

                           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 November 1, 2004, providing for the
          issuance of Asset-Backed Pass-Through Certificates, Series 2004-HE4)
                 (Exact name of registrant as specified in charter)

                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-113543-18                        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 31, 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.



IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution

				External Parties					Table of Contents

												Page
				Seller								Page
				Seller					1. Certificate Payment Report					2
				CDC Mortgage Capital					1. Certificate Payment Report					2
				CDC Mortgage Capital					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					20
									11. Realized Loss Detail Report					23
				Servicer(s)					11. Realized Loss Detail Report					23
				Servicer(s)					12. Triggers and Adj. Cert. Report					24
				Countrywide Funding Corporation					12. Triggers and Adj. Cert. Report					24
				Countrywide Funding Corporation					13. Other Related Information					25
									13. Other Related Information					25


				Underwriter(s)
				Morgan Stanley


									Total Number of Pages					25
									Total Number of Pages

				Dates					Contacts

				Cut-Off Date:		November 01, 2004			John Ingham
				Close Date:		November 24, 2004			Administrator
				First Distribution Date:		December 27, 2004			(714) 247-6456
									john.ingham@db.com
									john.ingham@db.com
									Address:
									1761 E. St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		December 27, 2004
									Factor Information:			(800) 735-7777
				Record Date:		November 30, 2004			Factor Information:			(800) 735-7777
									Main Phone Number:			(714) 247-6000

						December 24, 2004
						December 24, 2004

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






Page 1 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - REMIC III
					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, STEP	$	200,000,000.00		200,000,000.00	463,833.33		4,435,196.54		4,899,029.87		0.00		0.00		195,564,803.46
A-1	FLT, STEP	$	200,000,000.00		200,000,000.00	463,833.33		4,435,196.54		4,899,029.87		0.00		0.00		195,564,803.46
A-2	FLT, STEP	$	200,000,000.00		200,000,000.00	430,833.33		8,475,882.36		8,906,715.69		0.00		0.00		191,524,117.64
A-3	FLT, STEP	$	100,000,000.00		100,000,000.00	229,166.67		0.00		229,166.67		0.00		0.00		100,000,000.00
A-4	FLT, STEP	$	82,210,000.00		82,210,000.00	201,208.98		0.00		201,208.98		0.00		0.00		82,210,000.00
M-1	MEZ, FLT, S	$	47,897,000.00		47,897,000.00	122,496.58		0.00		122,496.58		0.00		0.00		47,897,000.00
M-2	MEZ, FLT, S	$	35,124,000.00		35,124,000.00	106,572.07		0.00		106,572.07		0.00		0.00		35,124,000.00
M-3	MEZ, FLT, S	$	9,579,000.00		9,579,000.00	29,942.36		0.00		29,942.36		0.00		0.00		9,579,000.00
B-1	SUB	$	8,160,000.00		8,160,000.00	29,246.80		0.00		29,246.80		0.00		0.00		8,160,000.00
B-2	SUB	$	5,677,000.00		5,677,000.00	20,867.71		0.00		20,867.71		0.00		0.00		5,677,000.00
B-3	SUB	$	4,257,000.00		4,257,000.00	20,564.86		0.00		20,564.86		0.00		0.00		4,257,000.00
B-4	SUB	$	7,096,000.00		7,096,000.00	38,442.58		0.00		38,442.58		0.00		0.00		7,096,000.00
X	SUB	$	9,579,221.00		9,579,221.00	1,697,400.31		0.00		1,697,400.31		0.00		100.00		9,579,321.00
P	EXE	$	100.00		100.00	281,929.59		100.00		282,029.59		0.00		0.00		0.00
R	R	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total			709,579,321.00		709,579,321.00	3,672,505.17		12,911,178.90		16,583,684.07		0.00		100.00		696,668,242.10
Total




