                                    UNITED STATES
                          SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549

                                      FORM 8-K

                                   CURRENT REPORT
        Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

             Date of Report (Date of earliest event reported):
                             (Date of earliest event reported)


                                MORGAN STANLEY ABS CAPITAL I INC.
             (as Depositor under the Pooling and Servicing Agreement, dated as
                     July 1, 2004, providing for the issuance of Morgan Stanley
          ABS Capital I Inc. Trust, Mortgage Pass-Through Certificates Series 2004-WMC1)
                      (Exact name of registrant as specified in charter)


                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-113543-09                        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.

     This current report on Form 8-K relates to the monthly distribution reported to the holders of
     Morgan Stanley ABS Capital I Inc. Trust, Mortgage Pass-Through Certificates Series 2004-WMC1,
     which was made on July 1, 2004


     Item 9.01 Financial Statements and Exhibits.

     (c) Exhibits

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     .


                                  SIGNATURES


    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
    caused this report to be signed on behalf of the Registrant by the undersigned thereunto 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.,
     REGISTRANT



          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
              .



Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution

				External Parties					Table of Contents

												Page
				Seller								Page
				Seller					1. Certificate Payment Report					2
				Morgan Stanley					1. Certificate Payment Report					2
				Morgan Stanley					2. Collection Account Report					4
									2. Collection Account Report					4
									3. Credit Enhancement Report					6
									4. Collateral Report					7
				Certificate Insurer(s)					5. Delinquency Report					10
				Certificate Insurer(s)					5. Delinquency Report					10
									6. REO Report					13

									7. Foreclosure Report					14
									8. Prepayment Report					15
									9. Prepayment Detail Report					18
									9. Prepayment Detail Report					18
									10. Realized Loss Report					21
									11. Realized Loss Detail Report					24
				Servicer(s)					11. Realized Loss Detail Report					24
				Servicer(s)					12. Triggers and Adj. Cert. Report					25
				HomeQ Servicing Corp.					12. Triggers and Adj. Cert. Report					25
				HomeQ Servicing Corp.					13. Other Related Information					26
									13. Other Related Information					26


				Underwriter(s)
				Morgan Stanley & Co. Inc


									Total Number of Pages					26
									Total Number of Pages

				Dates					Contacts

				Cut-Off Date:		July 01, 2004			Eiko Akiyama
				Close Date:		July 29, 2004			Administrator
				First Distribution Date:		August 25, 2004			(714) 247-6328

									Address:
									1761 East St. Andrew Place, Santa Ana, CA 92514
				Distribution Date:		September 27, 2004
									Factor Information:			(800) 735-7777
				Record Date:		August 31, 2004			Factor Information:			(800) 735-7777
									Main Phone Number:			(714) 247-6000

						September 24, 2004
						September 24, 2004

									https://www.corporatetrust.db.com/invr



Page 1 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - REMIC II
					Prior											Current
	Class		Original		Principal					Total		Realized		Deferred		Principal
	Class		Original		Principal					Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance	Interest		Principal		Distribution		Loss		Interest		Balance


					(1)	(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

A-1	FLT	$	341,652,000.00		333,226,222.57	581,896.29		9,455,734.69		10,037,630.98		0.00		0.00		323,770,487.88
A-1	FLT	$	341,652,000.00		333,226,222.57	581,896.29		9,455,734.69		10,037,630.98		0.00		0.00		323,770,487.88
A-2	FLT	$	100,000,000.00		95,911,351.73	175,397.88		2,921,091.72		3,096,489.60		0.00		0.00		92,990,260.01
A-3	FLT	$	117,000,000.00		110,687,535.93	189,229.57		4,509,873.50		4,699,103.07		0.00		0.00		106,177,662.43
A-4	FLT	$	37,390,000.00		37,390,000.00	74,203.57		0.00		74,203.57		0.00		0.00		37,390,000.00
M-1	MEZ, FLT	$	49,701,000.00		49,701,000.00	101,824.92		0.00		101,824.92		0.00		0.00		49,701,000.00
M-2	MEZ, FLT	$	42,974,000.00		42,974,000.00	112,860.47		0.00		112,860.47		0.00		0.00		42,974,000.00
M-3	MEZ, FLT	$	11,211,000.00		11,211,000.00	30,984.40		0.00		30,984.40		0.00		0.00		11,211,000.00
B-1	SUB, FLT	$	11,211,000.00		11,211,000.00	36,636.61		0.00		36,636.61		0.00		0.00		11,211,000.00
B-2	SUB, FLT	$	11,211,000.00		11,211,000.00	39,205.80		0.00		39,205.80		0.00		0.00		11,211,000.00
B-3	SUB, FLT	$	9,342,000.00		9,342,000.00	43,802.30		0.00		43,802.30		0.00		0.00		9,342,000.00
X	EXE	$	15,695,982.00		15,695,147.62	2,472,861.69		0.00		2,472,861.69		0.00		0.00		15,695,147.62
UT-R	R	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
P	SUB	$	0.00		0.00	309,452.07		0.00		309,452.07		0.00		0.00		0.00


