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): ~~September~~December 27, 2004 (Date of earliest event reported) MORGAN STANLEY ABS CAPITAL I INC. (as Depositor under the Pooling and Servicing Agreement, dated as February 1, 2004, providing for the issuance of Mortgage Pass-Through Certificates, Series 2004-NC2) (Exact name of registrant as specified in charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-104046-19 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. Mortgage Pass-Through Certificates, Series 2004-NC2, which was made on February 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 ~~September~~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 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~~Dec 2731, 2004 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT 99.1 Monthly Remittance Statement to the Certificateholders dated as of ~~September~~December 27, 2004.

	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	September 27, 2004 Distribution
	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				1617
			10.	Prepayment Detail Report				1920
			11.	Realized Loss Report				2224
			12.	Realized Loss Detail Report				2527
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				2628
				Total Number of Pages				2628
			CONTACTS
				Administrator: Kumar Khambhaita
				Direct Phone Number: (714)247-6327
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				Web Site: https://www.tss.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		Morgan Stanley					Cut-Off Date: February 1, 2004
	Certificate Insurer(s):							Closing Date: February 27, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		Countrywide Home Loans Serv Master Servicer
								Distribution Date: September 27, 2004
								Distribution Date: December 27, 2004
	Underwriter(s):		Morgan Stanley					Record Date: ~~September~~December 24, 2004
								August 31, 2004
								November 30, 2004
						Page 1 of 26					© COPYRIGHT 2004 Deutsche Bank
						Page 1 of 28					© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	REMIC II Series 2004-NC2
	Certificate Payment Report for September 27, 2004 Distribution
	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)
A1	FLT, STEP	326,448,000.00			~~268~~220,~~172~~432,~~207~~293.8503	~~475~~474,~~670~~661.4533	1523,~~009~~367,~~306~~060.6272	1523,~~484~~841,~~977~~722.0705	-	-	~~253~~197,~~162~~065,~~901~~232.2331
A2	FLT, STEP	272,891,000.00			~~225~~192,~~521~~751,~~732~~426.0653	~~395~~411,~~884~~735.6195	1117,~~499~~809,~~139~~958.6923	1118,~~895~~221,~~024~~694.3018	-	-	~~214~~174,~~022~~941,~~592~~468.3730
M1	MEZ, FLT,ST	45,961,000.00			45,961,000.00	91108,~~213~~071.4358	-	91108,~~213~~071.4358	-	-	45,961,000.00
M2	MEZ, FLT,ST	38,608,000.00			38,608,000.00	99112,~~624~~391.7367	-	99112,~~624~~391.7367	-	-	38,608,000.00
M3	MEZ, FLT,ST	9,192,000.00			9,192,000.00	2528,~~825~~737.6965	-	2528,~~825~~737.6965	-	-	9,192,000.00
B1	SUB, FLT,ST	11,031,000.00			11,031,000.00	3336,~~014~~386.8684	-	3336,~~014~~386.8684	-	-	11,031,000.00
B2	SUB, FLT,ST	9,192,000.00			9,192,000.00	2730,~~932~~716.1948	-	2730,~~932~~716.1948	-	-	9,192,000.00
B3	SUB, FLT,ST	7,354,000.00			7,354,000.00	3132,~~110~~806.4892	-	3132,~~110~~806.4892	-	-	7,354,000.00
B4	SUB, FLT,ST	7,354,000.00			7,354,000.00	3637,~~166~~556.3637	-	3637,~~166~~556.3637	-	-	7,354,000.00
X	SUB	7,354,528.00			7,353,855.56	21,~~329~~821,~~047~~940.4619	-	21,~~329~~821,~~047~~940.4619	-	-	7,353,855.56
P	SUB,EXE	-			-	~~537~~518,~~525~~628.5671	-	~~537~~518,~~525~~628.5671	-	-	-
R	R	-			-	-	-	-	-	-	-
Total		735,385,528.00			~~629~~549,~~739~~229,~~795~~575.4712	43,~~083~~613,~~015~~633.8269	2641,~~508~~177,~~446~~018.3195	3044,~~591~~790,~~462~~652.1364	-	-	~~603~~508,~~231~~052,~~349~~556.1617
	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)
A1	0811/2526/04	0912/26/04		A-Act/360	61744CBR6	326,448,000.00	~~821~~675.~~485222~~244734	1.~~457109~~454018	4571.~~977634~~579733	4773.~~434743~~033751	~~775~~603.~~507588~~665001
A2	0811/2526/04	0912/26/04		A-Act/360	61744CBH8	272,891,000.00	~~826~~706.~~416892~~331196	1.~~450706~~508793	4265.~~138215~~264000	4366.~~588921~~772793	~~784~~641.~~278677~~067196
M1	0811/2526/04	0912/26/04		A-Act/360	61744CBJ4	45,961,000.00	1,000.000000	12.~~984583~~351376	-	12.~~984583~~351376	1,000.000000
M2	0811/2526/04	0912/26/04		A-Act/360	61744CBK1	38,608,000.00	1,000.000000	2.~~580417~~911098	-	2.~~580417~~911098	1,000.000000
M3	0811/2526/04	0912/26/04		A-Act/360	61744CBL9	9,192,000.00	1,000.000000	23.~~809583~~126376	-	23.~~809583~~126376	1,000.000000
B1	0811/2526/04	0912/26/04		A-Act/360	61744CBM7	11,031,000.00	1,000.000000	23.~~992916~~298598	-	23.~~992916~~298598	1,000.000000
B2	0811/2526/04	0912/26/04		A-Act/360	61744CBN5	9,192,000.00	1,000.000000	3.~~038750~~341654	-	3.~~038750~~341654	1,000.000000
B3	0811/2526/04	0912/26/04		A-Act/360	61744CBP0	7,354,000.00	1,000.000000	4.~~230416~~461099	-	4.~~230416~~461099	1,000.000000
B4	0811/2526/04	0912/26/04		A-Act/360	61744CBQ8	7,354,000.00	1,000.000000	45.~~917917~~106931	-	45.~~917917~~106931	1,000.000000
X				A-Act/360		7,354,528.00	999.908568	~~316~~247.~~682112~~730404	-	~~316~~247.~~682112~~730404	999.908568
P				A-Act/360		-	-	-	-	-	-
R				A-Act/360		-	-	-	-	-	-
							Page 2 of 26				© COPYRIGHT 2004 Deutsche Bank
							Page 2 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	REMIC II Series 2004-NC2
	Certificate Payment Report for September 27, 2004 Distribution
	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)
A1	326,448,000.00		24,~~794~~168,~~363~~218.4348		70126,~~967~~146,~~324~~274.9941	23,~~317~~236,~~773~~493.7828	73129,~~285~~382,~~098~~767.7769	76133,~~079~~550,~~462~~986.2017	-	-	~~253~~197,~~162~~065,~~901~~232.2331
A2	272,891,000.00		23,~~308~~480,~~307~~546.5150		5695,~~962~~415,~~274~~791.3291	12,~~906~~533,~~133~~739.3179	5897,~~868~~949,~~407~~531.6370	61101,~~176~~430,~~715~~078.1420	-	-	~~214~~174,~~022~~941,~~592~~468.3730
M1	45,961,000.00		~~490~~785,~~959~~887.2381		0.00	-	-	~~490~~785,~~959~~887.2381	-	-	45,961,000.00
M2	38,608,000.00		~~560~~872,~~893~~073.8077		-	-	-	~~560~~872,~~893~~073.8077	-	-	38,608,000.00
M3	9,192,000.00		~~147~~227,~~137~~033.1135		-	-	-	~~147~~227,~~137~~033.1135	-	-	9,192,000.00
B1	11,031,000.00		~~189~~291,~~627~~084.4897		-	-	-	~~189~~291,~~627~~084.4897	-	-	11,031,000.00
B2	9,192,000.00		~~160~~246,~~733~~438.6168		-	-	-	~~160~~246,~~733~~438.6168	-	-	9,192,000.00
B3	7,354,000.00		~~185~~277,~~158~~892.4125		-	-	-	~~185~~277,~~158~~892.4125	-	-	7,354,000.00
B4	7,354,000.00		~~217~~324,~~791~~467.7757		-	-	-	~~217~~324,~~791~~467.7757	-	-	7,354,000.00
X	7,354,528.00		2026,~~261~~376,~~626~~214.2491		623.95	48.49	672.44	2026,~~262~~376,~~298~~887.6835	-	-	7,353,855.56
P	-		23,~~300~~435,~~597~~199.1293		-	-	-	23,~~300~~435,~~597~~199.1293	-	-	-
R	-		-		-	-	-	-	-	-	-