Interest Accrual Detail Current Period Factor Information per $1,000 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	11/24/04		12/26/04		A-Act/360	45071KAA2		200,000,000.00		1,000.000000		2.319167		22.175983		24.495149	977.824017
A-2	11/24/04		12/26/04		A-Act/360	45071KAB0		200,000,000.00		1,000.000000		2.154167		42.379412		44.533578	957.620588
A-3	11/24/04		12/26/04		A-Act/360	45071KAC8		100,000,000.00		1,000.000000		2.291667		0.000000		2.291667	1,000.000000
A-4	11/24/04		12/26/04		A-Act/360	45071KAD6		82,210,000.00		1,000.000000		2.447500		0.000000		2.447500	1,000.000000
M-1	11/24/04		12/26/04		A-Act/360	45071KAE4		47,897,000.00		1,000.000000		2.557500		0.000000		2.557500	1,000.000000
M-2	11/24/04		12/26/04		A-Act/360	45071KAF1		35,124,000.00		1,000.000000		3.034167		0.000000		3.034167	1,000.000000
M-3	11/24/04		12/26/04		A-Act/360	45071KAG9		9,579,000.00		1,000.000000		3.125834		0.000000		3.125834	1,000.000000
B-1	11/24/04		12/26/04		A-Act/360	45071KAH7		8,160,000.00		1,000.000000		3.584167		0.000000		3.584167	1,000.000000
B-2	11/24/04		12/26/04		A-Act/360	45071KAJ3		5,677,000.00		1,000.000000		3.675834		0.000000		3.675834	1,000.000000
B-3	11/24/04		12/26/04		A-Act/360	45071KAK0		4,257,000.00		1,000.000000		4.830834		0.000000		4.830834	1,000.000000
B-4	11/24/04		12/26/04		A-Act/360	45071KAL8		7,096,000.00		1,000.000000		5.417500		0.000000		5.417500	1,000.000000
X	11/24/04		12/26/04		A-Act/360			9,579,221.00		1,000.000000		177.196069		0.000000		177.196069	1,000.010439
P	11/24/04		12/26/04			100.00		1,000.000000		2,819,295.900000		1,000.000000		2,820,295.900000		0.000000
R	11/24/04		12/26/04			0.00		0.000000		0.000000		0.000000		0.000000		0.000000




Page 2 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution

Distribution to Date - REMIC III
																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	200,000,000.00		463,833.33		4,312,266.85	122,929.69		4,435,196.54		4,899,029.87		0.00		0.00		195,564,803.46
A-2	200,000,000.00		430,833.33		8,240,957.58	234,924.78		8,475,882.36		8,906,715.69		0.00		0.00		191,524,117.64
A-3	100,000,000.00		229,166.67		0.00	0.00		0.00		229,166.67		0.00		0.00		100,000,000.00
A-4	82,210,000.00		201,208.98		0.00	0.00		0.00		201,208.98		0.00		0.00		82,210,000.00
M-1	47,897,000.00		122,496.58		0.00	0.00		0.00		122,496.58		0.00		0.00		47,897,000.00
M-2	35,124,000.00		106,572.07		0.00	0.00		0.00		106,572.07		0.00		0.00		35,124,000.00
M-3	9,579,000.00		29,942.36		0.00	0.00		0.00		29,942.36		0.00		0.00		9,579,000.00
B-1	8,160,000.00		29,246.80		0.00	0.00		0.00		29,246.80		0.00		0.00		8,160,000.00
B-2	5,677,000.00		20,867.71		0.00	0.00		0.00		20,867.71		0.00		0.00		5,677,000.00
B-3	4,257,000.00		20,564.86		0.00	0.00		0.00		20,564.86		0.00		0.00		4,257,000.00
B-4	7,096,000.00		38,442.58		0.00	0.00		0.00		38,442.58		0.00		0.00		7,096,000.00
X	9,579,221.00		1,697,400.31		-97.23	-2.77		0.00		1,697,400.31		0.00		100.00		9,579,321.00
P	100.00		281,929.59		0.00	0.00		100.00		282,029.59		0.00		0.00		0.00
R	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total	709,579,321.00		3,672,505.17		12,553,127.20	357,851.70		12,911,178.90		16,583,684.07		0.00		100.00		696,668,242.10