Total			747,387,982.00		728,560,257.85	4,168,355.57		16,886,699.91		21,055,055.48		0.00		0.00		711,673,557.94
Total




Interest Accrual Detail Current Period Factor Information per $1,0000 of Original Face-
								Orig. Principal		Prior							Current
								Orig. Principal		Prior							Current
	Period		Period					(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method	Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

								(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1	08/25/04		09/26/04		A-Act/360	61746RGY1		341,652,000.00		975.338129		1.703184		27.676509		29.379693	947.661620
A-2	08/25/04		09/26/04		A-Act/360	61746RGR6		100,000,000.00		959.113517		1.753979		29.210917		30.964896	929.902600
A-3	08/25/04		09/26/04		A-Act/360	61746RGZ8		117,000,000.00		946.047316		1.617347		38.545927		40.163274	907.501388
A-4	08/25/04		09/26/04		A-Act/360	61746RHA2		37,390,000.00		1,000.000000		1.984583		0.000000		1.984583	1,000.000000
M-1	08/25/04		09/26/04		A-Act/360	61746RGS4		49,701,000.00		1,000.000000		2.048750		0.000000		2.048750	1,000.000000
M-2	08/25/04		09/26/04		A-Act/360	61746RGT2		42,974,000.00		1,000.000000		2.626250		0.000000		2.626250	1,000.000000
M-3	08/25/04		09/26/04		A-Act/360	61746RGU9		11,211,000.00		1,000.000000		2.763750		0.000000		2.763750	1,000.000000
B-1	08/25/04		09/26/04		A-Act/360	61746RGV7		11,211,000.00		1,000.000000		3.267916		0.000000		3.267916	1,000.000000
B-2	08/25/04		09/26/04		A-Act/360	61746RGW5		11,211,000.00		1,000.000000		3.497083		0.000000		3.497083	1,000.000000
B-3	08/25/04		09/26/04		A-Act/360	61746RGX3		9,342,000.00		1,000.000000		4.688750		0.000000		4.688750	1,000.000000
X	08/25/04		09/26/04		A-Act/360			15,695,982.00		999.946841		157.547434		0.000000		157.547434	999.946841
UT-R	08/25/04		09/26/04			0.00		0.000000		0.000000		0.000000		0.000000		0.000000
P	08/25/04		09/26/04			0.00		0.000000		0.000000		0.000000		0.000000		0.000000




Page 2 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution

Distribution to Date - REMIC II
																Current


	Original				Unscheduled	Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal	Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)	(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1	341,652,000.00		1,032,876.93		17,312,510.30	569,001.82		17,881,512.12		18,914,389.05		0.00		0.00		323,770,487.88
A-2	100,000,000.00		314,147.88		6,788,964.98	220,775.01		7,009,739.99		7,323,887.87		0.00		0.00		92,990,260.01
A-3	117,000,000.00		340,159.57		10,481,483.03	340,854.54		10,822,337.57		11,162,497.14		0.00		0.00		106,177,662.43
A-4	37,390,000.00		130,849.42		0.00	0.00		0.00		130,849.42		0.00		0.00		37,390,000.00
M-1	49,701,000.00		179,731.24		0.00	0.00		0.00		179,731.24		0.00		0.00		49,701,000.00
M-2	42,974,000.00		200,527.43		0.00	0.00		0.00		200,527.43		0.00		0.00		42,974,000.00
M-3	11,211,000.00		55,116.08		0.00	0.00		0.00		55,116.08		0.00		0.00		11,211,000.00
B-1	11,211,000.00		65,392.83		0.00	0.00		0.00		65,392.83		0.00		0.00		11,211,000.00
B-2	11,211,000.00		70,064.08		0.00	0.00		0.00		70,064.08		0.00		0.00		11,211,000.00
B-3	9,342,000.00		78,624.61		0.00	0.00		0.00		78,624.61		0.00		0.00		9,342,000.00
X	15,695,982.00		5,355,293.45		809.11	25.27		834.38		5,356,127.83		0.00		0.00		15,695,147.62
UT-R	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
P	0.00		351,374.93		0.00	0.00		0.00		351,374.93		0.00		0.00		0.00


Total	747,387,982.00		8,174,158.45		34,583,767.42	1,130,656.64		35,714,424.06		43,888,582.51		0.00		0.00		711,673,557.94


