

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

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

                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-113543-04                        13-3939229
          (Commission File Number)        (I.R.S. Employer Identification No.)


           1585 BROADWAY, 2ND FLOOR
           NEW YORK, NEW YORK                             10036
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (212) 761-4000



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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

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

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

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


     Item 8.01  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

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

                                    Signatures

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


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


          Date:  Dec 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 December 27, 2004.


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


	December 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				17
			10.	Prepayment Detail Report				20
			11.	Realized Loss Report				23
			12.	Realized Loss Detail Report				26
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				27
			14.	Additional Certificate Report				28



				Total Number of Pages				28



			CONTACTS

				Administrator: Kumar Khambhaita
				Direct Phone Number: (714)247-6327
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705

				Web Site: https://www.tss.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000



ISSUANCE INFORMATION

	Seller:		CDC Mortgage Capital					Cut-Off Date: May 1, 2004
	Certificate Insurer(s):							Closing Date: May 26, 2004
								First Payment Date: June 25, 2004
	Servicer(s):		Countrywide Home Loans, Inc. Master Servicer


								Distribution Date: December 27, 2004
	Underwriter(s):		Morgan Stanley Lead Underwriter					Record Date: December 24, 2004
								November 30, 2004






						Page 1 of 28					© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates
	REMIC III Series 2004-HE2
	Certificate Payment Report for December 27, 2004 Distribution


	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)

A-1	FLT, STEP	301,739,000.00			253,855,569.38	526,958.54	13,323,073.36	13,850,031.90	-	-	240,532,496.02
A-2	FLT, STEP	125,000,000.00			81,092,470.80	160,652.14	10,571,228.85	10,731,880.99	-	-	70,521,241.95
A-3	FLT, STEP	59,321,000.00			59,321,000.00	123,139.73	-	123,139.73	-	-	59,321,000.00
A-4	FLT, STEP	49,000,000.00			49,000,000.00	112,685.75	-	112,685.75	-	-	49,000,000.00
M-1	MEZ, FLT, S	8,257,000.00			40,295,000.00	94,054.72	-	94,054.72	-	-	40,295,000.00
M-2	MEZ, FLT, S	7,596,000.00			36,331,000.00	105,763.10	-	105,763.10	-	-	36,331,000.00
M-3	MEZ, FLT, S	4,954,000.00			9,909,000.00	31,405.90	-	31,405.90	-	-	9,909,000.00
B-1	SUB, FLT, S	40,295,000.00			9,909,000.00	35,672.27	-	35,672.27	-	-	9,909,000.00
B-2	SUB, FLT, S	36,331,000.00			8,257,000.00	32,213.66	-	32,213.66	-	-	8,257,000.00
B-3	SUB, FLT, S	9,909,000.00			7,596,000.00	38,792.25	-	38,792.25	-	-	7,596,000.00
B-4	SUB, FLT, S	9,909,000.00			4,954,000.00	25,299.74	-	25,299.74	-	-	4,954,000.00
X	SUB	8,257,001.27			8,257,101.26	2,004,223.42	-	2,004,223.42	-	-	8,257,101.26
R	R	-			-	-	-	-	-	-	-
P	SUB,P	100.00			-	503,334.30	-	503,334.30	-	-	-


Total		660,568,101.27			568,777,141.44	3,794,195.52	23,894,302.21	27,688,497.73	-	-	544,882,839.23


	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	11/26/04	12/26/04		A-Act/360	12506YCS6	301,739,000.00	841.308447	1.746405	44.154297	45.900702	797.154150
A-2	11/26/04	12/26/04		A-Act/360	12506YCT4	125,000,000.00	648.739766	1.285217	84.569831	85.855048	564.169936
A-3	11/26/04	12/26/04		A-Act/360	12506YCU1	59,321,000.00	1,000.000000	2.075820	-	2.075820	1,000.000000
A-4	11/26/04	12/26/04		A-Act/360	12506YCV9	49,000,000.00	1,000.000000	2.299709	-	2.299709	1,000.000000
M-1	11/26/04	12/26/04		A-Act/360	12506YCW7	8,257,000.00	4,880.101732	11.390907	-	11.390907	4,880.101732
M-2	11/26/04	12/26/04		A-Act/360	12506YCX5	7,596,000.00	4,782.912059	13.923526	-	13.923526	4,782.912059
M-3	11/26/04	12/26/04		A-Act/360	12506YCY3	4,954,000.00	2,000.201857	6.339503	-	6.339503	2,000.201857
B-1	11/26/04	12/26/04		A-Act/360	12506YCZ0	40,295,000.00	245.911403	0.885278	-	0.885278	245.911403
B-2	11/26/04	12/26/04		A-Act/360	12506YDA4	36,331,000.00	227.271476	0.886671	-	0.886671	227.271476
B-3	11/26/04	12/26/04		A-Act/360	12506YDB2	9,909,000.00	766.575840	3.914850	-	3.914850	766.575840
B-4	11/26/04	12/26/04		A-Act/360	12506YDC0	9,909,000.00	499.949541	2.553208	-	2.553208	499.949541
X	11/26/04	12/26/04		A-Act/360		8,257,001.27	69,884.238128	242.730182	-	242.730182	66,990.414883
R	11/26/04	12/26/04		-		-	-	-	-	-	-
P	11/26/04	12/26/04		-		100.00	-	5,033,343.000000	-	5,033,343.000000	-


							Page 2 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates
	REMIC III Series 2004-HE2
	Certificate Payment Report for December 27, 2004 Distribution


	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)

A-1	301,739,000.00		3,113,811.03		59,603,434.07	1,603,069.90	61,206,503.98	64,320,315.01	-	-	240,532,496.02
A-2	125,000,000.00		1,095,035.29		53,003,635.28	1,475,122.78	54,478,758.05	55,573,793.34	-	-	70,521,241.95
A-3	59,321,000.00		659,953.58		-	-	-	659,953.58	-	-	59,321,000.00
A-4	49,000,000.00		621,217.28		-	-	-	621,217.28	-	-	49,000,000.00
M-1	8,257,000.00		520,482.15		-	-	-	520,482.15	-	-	40,295,000.00
M-2	7,596,000.00		614,654.45		-	-	-	614,654.45	-	-	36,331,000.00
M-3	4,954,000.00		185,395.89		-	-	-	185,395.89	-	-	9,909,000.00
B-1	40,295,000.00		214,985.27		-	-	-	214,985.27	-	-	9,909,000.00
B-2	36,331,000.00		196,402.97		-	-	-	196,402.97	-	-	8,257,000.00
B-3	9,909,000.00		244,191.26		-	-	-	244,191.26	-	-	7,596,000.00
B-4	9,909,000.00		159,257.96		0.00	-	-	159,257.96	-	-	4,954,000.00
X	8,257,001.27		16,173,744.76		-	-	-	16,173,744.76	-	99.99	8,257,101.26
R	-		-		-	-	-	-	-	-	-
P	100.00		2,102,071.77		-	100.00	100.00	2,102,171.77	-	-	-


