mar-19-04	7.990%	NY - 90.00%	Paid Off - 360	Sep-03-03
1097039 1			149,500.00	148,108.23	Aug-19-04	6.875%	CA - 65.00%	Paid Off - 360	Sep-24-03
1071937 2			257,000.00	255,945.82	Apr-01-04	7.990%	CA - 71.39%	Paid Off - 360	Sep-11-03
1097111 1			168,000.00	166,704.83	Sep-01-04	7.450%	CA - 80.00%	Paid Off - 360	Sep-23-03
1074892 2			355,500.00	354,190.52	Mar-25-04	7.600%	CA - 90.00%	Paid Off - 360	Sep-24-03
1097217 1			285,000.00	282,670.38	May-14-04	7.150%	CA - 95.00%	Paid Off - 360	Sep-16-03
1075160 2			180,000.00	179,418.16	Mar-24-04	8.250%	VA - 55.38%	Paid Off - 360	Sep-30-03
1097466 1			261,000.00	259,158.92	Sep-10-04	7.900%	CA - 90.00%	Paid Off - 360	Sep-11-03
1077367 2			60,000.00	59,591.17	Mar-17-04	10.550%	WA - 20.00%	Paid Off - 240	Sep-08-03
1098690 1			259,250.00	257,749.63	Aug-24-04	8.900%	MA - 85.00%	Paid Off - 360	Sep-30-03
1083069 2			66,000.00	65,638.76	Apr-02-04	11.550%	FL - 20.00%	Paid Off - 240	Sep-12-03
1099224 1			91,200.00	90,390.66	Aug-27-04	6.800%	CA - 80.00%	Paid Off - 360	Sep-24-03
1083248 2			255,000.00	254,041.85	Apr-15-04	7.500%	CA - 60.28%	Paid Off - 360	Sep-29-03
1099226 1			198,800.00	197,237.11	Sep-02-04	7.350%	CA - 89.95%	Paid Off - 360	Sep-19-03
1084501 2			51,000.00	50,841.67	Mar-30-04	8.450%	MI - 61.45%	Paid Off - 360	Sep-29-03
1099579 1			128,250.00	128,248.38	Sep-14-04	5.250%	CA - 75.00%	Paid Off - 300	Sep-18-03
1084512 2			134,000.00	133,168.05	Apr-01-04	7.250%	SC - 54.47%	Paid Off - 360	Sep-19-03
1099642 1			188,700.00	187,382.05	Aug-19-04	7.950%	CA - 85.00%	Paid Off - 360	Sep-29-03
1084552 2			304,000.00	302,775.96	Apr-13-04	7.150%	CA - 79.79%	Paid Off - 360	Sep-17-03
1100699 1			86,250.00	85,728.98	Sep-09-04	9.000%	MI - 75.00%	Paid Off - 360	Sep-30-03
1085553 2			331,200.00	329,953.73	Apr-15-04	7.500%	CA - 89.99%	Paid Off - 360	Sep-17-03
1100809 1			73,695.00	73,217.91	Sep-07-04	8.450%	OH - 85.00%	Paid Off - 360	Sep-30-03
1091262 2			130,625.00	130,227.67	Apr-15-04	8.550%	MO - 95.00%	Paid Off - 360	Sep-24-03
1100872 1			220,000.00	218,754.36	Aug-27-04	8.990%	CA - 72.61%	Paid Off - 360	Sep-24-03
1092652 2			62,900.00	62,692.49	Apr-01-04	8.150%	MO - 85.00%	Paid Off - 360	Sep-30-03
1101538 1			216,750.00	214,522.23	Aug-30-04	5.950%	CA - 85.00%	Paid Off - 360	Sep-18-03
1093179 2			184,500.00	183,985.81	Mar-29-04	8.975%	OR - 90.00%	Paid Off - 360	Sep-23-03
1102167 1			193,500.00	191,948.71	Aug-19-04	7.250%	CA - 90.00%	Paid Off - 360	Sep-25-03
1094199 2			235,000.00	234,327.62	Mar-31-04	8.850%	CA - 67.14%	Paid Off - 360	Sep-25-03
1103275 1			187,000.00	185,921.56	Sep-01-04	8.900%	OH - 85.00%	Paid Off - 360	Sep-19-03
1098657 2			400,000.00	398,241.54	Apr-08-04	6.700%	CA - 80.00%	Paid Off - 360	Sep-16-03
1105854 1			200,250.00	198,498.39	Sep-09-04	6.800%	CA - 63.57%	Paid Off - 360	Sep-25-03
1098970 2			310,500.00	309,109.60	Apr-12-04	6.700%	CA - 90.00%	Paid Off - 360	Sep-18-03
1106698 1			60,000.00	59,623.27	Aug-20-04	8.750%	NC - 70.59%	Paid Off - 360	Sep-30-03