Interest Detail - REMIC II
	Pass		Prior Principal			Non-		Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal			Non-		Prior		Unscheduled				Paid or

	Through		(with Notional)		Accrued	Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest	Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)	(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1	1.90500%		333,226,222.57		581,896.29	0.00		0.00		0.00		581,896.29		581,896.29		0.00
A-2	1.99500%		95,911,351.73		175,397.88	0.00		0.00		0.00		175,397.88		175,397.88		0.00
A-3	1.86500%		110,687,535.93		189,229.57	0.00		0.00		0.00		189,229.57		189,229.57		0.00
A-4	2.16500%		37,390,000.00		74,203.57	0.00		0.00		0.00		74,203.57		74,203.57		0.00
M-1	2.23500%		49,701,000.00		101,824.92	0.00		0.00		0.00		101,824.92		101,824.92		0.00
M-2	2.86500%		42,974,000.00		112,860.47	0.00		0.00		0.00		112,860.47		112,860.47		0.00
M-3	3.01500%		11,211,000.00		30,984.40	0.00		0.00		0.00		30,984.40		30,984.40		0.00
B-1	3.56500%		11,211,000.00		36,636.61	0.00		0.00		0.00		36,636.61		36,636.61		0.00
B-2	3.81500%		11,211,000.00		39,205.80	0.00		0.00		0.00		39,205.80		39,205.80		0.00
B-3	5.11500%		9,342,000.00		43,802.30	0.00		0.00		0.00		43,802.30		43,802.30		0.00
X	171.87906%		15,695,147.62		0.00	0.00		0.00		0.00		0.00		2,472,861.69		0.00
UT-R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
P	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		309,452.07		0.00


Total			728,560,257.85		1,386,041.81	0.00		0.00		0.00		1,386,041.81		4,168,355.57		0.00



Page 3 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
									Group 2		Group 1		Total
Principal Collections									7,430,965.22		9,455,734.69		16,886,699.91
Principal Withrawals									0.00		0.00		0.00
Principal Other Accounts									0.00		0.00		0.00
TOTAL NET PRINCIPAL									7,430,965.22		9,455,734.69		16,886,699.91
Interest Collections									1,658,057.02		2,254,571.90		3,912,628.92
Interest Withdrawals									-0.00		-0.00		-0.00
Interest Other Accounts									0.00		0.00		309,452.07
Interest Fees									-21,088.42		-32,636.99		-53,725.41
TOTAL NET INTEREST									1,636,968.60		2,221,934.91		4,168,355.58
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION									9,067,933.82		11,677,669.60		21,055,055.48



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Principal Received										210,521.06		349,913.28		560,434.34
Prepayments In Full										7,194,946.35		9,055,803.80		16,250,750.15
Curtailments										25,497.81		50,017.61		75,515.42
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										-181,055.86		-292,883.31		-473,939.17
Advanced Principal										181,055.86		292,883.31		473,939.17
TOTAL PRINCIPAL COLLECTED										7,430,965.22		9,455,734.69		16,886,699.91


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
									Group 2		Group 1		Total
Closing Deposit									0.00		0.00		0.00
TOTAL OTHER ACCOUNTS PRINCIPAL									0.00		0.00		0.00





Page 4 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
									Group 2		Group 1		Total
Scheduled Interest									1,767,103.82		2,399,060.35		4,166,164.18
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
Prepayment Interest Shortfalls									-6,024.82		-5,171.05		-11,195.87
Compensating Interest									6,024.82		5,171.05		11,195.87
Delinquent Interest									-1,503,637.22		-1,985,049.12		-3,488,686.34
Interest Advanced									1,394,590.42		1,840,560.66		3,235,151.08
TOTAL INTEREST COLLECTED									1,658,057.02		2,254,571.90		3,912,628.92


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
									Group 2		Group 1		Total
Nonrecoverable Advances									0.00		0.00		0.00
TOTAL INTEREST WITHDRAWALS									0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
									Group 2		Group 1		Total
Prepayment Charges													309,452.07
TOTAL INTEREST OTHER ACCOUNTS									0.00		0.00		309,452.07



INTEREST - FEES
INTEREST - FEES
									Group 2		Group 1		Total
Current Servicing Fees									19,519.79		30,502.10		50,021.90
Current Trustee Fees									1,568.63		2,134.88		3,703.51
TOTAL INTEREST OTHER FEES									21,088.42		32,636.99		53,725.41




Page 5 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS

SPACE INTENTIONALLY LEFT BLANK



INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
									Group 2		Group 1		Total
Overcollateralization Amount													15,695,147.62
Overcollateralization Target Amount													15,695,147.62
Overcollateralization Deficiency Amount													0.00
Overcollateralization Release Amount													0.00