Total	660,568,101.27		25,901,203.66		112,607,069.35	3,078,292.68	115,685,362.03	141,586,565.69	-	99.99	544,882,839.23


	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	2.41063%	253,855,569.38			526,958.54	-	-	-	526,958.54	526,958.54	-
A-2	2.30063%	81,092,470.80			160,652.14	-	-	-	160,652.14	160,652.14	-
A-3	2.41063%	59,321,000.00			123,139.73	-	-	-	123,139.73	123,139.73	-
A-4	2.67063%	49,000,000.00			112,685.75	-	-	-	112,685.75	112,685.75	-
M-1	2.71063%	40,295,000.00			94,054.72	-	-	-	94,054.72	94,054.72	-
M-2	3.38063%	36,331,000.00			105,763.10	-	-	-	105,763.10	105,763.10	-
M-3	3.68063%	9,909,000.00			31,405.90	-	-	-	31,405.90	31,405.90	-
B-1	4.18063%	9,909,000.00			35,672.27	-	-	-	35,672.27	35,672.27	-
B-2	4.53063%	8,257,000.00			32,213.66	-	-	-	32,213.66	32,213.66	-
B-3	5.93063%	7,596,000.00			38,792.25	-	-	-	38,792.25	38,792.25	-
B-4	5.93063%	4,954,000.00			25,299.74	-	-	-	25,299.74	25,299.74	-
X		577,034,242.98			2,004,223.42	-	-	-	2,004,223.42	2,004,223.42	-
R		-			-	-	-	-	-	-	-
P		-			503,334.30	-	-	-	503,334.30	503,334.30	-


Total		1,137,554,283.16			3,794,195.52	-	-	-	3,794,195.52	3,794,195.52	-


							Page 3 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					10,571,228.85	13,323,073.36	23,894,302.21
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					10,571,228.85	13,323,073.36	23,894,302.21

	Interest Collections					1,447,080.61	1,917,835.45	3,364,916.06
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees (Including Insurance Premium for Class A-1 Certs)					(26,604.83)	(47,450.01)	(74,054.84)
	TOTAL NET INTEREST					1,420,475.78	1,870,385.44	3,290,861.22

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					11,991,704.63	15,193,458.80	27,185,163.43

	Prepayment Penalties Collected							503,334.30

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							27,688,497.73


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received					179,710.07	249,030.90	428,740.97
	Prepayments In Full					10,380,211.57	13,051,363.54	23,431,575.11
	Curtailments					11,307.21	22,678.92	33,986.13
	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					(140,374.92)	(196,658.70)	(337,033.62)
	Advanced Principal					140,374.92	196,658.70	337,033.62

	TOTAL PRINCIPAL COLLECTED					10,571,228.85	13,323,073.36	23,894,302.21


				Page 4 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


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


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


INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Interest					1,523,137.98	2,019,586.80	3,542,724.78
	Liquidation Interest					0.00	0.00	0.00
	Repurchased Interest					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Interest					0.00	0.00	0.00
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Net Prepayment Interest Shortfalls					0.00	0.00	0.00
	Delinquent Interest					(1,132,720.61)	(1,508,234.85)	(2,640,955.46)
	Interest Advanced					1,056,663.24	1,406,483.50	2,463,146.74

	TOTAL INTEREST COLLECTED					1,447,080.61	1,917,835.45	3,364,916.06


				Page 5 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL

	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00

	TOTAL INTEREST WITHDRAWALS							0.00


INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL


	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00


INTEREST - FEES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					25,668.95	33,512.80	59,181.75
	Trustee Fees					935.88	1,244.43	2,180.31
	Insurance Premium for Class A-1 Certificates						12,692.78	12,692.78


	TOTAL INTEREST OTHER FEES					26,604.83	47,450.01	74,054.84


				Page 6 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for December 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS						GROUP 2	GROUP 1	TOTAL

	Excess Reserve Fund Balance (Ending)							0.00


INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL

	Beginning Subordinated Amount							8,257,101.26
	Ending Subordinated Amount							8,257,101.26
	Specified Subordinated Amount							8,257,101.26


	Senior Enhancement Percentage							23.03%


				Page 7 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					1217	2080	3297
	Prior					1,334	2,271	3,605
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(47)	(77)	(124)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,287	2,194	3,481

	*Principal Balance:*
	Original					230,215,894.94	298,914,258.78	529,130,153.72
	Prior					244,143,175.35	324,633,966.09	568,777,141.44
	Prefunding					-	-	-
	Scheduled Principal					(179,710.07)	(249,030.90)	(428,740.97)
	Partial and Full Voluntary Prepayments					(10,391,518.78)	(13,074,042.46)	(23,465,561.24)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					233,571,946.50	311,310,892.73	544,882,839.23

PREFUNDING						GROUP 2	GROUP 1	TOTAL

	Prefunding Account - Initial Balance					57,834,809.51	73,603,137.76	131,437,947.27
	Prefunding Account - Beginning Balance					0.00	0.00	0.00
	Prefunding Account - Withdrawls for Subsequent Transfers					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							759,988.00
	Capitalized Interest Account - Beginning Balance							0.00
	Capitalized Interest Account - Withdrawls							0.00
	Capitalized Interest Account - Interest Earnings							0.00
	Capitalized Interest Account - Ending Balance							0.00