1101436 2			441,000.00	439,272.23	Apr-02-04	7.400%	CA - 90.00%	Paid Off - 360	Sep-30-03
1108234 1			144,500.00	143,370.66	Sep-01-04	7.380%	LA - 85.00%	Paid Off - 360	Sep-30-03
1104699 2			191,250.00	190,650.31	Apr-14-04	8.400%	HI - 75.00%	Paid Off - 360	Sep-24-03
1108727 1			261,000.00	258,738.18	Sep-02-04	6.850%	CA - 88.47%	Paid Off - 360	Sep-30-03
1121019 2			200,800.00	200,490.33	Mar-18-04	11.750%	FL - 80.00%	Paid Off - 360	Sep-30-03
1108763 1			289,000.00	286,544.29	Aug-16-04	6.950%	CA - 85.00%	Paid Off - 360	Sep-25-03
1121557 2			625,000.00	622,198.76	Apr-05-04	6.600%	CA - 54.35%	Paid Off - 360	Sep-24-03
1109816 1			232,000.00	229,767.57	Sep-01-04	6.300%	NV - 80.00%	Paid Off - 360	Sep-19-03
1126677 2			160,000.00	159,398.78	Mar-24-04	7.500%	IL - 100.00%	Paid Off - 360	Sep-30-03
1110125 1			78,750.00	77,377.88	Sep-14-04	8.650%	OH - 75.00%	Paid Off - 240	Sep-26-03
1128884 2			310,000.00	308,805.96	Apr-13-04	7.375%	CA - 77.50%	Paid Off - 360	Sep-30-03
1112953 1			140,250.00	138,417.84	Aug-20-04	6.500%	CA - 85.00%	Paid Off - 360	Sep-23-03
1136594 2			255,000.00	250,753.89	Apr-05-04	6.500%	CA - 48.48%	Paid Off - 180	Sep-30-03
1113646 1			229,000.00	226,973.79	Aug-19-04	6.740%	CA - 76.33%	Paid Off - 360	Sep-30-03
					Page 22 of 27				© COPYRIGHT 2004 Deutsche Bank
1114210 1			168,000.00	166,583.37	Sep-03-04	6.990%	CA - 70.00%	Paid Off - 360	Sep-30-03
1116401 1			136,800.00	135,562.56	Aug-19-04	6.625%	CA - 80.00%	Paid Off - 360	Sep-26-03
1117443 1			155,000.00	152,481.65	Sep-02-04	7.150%	CA - 73.81%	Paid Off - 360	Sep-30-03
1119269 1			344,500.00	342,533.36	Aug-23-04	8.950%	IL - 100.00%	Paid Off - 360	Sep-30-03
1119562 1			108,900.00	107,910.26	Sep-13-04	6.600%	IA - 90.00%	Paid Off - 360	Sep-30-03
1124748 1			221,000.00	219,501.96	Sep-07-04	8.100%	CA - 85.00%	Paid Off - 360	Sep-30-03
1125964 1			108,500.00	107,550.98	Aug-23-04	6.800%	IL - 70.00%	Paid Off - 360	Sep-29-03
1126145 1			263,000.00	260,737.48	Aug-27-04	6.900%	CA - 71.86%	Paid Off - 360	Sep-30-03
1128760 1			130,000.00	128,938.29	Aug-23-04	8.050%	CT - 52.00%	Paid Off - 360	Sep-30-03
938168 2			417,250.00	412,587.61	Aug-18-04	5.500%	IL - 74.51%	Paid Off - 360	Sep-04-03
959973 2			193,500.00	191,805.06	Aug-17-04	7.300%	NJ - 90.00%	Paid Off - 360	Sep-10-03
967584 2			428,000.00	424,411.24	Sep-03-04	7.550%	NY - 80.00%	Paid Off - 360	Sep-30-03
					Page 22 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Realized Loss Report for April 26, 2004 Distribution
	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
974379 2			383,200.00	380,097.97	Aug-17-04	7.200%	CA - 80.00%	Paid Off - 360	Sep-30-03
982064 2			270,600.00	268,768.61	Sep-08-04	8.600%	CA - 60.00%	Paid Off - 360	Sep-10-03
999414 2			67,800.00	66,662.49	Sep-01-04	9.500%	CA - 20.00%	Paid Off - 240	Aug-15-03
1006734 2			128,900.00	128,900.00	Sep-08-04	4.250%	MI - 78.12%	Paid Off - 300	Sep-03-03
1010654 2			109,000.00	108,188.84	Sep-15-04	7.630%	NM - 100.00%	Paid Off - 360	Sep-30-03
1012999 2			700,000.00	699,696.27	Aug-25-04	4.750%	CA - 80.00%	Paid Off - 300	Sep-05-03