Page 6 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
Collateral Report


COLLATERAL



										Group 2		Group 1		Total



*Loan Count:*


Original									1,244		2,925		4,169
Prior									1,204		2,885		4,089
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-23		-54		-77
Repurchases									-0		-0		-0
Liquidations									-0		-0		-0
Current									1,181		2,831		4,012
*Principal Balance:*


Original									318,984,376.17		428,403,221.16		747,387,597.33
Prior									308,582,917.87		419,977,339.98		728,560,257.85
Prefunding									0.00		0.00		0.00
Scheduled Principal									-210,521.06		-349,913.28		-560,434.34
Partial Prepayments									-25,497.81		-50,017.61		-75,515.42
Full Voluntary Prepayments									-7,194,946.35		-9,055,803.80		-16,250,750.15
Repurchases									-0.00		-0.00		-0.00
Liquidations									-0.00		-0.00		-0.00
Current									301,151,952.65		410,521,605.29		711,673,557.94





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Coupon Original									6.88992%		6.85600%		6.87048%
Weighted Average Coupon Prior									6.88992%		6.85600%		6.87048%
Weighted Average Coupon Current									6.87181%		6.85483%		6.86202%
Weighted Average Months to Maturity Original									336		341		339
Weighted Average Months to Maturity Prior									336		341		339
Weighted Average Months to Maturity Current									335		340		338
Weighted Avg Remaining Amortization Term Original									336		341		339
Weighted Avg Remaining Amortization Term Prior									336		341		339
Weighted Avg Remaining Amortization Term Current									335		340		338
Weighted Average Seasoning Original									4.31		4.27		4.29
Weighted Average Seasoning Prior									4.31		4.27		4.29
Weighted Average Seasoning Current									5.31		5.27		5.28









Page 8 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Margin Original									5.87027%		6.03728%		5.96555%
Weighted Average Margin Prior									5.87027%		6.03728%		5.96555%
Weighted Average Margin Current									5.86553%		6.03346%		5.96184%
Weighted Average Max Rate Original									12.96624%		13.10637%		13.04618%
Weighted Average Max Rate Prior									12.96624%		13.10637%		13.04618%
Weighted Average Max Rate Current									12.95598%		13.10139%		13.03938%
Weighted Average Min Rate Original									6.47176%		6.60653%		6.54864%
Weighted Average Min Rate Prior									6.47176%		6.60653%		6.54864%
Weighted Average Min Rate Current									6.46170%		6.60251%		6.54246%
Weighted Average Cap Up Original									1.00101%		1.00035%		1.00063%
Weighted Average Cap Up Prior									1.00101%		1.00035%		1.00063%
Weighted Average Cap Up Current									1.00104%		1.00036%		1.00065%
Weighted Average Cap Down Original									1.00101%		1.00035%		1.00063%
Weighted Average Cap Down Prior									1.00101%		1.00035%		1.00063%
Weighted Average Cap Down Current									1.00104%		1.00036%		1.00065%




SERVICING FEES & ADVANCES

										Group 2		Group 1		Total




Current Servicing Fees									19,519.79		30,502.10		50,021.90
Delinquent Servicing Fees									109,046.80		144,488.46		253,535.26
TOTAL SERVICING FEES									128,576.22		174,990.56		303,566.78


Compensating Interest									-6,024.82		-5,171.05		-11,195.87
Delinquent Servicing Fees									-109,046.80		-144,488.46		-253,535.26
COLLECTED SERVICING FEES									69,766.44		25,331.06		38,826.04


Aggregate Advances with respect to this Distribution									1,120,617.91		1,548,504.49		2,669,122.41





ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Net Prepayment Interest Shortfall									0.00		0.00		0.00
Libor For Current Period													1.6150%




Page 9 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			11,088,253.45		4,391,603.52		23,087.74		15,502,944.71
			% Balance			1.56%		0.62%		0.00%		2.18%
			# Loans			64		17		1		82
			% # Loans			1.60%		0.42%		0.02%		2.04%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		360,312.51	0.00		243,381.89		0.00		603,694.40
			% Balance		0.05%	0.00%		0.03%		0.00%		0.08%
			# Loans		5	0		2		0		7
			% # Loans		0.12%	0.00%		0.05%		0.00%		0.17%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		360,312.51	11,088,253.45		4,634,985.41		23,087.74		16,106,639.11
			% Balance		0.05%	1.56%		0.65%		0.00%		2.26%
			# Loans		5	64		19		1		89
			% # Loans		0.12%	1.60%		0.47%		0.02%		2.22%