Total	735,385,528.00		2940,~~617~~485,~~195~~058.7122		~~127~~221,~~930~~562,~~223~~690.2627	45,~~223~~770,~~955~~281.5856	~~132~~227,~~154~~332,~~178~~971.8483	~~161~~267,~~771~~818,~~374~~030.5505	-	-	~~603~~508,~~231~~052,~~349~~556.1617
	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)
A1	12.~~93500~~50063%	~~268~~220,~~172~~432,~~207~~293.8503			~~475~~474,~~670~~661.4533	-	-	-	~~475~~474,~~670~~661.4533	~~475~~474,~~670~~661.4533	-
A2	12.~~91500~~48063%	~~225~~192,~~521~~751,~~732~~426.0653			~~395~~411,~~884~~735.6195	-	-	-	~~395~~411,~~884~~735.6195	~~395~~411,~~884~~735.6195	-
M1	2.~~16500~~73063%	45,961,000.00			91108,~~213~~071.4358	-	-	-	91108,~~213~~071.4358	91108,~~213~~071.4358	-
M2	23.~~81500~~38063%	38,608,000.00			99112,~~624~~391.7367	-	-	-	99112,~~624~~391.7367	99112,~~624~~391.7367	-
M3	3.~~06500~~63063%	9,192,000.00			2528,~~825~~737.6965	-	-	-	2528,~~825~~737.6965	2528,~~825~~737.6965	-
B1	3.~~26500~~83063%	11,031,000.00			3336,~~014~~386.8684	-	-	-	3336,~~014~~386.8684	3336,~~014~~386.8684	-
B2	3.~~31500~~88063%	9,192,000.00			2730,~~932~~716.1948	-	-	-	2730,~~932~~716.1948	2730,~~932~~716.1948	-
B3	45.~~61500~~18063%	7,354,000.00			3132,~~110~~806.4892	-	-	-	3132,~~110~~806.4892	3132,~~110~~806.4892	-
B4	5.~~36500~~93063%	7,354,000.00			3637,~~166~~556.3637	-	-	-	3637,~~166~~556.3637	3637,~~166~~556.3637	-
X	43.~~43811~~98072%	7,353,855.56			21,~~329~~821,~~047~~940.4619	-	-	-	21,~~329~~821,~~047~~940.4619	21,~~329~~821,~~047~~940.4619	-
P		-			~~537~~518,~~525~~628.5671	-	-	-	~~537~~518,~~525~~628.5671	~~537~~518,~~525~~628.5671	-
R		-			-	-	-	-	-	-	-
Total		~~629~~549,~~739~~229,~~795~~575.4712			43,~~083~~613,~~015~~633.8269	-	-	-	43,~~083~~613,~~015~~633.8269	43,~~083~~613,~~015~~633.8269	-
							Page 3 of 26				© COPYRIGHT 2004 Deutsche Bank
							Page 3 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
SUMMARY						GROUP 2	GROUP 1	TOTAL
	Principal Collections					1117,~~499~~809,~~139~~958.6923	1523,~~009~~367,~~306~~060.6272	2641,~~508~~177,~~446~~018.3195
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					1117,~~499~~809,~~139~~958.6923	1523,~~009~~367,~~306~~060.6272	2641,~~508~~177,~~446~~018.3195
	Interest Collections					1,~~642~~460,~~510~~109.8054	1,~~950~~677,~~958~~764.1391	3,~~593~~137,~~468~~874.9345
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(2119,~~180~~432.3355)	(2623,~~798~~436.3492)	(4742,~~978~~869.6747)
	TOTAL NET INTEREST					1,~~621~~440,~~330~~676.4799	1,~~924~~654,~~159~~327.7999	3,~~545~~095,~~490~~004.2698
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					1319,~~120~~250,~~470~~635.1622	1625,~~933~~021,~~466~~388.4171	3044,~~053~~272,~~936~~023.5793
	Prepayment Penalties Collected							~~537~~518,~~525~~628.5671
	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							3044,~~591~~790,~~462~~652.1364
PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Principal Received					~~260~~231,~~475~~205.4154	~~297~~254,~~230~~799.3251	~~557~~486,~~705~~005.7305
	Prepayments In Full					1117,~~211~~561,~~493~~842.9257	1423,~~685~~099,~~444~~083.4793	2540,~~896~~660,~~938~~926.3950
	Curtailments					2716,~~170~~910.3612	2613,~~631~~177.8328	5330,~~802~~087.1940
	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					(~~224~~203,~~871~~609.8639)	(~~253~~224,~~609~~968.4156)	(~~478~~428,~~481~~577.2795)
	Advanced Principal					~~224~~203,~~871~~609.8639	~~253~~224,~~609~~968.4156	~~478~~428,~~481~~577.2795
	TOTAL PRINCIPAL COLLECTED					1117,~~499~~809,~~139~~958.6923	1523,~~009~~367,~~306~~060.6272	2641,~~508~~177,~~446~~018.3195
				Page 4 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 4 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	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,~~742~~548,~~593~~116.3526	21,~~068~~778,~~542~~572.1507	3,~~811~~326,~~135~~688.5033
	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,~~461~~290,~~780~~113.3684)	(1,~~714~~469,~~240~~142.6808)	(32,~~176~~759,~~021~~255.0492)
	Interest Advanced					1,~~361~~202,~~697~~107.8112	1,~~596~~368,~~656~~334.6692	2,~~958~~570,~~354~~442.4704
	TOTAL INTEREST COLLECTED					1,~~642~~460,~~510~~109.8054	1,~~950~~677,~~958~~764.1391	3,~~593~~137,~~468~~874.9345
				Page 5 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 5 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	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					1918,~~695~~116.0962	2521,~~029~~915.9316	4440,~~725~~031.0278
	Trustee Fees					1,~~485~~315.2493	1,~~768~~521.4176	32,~~253~~837.6569
	TOTAL INTEREST OTHER FEES					2119,~~180~~432.3355	2623,~~798~~436.3492	4742,~~978~~869.6747
				Page 6 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 6 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for September 27, 2004 Distribution
	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							7,353,855.28
	Ending Subordinated Amount							7,353,855.28
	Specified Subordinated Amount							7,353,855.28
	Senior Enhancement Percentage							2226.5578%
				Page 7 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 7 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original					1824	2417	4241
	Prior					1,~~623~~479	21,~~114~~850	3,~~737~~329
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(5082)	(86114)	(~~136~~196)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,~~573~~397	21,~~028~~736	3,~~601~~133
	Principal Balance:
	Original					334,824,602.74	400,543,472.44	735,368,075.18
	Prior					~~287~~254,~~466~~696,~~326~~020.0451	~~342~~294,~~273~~533,~~469~~554.1533	~~629~~549,~~739~~229,~~795~~574.1984
	Prefunding					-	-	-
	Scheduled Principal					(~~260~~231,~~475~~205.4154)	(~~297~~254,~~230~~799.3251)	(~~557~~486,~~705~~005.7305)
	Partial and Full Voluntary Prepayments					(1117,~~238~~578,~~664~~752.2869)	(1423,~~712~~112,~~076~~261.3021)	(2540,~~950~~691,~~740~~013.5890)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					~~275~~236,~~967~~886,~~186~~062.3528	~~327~~271,~~264~~166,~~162~~493.5361	~~603~~508,~~231~~052,~~348~~555.8889
PREFUNDING						GROUP 2	GROUP 1	TOTAL
	Closing Date Deposit Amount					0.00	0.00	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 26				© COPYRIGHT 2004 Deutsche Bank
				Page 8 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Coupon Original					7.289961%	7.264386%	7.276031%
	Weighted Average Coupon Prior					7.~~274199~~276266%	7.~~252294~~246856%	7.~~262310~~260410%
	Weighted Average Coupon Current					7.~~274285~~293948%	7.~~252244~~246327%	7.~~262305~~268410%
	Weighted Average Months to Maturity Original					344	350	347
	Weighted Average Months to Maturity Prior					~~339~~335	~~344~~341	~~342~~338
	Weighted Average Months to Maturity Current					~~337~~334	~~343~~339	~~340~~337
	Weighted Avg Remaining Amortization Term Original					344	349	347
	Weighted Avg Remaining Amortization Term Prior					~~338~~334	~~344~~340	~~341~~338
	Weighted Avg Remaining Amortization Term Current					~~337~~334	~~343~~339	~~340~~336
	Weighted Average Seasoning Original					4.20	4.22	4.21