1014870 2			404,000.00	398,457.05	Sep-14-04	6.800%	CA - 80.00%	Paid Off - 360	Sep-11-03
1015386 2			500,000.00	493,973.43	Aug-18-04	6.300%	CA - 73.53%	Paid Off - 360	Sep-10-03
1016928 2			85,000.00	84,382.83	Aug-19-04	8.250%	OH - 100.00%	Paid Off - 360	Sep-02-03
1019276 2			272,000.00	270,081.31	Sep-07-04	7.900%	CA - 85.00%	Paid Off - 360	Sep-12-03
1019334 2			414,000.00	399,140.91	Aug-23-04	5.750%	NJ - 73.27%	Paid Off - 180	Sep-09-03
1019689 2			328,000.00	324,227.93	Aug-26-04	5.990%	CA - 80.00%	Paid Off - 360	Sep-04-03
1020946 2			360,000.00	357,743.60	Aug-31-04	8.500%	WA - 90.00%	Paid Off - 360	Sep-03-03
1023101 2			190,000.00	189,064.15	Sep-08-04	9.750%	RI - 74.51%	Paid Off - 360	Sep-03-03
1034196 2			70,400.00	69,983.13	Aug-31-04	8.800%	IL - 80.00%	Paid Off - 360	Sep-23-03
1034529 2		FCL	427,500.00	424,514.35	Sep-03-04	7.950%	GA - 90.00%	Paid Off - 360	Sep-17-03
1039500 2			185,000.00	180,313.65	Sep-13-04	5.675%	CA - 74.00%	Paid Off - 240	Sep-05-03
1043260 2			450,000.00	445,941.53	Aug-25-04	7.150%	MI - 83.33%	Paid Off - 360	Sep-03-03
1044941 2			81,250.00	80,875.34	Aug-31-04	10.000%	GA - 65.00%	Paid Off - 360	Sep-30-03
1049728 2			31,000.00	30,504.62	Aug-31-04	9.550%	CT - 20.00%	Paid Off - 240	Sep-02-03
1049963 2			424,000.00	420,212.98	Aug-16-04	7.200%	CA - 80.00%	Paid Off - 360	Sep-05-03
1051900 2			104,000.00	103,480.47	Sep-15-04	9.600%	IL - 80.00%	Paid Off - 360	Sep-04-03
1052605 2			181,685.00	180,124.21	Sep-14-04	7.400%	NJ - 82.96%	Paid Off - 360	Sep-04-03
1055857 2			198,000.00	196,412.73	Sep-14-04	7.250%	CA - 100.00%	Paid Off - 360	Sep-04-03
1058176 2			110,900.00	107,217.32	Aug-26-04	6.700%	NJ - 41.07%	Paid Off - 180	Sep-23-03
1058260 2			155,000.00	152,698.62	Aug-16-04	7.500%	FL - 59.16%	Paid Off - 360	Sep-29-03
1058706 2			92,000.00	91,480.09	Aug-17-04	9.000%	MI - 80.00%	Paid Off - 360	Sep-09-03
1059522 2			306,000.00	302,946.92	Aug-31-04	6.625%	CA - 90.00%	Paid Off - 360	Sep-10-03
1060045 2			324,000.00	321,210.70	Aug-20-04	6.990%	CA - 90.00%	Paid Off - 360	Sep-17-03
1060248 2			101,500.00	100,764.51	Sep-01-04	8.260%	CA - 70.00%	Paid Off - 360	Sep-05-03
1060958 2			160,200.00	159,024.25	Sep-01-04	7.700%	FL - 90.00%	Paid Off - 360	Sep-08-03
1062481 2			85,000.00	84,406.37	Sep-02-04	7.950%	FL - 100.00%	Paid Off - 360	Sep-29-03
1062689 2			259,000.00	256,816.14	Aug-27-04	6.990%	CA - 70.00%	Paid Off - 360	Sep-09-03
1064114 2			500,000.00	495,784.07	Aug-31-04	6.990%	CT - 64.94%	Paid Off - 360	Sep-22-03
1064716 2			272,000.00	270,100.36	Sep-07-04	7.950%	CA - 85.00%	Paid Off - 360	Sep-24-03
1066861 2			54,780.00	53,090.54	Sep-10-04	9.550%	CA - 20.00%	Paid Off - 240	Sep-10-03
1066919 2			130,000.00	128,790.11	Sep-09-04	6.990%	NY - 72.22%	Paid Off - 360	Sep-04-03
1067840 2			237,405.00	235,556.76	Aug-18-04	7.400%	CA - 95.00%	Paid Off - 360	Sep-19-03
1068541 2			375,000.00	371,174.52	Aug-18-04	5.990%	CA - 100.00%	Paid Off - 360	Sep-18-03