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


				Page 8 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original					7.517678%	7.483512%	7.498377%
	Weighted Average Coupon Prior					7.492092%	7.462463%	7.475259%
	Weighted Average Coupon Current					7.486450%	7.465344%	7.474403%
	Weighted Average Months to Maturity Original					351	350	350
	Weighted Average Months to Maturity Prior					346	345	345
	Weighted Average Months to Maturity Current					345	344	344
	Weighted Avg Remaining Amortization Term Original					353	352	353
	Weighted Avg Remaining Amortization Term Prior					348	348	348
	Weighted Avg Remaining Amortization Term Current					347	347	347
	Weighted Average Seasoning Original					3.75	3.79	3.77
	Weighted Average Seasoning Prior					8.43	8.47	8.45
	Weighted Average Seasoning Current					9.40	9.45	9.43

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

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original					5.212%	5.026%
	Weighted Average Margin Prior					5.158%	5.023%
	Weighted Average Margin Current					5.145%	5.019%
	Weighted Average Max Rate Original					11.510%	11.168%
	Weighted Average Max Rate Prior					11.331%	11.109%
	Weighted Average Max Rate Current					11.312%	11.091%
	Weighted Average Min Rate Original					6.151%	5.960%
	Weighted Average Min Rate Prior					6.039%	5.913%
	Weighted Average Min Rate Current					6.026%	5.906%
	Weighted Average Cap Up Original					0.920%	0.905%
	Weighted Average Cap Up Prior					0.914%	0.914%
	Weighted Average Cap Up Current					0.913%	0.911%
	Weighted Average Cap Down Original					0.920%	0.905%
	Weighted Average Cap Down Prior					0.914%	0.914%
	Weighted Average Cap Down Current					0.913%	0.911%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					25,668.95	33,512.80	59,181.75
	Delinquent Servicing Fees					76,057.38	101,751.35	177,808.73
	TOTAL SERVICING FEES					101,726.33	135,264.15	236,990.48

	Prepayment Interest Shortfall					33,310.00	55,512.74	88,822.74
	Compensating Interest					(33,310.00)	(55,512.74)	(88,822.74)
	Delinquent Servicing Fees					(76,057.38)	(101,751.35)	(177,808.73)

	COLLECTED SERVICING FEES					25,668.95	33,512.80	59,181.75


	Aggregate Advances with respect to this Distribution					1,197,038.16	1,603,142.20	2,800,180.36
	Current Nonrecoverable Advances					0.00	0.00	0.00
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00


ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Net Prepayment Interest Shortfall							0.00

	Net Monthly Excess Cash Flow							2,004,223.42


	Ending Pool Stated Principal Balance					233,571,946.50	311,310,892.73	544,882,839.23


				Page 10 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			15,277,205.36	7,335,562.38	11,923,227.72	34,535,995.46
		% Balance			2.80%	1.35%	2.19%	6.34%
		# Loans			97	45	84	226
		% # Loans			2.79%	1.29%	2.41%	6.49%
FORECLOSURE		Balance		11,805,658.07	-	564,091.22	141,853.23	12,511,602.52
		% Balance		2.17%	0.00%	0.10%	0.03%	2.30%
		# Loans		75	-	2	1	78
		% # Loans		2.15%	0.00%	0.06%	0.03%	2.24%
BANKRUPTCY		Balance		1,915,155.25	131,905.28	187,843.50	-	2,234,904.03
		% Balance		0.35%	0.02%	0.03%	0.00%	0.41%
		# Loans		17	1	1	-	19
		% # Loans		0.49%	0.03%	0.03%	0.00%	0.55%
REO		Balance		444,232.28	31,316.36	-	-	475,548.64
		% Balance		0.08%	0.01%	0.00%	0.00%	0.09%
		# Loans		6	1	-	-	7
		% # Loans		0.17%	0.03%	0.00%	0.00%	0.20%

TOTAL		Balance		14,165,045.60	15,440,427.00	8,087,497.10	12,065,080.95	49,758,050.65
		% Balance		2.60%	2.83%	1.48%	2.21%	9.13%
		# Loans		98	99	48	85	330
		% # Loans		2.82%	2.84%	1.38%	2.44%	9.48%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 11 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			7,756,395.77	3,251,762.74	7,097,679.81	18,105,838.32
		% Balance			2.49%	1.04%	2.28%	5.82%
		# Loans			58	24	54	136
		% # Loans			2.64%	1.09%	2.46%	6.20%
FORECLOSURE		Balance		6,070,511.10	-	-	-	6,070,511.10
		% Balance		1.95%	0.00%	0.00%	0.00%	1.95%
		# Loans		45	-	-	-	45
		% # Loans		2.05%	0.00%	0.00%	0.00%	2.05%
BANKRUPTCY		Balance		1,194,118.70	-	187,843.50	-	1,381,962.20
		% Balance		0.38%	0.00%	0.06%	0.00%	0.44%
		# Loans		12	-	1	-	13
		% # Loans		0.55%	0.00%	0.05%	0.00%	0.59%
REO		Balance		306,676.94	-	-	-	306,676.94
		% Balance		0.10%	0.00%	0.00%	0.00%	0.10%
		# Loans		4	-	-	-	4
		% # Loans		0.18%	0.00%	0.00%	0.00%	0.18%

TOTAL		Balance		7,571,306.74	7,756,395.77	3,439,606.24	7,097,679.81	25,864,988.56
		% Balance		2.43%	2.49%	1.10%	2.28%	8.31%
		# Loans		61	58	25	54	198
		% # Loans		2.78%	2.64%	1.14%	2.46%	9.02%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 12 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 2 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			7,520,809.59	4,083,799.64	4,825,547.91	16,430,157.14
		% Balance			3.22%	1.75%	2.07%	7.03%
		# Loans			39	21	30	90
		% # Loans			3.03%	1.63%	2.33%	6.99%
FORECLOSURE		Balance		5,735,146.97	-	564,091.22	141,853.23	6,441,091.42
		% Balance		2.46%	0.00%	0.24%	0.06%	2.76%
		# Loans		30	-	2	1	33
		% # Loans		2.33%	0.00%	0.16%	0.08%	2.56%
BANKRUPTCY		Balance		721,036.55	131,905.28	-	-	852,941.83
		% Balance		0.31%	0.06%	0.00%	0.00%	0.37%
		# Loans		5	1	-	-	6
		% # Loans		0.39%	0.08%	0.00%	0.00%	0.47%
REO		Balance		137,555.34	31,316.36	-	-	168,871.70
		% Balance		0.06%	0.01%	0.00%	0.00%	0.07%
		# Loans		2	1	-	-	3
		% # Loans		0.16%	0.08%	0.00%	0.00%	0.23%