	Weighted Average Seasoning Prior					912.1918	912.2221	912.20
	Weighted Average Seasoning Current					1013.1918	1013.22	1013.20
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 26				© COPYRIGHT 2004 Deutsche Bank
				Page 9 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original					3.546%	4.358%
	Weighted Average Margin Prior					3.~~471~~357%	4.~~300~~213%
	Weighted Average Margin Current					3.~~440~~329%	4.~~291~~185%
	Weighted Average Max Rate Original					8.800%	10.765%
	Weighted Average Max Rate Prior					8.~~601~~312%	10.~~623~~416%
	Weighted Average Max Rate Current					8.~~530~~242%	10.~~607~~360%
	Weighted Average Min Rate Original					4.463%	5.513%
	Weighted Average Min Rate Prior					4.~~353~~202%	5.~~438~~330%
	Weighted Average Min Rate Current					4.~~317~~175%	5.~~430~~302%
	Weighted Average Cap Up Original					0.974%	1.150%
	Weighted Average Cap Up Prior					0.~~954~~925%	1.~~134~~112%
	Weighted Average Cap Up Current					0.~~949~~912%	1.~~133~~107%
	Weighted Average Cap Down Original					0.974%	1.150%
	Weighted Average Cap Down Prior					0.~~954~~925%	1.~~134~~112%
	Weighted Average Cap Down Current					0.~~949~~912%	1.~~133~~107%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					1918,~~695~~116.0962	2521,~~029~~915.9316	4440,~~725~~031.0278
	Delinquent Servicing Fees					~~100~~88,~~082~~006.5472	~~117~~100,~~584~~807.0115	~~217~~188,~~666~~813.5587
	TOTAL SERVICING FEES					~~119~~106,~~777~~123.6334	~~142~~122,~~613~~722.9431	~~262~~228,~~391~~845.5765
	Prepayment Interest Shortfall					3448,~~265~~094.9529	5179,~~665~~860.6925	85127,~~931~~954.6454
	Compensating Interest					(3448,~~265~~094.9529)	(5179,~~665~~860.6925)	(85127,~~931~~954.6454)
	Delinquent Servicing Fees					(~~100~~88,~~082~~006.5472)	(~~117~~100,~~584~~807.0115)	(~~217~~188,~~666~~813.5587)
	COLLECTED SERVICING FEES					1918,~~695~~116.0962	2521,~~029~~915.9316	4440,~~725~~031.0278
	Aggregate Advances with respect to this Distribution					1,~~586~~405,~~569~~716.6751	1,~~850~~593,~~266~~303.0748	32,~~436~~999,~~835~~019.7499
	Current Nonrecoverable Advances					0.00	0.00	0.00
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00
ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Net Prepayment Interest Shortfall					0.00	0.00	0.00
	Net Monthly Excess Cash Flow							21,~~329~~821,~~047~~940.4619
	Ending Pool Stated Principal Balance					~~275~~236,~~967~~886,~~186~~062.3528	~~327~~271,~~264~~166,~~162~~493.5361	~~603~~508,~~231~~052,~~348~~555.8889
				Page 10 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 10 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1412,~~267~~873,~~701~~004.7288	2,~~605~~885,~~188~~478.6350	1,~~008~~514,~~553~~697.0394	17,~~881~~273,~~443~~181.3832
		% Balance			2.3753%	0.4357%	0.1730%	23.9640%
		# Loans			9493	1419	514	~~113~~126
		% # Loans			2.6197%	0.3961%	0.1445%	34.1402%
FORECLOSURE		Balance		-153,936.94	~~228,305.22~~-	13,~~487~~699,~~539~~534.5710	68,~~748~~091,~~377~~957.4498	811,~~464~~945,~~222~~429.2302
		% Balance		0.0003%	0.0400%	0.2573%	1.1259%	12.4035%
		# Loans		-2	2-	1120	50	6372
		% # Loans		0.0006%	0.0600%	0.3164%	1.3960%	12.7530%
BANKRUPTCY		Balance		1,~~657~~432,~~074~~453.4892	~~176~~355,~~943~~805.0084	-267,029.84	13,~~491~~216,~~717~~901.2364	35,~~325~~272,~~734~~191.7124
		% Balance		0.2728%	0.0307%	0.0005%	0.2563%	01.5504%
		# Loans		1210	12	-2	719	2033
		% # Loans		0.3332%	0.0306%	0.0006%	0.1961%	01.5605%
REO		Balance		-	-	-	~~311~~1,~~106~~039,990.0405	~~311~~1,~~106~~039,990.0405
		% Balance		0.00%	0.00%	0.00%	0.0520%	0.0520%
		# Loans		-	-	-	19	19
		% # Loans		0.00%	0.00%	0.00%	0.0329%	0.0329%
TOTAL		Balance		1,~~657~~586,~~074~~390.4886	1413,~~672~~228,~~949~~810.9472	46,~~092~~852,~~728~~042.2044	913,~~559~~863,~~753~~547.7461	2935,~~982~~530,~~506~~791.3663
		% Balance		0.2731%	2.4360%	01.6835%	12.5873%	46.9799%
		# Loans		12	9795	2541	6392	~~197~~240
		% # Loans		0.3338%	23.6903%	01.6931%	12.7594%	57.4766%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 11 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Group 1 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			96,~~166~~838,~~157~~641.8212	1,~~539~~317,~~217~~600.0920	~~649~~845,~~504~~466.6915	119,~~354~~001,~~879~~707.6047
		% Balance			2.8052%	0.4749%	0.2031%	3.4732%
		# Loans			5848	912	26	6966
		% # Loans			2.8676%	0.4469%	0.1035%	3.4080%
FORECLOSURE		Balance		-153,936.94	~~138,928.88~~-	~~595~~2,~~408~~728,635.3173	4,~~903~~432,~~466~~006.0825	57,~~637~~314,~~803~~578.2792
		% Balance		0.0006%	0.0400%	01.1801%	1.5063%	12.7270%
		# Loans		-2	1-	414	3429	3945
		% # Loans		0.0012%	0.0500%	0.2081%	1.6867%	12.9259%
BANKRUPTCY		Balance		~~690~~548,~~144~~062.9407	~~176~~355,~~943~~805.0084	-	1,~~057~~755,~~466~~192.6724	12,~~924~~659,~~554~~060.6115
		% Balance		0.2120%	0.0513%	0.00%	0.3265%	0.5998%
		# Loans		63	12	-	512	1217
		% # Loans		0.3017%	0.0512%	0.00%	0.2569%	0.5998%
REO		Balance		-	-	-	~~311~~790,~~106~~216.0470	~~311~~790,~~106~~216.0470
		% Balance		0.00%	0.00%	0.00%	0.1029%	0.1029%
		# Loans		-	-	-	16	16
		% # Loans		0.00%	0.00%	0.00%	0.0535%	0.0535%
TOTAL		Balance		~~690~~701,~~144~~999.9401	97,~~482~~194,~~029~~446.7096	24,~~134~~046,~~625~~235.4093	67,~~921~~822,~~543~~881.4834	19,~~228~~765,~~343~~563.5224
		% Balance		0.2126%	2.9065%	01.6549%	2.1188%	57.8829%
		# Loans		65	6050	1326	4253	~~121~~134
		% # Loans		0.3029%	2.9688%	01.6450%	23.0705%	57.9772%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 12 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Group 2 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			56,~~101~~034,~~543~~363.9076	1,~~065~~567,~~971~~878.5430	~~359~~669,~~048~~231.3479	68,~~526~~271,~~563~~473.7885
		% Balance			12.8555%	0.3966%	0.1328%	23.3649%
		# Loans			3645	57	38	4460
		% # Loans			23.2922%	0.3250%	0.1957%	24.8029%
FORECLOSURE		Balance		-	~~89,376.34~~-	~~892~~970,~~131~~898.2637	13,~~844~~659,~~911~~951.3673	24,~~826~~630,~~418~~850.9610
		% Balance		0.00%	0.0300%	0.3241%	01.6755%	1.0295%
		# Loans		-	1-	76	1621	2427
		% # Loans		0.00%	0.0600%	0.4543%	1.0250%	1.5393%
BANKRUPTCY		Balance		~~966~~884,~~929~~391.5485	-	-267,029.84	~~434~~1,~~250~~461,709.5640	12,~~401~~613,~~180~~131.1009
		% Balance		0.3537%	0.00%	0.0011%	0.1662%	01.5110%
		# Loans		67	-	-2	27	816
		% # Loans		0.3850%	0.00%	0.0014%	0.1350%	01.5115%
REO		Balance		-	-	-	-249,773.35	-249,773.35
		% Balance		0.00%	0.00%	0.00%	0.0011%	0.0011%
		# Loans		-	-	-	-3	-3
		% # Loans		0.00%	0.00%	0.00%	0.0021%	0.0021%
TOTAL		Balance		~~966~~884,~~929~~391.5485	56,~~190~~034,~~920~~363.2476	12,~~958~~805,~~102~~806.8051	26,~~638~~040,~~210~~666.2627	1015,~~754~~765,~~162~~228.8439
		% Balance		0.3537%	12.8855%	01.7118%	02.9655%	36.9066%
		# Loans		67	3745	1215	2139	76106
		% # Loans		0.3850%	23.3522%	01.7607%	12.3479%	47.8359%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 13 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	REO Report for September 27, 2004 Distribution