Page 10 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			6,288,301.72		703,059.04		0.00		6,991,360.76
			% Balance			1.53%		0.17%		0.00%		1.70%
			# Loans			43		5		0		48
			% # Loans			1.52%		0.18%		0.00%		1.70%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		280,678.04	0.00		243,381.89		0.00		524,059.93
			% Balance		0.07%	0.00%		0.06%		0.00%		0.13%
			# Loans		4	0		2		0		6
			% # Loans		0.14%	0.00%		0.07%		0.00%		0.21%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		280,678.04	6,288,301.72		946,440.93		0.00		7,515,420.69
			% Balance		0.07%	1.53%		0.23%		0.00%		1.83%
			# Loans		4	43		7		0		54
			% # Loans		0.14%	1.52%		0.25%		0.00%		1.91%










Page 11 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution

	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			4,799,951.73		3,688,544.48		23,087.74		8,511,583.95
			% Balance			1.59%		1.22%		0.01%		2.83%
			# Loans			21		12		1		34
			% # Loans			1.78%		1.02%		0.08%		2.88%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		79,634.47	0.00		0.00		0.00		79,634.47
			% Balance		0.03%	0.00%		0.00%		0.00%		0.03%
			# Loans		1	0		0		0		1
			% # Loans		0.08%	0.00%		0.00%		0.00%		0.08%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		79,634.47	4,799,951.73		3,688,544.48		23,087.74		8,591,218.42
			% Balance		0.03%	1.59%		1.22%		0.01%		2.85%
			# Loans		1	21		12		1		35
			% # Loans		0.08%	1.78%		1.02%		0.08%		2.96%









Page 12 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
REO Report
Loan Number			Original		Stated			Current		State &

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK
SPACE INTENTIONALLY LEFT BLANK



TOTAL



Page 13 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
Foreclosure Report
Loan Number			Original		Stated			Current		State &

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date




TOTAL



Page 14 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

										Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans									23		54		77
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									23		54		77
Curtailments Amount									25,497.81		50,017.61		75,515.42
Paid in Full Balance									7,194,946.35		9,055,803.80		16,250,750.15
Repurchased Loans Balance									0.00		0.00		0.00
Total Prepayment Amount									7,220,444.16		9,105,821.41		16,326,265.57

*Cumulative*


Number of Paid in Full Loans									63		94		157
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									63		94		157
Paid in Full Balance									17,366,536.58		17,110,361.43		34,476,898.01
Repurchased Loans Balance									0.00		0.00		0.00
Curtailments Amount									40,337.39		66,147.34		106,484.73
Total Prepayment Amount									17,406,873.97		17,176,508.77		34,583,382.74










Page 15 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

										Group 2		Group 1		Total



SMM									2.34%		2.17%		2.24%
3 Months Avg SMM									2.77%		2.03%		2.34%
12 Months Avg SMM									2.77%		2.03%		2.34%
Avg SMM Since Cut-off									2.77%		2.03%		2.34%


CPR									24.75%		23.15%		23.83%
3 Months Avg CPR									28.61%		21.80%		24.77%
12 Months Avg CPR									28.61%		21.80%		24.77%
Avg CPR Since Cut-off									28.61%		21.80%		24.77%


PSA									2,331.81%		2,197.94%		2,255.27%
3 Months Avg PSA Approximation									2,974.90%		2,286.33%		2,588.44%
12 Months Avg PSA Approximation									2,974.90%		2,286.33%		2,588.44%
Avg PSA Since Cut-off Approximation									2,974.90%		2,286.33%		2,588.44%










Page 16 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution






PREPAYMENT CALCULATION METHODOLOGY

	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal)

	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	PSA Standard Prepayment Model: CPR/(0.002*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, liquidations, and repurchases.
	Dates correspond to distribution dates.




Page 17 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
Loan Number			Original						Current		State &		Type Prepayment