TOTAL		Balance		6,593,738.86	7,684,031.23	4,647,890.86	4,967,401.14	23,893,062.09
		% Balance		2.82%	3.29%	1.99%	2.13%	10.23%
		# Loans		37	41	23	31	132
		% # Loans		2.87%	3.19%	1.79%	2.41%	10.26%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 13 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	REO Report for December 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 7				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 478,275.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Current Balance = 475,548.64
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

1396 1		30,000.00	29,916.96	Nov-01-04	10.650%	MI - 60.00%	360	Apr-12-04
3785 1		118,750.00	117,839.87	Nov-01-04	7.490%	MI - 95.00%	360	Feb-02-04
3792 1		127,920.00	127,242.83	Oct-01-04	7.500%	CO - 80.00%	360	Apr-30-04
3793 1		31,980.00	31,677.28	Dec-01-04	9.990%	CO - 20.00%	240	Apr-14-04
1720 2		98,175.00	97,762.27	Dec-01-04	9.900%	KS - 85.00%	360	Feb-06-04
1727 2		40,000.00	39,793.07	Nov-01-04	8.900%	MO - 51.61%	360	Feb-21-04
2639 2		31,450.00	31,316.36	Sep-01-04	9.850%	TX - 85.00%	360	Feb-01-04


				Page 14 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Foreclosure Report for December 27, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 77				Loan Group 1 = Group 1
Total Original Principal Balance = 12,484,875.00				Loan Group 2 = Group 2
Total Current Balance = 12,407,090.68


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

220 1		315,000.00	311,593.31	Dec-01-04	6.200%	NY - 78.75%	360	Dec-03-03
260 1		280,250.00	278,631.35	Oct-01-04	7.750%	NY - 95.00%	360	Mar-30-04
284 1		122,400.00	121,726.06	Nov-01-04	7.990%	CA - 85.00%	360	Feb-24-04
313 1		69,600.00	69,246.39	Dec-01-04	8.390%	FL - 80.00%	360	Mar-10-04
321 1		83,000.00	82,775.18	Nov-01-04	11.390%	KS - 59.71%	360	Mar-10-04
459 1		139,500.00	138,421.54	Nov-01-04	6.250%	MI - 90.00%	360	Mar-26-04
479 1		93,600.00	92,934.81	Nov-01-04	6.690%	WA - 80.00%	360	Mar-23-04
499 1		70,000.00	69,724.86	Nov-01-04	9.640%	TX - 63.64%	360	Mar-27-04
656 1		153,400.00	152,765.02	Dec-01-04	9.390%	OH - 65.00%	360	Mar-26-04
716 1		164,700.00	163,516.12	Dec-01-04	8.750%	CO - 90.00%	360	Nov-25-03
1200 1		91,700.00	90,923.76	Nov-01-04	9.100%	IL - 70.00%	360	Aug-29-03
1252 1		53,200.00	53,003.69	Oct-01-04	11.500%	SC - 70.00%	360	Dec-23-03
1291 1		500,000.00	494,890.92	Nov-01-04	6.500%	CA - 83.33%	360	Dec-18-03
1310 1		112,625.00	111,844.64	Nov-01-04	7.990%	FL - 85.00%	360	Jan-02-04
1362 1		31,000.00	30,878.52	Nov-01-04	8.990%	OH - 62.00%	360	Apr-05-04
1710 1		54,000.00	53,660.39	Dec-01-04	9.350%	KS - 90.00%	360	Jan-23-04
1810 1		81,600.00	81,207.25	Nov-01-04	9.250%	IA - 85.00%	360	Jan-28-04
1890 1		136,000.00	135,282.18	Dec-01-04	8.800%	CA - 74.32%	360	Feb-18-04
1977 1		99,450.00	98,988.30	Nov-01-04	9.950%	LA - 90.00%	360	Jan-21-04
2092 1		94,500.00	94,065.07	Nov-01-04	8.875%	LA - 90.00%	360	Mar-24-04
2094 1		127,500.00	126,866.59	Dec-01-04	8.500%	FL - 85.00%	360	Feb-26-04
2120 1		127,500.00	126,781.73	Dec-01-04	7.875%	MD - 75.00%	360	Mar-18-04
2125 1		290,000.00	288,445.96	Nov-01-04	8.125%	CA - 89.23%	360	Mar-02-04
2246 1		40,800.00	40,374.21	Oct-01-04	7.400%	IN - 80.00%	360	Oct-29-03
2256 1		19,800.00	19,164.15	Nov-01-04	7.990%	IN - 60.00%	360	Nov-06-03
2545 1		115,000.00	114,429.16	Nov-01-04	9.100%	DC - 53.24%	360	Feb-26-04
2676 1		236,550.00	234,228.83	Nov-01-04	8.100%	CA - 95.00%	360	Oct-23-03
2790 1		222,700.00	221,439.00	Nov-01-04	8.990%	WI - 85.00%	360	Jan-21-04
2884 1		138,400.00	136,888.98	Nov-01-04	6.150%	CA - 80.00%	360	Dec-05-03
2912 1		133,000.00	131,922.84	Oct-01-04	7.700%	UT - 95.00%	360	Dec-23-03
2919 1		189,800.00	188,365.24	Nov-01-04	7.550%	CA - 65.00%	360	Jan-02-04
2971 1		37,500.00	37,265.97	Oct-01-04	9.000%	NY - 75.00%	360	Dec-16-03
3210 1		188,000.00	188,000.00	Nov-01-04	5.950%	FL - 80.00%	360	Mar-15-04
3328 1		183,350.00	181,506.17	Dec-01-04	7.875%	MD - 95.00%	360	Sep-17-03
3369 1		275,000.00	272,452.44	Dec-01-04	6.500%	CA - 89.87%	360	Jan-26-04
3386 1		98,800.00	98,240.57	Nov-01-04	8.990%	TX - 95.00%	360	Jan-15-04
3438 1		58,800.00	58,583.47	Dec-01-04	9.950%	FL - 80.00%	360	Mar-04-04
3478 1		137,900.00	137,018.73	Nov-01-04	7.850%	CA - 70.00%	360	Feb-20-04
3480 1		142,800.00	142,015.15	Dec-01-04	7.999%	CA - 85.00%	360	Mar-12-04
3702 1		72,250.00	71,851.51	Oct-01-04	9.600%	OH - 85.00%	360	Dec-22-03
3719 1		63,900.00	63,619.16	Nov-01-04	9.100%	LA - 90.00%	360	Mar-15-04
3739 1		94,300.00	93,894.01	Dec-01-04	9.200%	NV - 54.20%	360	Mar-13-04
3789 1		96,000.00	95,316.77	Nov-01-04	8.350%	IL - 80.00%	360	Jan-05-04
3825 1		185,500.00	184,229.97	Nov-01-04	8.990%	CA - 65.32%	360	Nov-19-03