Interest Detail - REMIC III
	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	2.53000%		200,000,000.00		463,833.33	0.00		0.00		0.00		463,833.33		463,833.33		0.00
A-2	2.35000%		200,000,000.00		430,833.33	0.00		0.00		0.00		430,833.33		430,833.33		0.00
A-3	2.50000%		100,000,000.00		229,166.67	0.00		0.00		0.00		229,166.67		229,166.67		0.00
A-4	2.67000%		82,210,000.00		201,208.98	0.00		0.00		0.00		201,208.98		201,208.98		0.00
M-1	2.79000%		47,897,000.00		122,496.58	0.00		0.00		0.00		122,496.58		122,496.58		0.00
M-2	3.31000%		35,124,000.00		106,572.07	0.00		0.00		0.00		106,572.07		106,572.07		0.00
M-3	3.41000%		9,579,000.00		29,942.36	0.00		0.00		0.00		29,942.36		29,942.36		0.00
B-1	3.91000%		8,160,000.00		29,246.80	0.00		0.00		0.00		29,246.80		29,246.80		0.00
B-2	4.01000%		5,677,000.00		20,867.71	0.00		0.00		0.00		20,867.71		20,867.71		0.00
B-3	5.27000%		4,257,000.00		20,564.86	0.00		0.00		0.00		20,564.86		20,564.86		0.00
B-4	5.91000%		7,096,000.00		38,442.58	0.00		0.00		0.00		38,442.58		38,442.58		0.00
X	193.31619%		9,579,221.00		0.00	0.00		0.00		0.00		0.00		1,697,500.31		0.00
P	0.00000%		100.00		0.00	0.00		0.00		0.00		0.00		281,929.59		0.00
R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total			709,579,321.00		1,693,175.27	0.00		0.00		0.00		1,693,175.27		3,672,605.17		0.00



Page 3 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
													Total
Principal Collections													12,910,978.90
Principal Withrawals													0.00
Principal Other Accounts													0.00
TOTAL NET PRINCIPAL													12,910,978.90
Interest Collections													3,579,054.81
Interest Withdrawals													-0.00
Interest Other Accounts													281,929.59
Interest Fees													-188,279.23
TOTAL NET INTEREST													3,672,705.17
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION													16,583,684.07



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
														Total
Scheduled Principal Received														357,851.70
Prepayments In Full														12,498,292.76
Curtailments														54,834.44
Liquidations														0.00
Insurance Principal														0.00
Repurchased Principal Amounts														0.00
Other Principal														0.00
Total Realized Loss Of Principal														-0.00
Delinquent Principal														-86,959.83
Advanced Principal														86,959.83
TOTAL PRINCIPAL COLLECTED														12,910,978.90


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
													Total
TOTAL OTHER ACCOUNTS PRINCIPAL													0.00





Page 4 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
													Total
Scheduled Interest													3,637,081.15
Liquidation Interest													0.00
Repurchased Interest													0.00
Insurance Interest													0.00
Other Interest													0.00
Relief Act Interest Shortfalls													-0.00
Prepayment Interest Shortfalls													-9,192.45
Compensating Interest													9,192.45
Delinquent Interest													-892,648.71
Interest Advanced													834,622.38
TOTAL INTEREST COLLECTED													3,579,054.81


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
													Total
Nonrecoverable Advances													0.00
TOTAL INTEREST WITHDRAWALS													0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
													Total
Prepayment Charges													281,929.59
TOTAL INTEREST OTHER ACCOUNTS													281,929.59



INTEREST - FEES
INTEREST - FEES
													Total
Current Servicing Fees													185,736.57
Current Trustee Fees													2,542.66
TOTAL INTEREST OTHER FEES													188,279.23




Page 5 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS

SPACE INTENTIONALLY LEFT BLANK



INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
													Total
Overcollateralization Amount													9,579,321.00
Overcollateralization Target Amount													9,579,320.83
Overcollateralization Deficiency Amount													100.00
Overcollateralization Release Amount													0.00