	REO Report for December 27, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 1				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Loan Count = 3				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 314,100.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Original Principal Balance = 203,065.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Current Balance = 311,106.04
Total Current Balance = 201,411.89
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
1084610 1		314,100.00	311,106.04	Feb-01-04	6.350%	GA - 90.00%	360	Oct-21-03
1079652 1		63,750.00	63,372.41	Feb-01-04	10.100%	IN - 85.00%	360	Oct-27-03
				Page 14 of 26				© COPYRIGHT 2004 Deutsche Bank
1093656 1		71,400.00	70,824.74	Jun-01-04	8.600%	TX - 85.00%	360	Oct-07-03
1095120 1		67,915.00	67,214.74	Mar-01-04	7.750%	ID - 85.00%	360	Oct-03-03
				Page 14 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Foreclosure Report for September 27, 2004 Distribution
	Foreclosure Report for December 27, 2004 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 13				Loan Group 1 = Group 1
Total Loan Count = 67				Loan Group 1 = Group 1
Total Original Principal Balance = 1,669,600.00				Loan Group 2 = Group 2
Total Original Principal Balance = 11,024,953.00				Loan Group 2 = Group 2
Total Current Balance = 1,658,341.80
Total Current Balance = 10,913,786.53
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
1078555 1		113,900.00	113,129.21	Dec-01-03	8.600%	FL - 85.00%	360	Oct-01-03
1000101 1		134,000.00	132,658.43	Mar-01-04	7.900%	NJ - 39.41%	360	Oct-23-03
1118806 1		290,000.00	287,559.48	May-01-04	7.000%	CA - 89.23%	360	Oct-31-03
1015524 1		49,300.00	48,923.68	May-01-04	9.250%	OK - 85.00%	360	Sep-29-03
1131694 1		147,200.00	146,333.56	May-01-04	8.800%	LA - 80.00%	360	Oct-30-03
1018326 1		320,000.00	315,927.04	Feb-01-04	6.250%	NJ - 57.66%	360	Oct-08-03
1145290 1		72,000.00	71,576.19	May-01-04	8.800%	IN - 80.00%	360	Oct-27-03
1018911 1		223,000.00	220,157.87	Jul-01-04	6.350%	MD - 67.58%	360	Oct-14-03
1148527 1		90,400.00	89,939.08	May-01-04	9.500%	TX - 80.00%	360	Oct-28-03
1020929 1		99,200.00	98,281.13	Aug-01-04	7.900%	ID - 80.00%	360	Oct-15-03
1021537 2		100,500.00	99,701.97	May-01-04	7.800%	AZ - 75.00%	360	Oct-09-03
1042783 1		222,000.00	219,390.58	Jun-01-04	7.200%	MA - 79.00%	360	Oct-16-03
1050124 2		98,250.00	97,817.25	May-01-04	10.200%	NJ - 75.00%	360	Oct-15-03
1044413 1		204,000.00	202,147.58	Jun-01-04	8.000%	CT - 80.00%	360	Oct-01-03
1061574 2		100,000.00	99,302.43	May-01-04	8.450%	TN - 75.76%	360	Oct-03-03
1059175 1		51,300.00	50,930.22	Feb-01-04	9.150%	IL - 90.00%	360	Oct-08-03
1074459 2		157,250.00	156,266.40	May-01-04	8.500%	MN - 85.00%	360	Oct-07-03
1076002 1		164,800.00	163,365.11	Apr-01-04	8.600%	NJ - 80.00%	360	Oct-02-03
1081553 2		216,100.00	214,437.12	May-01-04	7.500%	MA - 69.04%	360	Oct-27-03
1086928 1		153,000.00	151,779.75	Aug-01-04	8.650%	IA - 85.00%	360	Oct-06-03
1092038 2		96,000.00	95,560.17	May-01-04	10.450%	CA - 75.00%	360	Oct-27-03
1090288 1		316,000.00	312,334.23	Aug-01-04	6.740%	CA - 100.00%	360	Oct-20-03
1106935 2		58,000.00	57,673.02	Apr-01-04	9.400%	OH - 80.00%	360	Oct-14-03
1091890 1		326,250.00	323,801.30	Aug-01-04	8.950%	CA - 75.00%	360	Oct-14-03
1142372 2		130,000.00	129,045.92	May-01-04	7.700%	TX - 65.00%	360	Oct-22-03
1096635 1		140,000.00	138,778.21	Jun-01-04	8.200%	RI - 80.00%	360	Oct-14-03
				Page 15 of 26				© COPYRIGHT 2004 Deutsche Bank
1098932 1		49,600.00	49,156.99	Apr-01-04	8.750%	OK - 80.00%	360	Oct-01-03
1100165 1		306,000.00	303,356.00	Aug-01-04	8.250%	OH - 90.00%	360	Oct-08-03
1106820 1		53,200.00	52,663.21	Mar-01-04	7.500%	IN - 80.00%	360	Oct-14-03
1107263 1		90,950.00	89,952.98	Jun-01-04	7.550%	NE - 85.00%	360	Oct-01-03
1108550 1		111,600.00	110,701.01	Feb-01-04	8.600%	NE - 90.00%	360	Oct-27-03
1108619 1		205,800.00	204,376.34	Aug-01-04	9.350%	IL - 84.00%	360	Oct-14-03
1118806 1		290,000.00	286,799.21	May-01-04	7.000%	CA - 89.23%	360	Oct-31-03
1119767 1		45,000.00	44,501.61	Aug-01-04	7.950%	IN - 90.00%	360	Oct-27-03
1120210 1		225,000.00	223,276.73	Aug-01-04	8.850%	IL - 83.96%	360	Oct-21-03
1122498 1		72,000.00	71,402.27	Apr-01-04	8.450%	OH - 87.80%	360	Oct-27-03
1129014 1		108,800.00	107,829.13	Jun-01-04	8.100%	TX - 80.00%	360	Oct-27-03
1133722 1		147,900.00	146,684.33	May-01-04	8.500%	OR - 85.00%	360	Oct-20-03
1133827 1		80,000.00	79,229.30	Aug-01-04	7.700%	MI - 80.00%	360	Oct-27-03
1134339 1		165,750.00	164,441.32	Apr-01-04	8.700%	OK - 85.00%	360	Oct-02-03
1134369 1		119,200.00	118,167.52	Apr-01-04	8.250%	OH - 80.00%	360	Oct-29-03
1137011 1		90,180.00	89,221.96	Jul-01-04	7.200%	FL - 90.00%	360	Oct-21-03
1137510 1		169,200.00	167,585.94	Jul-01-04	7.750%	CO - 90.00%	360	Oct-16-03
1137779 1		240,800.00	234,172.60	Aug-01-04	6.500%	FL - 70.00%	360	Oct-28-03
1137851 1		121,600.00	120,165.00	Apr-01-04	6.650%	WA - 80.00%	360	Oct-10-03
1139350 1		211,250.00	209,133.54	Aug-01-04	7.500%	CA - 65.00%	360	Oct-15-03
1140187 1		303,200.00	300,580.10	Nov-01-03	8.250%	TX - 80.00%	360	Oct-16-03
1141693 1		196,000.00	193,815.83	Aug-01-04	6.950%	NH - 80.00%	360	Oct-20-03
1141888 1		84,000.00	83,203.42	Aug-01-04	7.900%	TX - 80.00%	360	Oct-28-03
1145770 1		175,500.00	174,086.13	Jul-01-04	8.600%	NJ - 65.00%	360	Oct-21-03
1148754 1		270,000.00	267,373.95	Aug-01-04	7.800%	CA - 79.41%	360	Oct-21-03
1152750 1		83,250.00	82,494.05	Nov-01-04	8.000%	IN - 75.00%	360	Oct-22-03
1159015 1		88,200.00	87,198.10	Apr-01-04	6.850%	NE - 70.00%	360	Oct-29-03
1168092 1		78,400.00	77,722.50	Feb-01-04	8.250%	TX - 80.00%	360	Oct-31-03
1222965 1		189,000.00	187,373.48	Jul-01-04	7.850%	IL - 90.00%	360	Nov-26-03
910609 2		47,950.00	47,541.14	Aug-01-04	9.450%	TX - 79.92%	360	Oct-06-03
1010437 2		35,000.00	34,576.07	Jun-01-04	9.200%	IA - 40.23%	360	Oct-29-03
				Page 15 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	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
1019537 2		102,493.00	101,393.95	Aug-01-04	7.150%	AZ - 75.92%	360	Oct-29-03
1039195 2		59,200.00	58,802.89	Jul-01-04	9.500%	TN - 80.00%	360	Oct-21-03
1053820 2		142,500.00	140,896.66	Jun-01-04	7.300%	MI - 75.00%	360	Oct-01-03
1061574 2		100,000.00	99,102.65	May-01-04	8.450%	TN - 75.76%	360	Oct-03-03
1067699 2		240,000.00	237,884.56	Aug-01-04	8.150%	VA - 62.75%	360	Oct-06-03
1071138 2		246,500.00	244,812.29	Jun-01-04	9.400%	NY - 85.00%	360	Oct-03-03
1074459 2		157,250.00	155,957.52	May-01-04	8.500%	MN - 85.00%	360	Oct-07-03
1080845 2		40,500.00	40,174.61	Jan-01-04	9.000%	KY - 90.00%	360	Oct-06-03
1088477 2		76,500.00	75,858.46	Feb-01-04	8.400%	OH - 72.86%	360	Oct-27-03
1100652 2		92,330.00	91,539.94	Mar-01-04	8.300%	TX - 79.59%	360	Oct-27-03
1105095 2		368,000.00	361,891.58	Aug-01-04	8.500%	IL - 99.78%	360	Oct-01-03
1109731 2		135,200.00	134,114.15	Aug-01-04	9.000%	TX - 80.00%	360	Oct-01-03
1121791 2		54,400.00	53,146.38	May-01-04	7.975%	TX - 80.00%	240	Oct-24-03
1122772 2		344,250.00	340,767.35	Jul-01-04	7.450%	MA - 85.00%	360	Oct-16-03