				Page 15 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Foreclosure Report for December 27, 2004 Distribution


	Foreclosure Report - Mortage Loans that Become Foreclosure 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

3853 1		92,000.00	91,531.13	Nov-01-04	8.790%	GA - 80.00%	360	Mar-29-04
176 2		364,500.00	361,275.89	Dec-01-04	7.250%	NY - 90.00%	360	Dec-05-03
184 2		192,000.00	190,591.94	Jan-01-05	8.200%	CA - 80.00%	360	Nov-24-03
319 2		60,800.00	60,528.05	Nov-01-04	9.015%	MI - 80.00%	360	Mar-02-04
869 2		286,000.00	284,955.34	Dec-01-04	9.990%	CA - 100.00%	360	Mar-04-04
884 2		437,500.00	434,366.77	Nov-01-04	6.650%	CA - 70.00%	360	Mar-18-04
1094 2		136,000.00	135,997.90	Dec-01-04	7.750%	UT - 75.56%	360	Dec-16-03
1271 2		108,000.00	107,139.88	Dec-01-04	8.240%	FL - 77.14%	360	Nov-19-03
1338 2		436,000.00	432,629.47	Nov-01-04	6.250%	CA - 80.00%	360	Mar-09-04
1431 2		502,400.00	500,016.61	Nov-01-04	8.050%	IL - 80.00%	360	Apr-08-04
1486 2		37,600.00	37,461.80	Nov-01-04	9.300%	AR - 80.00%	360	Apr-08-04
1554 2		172,250.00	171,479.02	Dec-01-04	9.600%	MA - 65.00%	360	Feb-20-04
1858 2		297,500.00	295,951.68	Dec-01-04	9.400%	CA - 70.00%	360	Jan-16-04
1911 2		354,450.00	352,482.76	Jan-01-05	7.950%	CA - 85.00%	360	Mar-01-04
1924 2		131,750.00	131,216.93	Dec-01-04	9.500%	CA - 85.00%	360	Mar-16-04
2035 2		145,800.00	144,049.85	Dec-01-04	8.625%	OH - 90.00%	360	Apr-23-03
2157 2		189,000.00	187,935.24	Dec-01-04	7.875%	IL - 90.00%	360	Mar-11-04
2188 2		88,000.00	87,465.65	Nov-01-04	7.500%	UT - 80.00%	360	Mar-08-04
2214 2		412,000.00	410,260.16	Oct-01-04	8.625%	CA - 80.00%	360	Mar-24-04
2324 2		96,800.00	96,122.61	Dec-01-04	7.940%	OH - 80.00%	360	Jan-05-04
2682 2		363,000.00	362,914.06	Aug-01-04	7.990%	CA - 100.00%	360	Jan-28-04
2712 2		62,400.00	62,149.14	Nov-01-04	11.100%	TX - 80.00%	360	Dec-17-03
2872 2		142,400.00	141,282.15	Dec-01-04	6.800%	CA - 80.00%	360	Mar-04-04
2885 2		143,000.00	141,853.23	Jun-01-04	7.750%	CA - 74.87%	360	Dec-11-03
2914 2		227,800.00	226,387.06	Nov-01-04	8.000%	UT - 85.00%	360	Feb-13-04
3160 2		160,650.00	159,688.69	Nov-01-04	7.850%	FL - 85.00%	360	Feb-27-04
3342 2		167,850.00	166,182.69	Dec-01-04	6.750%	WA - 90.00%	360	Dec-05-03
3382 2		108,750.00	108,231.97	Nov-01-04	9.300%	LA - 75.00%	360	Jan-28-04
3680 2		127,700.00	127,699.54	Nov-01-04	8.500%	CA - 56.76%	360	Mar-19-04
3715 2		41,600.00	41,481.14	Dec-01-04	10.500%	VA - 80.00%	360	Mar-30-04
3716 2		103,500.00	103,041.51	Nov-01-04	9.650%	OK - 90.00%	360	Jan-28-04
3729 2		72,900.00	72,563.69	Oct-01-04	9.450%	PA - 90.00%	360	Feb-25-04
3970 2		202,300.00	201,177.16	Aug-01-04	7.950%	NH - 85.00%	360	Mar-25-04


				Page 16 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans					47	77	124
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					47	77	124

	Paid in Full Balance					10,380,211.57	13,051,363.54	23,431,575.11
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					11,307.21	22,678.92	33,986.13
	Total Prepayment Amount					10,391,518.78	13,074,042.46	23,465,561.24

	*Cumulative*
	Number of Paid in Full Loans					241	365	606
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					241	365	606

	Paid in Full Balance					53,052,573.76	59,264,785.89	112,317,359.65
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					119,396.93	162,995.04	282,391.97
	Total Prepayment Amount					53,171,970.69	59,427,780.93	112,599,751.62

SPACE INTENTIONALLY LEFT BLANK


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


				Page 17 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL

	SMM					4.26%	4.03%	4.13%
	3 Months Avg SMM					3.88%	3.53%	3.69%
	12 Months Avg SMM
	Avg SMM Since Cut-off					2.96%	2.52%	2.71%

	CPR					40.69%	38.96%	39.71%
	3 Months Avg CPR					37.84%	35.07%	36.27%
	12 Months Avg CPR
	Avg CPR Since Cut-off					30.30%	26.41%	28.12%

	PSA					2163.37%	2061.59%	2105.45%
	3 Months Avg PSA Approximation					2243.68%	2072.40%	2146.78%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					2315.09%	2009.76%	2143.37%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 18 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1
	Group 2

CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off


PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off


PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)

Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.