Page 6 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution
Collateral Report


COLLATERAL



														Total



*Loan Count:*


Original													3,594
Prior													3,594
Prefunding													0
Scheduled Paid Offs													-0
Full Voluntary Prepayments													-59
Repurchases													-0
Liquidations													-0
Current													3,535
*Principal Balance:*


Original													585,030,963.40
Prior													585,030,963.40
Prefunding													124,548,357.43
Scheduled Principal													-357,851.70
Partial Prepayments													-54,834.44
Full Voluntary Prepayments													-12,498,292.76
Repurchases													-0.00
Liquidations													-0.00
Current													696,668,341.93





PREFUNDING
PREFUNDING
													Total
Prefunding Account Original Balance													124,548,357.43
Prefunding Account Beginning Balance													124,548,357.43
Subsequent Loans Added to the Pool													0.00
Prefund Release to Certificate Holders													0.00
Prefunding Account Ending Balance													124,548,357.43





Page 7 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
													Total
Weighted Average Coupon Original													7.46028%
Weighted Average Coupon Prior													7.46028%
Weighted Average Coupon Current													7.46028%
Weighted Average Months to Maturity Original													348
Weighted Average Months to Maturity Prior													348
Weighted Average Months to Maturity Current													348
Weighted Avg Remaining Amortization Term Original													348
Weighted Avg Remaining Amortization Term Prior													348
Weighted Avg Remaining Amortization Term Current													348
Weighted Average Seasoning Original													4.48
Weighted Average Seasoning Prior													4.48
Weighted Average Seasoning Current													4.48









Page 8 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
													Total
Weighted Average Margin Original													6.61282%
Weighted Average Margin Prior													6.61282%
Weighted Average Margin Current													6.61282%
Weighted Average Max Rate Original													13.95738%
Weighted Average Max Rate Prior													13.95738%
Weighted Average Max Rate Current													13.95738%
Weighted Average Min Rate Original													7.44701%
Weighted Average Min Rate Prior													7.44701%
Weighted Average Min Rate Current													7.44701%
Weighted Average Cap Up Original													1.16509%
Weighted Average Cap Up Prior													1.16509%
Weighted Average Cap Up Current													1.16509%
Weighted Average Cap Down Original													1.16509%
Weighted Average Cap Down Prior													1.16509%
Weighted Average Cap Down Current													1.16509%




SERVICING FEES & ADVANCES

														Total




Current Servicing Fees													185,736.57
Delinquent Servicing Fees													58,026.33
TOTAL SERVICING FEES													243,762.91


Compensating Interest													-9,192.45
Delinquent Servicing Fees													-58,026.33
COLLECTED SERVICING FEES													176,544.12


Aggregate Advances with respect to this Distribution													921,582.21





ADDITIONAL COLLATERAL INFORMATION
													Total
Net Prepayment Interest Shortfall													0.00




Page 9 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			4,557,902.86		0.00		0.00		4,557,902.86
			% Balance			0.80%		0.00%		0.00%		0.80%
			# Loans			25		0		0		25
			% # Loans			0.71%		0.00%		0.00%		0.71%
	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		184,271.11	0.00		0.00		0.00		184,271.11
			% Balance		0.03%	0.00%		0.00%		0.00%		0.03%
			# Loans		1	0		0		0		1
			% # Loans		0.03%	0.00%		0.00%		0.00%		0.03%
	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		184,271.11	4,557,902.86		0.00		0.00		4,742,173.97
			% Balance		0.03%	0.80%		0.00%		0.00%		0.83%
			# Loans		1	25		0		0		26
			% # Loans		0.03%	0.71%		0.00%		0.00%		0.74%