1127772 2		388,550.00	384,416.49	Jul-01-04	7.200%	MA - 95.00%	360	Oct-03-03
1132290 2		52,500.00	52,147.87	Feb-01-04	9.500%	TX - 75.00%	360	Oct-29-03
1137312 2		56,000.00	55,579.64	May-01-04	8.950%	NY - 71.79%	360	Oct-31-03
1141719 2		89,000.00	88,072.99	Aug-01-04	7.300%	NV - 70.63%	360	Oct-29-03
1143019 2		344,000.00	340,382.53	Jul-01-04	7.900%	HI - 80.00%	360	Oct-22-03
1145159 2		240,000.00	237,524.29	Jun-01-04	7.350%	OR - 80.00%	360	Oct-15-03
1149063 2		426,600.00	423,882.59	Jun-01-04	9.750%	NY - 90.00%	360	Oct-15-03
1150290 2		112,000.00	110,931.48	Dec-01-03	7.750%	MA - 100.00%	360	Oct-17-03
1151747 2		300,000.00	297,248.77	Jan-01-04	7.950%	NY - 100.00%	360	Oct-27-03
				Page 16 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	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					5082	86114	~~136~~196
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					5082	86114	~~136~~196
	Paid in Full Balance					1117,~~211~~561,~~493~~842.9257	1423,~~685~~099,~~444~~083.4793	2540,~~896~~660,~~938~~926.3950
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					2716,~~170~~910.3612	2613,~~631~~177.8328	5330,~~802~~087.1940
	Total Prepayment Amount					1117,~~238~~578,~~664~~752.2869	1423,~~712~~112,~~076~~261.3021	2540,~~950~~691,~~740~~013.5890
	Cumulative
	Number of Paid in Full Loans					~~251~~427	~~389~~681	~~640~~1,108
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					~~251~~427	~~389~~681	~~640~~1,108
	Paid in Full Balance					5694,~~634~~922,~~619~~948.3104	70126,~~784~~025,~~109~~008.0274	~~127~~220,~~418~~947,~~728~~956.3378
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					~~255~~315,~~329~~637.1606	~~238~~281,~~713~~643.2389	~~494~~597,~~042~~280.3995
	Total Prepayment Amount					5695,~~889~~238,~~948~~585.4710	71126,~~022~~306,~~822~~652.2563	~~127~~221,~~912~~545,~~770~~237.7273
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 17 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL
	SMM					36.91%	47.3085%	47.1242%
	3 Months Avg SMM					34.6188%	45.0599%	35.8548%
	12 Months Avg SMM
	Avg SMM Since Cut-off					23.6431%	23.7674%	23.7155%
	CPR					3857.0664%	4162.0053%	3960.6833%
	3 Months Avg CPR					3545.6511%	3952.1337%	3749.5714%
	12 Months Avg CPR
	Avg CPR Since Cut-off					2733.4426%	2836.5573%	2835.0416%
	PSA					~~1867~~2185.3089%	~~2006~~2365.8163%	~~1944~~2284.0198%
	3 Months Avg PSA Approximation					~~1939~~1850.4194%	~~2122~~2143.9160%	~~2040~~2013.7385%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					~~1906~~1913.6351%	~~1977~~2106.2375%	~~1945~~2019.2116%
	Group 1
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 18 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	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 18 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 19 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 136						Loan Group 1 = Group 1
Total Loan Count = 196						Loan Group 1 = Group 1
Total Original Principal Balance = 26,182,409.00						Loan Group 2 = Group 2
Total Original Principal Balance = 41,125,555.00						Loan Group 2 = Group 2
Total Prepayment Amount = 25,896,938.39
Total Prepayment Amount = 40,660,926.50
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
1023928 1			150,000.00	149,003.33	Aug-30-04	8.200%	IL - 94.94%	Paid Off - 360	Sep-12-03
939934 1			157,000.00	155,566.78	Nov-02-04	7.550%	OR - 73.36%	Paid Off - 360	Oct-31-03
1031057 1			107,000.00	106,302.41	Aug-02-04	7.750%	NJ - 79.32%	Paid Off - 360	Oct-17-03
989066 1			89,250.00	88,164.19	Nov-04-04	6.490%	CA - 81.14%	Paid Off - 360	Oct-01-03
1036876 1			270,000.00	267,711.79	Aug-16-04	6.400%	MA - 90.00%	Paid Off - 360	Oct-16-03
991767 1			276,500.00	274,408.31	Nov-24-04	8.500%	NJ - 70.00%	Paid Off - 360	Oct-01-03
1045655 1			277,950.00	275,610.90	Aug-12-04	7.000%	CA - 85.00%	Paid Off - 360	Oct-03-03
1002211 1			218,000.00	215,589.23	Nov-10-04	6.990%	CA - 85.49%	Paid Off - 360	Oct-10-03
1048787 1			133,672.00	132,421.83	Aug-19-04	6.450%	CA - 63.65%	Paid Off - 360	Oct-02-03
1006832 1			200,000.00	198,119.95	Nov-02-04	7.400%	CA - 60.61%	Paid Off - 360	Oct-24-03
1049917 1			129,600.00	128,667.28	Aug-06-04	7.800%	CA - 80.00%	Paid Off - 360	Oct-07-03
1019742 1			170,000.00	163,298.45	Nov-02-04	6.900%	NJ - 66.67%	Paid Off - 180	Oct-24-03
1051031 1			105,000.00	104,440.12	Aug-02-04	8.750%	KS - 73.43%	Paid Off - 360	Oct-27-03
1022805 1			306,000.00	303,137.81	Nov-16-04	7.850%	MA - 85.00%	Paid Off - 360	Oct-01-03
1052785 1			96,000.00	95,099.96	Aug-19-04	6.750%	CA - 82.05%	Paid Off - 360	Sep-18-03
1028618 1			264,000.00	260,514.29	Nov-30-04	6.500%	CA - 80.00%	Paid Off - 360	Aug-25-03
1056282 1			172,000.00	170,466.39	Aug-02-04	6.700%	CA - 74.14%	Paid Off - 360	Oct-10-03
1040024 1			387,000.00	380,575.24	Nov-05-04	6.400%	NJ - 90.00%	Paid Off - 360	Oct-02-03
1060211 1			200,000.00	198,177.15	Aug-19-04	6.850%	CA - 70.18%	Paid Off - 360	Oct-07-03
1045041 1			104,000.00	102,669.93	Nov-01-04	6.250%	TX - 80.00%	Paid Off - 360	Oct-03-03
1060368 1			127,500.00	126,501.31	Aug-17-04	7.375%	CA - 85.00%	Paid Off - 360	Oct-08-03
1047049 1			153,000.00	151,593.72	Nov-26-04	7.600%	NY - 90.00%	Paid Off - 360	Oct-03-03
1062534 1			292,000.00	290,074.38	Aug-17-04	7.700%	DC - 87.16%	Paid Off - 360	Oct-27-03
1052121 1			297,000.00	293,875.73	Nov-02-04	7.250%	CA - 90.00%	Paid Off - 360	Oct-02-03
1063654 1			188,000.00	186,507.47	Aug-23-04	7.300%	CA - 80.00%	Paid Off - 360	Oct-08-03
1055149 1			318,250.00	314,385.75	Nov-16-04	6.500%	CA - 95.00%	Paid Off - 360	Sep-29-03
1065149 1			139,000.00	138,171.70	Aug-27-04	8.200%	NJ - 74.73%	Paid Off - 360	Oct-16-03
1055928 1			201,600.00	200,074.04	Nov-26-04	8.500%	MD - 80.00%	Paid Off - 360	Oct-20-03
1065197 1			204,000.00	202,602.82	Aug-11-04	7.500%	MD - 85.00%	Paid Off - 360	Oct-02-03
1057968 1			195,000.00	193,064.78	Nov-04-04	7.750%	CA - 89.86%	Paid Off - 360	Oct-10-03
1066311 1			87,300.00	86,834.54	Aug-26-04	8.750%	FL - 90.00%	Paid Off - 360	Oct-10-03
1058035 1			89,500.00	88,788.56	Nov-05-04	8.250%	MI - 77.83%	Paid Off - 360	Oct-17-03
1066782 1			114,000.00	112,993.17	Aug-20-04	6.750%	CA - 57.00%	Paid Off - 360	Sep-22-03
1058983 1			207,000.00	205,434.24	Nov-02-04	8.500%	WA - 90.00%	Paid Off - 360	Oct-15-03
1067257 1			132,000.00	131,310.40	Aug-23-04	8.850%	DC - 80.00%	Paid Off - 360	Oct-15-03
1062229 1			190,000.00	188,549.04	Nov-18-04	8.450%	MD - 100.00%	Paid Off - 360	Oct-08-03
1067415 1			114,750.00	114,123.48	Aug-05-04	8.650%	VA - 85.00%	Paid Off - 360	Oct-06-03
1065184 1			296,000.00	292,335.46	Nov-12-04	6.400%	CA - 81.10%	Paid Off - 360	Oct-02-03
1077282 1			61,600.00	61,331.67	Aug-06-04	10.300%	WI - 80.00%	Paid Off - 360	Oct-31-03
1066312 1			157,675.00	156,421.80	Nov-03-04	8.250%	VA - 85.00%	Paid Off - 360	Oct-27-03
1077475 1			301,500.00	299,808.74	Aug-02-04	8.500%	CA - 90.00%	Paid Off - 360	Oct-31-03
1067074 1			195,000.00	193,027.99	Nov-18-04	7.760%	CA - 100.00%	Paid Off - 360	Oct-03-03