				Page 19 of 28				© COPYRIGHT 2004 Deutsche Bank


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

	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 124						Loan Group 1 = Group 1
Total Original Principal Balance = 23,584,584.00						Loan Group 2 = Group 2
Total Prepayment Amount = 23,431,575.11


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

38 1			252,000.00	250,413.71	Nov-09-04	10.990%	CA - 70.00%	Paid Off - 360	Oct-02-03
86 1			223,550.00	222,152.38	Nov-10-04	8.990%	CA - 85.00%	Paid Off - 360	Oct-28-03
93 1			330,000.00	326,218.57	Nov-03-04	6.990%	CA - 86.84%	Paid Off - 360	Oct-24-03
120 1			156,000.00	154,952.83	Nov-15-04	8.640%	AZ - 80.00%	Paid Off - 360	Nov-18-03
147 1			217,500.00	215,064.25	Nov-12-04	5.500%	CA - 75.00%	Paid Off - 360	Dec-08-03
177 1			90,000.00	89,346.57	Nov-03-04	8.250%	NC - 90.00%	Paid Off - 360	Dec-01-03
224 1			115,000.00	113,618.49	Nov-01-04	6.375%	FL - 66.86%	Paid Off - 360	Nov-26-03
235 1			189,550.00	187,485.22	Nov-23-04	5.790%	CA - 85.00%	Paid Off - 360	Dec-01-03
339 1			145,000.00	144,223.22	Nov-03-04	7.440%	CA - 55.77%	Paid Off - 360	Mar-17-04
450 1			202,500.00	201,638.69	Nov-30-04	8.590%	CA - 90.00%	Paid Off - 360	Mar-12-04
519 1			251,000.00	249,950.81	Nov-17-04	8.690%	CA - 89.64%	Paid Off - 360	Mar-16-04
542 1			185,250.00	184,114.47	Nov-16-04	6.750%	IL - 95.00%	Paid Off - 360	Mar-26-04
555 1			98,000.00	97,553.37	Nov-09-04	8.250%	MA - 74.81%	Paid Off - 360	Mar-25-04
634 1			152,000.00	151,255.41	Nov-10-04	7.890%	CA - 80.00%	Paid Off - 360	Mar-23-04
734 1			230,400.00	229,155.27	Nov-04-04	9.750%	CA - 90.00%	Paid Off - 360	Nov-20-03
742 1			165,000.00	164,225.99	Nov-12-04	9.900%	CA - 75.00%	Paid Off - 360	Dec-10-03
784 1			178,000.00	177,999.08	Nov-09-04	6.740%	CA - 80.00%	Paid Off - 360	Jan-08-04
801 1			38,800.00	38,670.53	Nov-09-04	10.990%	MD - 20.00%	Paid Off - 180	Jan-20-04
1049 1			208,000.00	208,000.00	Nov-01-04	6.750%	CA - 80.00%	Paid Off - 360	Oct-31-03
1070 1			191,823.00	191,823.00	Nov-01-04	6.990%	CA - 80.00%	Paid Off - 360	Jan-12-04
1115 1			28,000.00	27,906.67	Nov-19-04	11.500%	TX - 20.00%	Paid Off - 180	Dec-31-03
1158 1			114,300.00	114,300.00	Nov-01-04	7.490%	CA - 90.00%	Paid Off - 360	Feb-20-04
1176 1			48,160.00	48,060.38	Nov-01-04	11.990%	UT - 20.00%	Paid Off - 180	Mar-12-04
1185 1			304,000.00	303,963.72	Nov-29-04	6.880%	CA - 80.00%	Paid Off - 360	Mar-29-04
1188 1			236,742.00	236,742.00	Nov-23-04	6.630%	CA - 80.00%	Paid Off - 360	Mar-26-04
1293 1			284,000.00	282,273.34	Nov-19-04	8.100%	CA - 84.78%	Paid Off - 360	Jan-18-04
1319 1			194,400.00	193,053.02	Nov-02-04	7.990%	CA - 80.00%	Paid Off - 360	Dec-22-03
1321 1			34,600.00	34,471.06	Nov-23-04	10.990%	NV - 20.00%	Paid Off - 360	Dec-26-03
1410 1			196,200.00	196,199.97	Nov-26-04	7.990%	CA - 90.00%	Paid Off - 360	Mar-31-04
1491 1			270,000.00	268,649.92	Nov-22-04	6.990%	IL - 90.00%	Paid Off - 360	Apr-08-04
1518 1			85,500.00	85,037.78	Nov-04-04	8.900%	MD - 90.00%	Paid Off - 360	Jan-17-04
1577 1			104,500.00	103,975.46	Nov-17-04	8.450%	GA - 77.99%	Paid Off - 360	Feb-20-04
1653 1			76,000.00	74,709.79	Nov-02-04	8.900%	MO - 95.00%	Paid Off - 360	Jan-15-04
1742 1			167,000.00	166,088.18	Nov-24-04	9.750%	FL - 100.00%	Paid Off - 360	Feb-18-04
1771 1			127,800.00	125,088.15	Nov-16-04	7.950%	FL - 90.00%	Paid Off - 180	Mar-09-04
1881 1			270,000.00	267,941.17	Nov-01-04	6.950%	CA - 75.00%	Paid Off - 360	Jan-24-04
1985 1			91,500.00	91,080.97	Nov-23-04	8.900%	CA - 100.00%	Paid Off - 360	Jan-29-04
1992 1			133,600.00	132,519.55	Nov-26-04	7.500%	UT - 80.00%	Paid Off - 360	Feb-19-04
2045 1			270,400.00	267,902.41	Nov-09-04	7.490%	CA - 65.00%	Paid Off - 360	Oct-07-03
2133 1			188,700.00	187,759.65	Nov-02-04	7.990%	VA - 85.00%	Paid Off - 360	Mar-25-04
2195 1			246,500.00	245,195.20	Nov-01-04	7.500%	CA - 85.00%	Paid Off - 360	Mar-16-04
2198 1			405,000.00	402,871.17	Nov-02-04	7.750%	MA - 90.00%	Paid Off - 360	Mar-26-04
2245 1			214,700.00	211,734.32	Nov-24-04	6.360%	MI - 95.00%	Paid Off - 360	Aug-21-03
2395 1			134,425.00	133,448.61	Nov-05-04	7.200%	MD - 95.00%	Paid Off - 360	Jan-20-04