Page 10 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			4,557,902.86		0.00		0.00		4,557,902.86
			% Balance			0.80%		0.00%		0.00%		0.80%
			# Loans			25		0		0		25
			% # Loans			0.71%		0.00%		0.00%		0.71%
	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		184,271.11	0.00		0.00		0.00		184,271.11
			% Balance		0.03%	0.00%		0.00%		0.00%		0.03%
			# Loans		1	0		0		0		1
			% # Loans		0.03%	0.00%		0.00%		0.00%		0.03%
	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		184,271.11	4,557,902.86		0.00		0.00		4,742,173.97
			% Balance		0.03%	0.80%		0.00%		0.00%		0.83%
			# Loans		1	25		0		0		26
			% # Loans		0.03%	0.71%		0.00%		0.00%		0.74%










Page 11 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution
	GROUP 2










Page 12 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 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 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 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 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

														Total




*Current*


Number of Paid in Full Loans													59
Number of Repurchased Loans													0
Total Number of Loans Prepaid in Full													59
Curtailments Amount													54,834.44
Paid in Full Balance													12,498,292.76
Repurchased Loans Balance													0.00
Total Prepayment Amount													12,553,127.20

*Cumulative*


Number of Paid in Full Loans													59
Number of Repurchased Loans													0
Total Number of Loans Prepaid in Full													59
Paid in Full Balance													12,498,292.76
Repurchased Loans Balance													0.00
Curtailments Amount													54,834.44
Total Prepayment Amount													12,553,127.20










Page 15 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

														Total



SMM													2.15%
3 Months Avg SMM													2.15%
12 Months Avg SMM													2.15%
Avg SMM Since Cut-off													2.15%


CPR													22.93%
3 Months Avg CPR													22.93%
12 Months Avg CPR													22.93%
Avg CPR Since Cut-off													22.93%


PSA													2,560.73%
3 Months Avg PSA Approximation													2,560.73%
12 Months Avg PSA Approximation													2,560.73%
Avg PSA Since Cut-off Approximation													2,560.73%










Page 16 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 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 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 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