1084823 1			309,000.00	305,696.65	Aug-19-04	5.750%	CA - 85.83%	Paid Off - 360	Oct-03-03
1071320 1			324,000.00	318,178.26	Nov-24-04	6.100%	CA - 80.00%	Paid Off - 360	Oct-17-03
1085049 1			202,350.00	201,041.33	Aug-26-04	7.790%	MN - 95.00%	Paid Off - 360	Oct-22-03
1074825 1			223,000.00	220,507.37	Nov-01-04	6.500%	CA - 100.00%	Paid Off - 360	Oct-07-03
1089197 1			150,000.00	148,811.15	Aug-27-04	6.750%	CA - 83.33%	Paid Off - 360	Oct-14-03
1077866 1			292,500.00	289,995.28	Nov-02-04	7.875%	NY - 90.00%	Paid Off - 360	Oct-08-03
1093212 1			98,400.00	97,831.02	Aug-30-04	8.350%	MI - 80.00%	Paid Off - 360	Oct-01-03
1079265 1			242,041.00	239,874.36	Nov-10-04	7.650%	CA - 95.00%	Paid Off - 360	Oct-29-03
1093950 1			157,165.00	156,088.53	Aug-18-04	7.500%	NH - 85.00%	Paid Off - 360	Oct-23-03
1082209 1			210,000.00	207,761.88	Nov-10-04	6.750%	CA - 75.00%	Paid Off - 360	Oct-22-03
1094230 1			150,000.00	149,158.54	Aug-20-04	8.500%	ME - 84.27%	Paid Off - 360	Oct-14-03
1085851 1			210,000.00	207,855.12	Nov-18-04	7.450%	NJ - 75.00%	Paid Off - 360	Oct-23-03
1094454 1			255,000.00	252,592.28	Aug-02-04	6.400%	CA - 85.00%	Paid Off - 360	Oct-07-03
1086727 1			153,000.00	151,589.57	Nov-30-04	7.500%	MI - 85.00%	Paid Off - 360	Oct-02-03
1095780 1			229,000.00	227,164.26	Aug-13-04	7.250%	CA - 83.27%	Paid Off - 360	Oct-03-03
1087141 1			329,650.00	325,563.83	Nov-24-04	5.950%	MA - 95.00%	Paid Off - 360	Oct-20-03
1096351 1			227,192.00	225,111.29	Aug-04-04	5.990%	CA - 80.00%	Paid Off - 360	Oct-10-03
1088237 1			50,000.00	49,647.77	Nov-16-04	8.850%	MD - 21.46%	Paid Off - 360	Oct-17-03
1096744 1			186,750.00	185,178.43	Aug-19-04	7.000%	VA - 82.27%	Paid Off - 360	Oct-08-03
1089514 1			207,000.00	204,618.26	Nov-19-04	6.500%	CA - 90.00%	Paid Off - 360	Oct-17-03
1097716 1			293,000.00	290,180.52	Aug-19-04	6.300%	CA - 88.25%	Paid Off - 360	Oct-01-03
1089833 1			93,500.00	92,594.47	Nov-26-04	7.250%	TN - 85.00%	Paid Off - 360	Oct-29-03
1101734 1			138,400.00	137,216.97	Aug-05-04	7.400%	IL - 80.00%	Paid Off - 360	Oct-01-03
1090168 1			284,000.00	281,381.97	Nov-19-04	7.500%	WA - 80.00%	Paid Off - 360	Oct-31-03
1104369 1			207,004.00	205,600.13	Aug-19-04	7.550%	CA - 80.00%	Paid Off - 360	Oct-29-03
1090555 1			178,400.00	176,982.07	Nov-02-04	8.250%	NH - 80.00%	Paid Off - 360	Oct-22-03
1106090 1			268,000.00	266,072.21	Aug-18-04	7.250%	CA - 89.33%	Paid Off - 360	Oct-14-03
1091921 1			206,800.00	204,377.97	Nov-16-04	6.400%	CA - 94.00%	Paid Off - 360	Oct-31-03
1107022 1			264,600.00	262,554.15	Aug-06-04	6.990%	CA - 90.00%	Paid Off - 360	Oct-21-03
1092797 1			104,000.00	103,069.00	Nov-08-04	7.650%	WA - 80.00%	Paid Off - 360	Oct-27-03
1107708 1			125,600.00	124,748.19	Aug-09-04	7.550%	CO - 80.00%	Paid Off - 360	Oct-22-03
1094276 1			215,000.00	212,281.87	Nov-01-04	6.000%	CA - 75.44%	Paid Off - 360	Oct-21-03
1108417 1			146,500.00	145,063.21	Aug-05-04	6.450%	CA - 57.68%	Paid Off - 360	Oct-03-03
1095337 1			61,600.00	61,225.82	Nov-18-04	9.850%	OH - 82.13%	Paid Off - 360	Oct-10-03
1108785 1			124,000.00	122,929.34	Aug-09-04	6.500%	CA - 79.49%	Paid Off - 360	Oct-30-03
1095442 1			51,000.00	50,481.88	Nov-03-04	7.000%	MO - 65.38%	Paid Off - 360	Oct-10-03
1108864 1			205,600.00	204,299.04	Aug-02-04	7.900%	CA - 80.00%	Paid Off - 360	Oct-22-03
1095775 1			322,800.00	320,474.77	Nov-04-04	8.750%	MD - 80.00%	Paid Off - 360	Oct-23-03
1111309 1			140,125.00	139,298.29	Aug-04-04	8.250%	IA - 95.00%	Paid Off - 360	Oct-15-03
1095821 1			162,000.00	160,644.02	Nov-24-04	7.990%	CA - 80.00%	Paid Off - 360	Oct-23-03
1111314 1			123,200.00	122,356.16	Aug-26-04	7.500%	NC - 80.00%	Paid Off - 360	Oct-01-03
1096131 1			194,400.00	192,604.35	Nov-10-04	7.490%	CA - 80.00%	Paid Off - 360	Oct-30-03
1111760 1			133,025.00	132,103.27	Aug-11-04	7.990%	CA - 85.00%	Paid Off - 360	Oct-06-03
1096315 1			197,000.00	195,347.94	Nov-04-04	8.400%	IL - 89.95%	Paid Off - 360	Oct-01-03
1113673 1			263,500.00	261,849.22	Aug-11-04	7.950%	FL - 84.46%	Paid Off - 360	Oct-24-03
1097656 1			106,250.00	105,297.78	Nov-23-04	7.650%	MA - 85.00%	Paid Off - 360	Oct-21-03
					Page 19 of 26				© COPYRIGHT 2004 Deutsche Bank
					Page 20 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	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
1114611 1			114,750.00	114,023.45	Aug-02-04	7.900%	NC - 85.00%	Paid Off - 360	Oct-08-03
1098038 1			83,000.00	81,963.22	Nov-01-04	6.350%	NE - 55.33%	Paid Off - 360	Oct-07-03
1114736 1			180,000.00	179,011.30	Aug-03-04	8.990%	CA - 50.00%	Paid Off - 360	Oct-29-03
1099032 1			120,000.00	118,681.37	Nov-24-04	6.750%	CT - 60.30%	Paid Off - 360	Oct-06-03
1114800 1			201,000.00	199,482.08	Aug-24-04	7.000%	NV - 100.00%	Paid Off - 360	Oct-29-03
1099309 1			238,400.00	235,534.91	Nov-09-04	6.650%	TN - 80.00%	Paid Off - 360	Oct-20-03
1116771 1			132,000.00	131,288.96	Aug-31-04	8.700%	SC - 80.00%	Paid Off - 360	Oct-22-03
1100110 1			228,000.00	225,979.08	Nov-30-04	7.700%	NJ - 80.00%	Paid Off - 360	Oct-10-03
1119027 1			99,450.00	98,935.67	Aug-31-04	8.900%	WI - 85.00%	Paid Off - 360	Oct-20-03
1100191 1			246,675.00	244,401.03	Nov-24-04	7.500%	MA - 65.00%	Paid Off - 360	Oct-14-03
1119102 1			89,600.00	88,935.86	Aug-25-04	7.650%	TX - 80.00%	Paid Off - 360	Oct-03-03
1100561 1			108,000.00	106,521.39	Nov-19-04	7.950%	CA - 74.48%	Paid Off - 360	Oct-21-03
1122091 1			91,000.00	90,306.04	Aug-05-04	6.950%	CA - 65.00%	Paid Off - 360	Oct-31-03
1101532 1			256,500.00	253,660.10	Nov-30-04	6.550%	CA - 90.00%	Paid Off - 360	Oct-23-03
1122968 1			133,000.00	132,005.27	Aug-13-04	7.050%	CA - 44.33%	Paid Off - 360	Oct-31-03
1101598 1			269,100.00	266,063.36	Nov-30-04	7.350%	MA - 89.73%	Paid Off - 360	Oct-07-03
1123972 1			213,300.00	211,645.46	Aug-17-04	7.100%	CA - 90.00%	Paid Off - 360	Oct-10-03
1103210 1			295,000.00	292,594.09	Nov-18-04	8.700%	MA - 89.39%	Paid Off - 360	Oct-22-03
1127639 1			161,000.00	159,902.62	Aug-13-04	7.700%	CA - 70.00%	Paid Off - 360	Oct-17-03
1105724 1			245,650.00	243,774.22	Nov-30-04	8.450%	RI - 85.00%	Paid Off - 360	Oct-22-03
1129192 1			256,000.00	254,459.10	Aug-19-04	8.150%	MD - 80.00%	Paid Off - 360	Oct-22-03
1106446 1			157,600.00	155,906.44	Nov-30-04	7.050%	RI - 80.00%	Paid Off - 360	Oct-17-03
1129240 1			207,200.00	206,182.13	Aug-02-04	9.150%	NY - 80.00%	Paid Off - 360	Oct-27-03
1107361 1			86,000.00	84,863.02	Nov-03-04	5.750%	CA - 58.11%	Paid Off - 360	Oct-17-03
1129299 1			259,000.00	258,040.63	Aug-05-04	10.500%	NJ - 70.00%	Paid Off - 360	Oct-30-03
1107726 1			266,000.00	263,462.48	Nov-05-04	7.750%	HI - 95.00%	Paid Off - 360	Sep-30-03
1130627 1			315,000.00	312,109.84	Aug-18-04	6.000%	CA - 78.75%	Paid Off - 360	Oct-27-03
1108843 1			148,000.00	146,236.68	Nov-24-04	6.600%	CA - 79.57%	Paid Off - 360	Oct-03-03
1132064 1			53,000.00	52,598.93	Aug-26-04	6.990%	CA - 53.00%	Paid Off - 360	Oct-23-03
1109837 1			180,000.00	178,978.26	Nov-24-04	9.900%	NV - 80.00%	Paid Off - 360	Oct-07-03
1133499 1			225,250.00	223,863.94	Aug-02-04	8.250%	CA - 85.00%	Paid Off - 360	Oct-21-03