					Page 20 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 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

2435 1			80,750.00	80,166.80	Nov-03-04	7.550%	TN - 85.00%	Paid Off - 360	Jan-27-04
2487 1			67,500.00	67,155.87	Nov-12-04	9.500%	GA - 50.00%	Paid Off - 360	Dec-22-03
2568 1			164,000.00	163,088.03	Nov-15-04	7.250%	IL - 80.00%	Paid Off - 360	Feb-27-04
2605 1			137,700.00	136,177.21	Nov-09-04	6.990%	CA - 85.00%	Paid Off - 360	Sep-03-03
2617 1			146,250.00	145,333.79	Nov-05-04	7.950%	CA - 75.00%	Paid Off - 360	Jan-27-04
2719 1			193,500.00	191,690.03	Nov-10-04	7.850%	NV - 90.00%	Paid Off - 360	Sep-08-03
2723 1			39,000.00	38,482.55	Nov-09-04	10.240%	NV - 20.00%	Paid Off - 240	Dec-15-03
2762 1			250,000.00	248,323.47	Nov-09-04	6.990%	NY - 84.75%	Paid Off - 360	Feb-27-04
2785 1			263,200.00	263,199.93	Nov-02-04	6.850%	CA - 80.00%	Paid Off - 360	Feb-27-04
2810 1			215,000.00	213,874.49	Nov-01-04	8.840%	IL - 73.13%	Paid Off - 360	Dec-27-03
2896 1			323,000.00	320,479.20	Nov-11-04	6.200%	CA - 80.75%	Paid Off - 360	Feb-03-04
2941 1			170,000.00	169,111.55	Nov-18-04	8.250%	CA - 85.00%	Paid Off - 360	Jan-28-04
2998 1			28,000.00	27,902.14	Nov-18-04	10.800%	CA - 14.74%	Paid Off - 180	Jan-20-04
3017 1			272,000.00	269,479.94	Nov-04-04	6.500%	CA - 80.00%	Paid Off - 360	Dec-17-03
3084 1			236,000.00	234,214.33	Nov-16-04	6.990%	FL - 80.00%	Paid Off - 360	Jan-26-04
3087 1			77,628.00	77,163.00	Nov-05-04	9.150%	CA - 39.81%	Paid Off - 180	Jan-23-04
3173 1			153,675.00	153,109.11	Nov-22-04	9.950%	FL - 75.00%	Paid Off - 360	Feb-27-04
3212 1			47,000.00	46,825.41	Nov-22-04	9.250%	FL - 20.00%	Paid Off - 180	Mar-15-04
3367 1			199,960.00	198,447.00	Nov-09-04	6.990%	CA - 80.00%	Paid Off - 360	Dec-29-03
3373 1			301,500.00	300,255.93	Nov-02-04	9.990%	CT - 90.00%	Paid Off - 360	Jan-16-04
3431 1			151,300.00	150,610.86	Nov-01-04	8.250%	MN - 85.00%	Paid Off - 360	Feb-28-04
3599 1			162,000.00	161,251.79	Nov-30-04	7.790%	SC - 90.00%	Paid Off - 360	Apr-21-04
3605 1			195,000.00	194,203.75	Nov-24-04	8.790%	IL - 69.64%	Paid Off - 360	Mar-26-04
3677 1			192,640.00	192,640.00	Nov-01-04	6.640%	UT - 80.00%	Paid Off - 360	Mar-12-04
3717 1			55,000.00	54,728.37	Nov-19-04	7.850%	KS - 52.38%	Paid Off - 360	Feb-28-04
3743 1			133,000.00	132,620.02	Nov-01-04	9.750%	CA - 70.00%	Paid Off - 360	Mar-31-04
3781 1			277,000.00	273,934.01	Nov-12-04	6.150%	CA - 84.97%	Paid Off - 360	Jan-12-04
3797 1			225,000.00	223,579.71	Nov-24-04	7.300%	FL - 75.00%	Paid Off - 360	Mar-03-04
3806 1			200,000.00	198,774.23	Nov-19-04	7.450%	CA - 66.67%	Paid Off - 360	Feb-18-04
3839 1			221,250.00	220,150.53	Nov-02-04	7.890%	CA - 75.00%	Paid Off - 360	Mar-01-04
3907 1			15,000.00	14,774.23	Nov-18-04	9.490%	FL - 20.00%	Paid Off - 240	Dec-23-03
3918 1			41,980.00	40,864.40	Nov-29-04	11.250%	CA - 20.00%	Paid Off - 180	Oct-10-03
3978 1			50,000.00	49,917.51	Nov-18-04	10.400%	FL - 54.95%	Paid Off - 360	Jun-02-04
69 2			148,500.00	147,131.01	Nov-30-04	7.500%	FL - 75.00%	Paid Off - 360	Oct-28-03
88 2			239,200.00	237,989.18	Nov-22-04	10.040%	NY - 80.00%	Paid Off - 360	Nov-17-03
143 2			150,000.00	148,331.41	Nov-19-04	6.050%	CA - 75.00%	Paid Off - 360	Nov-12-03
354 2			174,250.00	173,387.81	Nov-30-04	7.840%	CA - 85.00%	Paid Off - 360	Mar-16-04
398 2			505,000.00	502,104.62	Nov-29-04	7.190%	NY - 59.41%	Paid Off - 360	Mar-09-04
452 2			133,600.00	131,564.52	Nov-30-04	6.200%	FL - 83.50%	Paid Off - 240	Mar-17-04
563 2			318,700.00	316,741.77	Nov-08-04	6.750%	IL - 79.68%	Paid Off - 360	Mar-31-04
592 2			352,750.00	350,502.78	Nov-18-04	6.550%	CA - 85.00%	Paid Off - 360	Mar-19-04
594 2			174,250.00	173,502.76	Nov-10-04	8.550%	IL - 85.00%	Paid Off - 360	Mar-26-04
777 2			196,300.00	194,908.49	Nov-19-04	7.875%	CA - 65.00%	Paid Off - 360	Dec-18-03
973 2			70,000.00	69,160.10	Nov-08-04	8.100%	CA - 16.87%	Paid Off - 180	Sep-17-03
982 2			275,200.00	271,956.80	Nov-04-04	5.750%	CA - 80.00%	Paid Off - 360	Dec-04-03
1009 2			376,800.00	376,800.00	Nov-12-04	6.250%	CA - 80.00%	Paid Off - 360	Feb-02-04
1030 2			383,500.00	381,948.42	Nov-22-04	9.500%	CA - 65.00%	Paid Off - 360	Feb-13-04
1044 2			285,600.00	283,436.66	Nov-01-04	8.490%	CA - 80.00%	Paid Off - 360	Oct-03-03
1114 2			112,000.00	111,145.02	Nov-19-04	7.500%	TX - 80.00%	Paid Off - 360	Dec-31-03
1192 2			86,600.00	86,265.28	Nov-23-04	12.000%	CA - 20.00%	Paid Off - 180	Oct-22-03
1226 2			81,000.00	80,557.82	Nov-01-04	10.490%	CA - 20.00%	Paid Off - 360	Sep-16-03
1244 2			372,000.00	367,841.98	Nov-22-04	6.500%	CA - 80.00%	Paid Off - 360	Oct-30-03