71 1			467,500.00		461,032.63		07-Dec-2004		8.650%		CA - 85.00%		Paid Off - 180		7/1/2004
71 1			467,500.00		461,032.63		07-Dec-2004		8.650%		CA - 85.00%		Paid Off - 180		7/1/2004
126 1			193,050.00		192,392.45		03-Dec-2004		6.850%		NJ - 65.00%		Paid Off - 360		8/1/2004
147 1			85,000.00		84,441.73		17-Nov-2004		10.150%		CA - 20.00%		Paid Off - 240		7/1/2004
281 1			200,000.00		199,263.32		24-Nov-2004		7.600%		CA - 80.00%		Paid Off - 360		7/1/2004
95666 1			215,000.00		213,662.26		14-Dec-2004		5.850%		CA - 63.24%		Paid Off - 360		6/1/2004
96205 1			297,500.00		296,434.32		02-Dec-2004		7.740%		MD - 85.00%		Paid Off - 360		7/1/2004
97151 1			264,000.00		262,587.07		02-Dec-2004		6.640%		CA - 79.52%		Paid Off - 360		6/1/2004
97685 1			183,600.00		182,789.29		19-Nov-2004		7.090%		CA - 90.00%		Paid Off - 360		7/1/2004
100753 1			158,250.00		157,575.67		09-Dec-2004		7.800%		CA - 75.00%		Paid Off - 360		6/1/2004
101284 1			261,000.00		260,252.11		02-Dec-2004		8.840%		VA - 90.00%		Paid Off - 360		7/1/2004
101931 1			148,500.00		147,751.97		15-Dec-2004		5.990%		CA - 90.00%		Paid Off - 360		7/1/2004
109007 1			264,000.00		262,888.83		02-Dec-2004		8.340%		CA - 73.95%		Paid Off - 360		6/1/2004
110529 1			480,000.00		477,489.09		15-Dec-2004		5.790%		CA - 80.00%		Paid Off - 360		7/1/2004
226023 1			270,000.00		270,000.00		24-Nov-2004		7.500%		CA - 90.00%		Paid Off - 360		9/1/2004
226175 1			288,000.00		287,328.62		23-Nov-2004		7.300%		CA - 80.00%		Paid Off - 360		9/1/2004
226261 1			175,040.00		175,040.00		22-Nov-2004		6.890%		NV - 80.00%		Paid Off - 360		10/1/2004
226351 1			568,750.00		567,410.90		16-Nov-2004		7.250%		CA - 65.00%		Paid Off - 360		9/1/2004
226809 1			285,000.00		284,522.11		22-Nov-2004		6.900%		CA - 75.00%		Paid Off - 360		10/1/2004
303004 1			84,200.00		83,853.41		15-Dec-2004		8.750%		CA - 20.00%		Paid Off - 180		5/1/2004
306160 1			27,000.00		26,955.42		01-Dec-2004		9.000%		WA - 13.24%		Paid Off - 180		9/1/2004
307203 1			234,000.00		233,415.50		14-Dec-2004		6.950%		CA - 65.00%		Paid Off - 360		9/1/2004
334986 1			285,000.00		285,000.00		15-Dec-2004		7.750%		FL - 95.00%		Paid Off - 360		9/1/2004
446076 1			33,805.00		33,614.03		16-Nov-2004		9.550%		MD - 10.00%		Paid Off - 240		8/1/2004
446597 1			320,000.00		319,246.59		02-Dec-2004		7.250%		CA - 88.89%		Paid Off - 360		9/1/2004
448985 1			43,200.00		43,164.77		19-Nov-2004		10.400%		VA - 20.00%		Paid Off - 180		10/1/2004
1294963 1			342,000.00		342,000.00		26-Nov-2004		7.150%		FL - 95.00%		Paid Off - 360		5/1/2004
1296960 1			90,000.00		89,626.07		30-Nov-2004		6.990%		FL - 51.43%		Paid Off - 360		7/1/2004
1297651 1			141,000.00		140,687.82		14-Dec-2004		8.990%		CA - 58.75%		Paid Off - 360		8/1/2004
1299091 1			35,200.00		35,159.88		03-Dec-2004		10.750%		CA - 20.00%		Paid Off - 180		9/1/2004
10202397 1			157,500.00		157,276.92		26-Nov-2004		9.750%		MD - 75.00%		Paid Off - 360		8/21/2004
20159808 1			54,000.00		53,962.95		01-Dec-2004		11.200%		MO - 81.20%		Paid Off - 360		9/25/2004
40166440 1			138,550.00		138,214.11		17-Nov-2004		8.550%		CA - 85.00%		Paid Off - 360		7/4/2004
40182460 1			93,000.00		92,742.75		17-Nov-2004		7.900%		CA - 38.75%		Paid Off - 360		7/14/2004
40189499 1			352,500.00		351,771.14		24-Nov-2004		7.900%		CA - 74.13%		Paid Off - 360		8/2/2004
40190782 1			242,000.00		241,658.51		17-Nov-2004		9.750%		CA - 84.91%		Paid Off - 360		9/1/2004
60005072 1			51,000.00		50,620.93		07-Dec-2004		9.800%		GA - 85.00%		Paid Off - 180		8/20/2004
2000702438 1			157,500.00		157,117.86		19-Nov-2004		9.640%		LA - 70.00%		Paid Off - 360		7/1/2004
2000702438 1			157,500.00		157,117.86				9.640%		LA - 70.00%		Paid Off - 360



Page 18 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 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