1110061 1			101,600.00	100,824.15	Nov-02-04	8.450%	FL - 80.00%	Paid Off - 360	Oct-08-03
1133620 1			123,750.00	122,691.20	Aug-02-04	6.350%	NV - 72.79%	Paid Off - 360	Oct-28-03
1110216 1			123,750.00	122,516.94	Nov-22-04	7.100%	CA - 75.00%	Paid Off - 360	Oct-28-03
1133913 1			240,000.00	238,004.42	Aug-02-04	6.500%	CA - 80.00%	Paid Off - 360	Oct-30-03
1110862 1			155,250.00	154,543.70	Nov-16-04	10.950%	CT - 75.00%	Paid Off - 360	Oct-29-03
1134070 1			164,000.00	162,843.16	Aug-30-04	7.350%	CA - 80.00%	Paid Off - 360	Oct-24-03
1110955 1			84,200.00	83,121.48	Nov-22-04	7.500%	IN - 94.71%	Paid Off - 360	Oct-23-03
1135977 1			106,700.00	105,564.70	Aug-24-04	6.000%	CA - 82.08%	Paid Off - 360	Oct-28-03
1110987 1			255,550.00	252,455.15	Nov-29-04	7.950%	VA - 92.93%	Paid Off - 360	Oct-15-03
1136576 1			67,080.00	66,738.51	Aug-12-04	9.000%	MI - 86.11%	Paid Off - 360	Oct-31-03
1111040 1			297,000.00	293,983.01	Nov-19-04	7.000%	CA - 90.00%	Paid Off - 360	Oct-08-03
1136629 1			270,000.00	267,600.71	Aug-31-04	6.150%	NY - 90.00%	Paid Off - 360	Oct-10-03
1112820 1			240,000.00	237,998.82	Nov-02-04	8.250%	CA - 73.85%	Paid Off - 360	Oct-17-03
1140140 1			148,000.00	146,417.17	Aug-26-04	6.740%	CA - 51.93%	Paid Off - 360	Oct-24-03
1112900 1			252,621.00	250,337.34	Nov-23-04	7.600%	CA - 90.00%	Paid Off - 360	Oct-17-03
1141100 1			45,000.00	44,644.50	Aug-05-04	7.000%	NC - 62.50%	Paid Off - 360	Oct-21-03
1115039 1			216,000.00	213,741.65	Nov-01-04	6.850%	OR - 90.00%	Paid Off - 360	Oct-17-03
1141670 1			76,500.00	75,921.11	Aug-27-04	6.990%	WV - 90.00%	Paid Off - 360	Oct-29-03
1115166 1			200,300.00	198,095.46	Nov-17-04	7.500%	CA - 62.40%	Paid Off - 360	Oct-23-03
1142670 1			113,000.00	112,391.33	Aug-02-04	8.700%	CA - 71.07%	Paid Off - 360	Oct-14-03
1115413 1			260,000.00	257,255.39	Nov-11-04	6.800%	CA - 89.66%	Paid Off - 360	Oct-27-03
1144278 1			149,150.00	148,223.83	Aug-11-04	8.050%	VA - 95.00%	Paid Off - 360	Oct-27-03
1116251 1			114,300.00	113,282.43	Nov-02-04	8.100%	MD - 90.00%	Paid Off - 360	Oct-03-03
1144454 1			172,000.00	170,427.75	Aug-13-04	6.000%	CA - 68.80%	Paid Off - 360	Oct-17-03
1117659 1			88,000.00	87,133.84	Nov-02-04	7.350%	CA - 66.67%	Paid Off - 360	Oct-24-03
1145679 1			100,400.00	99,807.62	Aug-19-04	8.250%	VA - 80.00%	Paid Off - 360	Oct-24-03
1119983 1			214,500.00	212,220.95	Nov-05-04	7.250%	CA - 65.00%	Paid Off - 360	Oct-14-03
1147389 1			168,000.00	166,527.77	Aug-24-04	6.250%	CA - 80.00%	Paid Off - 360	Oct-31-03
1120240 1			216,000.00	213,719.02	Nov-26-04	6.800%	CA - 80.00%	Paid Off - 360	Oct-16-03
1149868 1			145,000.00	144,783.95	Aug-30-04	4.125%	CA - 63.04%	Paid Off - 300	Oct-22-03
1121292 1			320,000.00	317,273.33	Nov-10-04	7.900%	NJ - 80.00%	Paid Off - 360	Oct-24-03
1154447 1			203,250.00	202,022.51	Aug-02-04	8.200%	CA - 75.00%	Paid Off - 360	Oct-30-03
1122788 1			219,000.00	217,133.88	Nov-02-04	7.900%	FL - 79.93%	Paid Off - 360	Oct-14-03
1159655 1			228,000.00	226,405.63	Aug-18-04	8.250%	CA - 80.00%	Paid Off - 360	Oct-22-03
1123366 1			204,720.00	202,438.71	Nov-08-04	6.950%	CA - 80.00%	Paid Off - 360	Oct-02-03
1161218 1			327,200.00	324,346.91	Aug-02-04	6.250%	CA - 80.00%	Paid Off - 360	Oct-24-03
1123835 1			358,000.00	354,434.40	Nov-03-04	7.150%	NY - 89.50%	Paid Off - 360	Oct-20-03
1167207 1			184,000.00	182,870.07	Aug-27-04	8.050%	CA - 80.00%	Paid Off - 360	Oct-23-03
1125201 1			232,750.00	230,381.16	Nov-04-04	6.990%	CA - 95.00%	Paid Off - 360	Oct-29-03
1167558 1			165,000.00	163,841.79	Aug-05-04	7.375%	CA - 75.00%	Paid Off - 360	Oct-30-03
1127518 1			160,000.00	158,219.63	Nov-01-04	7.250%	CA - 64.26%	Paid Off - 360	Oct-01-03
1167982 1			172,800.00	171,788.66	Aug-02-04	8.290%	CA - 90.00%	Paid Off - 360	Oct-22-03
1127683 1			260,800.00	258,145.64	Nov-23-04	6.990%	CA - 80.00%	Paid Off - 360	Oct-09-03
1168143 1			191,200.00	189,699.09	Aug-30-04	6.800%	CA - 74.98%	Paid Off - 360	Oct-30-03
1129084 1			120,000.00	118,769.19	Nov-26-04	6.950%	FL - 84.81%	Paid Off - 360	Oct-31-03
1170538 1			120,000.00	119,555.46	Aug-27-04	10.500%	WA - 44.45%	Paid Off - 360	Oct-31-03
1131450 1			330,000.00	327,027.81	Nov-12-04	7.650%	CA - 73.33%	Paid Off - 360	Oct-22-03
1173244 1			140,000.00	139,009.81	Aug-05-04	7.950%	CA - 80.00%	Paid Off - 360	Oct-31-03
1131496 1			382,000.00	377,391.63	Nov-16-04	6.150%	NY - 58.77%	Paid Off - 360	Oct-31-03
1178587 1			190,000.00	188,698.21	Aug-13-04	7.500%	CA - 95.00%	Paid Off - 360	Oct-31-03
1133560 1			205,200.00	202,430.79	Nov-24-04	5.250%	WA - 90.00%	Paid Off - 300	Oct-29-03
1183985 1			252,000.00	250,722.30	Aug-12-04	8.400%	IL - 90.00%	Paid Off - 360	Nov-13-03
1136797 1			94,000.00	93,154.55	Nov-16-04	8.500%	IL - 60.65%	Paid Off - 360	Oct-28-03
1006087 2			120,000.00	119,021.06	Aug-03-04	6.600%	CA - 63.83%	Paid Off - 360	Oct-21-03
1137380 1			85,000.00	84,200.91	Nov-23-04	7.400%	MN - 85.00%	Paid Off - 360	Oct-15-03
1025229 2			93,000.00	4,833.83	Aug-10-04	6.250%	NJ - 39.24%	Paid Off - 360	Oct-08-03
1137646 1			117,600.00	115,639.24	Nov-19-04	6.400%	CA - 70.00%	Paid Off - 360	Oct-22-03
1027013 2			135,000.00	134,057.02	Aug-18-04	7.400%	NY - 90.00%	Paid Off - 360	Oct-08-03
1138964 1			159,920.00	158,279.77	Nov-30-04	6.950%	MD - 80.00%	Paid Off - 360	Oct-10-03
1027542 2			338,000.00	332,256.74	Aug-27-04	8.250%	NJ - 72.22%	Paid Off - 240	Oct-06-03
1141294 1			262,500.00	260,285.20	Nov-22-04	7.950%	WI - 75.00%	Paid Off - 360	Oct-28-03
1036974 2			78,650.00	78,025.45	Aug-27-04	6.740%	UT - 100.00%	Paid Off - 360	Oct-16-03
1141335 1			192,060.00	190,323.84	Nov-04-04	7.600%	CA - 90.00%	Paid Off - 360	Oct-21-03
1053152 2			260,000.00	258,201.67	Aug-06-04	7.450%	NY - 74.29%	Paid Off - 360	Oct-01-03
1142394 1			174,000.00	172,162.85	Nov-23-04	7.000%	CA - 75.65%	Paid Off - 360	Oct-27-03
1053804 2			250,000.00	248,370.23	Aug-25-04	7.750%	RI - 54.35%	Paid Off - 360	Oct-10-03
1142834 1			240,750.00	237,821.01	Nov-01-04	6.050%	CA - 75.00%	Paid Off - 360	Oct-20-03
1054047 2			333,941.00	331,557.90	Aug-13-04	7.850%	AZ - 83.49%	Paid Off - 360	Oct-06-03
1144234 1			215,200.00	213,366.26	Nov-08-04	7.900%	DC - 80.00%	Paid Off - 360	Oct-27-03
1055996 2			262,800.00	260,756.84	Aug-27-04	6.850%	CA - 90.00%	Paid Off - 360	Oct-08-03
1146200 1			175,750.00	174,176.85	Nov-11-04	7.650%	MD - 95.00%	Paid Off - 360	Oct-23-03
1062808 2			357,000.00	354,079.15	Aug-05-04	7.150%	IL - 89.70%	Paid Off - 360	Oct-01-03
1146382 1			217,800.00	215,478.78	Nov-10-04	6.750%	CA - 90.00%	Paid Off - 360	Oct-22-03
					Page 20 of 26				© COPYRIGHT 2004 Deutsche Bank
					Page 21 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	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
1064613 2			235,000.00	233,553.98	Aug-04-04	8.950%	MI - 100.00%	Paid Off - 360	Oct-08-03
1146984 1			320,000.00	316,059.40	Nov-24-04	6.450%	CA - 65.98%	Paid Off - 360	Oct-23-03
1069288 2			176,250.00	175,098.41	Aug-03-04	8.200%	NJ - 75.00%	Paid Off - 360	Oct-17-03
1147523 1			192,000.00	189,973.20	Nov-04-04	6.800%	CA - 80.00%	Paid Off - 360	Oct-15-03