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

10916274 1			288,000.00		286,917.86		15-Sep-2004		7.500%		CA - 87.27%		Paid Off - 360		01-Apr-2004
10916274 1			288,000.00		286,917.86		15-Sep-2004		7.500%		CA - 87.27%		Paid Off - 360		01-Apr-2004
10916821 2			352,000.00		350,800.80		14-Sep-2004		7.990%		GA - 89.11%		Paid Off - 360		01-Apr-2004
10927836 1			43,600.00		43,368.83		24-Aug-2004		12.625%		CA - 20.00%		Paid Off - 180		01-Mar-2004
10930388 1			207,000.00		206,040.30		07-Sep-2004		7.375%		NV - 90.00%		Paid Off - 360		01-Mar-2004
10931198 1			198,750.00		197,924.28		15-Sep-2004		6.990%		IL - 75.00%		Paid Off - 360		01-Apr-2004
10933662 2			850,000.00		844,859.03		02-Sep-2004		6.000%		CA - 60.71%		Paid Off - 360		01-Mar-2004
10934896 1			242,400.00		242,341.64		07-Sep-2004		5.750%		CA - 80.00%		Paid Off - 360		01-Mar-2004
10936040 1			148,800.00		148,086.66		09-Sep-2004		6.250%		CA - 80.00%		Paid Off - 360		01-Apr-2004
10938327 1			185,000.00		184,473.72		30-Aug-2004		8.875%		CA - 82.96%		Paid Off - 360		01-Apr-2004
10938347 1			37,200.00		37,130.58		09-Sep-2004		10.875%		CA - 20.00%		Paid Off - 180		01-Apr-2004
10938732 2			111,000.00		109,967.95		01-Sep-2004		8.990%		MD - 63.43%		Paid Off - 360		01-Apr-2004
10939014 2			543,000.00		540,458.53		20-Aug-2004		6.375%		CA - 70.52%		Paid Off - 360		01-Apr-2004
10939415 1			242,250.00		241,446.86		20-Aug-2004		8.125%		VA - 95.00%		Paid Off - 360		01-Apr-2004
10940314 1			73,600.00		73,354.18		23-Aug-2004		6.950%		IL - 80.00%		Paid Off - 360		01-May-2004
10940315 1			18,400.00		18,373.32		02-Sep-2004		10.990%		IL - 20.00%		Paid Off - 180		01-May-2004
10941291 2			696,935.00		694,625.31		13-Sep-2004		6.990%		CA - 75.00%		Paid Off - 360		01-May-2004
10941859 2			81,500.00		81,310.38		16-Aug-2004		8.750%		NJ - 20.00%		Paid Off - 180		01-May-2004
10942214 2			238,500.00		237,638.86		14-Sep-2004		8.250%		NJ - 90.00%		Paid Off - 360		01-Apr-2004
10942656 1			228,000.00		226,988.26		30-Aug-2004		6.660%		CA - 81.43%		Paid Off - 360		01-Apr-2004
10942799 1			320,000.00		318,736.70		02-Sep-2004		7.250%		IL - 77.11%		Paid Off - 360		01-Apr-2004
10943008 1			181,800.00		181,087.77		04-Aug-2004		6.125%		MT - 90.00%		Paid Off - 360		01-May-2004
10943108 2			82,000.00		81,878.18		24-Aug-2004		10.875%		CA - 20.00%		Paid Off - 180		01-May-2004
10943205 2			465,000.00		463,918.10		16-Aug-2004		8.750%		CA - 75.00%		Paid Off - 360		01-May-2004
10943340 1			119,000.00		118,699.97		09-Sep-2004		8.375%		PA - 83.80%		Paid Off - 360		01-May-2004
10943637 1			144,000.00		143,408.43		14-Sep-2004		5.875%		CA - 80.00%		Paid Off - 360		01-May-2004
10944171 2			150,000.00		#######		23-Aug-2004		10.875%		CA - 19.48%		Paid Off - 180		01-Apr-2004
10944196 1			84,600.00		83,985.78		03-Sep-2004		8.250%		GA - 90.00%		Paid Off - 360		01-May-2004
10944234 1			314,500.00		313,558.15		03-Sep-2004		8.625%		CA - 85.00%		Paid Off - 360		01-Apr-2004
10944964 1			200,000.00		199,197.60		09-Sep-2004		6.000%		CA - 71.68%		Paid Off - 360		01-May-2004
10945362 1			168,000.00		167,427.68		13-Sep-2004		7.990%		CA - 80.00%		Paid Off - 360		01-Apr-2004
10946473 1			148,750.00		148,002.17		09-Sep-2004		6.000%		AZ - 85.00%		Paid Off - 360		01-Apr-2004
10946507 1			116,000.00		115,615.59		01-Sep-2004		6.990%		CA - 43.77%		Paid Off - 360		01-May-2004
10946754 2			350,000.00		348,766.57		31-Aug-2004		6.675%		CA - 70.00%		Paid Off - 360		01-May-2004
10947187 2			103,000.00		102,791.74		10-Sep-2004		10.500%		CA - 20.00%		Paid Off - 180		01-Apr-2004
10947189 2			412,000.00		410,117.45		10-Sep-2004		6.500%		CA - 80.00%		Paid Off - 360		01-Apr-2004
10947262 1			160,000.00		159,373.17		13-Sep-2004		6.125%		GA - 80.00%		Paid Off - 360		01-May-2004
10947263 1			40,000.00		39,953.42		13-Sep-2004		11.990%		GA - 20.00%		Paid Off - 180		01-May-2004
10947263 1			40,000.00		39,953.42		13-Sep-2004		11.990%		GA - 20.00%		Paid Off - 180		01-May-2004