1069724 2			76,400.00	75,786.28	Aug-25-04	7.240%	MA - 100.00%	Paid Off - 360	Sep-19-03
1070038 2			159,250.00	158,136.32	Sep-08-04	7.950%	FL - 65.00%	Paid Off - 360	Sep-23-03
1071090 2			336,000.00	333,004.19	Sep-03-04	6.700%	CA - 80.00%	Paid Off - 360	Sep-30-03
1072153 2			47,000.00	46,373.78	Aug-31-04	10.990%	CA - 20.00%	Paid Off - 240	Sep-03-03
1074513 2			425,000.00	420,664.03	Aug-23-04	5.990%	CA - 85.00%	Paid Off - 360	Sep-08-03
1075218 2			373,395.00	367,721.68	Aug-27-04	6.950%	VA - 90.00%	Paid Off - 360	Sep-22-03
1078523 2			235,800.00	233,757.24	Aug-30-04	6.850%	CA - 90.00%	Paid Off - 360	Sep-10-03
1079810 2			108,500.00	108,027.11	Aug-26-04	10.250%	KY - 70.00%	Paid Off - 360	Sep-16-03
1080237 2			62,800.00	61,939.96	Aug-26-04	9.990%	CA - 20.00%	Paid Off - 240	Sep-12-03
1081161 2			400,000.00	395,488.30	Aug-25-04	5.450%	CA - 79.21%	Paid Off - 360	Sep-15-03
1081725 2			98,400.00	97,571.91	Sep-07-04	7.000%	TX - 79.35%	Paid Off - 360	Sep-30-03
1083795 2			446,500.00	443,057.93	Aug-25-04	7.450%	MA - 95.00%	Paid Off - 360	Sep-22-03
1083810 2			400,000.00	396,793.35	Sep-10-04	7.250%	MN - 76.19%	Paid Off - 360	Sep-26-03
					Page 23 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	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
1084008 2			155,000.00	153,664.99	Sep-10-04	6.880%	CA - 100.00%	Paid Off - 360	Sep-12-03
1084341 2			324,000.00	321,027.00	Aug-31-04	6.550%	CA - 90.00%	Paid Off - 360	Sep-17-03
1084525 2			244,375.00	242,406.00	Aug-30-04	7.300%	IL - 85.00%	Paid Off - 360	Sep-24-03
1086628 2			114,750.00	114,067.43	Sep-02-04	8.750%	FL - 85.00%	Paid Off - 360	Sep-29-03
1086915 2			333,000.00	330,330.48	Sep-14-04	7.250%	CA - 90.00%	Paid Off - 360	Sep-26-03
1088804 2			396,800.00	392,570.56	Aug-27-04	5.800%	CA - 88.18%	Paid Off - 360	Sep-29-03
1090187 2			235,000.00	233,371.80	Sep-02-04	7.990%	NJ - 100.00%	Paid Off - 360	Sep-22-03
1090249 2			84,000.00	83,593.46	Aug-26-04	9.750%	NJ - 70.00%	Paid Off - 360	Sep-24-03
1091120 2			132,000.00	129,343.09	Aug-31-04	5.200%	NJ - 44.00%	Paid Off - 360	Sep-17-03
1092414 2			213,750.00	212,528.93	Sep-07-04	8.950%	WI - 95.00%	Paid Off - 360	Sep-16-03
1093150 2			259,250.00	257,653.28	Sep-15-04	8.850%	NY - 85.00%	Paid Off - 360	Sep-26-03
1094558 2			221,400.00	219,943.66	Aug-20-04	8.250%	IL - 90.00%	Paid Off - 360	Sep-26-03
1096036 2			29,400.00	29,045.48	Sep-13-04	10.990%	TX - 20.00%	Paid Off - 240	Sep-25-03
1097571 2			192,950.00	191,179.06	Aug-18-04	6.550%	CA - 85.00%	Paid Off - 360	Sep-19-03
1098257 2			133,000.00	132,472.98	Sep-13-04	10.700%	WA - 70.00%	Paid Off - 360	Sep-30-03
1101503 2			170,000.00	168,702.22	Aug-20-04	7.500%	NV - 100.00%	Paid Off - 360	Sep-23-03
1104317 2			163,200.00	162,060.23	Sep-03-04	7.950%	IL - 85.00%	Paid Off - 360	Sep-22-03
1104436 2			191,000.00	189,389.49	Sep-14-04	6.990%	NM - 100.00%	Paid Off - 360	Sep-25-03
1105366 2			22,800.00	22,506.45	Aug-27-04	10.800%	CA - 20.00%	Paid Off - 240	Sep-24-03
1105743 2		FCL	135,000.00	134,346.61	Sep-01-04	9.750%	FL - 90.00%	Paid Off - 360	Sep-30-03