2000707075 1			330,400.00		329,201.82		22-Nov-2004		6.540%		CA - 80.00%		Paid Off - 360		8/1/2004
2000707075 1			330,400.00		329,201.82		22-Nov-2004		6.540%		CA - 80.00%		Paid Off - 360		8/1/2004
2000712552 1			223,200.00		222,447.14		24-Nov-2004		6.900%		CA - 80.00%		Paid Off - 360		8/1/2004
4303003324 1			262,100.00		260,389.26		16-Nov-2004		6.740%		CA - 69.89%		Paid Off - 360		5/1/2004
4303005673 1			198,000.00		197,050.77		15-Dec-2004		6.750%		CA - 90.00%		Paid Off - 360		8/1/2004
4303006049 1			270,000.00		269,614.97		15-Dec-2004		9.700%		CA - 90.00%		Paid Off - 360		9/1/2004
4303006064 1			237,500.00		237,479.22		30-Nov-2004		7.600%		CA - 95.00%		Paid Off - 360		9/1/2004
4303006140 1			391,500.00		390,738.19		03-Dec-2004		8.200%		CA - 90.00%		Paid Off - 360		9/1/2004
4503014112 1			241,200.00		239,923.19		02-Dec-2004		7.500%		CA - 90.00%		Paid Off - 360		5/1/2004
4503017166 1			103,500.00		103,070.00		18-Nov-2004		6.990%		MD - 90.00%		Paid Off - 360		7/1/2004
4503017746 1			213,750.00		213,015.90		08-Dec-2004		7.950%		VA - 75.00%		Paid Off - 360		7/1/2004
4503017812 1			119,700.00		119,203.64		15-Dec-2004		7.000%		FL - 90.00%		Paid Off - 360		7/1/2004
4503018549 1			147,250.00		146,808.77		01-Dec-2004		7.500%		WA - 95.00%		Paid Off - 360		7/10/2004
4503019140 1			141,000.00		140,433.24		14-Dec-2004		5.990%		CA - 56.40%		Paid Off - 360		7/10/2004
4503020115 1			360,990.00		360,220.69		17-Nov-2004		7.750%		CA - 95.00%		Paid Off - 360		8/20/2004
4503020624 1			196,000.00		195,560.44		22-Nov-2004		7.500%		CA - 43.56%		Paid Off - 360		8/15/2004
4503022762 1			136,850.00		136,646.23		13-Dec-2004		7.500%		MD - 85.00%		Paid Off - 360		9/10/2004
4503022867 1			371,700.00		371,146.57		24-Nov-2004		7.500%		CA - 89.57%		Paid Off - 360		10/1/2004
13305535208 1			142,500.00		142,150.55		13-Dec-2004		8.494%		MN - 75.00%		Paid Off - 360		8/1/2004
17505535124 1			72,000.00		71,914.34		26-Nov-2004		11.892%		NC - 80.00%		Paid Off - 360		8/1/2004
22305535243 1			208,000.00		207,497.85		06-Dec-2004		8.570%		NV - 84.55%		Paid Off - 360		8/1/2004
25105524466 1			375,000.00		374,160.88		24-Nov-2004		8.939%		CA - 68.18%		Paid Off - 360		8/1/2004
37205521357 1			112,000.00		110,668.07		15-Dec-2004		7.789%		UT - 77.78%		Paid Off - 180		8/1/2004


TOTAL			12,539,785.00		12,498,292.76
TOTAL


Page 19 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



														Total


*Current*
*Current*



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

*Cumulative*
*Cumulative*



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










Page 20 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution


DEFAULT SPEEDS



														Total



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


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


SDA													0.00%
3 Months Avg SDA Approximation													0.00%
12 Months Avg SDA Approximation													0.00%
Avg SDA Since Cut-off Approximation													0.00%


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












Page 21 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 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 22 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Current		State &			Prior		Realized				Cumulative
														Cumulative
&		Loan	Note		LTV at	Original		Principal		Loss/(Gain)		Realized		Realized

Loan Group		Status	Rate		Origination	Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
Loan Group		Status	Rate		Origination	Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)




TOTAL



Page 23 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
													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													0.00
Ending Balance													572,119,984.50
Senior Enhancement Percentage													17.9500%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
													Total
Basis Risk CarryForward Amount Paid													0.00
Basis Risk CarryForward Amount Unpaid													0.000
Excess Reserve Fund Account Balance													0.00
Current LIBOR Rate													2.160000%
Next LIBOR Rate													2.416880%




Page 24 of 25
IXIS Real Estate Capital Trust 2004-HE4

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-HE4

December 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
													Total









Page 25 of 25

Morgan Stanley ABS Capital I Inc. IXIS MOR CAP TR 2004-HE4 8-K