Page 18 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
Loan Number			Original						Current		State &		Type Prepayment

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

10947876 1			308,000.00		306,979.28		10-Sep-2004		6.990%		CA - 80.00%		Paid Off - 360		01-May-2004
10947876 1			308,000.00		306,979.28		10-Sep-2004		6.990%		CA - 80.00%		Paid Off - 360		01-May-2004
10947878 2			77,000.00		76,885.59		10-Sep-2004		10.875%		CA - 20.00%		Paid Off - 180		01-May-2004
10948317 1			156,000.00		155,388.87		24-Aug-2004		6.125%		CA - 80.00%		Paid Off - 360		01-May-2004
10948359 1			148,000.00		147,509.53		09-Sep-2004		6.990%		CA - 80.00%		Paid Off - 360		01-May-2004
10948360 1			37,000.00		36,945.03		09-Sep-2004		10.875%		CA - 20.00%		Paid Off - 180		01-May-2004
10948626 2			40,800.00		40,644.44		02-Sep-2004		8.990%		VA - 85.00%		Paid Off - 360		01-May-2004
10948798 1			18,000.00		17,973.27		15-Sep-2004		10.875%		CA - 10.00%		Paid Off - 180		01-May-2004
10948941 1			280,000.00		278,851.77		31-Aug-2004		6.250%		CA - 72.73%		Paid Off - 360		01-May-2004
10949491 1			318,750.00		317,377.35		01-Sep-2004		5.625%		CA - 85.00%		Paid Off - 360		01-May-2004
10949784 1			144,613.00		144,611.13		25-Aug-2004		6.000%		AZ - 80.00%		Paid Off - 360		01-May-2004
10949787 1			36,154.00		36,097.78		25-Aug-2004		10.750%		AZ - 20.00%		Paid Off - 180		01-May-2004
10950223 1			182,494.00		181,889.21		09-Sep-2004		6.990%		CA - 80.00%		Paid Off - 360		01-May-2004
10950224 1			45,623.00		45,555.24		09-Sep-2004		10.875%		CA - 20.00%		Paid Off - 180		01-May-2004
10950456 1			200,000.00		199,472.44		02-Sep-2004		8.135%		CA - 80.00%		Paid Off - 360		01-May-2004
10950724 2			925,000.00		921,461.79		19-Aug-2004		6.250%		CA - 74.06%		Paid Off - 360		01-May-2004
10951297 2			360,000.00		358,999.20		26-Aug-2004		7.875%		CA - 80.00%		Paid Off - 360		01-May-2004
10951622 1			245,000.00		243,842.04		17-Aug-2004		5.125%		CA - 44.55%		Paid Off - 360		01-May-2004
10951687 2			90,000.00		89,866.30		26-Aug-2004		10.875%		CA - 20.00%		Paid Off - 180		01-May-2004
10951839 1			137,000.00		136,475.96		31-Aug-2004		6.250%		CA - 41.52%		Paid Off - 360		01-May-2004
10952043 1			304,000.00		302,778.03		01-Sep-2004		5.990%		CA - 80.00%		Paid Off - 360		01-May-2004
10952045 2			76,000.00		75,887.08		15-Sep-2004		10.875%		CA - 20.00%		Paid Off - 180		01-May-2004
10952770 1			199,750.00		199,066.58		06-Jul-2004		7.375%		CA - 85.00%		Paid Off - 360		01-May-2004
10952997 1			32,250.00		32,208.16		18-Aug-2004		11.500%		CO - 15.00%		Paid Off - 180		01-May-2004
10953661 1			91,500.00		91,232.58		18-Aug-2004		7.625%		IL - 75.00%		Paid Off - 360		01-May-2004
10954130 1			72,000.00		71,731.19		08-Sep-2004		6.376%		TX - 80.00%		Paid Off - 360		01-May-2004
10954801 2			280,000.00		279,239.42		24-Aug-2004		7.990%		IL - 67.47%		Paid Off - 360		01-May-2004
10955113 2			500,000.00		498,342.95		08-Sep-2004		6.990%		CA - 84.03%		Paid Off - 360		01-May-2004
10955119 1			245,000.00		243,842.06		15-Sep-2004		5.125%		CA - 79.03%		Paid Off - 360		01-May-2004
10955330 1			143,000.00		142,478.67		20-Aug-2004		6.500%		CA - 65.00%		Paid Off - 360		01-May-2004
10955837 1			137,500.00		137,065.01		31-Aug-2004		7.250%		AZ - 100.00%		Paid Off - 360		01-May-2004
10956050 1			171,000.00		170,263.61		14-Sep-2004		5.625%		CA - 90.00%		Paid Off - 360		01-May-2004
10957359 2			87,600.00		87,469.86		03-Sep-2004		10.875%		CA - 20.00%		Paid Off - 180		01-May-2004
10957368 1			237,500.00		236,786.90		10-Sep-2004		7.490%		CA - 95.00%		Paid Off - 360		01-May-2004
10957416 2			350,400.00		349,296.66		03-Sep-2004		7.250%		CA - 80.00%		Paid Off - 360		01-May-2004
10958012 1			157,250.00		156,600.93		30-Aug-2004		5.850%		RI - 85.00%		Paid Off - 360		01-May-2004
10958809 1			162,500.00		162,008.46		30-Aug-2004		7.500%		CA - 65.00%		Paid Off - 360		01-May-2004
10960176 1			297,001.00		295,807.18		02-Sep-2004		5.990%		CA - 90.00%		Paid Off - 360		01-May-2004
10960508 1			310,250.00		309,490.18		05-Aug-2004		8.500%		CA - 85.00%		Paid Off - 360		01-May-2004
10960508 1			310,250.00		309,490.18		05-Aug-2004		8.500%		CA - 85.00%		Paid Off - 360		01-May-2004