					Page 21 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 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

1245 2			125,000.00	124,364.30	Nov-16-04	9.990%	CA - 19.23%	Paid Off - 360	Nov-10-03
1257 2			97,200.00	95,786.83	Nov-08-04	12.000%	CA - 20.00%	Paid Off - 360	Nov-06-03
1261 2			97,976.00	97,528.43	Nov-30-04	10.500%	CA - 20.00%	Paid Off - 360	Nov-06-03
1375 2			237,500.00	236,291.42	Nov-18-04	6.900%	CA - 95.00%	Paid Off - 360	Mar-29-04
1627 2			154,000.00	153,305.30	Nov-02-04	8.300%	GA - 71.30%	Paid Off - 360	Mar-24-04
1646 2			112,100.00	111,339.71	Nov-17-04	7.550%	FL - 95.00%	Paid Off - 360	Jan-23-04
1698 2			87,250.00	86,807.11	Nov-30-04	8.800%	MO - 69.80%	Paid Off - 360	Jan-30-04
1756 2			71,775.00	71,567.75	Nov-17-04	9.700%	MO - 75.00%	Paid Off - 360	Mar-30-04
1936 2			170,000.00	169,400.51	Nov-03-04	9.500%	OR - 100.00%	Paid Off - 360	Mar-15-04
1953 2			220,500.00	219,462.45	Nov-16-04	7.300%	CA - 90.00%	Paid Off - 360	Mar-30-04
2087 2			140,000.00	139,268.42	Nov-26-04	8.250%	MI - 83.33%	Paid Off - 360	Feb-23-04
2338 2			264,000.00	261,757.30	Nov-23-04	6.790%	NV - 80.00%	Paid Off - 360	Jan-07-04
2388 2			172,800.00	171,492.55	Nov-30-04	6.990%	FL - 80.00%	Paid Off - 360	Jan-17-04
2498 2			207,900.00	206,530.40	Nov-26-04	6.375%	CA - 79.99%	Paid Off - 360	Mar-04-04
2530 2			288,000.00	285,933.64	Nov-18-04	5.925%	CA - 87.27%	Paid Off - 360	Feb-26-04
2720 2			464,800.00	460,630.51	Nov-23-04	6.100%	NV - 80.00%	Paid Off - 360	Jan-20-04
2737 2			165,000.00	163,326.81	Nov-26-04	7.000%	CA - 100.00%	Paid Off - 360	Feb-25-04
3042 2			368,000.00	365,479.67	Nov-16-04	7.500%	CA - 80.00%	Paid Off - 360	Jan-21-04
3315 2			338,000.00	335,334.85	Nov-17-04	8.290%	CA - 87.79%	Paid Off - 360	Oct-10-03
3583 2			138,750.00	137,793.76	Nov-02-04	8.510%	IL - 75.00%	Paid Off - 360	Oct-30-03
3587 2			97,500.00	96,870.50	Nov-16-04	8.550%	IL - 75.00%	Paid Off - 360	Dec-15-03
3699 2			172,800.00	170,775.14	Nov-01-04	6.250%	CA - 90.00%	Paid Off - 360	Oct-22-03
3714 2			159,250.00	158,553.09	Nov-10-04	8.450%	MD - 65.00%	Paid Off - 360	Mar-26-04
3784 2			468,000.00	462,673.45	Nov-15-04	7.250%	CA - 90.00%	Paid Off - 360	Nov-17-03
3818 2			520,000.00	515,197.01	Nov-04-04	7.490%	MD - 80.00%	Paid Off - 360	Oct-16-03
4001 2			280,000.00	278,794.99	Nov-04-04	7.750%	CA - 74.67%	Paid Off - 360	Mar-29-04
4038 2			140,000.00	139,117.80	Nov-04-04	5.800%	NM - 80.00%	Paid Off - 360	Apr-26-04
4071 2			261,000.00	259,551.44	Nov-02-04	7.950%	FL - 90.00%	Paid Off - 360	Feb-19-04


					Page 22 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-

	*Cumulative*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-

	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.


	Cumulative Loss Percentage							0.00%


	Group 1						3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 23 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 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 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 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 28				© COPYRIGHT 2004 Deutsche Bank


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

	Realized Loss Detail Report for December 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 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

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


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL

	Has a Stepdown Date occurred?							No

	Does Trigger Event exist?							No

	1. Does (A) exceed (B)?							No
	(A) 60+ Day Delinq % (quotient of (x) over (y))							4.02%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							21,917,814.73
	(y) Stated Principal Balance							544,882,839.23
	(B) 44.5% of Sr. Enhancement Percentage							9.27%

	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.00%
	(x) Agg. Realized Losses to date							0.00
	(y) Cut-off Date Pool Principal Balance							660,568,100.99
	(B) Applicable Percentage							100.00%


	Senior Enhancement Percentage (Prior)							22.07%



ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
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ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Basis Risk Carry Forward Amount							0.00


				Page 27 of 28				© COPYRIGHT 2004 Deutsche Bank
	CDC Mortgage Capital Trust 2004-HE2
	Mortgage Pass-Through Certificates

	Additional Certificate Report for December 27, 2004 Distribution


	Additional Certificate Report

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	CLASS


				Page 28 of 28				© COPYRIGHT 2004 Deutsche Bank

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