1107184 2			380,000.00	376,094.31	Sep-03-04	5.950%	CA - 80.00%	Paid Off - 360	Sep-18-03
1108691 2			390,000.00	385,621.92	Sep-01-04	5.475%	CA - 73.58%	Paid Off - 360	Sep-24-03
1110235 2			166,500.00	165,290.07	Aug-13-04	7.750%	CA - 90.00%	Paid Off - 360	Sep-30-03
1111067 2			180,000.00	177,590.89	Sep-02-04	7.400%	IL - 80.00%	Paid Off - 360	Sep-30-03
1111781 2			500,000.00	496,069.18	Sep-14-04	7.350%	MA - 91.74%	Paid Off - 360	Sep-25-03
1112356 2			485,802.00	480,794.23	Aug-16-04	6.100%	CA - 89.98%	Paid Off - 360	Sep-25-03
1114477 2			57,600.00	57,286.45	Sep-07-04	9.600%	CA - 80.00%	Paid Off - 360	Sep-30-03
1117071 2			34,200.00	33,777.46	Aug-19-04	10.800%	CA - 20.00%	Paid Off - 240	Sep-26-03
1120449 2			420,000.00	416,632.97	Sep-03-04	7.250%	CA - 76.36%	Paid Off - 360	Sep-25-03
1121735 2			499,999.00	495,637.15	Sep-10-04	7.450%	CA - 80.00%	Paid Off - 360	Sep-30-03
1122325 2			96,000.00	95,456.43	Aug-23-04	8.990%	VA - 80.00%	Paid Off - 360	Sep-30-03
1126628 2			499,000.00	495,337.88	Aug-24-04	7.700%	CA - 88.32%	Paid Off - 360	Sep-30-03
1129938 2			337,500.00	335,388.94	Aug-25-04	8.500%	MI - 90.00%	Paid Off - 360	Sep-30-03
1135304 2			499,000.00	495,190.68	Sep-10-04	7.500%	CA - 77.97%	Paid Off - 360	Sep-30-03
					Page 24 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	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%	0.00%
	Group 1						3 Months Moving Average
	Group 2
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 23 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 25 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Realized Loss Report for April 26, 2004 Distribution
	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 24 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 26 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Realized Loss Report for April 26, 2004 Distribution
	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 25 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 27 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for April 26, 2004 Distribution
	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 26 of 27				© COPYRIGHT 2004 Deutsche Bank
					Page 28 of 29				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC1
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for April 26, 2004 Distribution
	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
	(60+ Day Delq % is > = to 40% of Senior Enhancement %)
	(x) Rolling 3-month avg. of 60+ Day Delq loans							521,~~021~~695,~~385~~096.5935
	(y) Stated Principal Balance							0.00
	60+ Day Delq % ( quotient of (x) over (y) )							01.3584%
	Trigger Event 40% of Sr Enhancement Percentage							79.6218%
	Senior Enhancement Percentage							1924.6216%
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	0.00
				Page 27 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 29 of 29				© COPYRIGHT 2004 Deutsche Bank

Filing Compare · MORGAN STANLEY ABS CAP I INC MORT PAS THR CERT SER 2004 NC1