Page 19 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
Loan Number			Original						Current		State &		Type Prepayment

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

10960624 1			85,500.00		85,230.78		01-Sep-2004		7.250%		VA - 79.17%		Paid Off - 360		01-May-2004
10960624 1			85,500.00		85,230.78		01-Sep-2004		7.250%		VA - 79.17%		Paid Off - 360		01-May-2004
10961559 1			275,500.00		274,751.66		26-Aug-2004		7.990%		CA - 95.00%		Paid Off - 360		01-May-2004


TOTAL			16,309,520.00		16,250,750.15
TOTAL


Page 20 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



										Group 2		Group 1		Total


*Current*
*Current*



Number of Loans Liquidated									0		0		0
Collateral Principal Realized Loss/(Gain) Amount									0.00		0.00		0.00
Collateral Interest Realized Loss/(Gain) Amount									0.00		0.00		0.00
Net Liquidation Proceeds									0.00		0.00		0.00

*Cumulative*
*Cumulative*



Number of Loans Liquidated									0		0		0
Collateral Realized Loss/(Gain) Amount									0.00		0.00		0.00
Net Liquidation Proceeds									0.00		0.00		0.00










Page 21 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution


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									0.00%		0.00%		0.00%
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									0.00%		0.00%		0.00%
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									0.00%		0.00%		0.00%
Avg SDA Since Cut-off Approximation									0.00%		0.00%		0.00%


Loss Severity Approximation for Current Period									0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation									0.00%		0.00%		0.00%
12 Months Avg Loss Severity Approximation									0.00%		0.00%		0.00%
Avg Loss Severity Approximation Since Cut-off									0.00%		0.00%		0.00%












Page 22 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution





COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
	Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)



	Conditional Default Rate (CDR): 1-((1-MDR)^12)

	SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))

	Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)(1-MDRn+1)...*(1-MDRm)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)

	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))

	Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)

	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.




Page 23 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Original		Prior			Current		State &

													First
&			Principal		Principal	Realized		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Loss/(Gain)		Rate		Origination		Term		Date

SPACE INTENTIONALLY LEFT BLANK
SPACE INTENTIONALLY LEFT BLANK



TOTAL



Page 24 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
									Group 2		Group 1		Total
Trigger Event in effect (0=No , 1=Yes)													0
Stepdown Date has occurred (0 = No, 1=Yes)													0
Balances 60+ days includes Bankruptcy and Foreclosure													4,437,779.00
Ending Balance													711,673,557.94
Senior Enhancement Percentage													20.7700%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
									Group 2		Group 1		Total
Basis Risk CarryForward Amount paid													0.00
Basis Risk CarryForward Amount unpaid													0.00
Excess Reserve Fund Account Balance													0.00




Page 25 of 26
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-WMC1

September 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
									Group 2		Group 1		Total
Current Scheduled Payments									1,977,624.88		2,748,973.63		4,726,598.52
Current Scheduled Payments 1 Month Prior									2,046,508.80		2,802,804.61		4,849,313.41
Current Scheduled Payments 2 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 3 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 4 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 5 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 6 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 7 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 8 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 9 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 10 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 11 Month Prior									0.00		0.00		0.00





Sched. Payments for 60+Day Delinquent Loans									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 1 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 2 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 3 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 4 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 5 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 6 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 7 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 8 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 9 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 10 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 11 Month Prior									0.00		0.00		0.00




Page 26 of 26

Morgan Stanley ABS Capital I Inc. Trust 2004-WMC1 8-K