1070398 2			190,900.00	189,355.30	Aug-20-04	7.350%	GA - 94.98%	Paid Off - 360	Oct-03-03
1150475 1			204,900.00	202,818.52	Nov-16-04	7.000%	MD - 100.00%	Paid Off - 360	Oct-31-03
1073959 2			335,000.00	332,133.83	Aug-19-04	6.350%	MA - 80.72%	Paid Off - 360	Oct-09-03
1150676 1			171,800.00	169,879.66	Nov-03-04	6.500%	MD - 74.70%	Paid Off - 360	Oct-27-03
1078726 2			221,600.00	220,155.47	Aug-24-04	7.750%	MD - 80.00%	Paid Off - 360	Oct-07-03
1151539 1			164,400.00	162,690.88	Nov-18-04	6.880%	WA - 80.00%	Paid Off - 360	Oct-15-03
1080534 2			68,000.00	65,198.84	Aug-26-04	8.800%	NM - 85.00%	Paid Off - 180	Oct-20-03
1151652 1			250,000.00	247,161.49	Nov-22-04	6.500%	CA - 67.02%	Paid Off - 360	Oct-17-03
1083845 2			234,200.00	232,988.97	Aug-10-04	8.900%	FL - 84.86%	Paid Off - 360	Oct-07-03
1153413 1			320,000.00	315,883.34	Nov-04-04	5.750%	CA - 88.89%	Paid Off - 360	Oct-31-03
1092960 2			93,500.00	93,021.35	Aug-25-04	8.950%	MI - 85.00%	Paid Off - 360	Oct-14-03
1154252 1			196,000.00	191,551.13	Nov-03-04	7.400%	CA - 70.00%	Paid Off - 240	Oct-30-03
1094749 2			99,655.00	98,779.13	Aug-20-04	6.775%	CA - 95.00%	Paid Off - 360	Oct-06-03
1154436 1			264,000.00	260,702.77	Nov-18-04	6.375%	TX - 80.00%	Paid Off - 360	Oct-27-03
1098662 2			159,000.00	156,048.78	Aug-16-04	7.250%	NJ - 61.63%	Paid Off - 240	Oct-21-03
1157018 1			166,000.00	165,868.69	Nov-02-04	5.250%	CA - 77.21%	Paid Off - 300	Oct-29-03
1100166 2			178,000.00	176,768.80	Aug-05-04	7.450%	CT - 74.95%	Paid Off - 360	Oct-28-03
1157963 1			207,000.00	204,814.84	Nov-09-04	6.800%	CA - 90.00%	Paid Off - 360	Oct-30-03
1100955 2			287,850.00	285,839.42	Aug-03-04	7.400%	CA - 95.00%	Paid Off - 360	Oct-10-03
1159027 1			101,500.00	100,365.49	Nov-08-04	6.500%	CA - 70.00%	Paid Off - 360	Oct-22-03
1104275 2			139,500.00	138,300.67	Aug-03-04	7.850%	CA - 90.00%	Paid Off - 360	Oct-10-03
1165612 1			280,000.00	277,015.85	Nov-12-04	6.750%	CA - 70.00%	Paid Off - 360	Oct-23-03
1106714 2			116,900.00	113,710.05	Aug-04-04	7.750%	NH - 70.00%	Paid Off - 180	Oct-14-03
1166095 1			200,000.00	197,497.67	Nov-29-04	5.900%	CA - 72.73%	Paid Off - 360	Oct-24-03
1107941 2			350,000.00	347,717.23	Aug-12-04	7.950%	MA - 79.55%	Paid Off - 360	Oct-29-03
1170640 1			263,000.00	260,275.39	Nov-26-04	6.900%	CA - 90.69%	Paid Off - 360	Oct-30-03
1109230 2			95,250.00	94,593.57	Aug-03-04	8.350%	FL - 75.00%	Paid Off - 360	Oct-27-03
1173147 1			237,579.00	234,550.80	Nov-04-04	5.800%	HI - 85.00%	Paid Off - 360	Oct-29-03
1110014 2			318,750.00	316,276.58	Aug-31-04	7.300%	CA - 85.00%	Paid Off - 360	Oct-21-03
1176123 1			190,816.00	188,877.59	Nov-03-04	7.000%	VA - 100.00%	Paid Off - 360	Oct-24-03
1111106 2			148,500.00	147,770.48	Aug-25-04	9.150%	FL - 75.00%	Paid Off - 360	Oct-10-03
1180877 1			255,000.00	252,761.91	Nov-03-04	7.750%	CA - 85.00%	Paid Off - 360	Oct-31-03
1112613 2			450,000.00	446,292.15	Aug-18-04	6.550%	CA - 90.00%	Paid Off - 360	Oct-20-03
963422 2			84,000.00	83,471.21	Nov-09-04	9.400%	IL - 39.07%	Paid Off - 360	Oct-14-03
1113403 2			350,000.00	347,763.24	Aug-05-04	7.850%	TX - 78.65%	Paid Off - 360	Oct-10-03
993927 2			301,750.00	297,232.06	Nov-26-04	6.500%	CT - 92.85%	Paid Off - 360	Oct-02-03
1113627 2			275,000.00	272,624.67	Aug-27-04	6.300%	CA - 94.83%	Paid Off - 360	Oct-15-03
1001842 2			338,000.00	334,566.47	Nov-16-04	7.000%	NY - 100.00%	Paid Off - 360	Oct-29-03
1114641 2			334,400.00	332,244.22	Aug-06-04	8.350%	CA - 95.00%	Paid Off - 360	Oct-10-03
1013012 2		FCL	346,500.00	343,605.40	Nov-29-04	8.000%	NY - 70.00%	Paid Off - 360	Oct-01-03
1116865 2			157,500.00	156,651.63	Aug-18-04	8.700%	FL - 75.00%	Paid Off - 360	Oct-17-03
1017773 2			53,600.00	50,215.13	Nov-30-04	8.000%	PA - 80.00%	Paid Off - 180	Oct-01-03
1121215 2			96,050.00	95,379.16	Aug-03-04	7.950%	GA - 85.00%	Paid Off - 360	Oct-28-03
1019844 2			50,000.00	49,605.66	Nov-30-04	9.300%	OR - 30.86%	Paid Off - 360	Oct-24-03
1123018 2			84,500.00	82,184.42	Aug-17-04	7.700%	FL - 65.00%	Paid Off - 180	Oct-27-03
1026561 2			208,000.00	197,828.82	Nov-29-04	5.250%	NY - 78.49%	Paid Off - 180	Oct-27-03
1123564 2			396,900.00	393,870.10	Aug-20-04	7.500%	CA - 90.00%	Paid Off - 360	Oct-01-03
1040427 2			95,200.00	94,443.28	Nov-24-04	8.250%	WI - 73.23%	Paid Off - 360	Oct-14-03
1131279 2			373,500.00	373,500.00	Aug-31-04	5.125%	CA - 90.00%	Paid Off - 300	Oct-10-03
1048672 2			178,500.00	176,651.44	Nov-24-04	6.900%	MA - 70.00%	Paid Off - 360	Oct-27-03
1134401 2			261,250.00	260,056.09	Aug-09-04	9.500%	NJ - 95.00%	Paid Off - 360	Oct-07-03
1050124 2			98,250.00	97,726.22	Nov-26-04	10.200%	NJ - 75.00%	Paid Off - 360	Oct-15-03
1135511 2			35,000.00	34,733.12	Aug-11-04	7.750%	MI - 49.30%	Paid Off - 360	Oct-17-03
1060620 2			72,000.00	70,793.89	Nov-30-04	8.000%	FL - 79.12%	Paid Off - 360	Sep-25-03
1144452 2			372,000.00	369,443.19	Aug-12-04	7.700%	CA - 80.00%	Paid Off - 360	Oct-17-03
1061981 2			134,100.00	133,287.39	Nov-24-04	9.990%	NY - 90.00%	Paid Off - 360	Oct-07-03
1144657 2			178,500.00	176,573.16	Aug-06-04	6.000%	CA - 70.00%	Paid Off - 360	Oct-20-03
1065030 2			285,000.00	282,772.53	Nov-02-04	8.750%	RI - 95.00%	Paid Off - 360	Oct-01-03
1151659 2			124,950.00	124,151.48	Aug-31-04	7.850%	NV - 70.00%	Paid Off - 360	Oct-29-03
1067732 2			123,750.00	123,009.51	Nov-29-04	9.650%	IL - 75.00%	Paid Off - 360	Oct-08-03
1152709 2			288,000.00	286,640.07	Aug-31-04	8.750%	NJ - 90.00%	Paid Off - 360	Nov-24-03
1068638 2			191,900.00	189,638.21	Nov-02-04	6.000%	MA - 76.76%	Paid Off - 360	Oct-03-03
1153763 2			94,500.00	93,912.68	Aug-25-04	7.990%	MI - 70.00%	Paid Off - 360	Oct-28-03
1071576 2			362,819.00	359,395.21	Nov-11-04	7.400%	CA - 95.00%	Paid Off - 360	Oct-17-03
1162858 2			350,000.00	348,038.00	Aug-03-04	7.900%	CA - 100.00%	Paid Off - 360	Nov-19-03
1078857 2			246,300.00	237,023.15	Nov-30-04	8.600%	VA - 63.97%	Paid Off - 180	Oct-10-03
1165098 2			464,000.00	460,150.79	Aug-31-04	6.600%	CA - 80.00%	Paid Off - 360	Oct-28-03
1079288 2			414,000.00	408,024.84	Nov-10-04	5.400%	CA - 90.00%	Paid Off - 360	Oct-16-03
1166060 2			348,000.00	345,346.40	Aug-26-04	6.950%	CA - 100.00%	Paid Off - 360	Oct-23-03
1081306 2			76,500.00	75,084.76	Nov-05-04	9.100%	SC - 46.36%	Paid Off - 240	Oct-07-03
1170221 2			356,000.00	352,684.21	Aug-31-04	5.900%	CA - 69.13%	Paid Off - 360	Oct-30-03
1084366 2			358,331.00	354,995.29	Nov-26-04	7.450%	WA - 100.00%	Paid Off - 360	Oct-15-03
1182060 2			109,500.00	108,966.85	Aug-12-04	8.600%	MA - 87.60%	Paid Off - 360	Nov-13-03
1084566 2			220,350.00	218,644.06	Nov-30-04	8.800%	CA - 65.00%	Paid Off - 360	Oct-16-03
1189254 2			213,750.00	211,817.54	Aug-06-04	6.250%	CA - 95.00%	Paid Off - 360	Oct-30-03
1084715 2			348,500.00	344,318.18	Nov-10-04	6.400%	IL - 85.00%	Paid Off - 360	Oct-10-03
					Page 21 of 26				© COPYRIGHT 2004 Deutsche Bank
1086633 2			69,700.00	69,012.18	Nov-24-04	7.150%	MI - 85.00%	Paid Off - 360	Oct-14-03
1088451 2			223,000.00	221,373.77	Nov-30-04	8.700%	PA - 56.03%	Paid Off - 360	Oct-31-03
1088985 2			95,000.00	91,421.28	Nov-19-04	7.450%	KY - 95.00%	Paid Off - 180	Oct-08-03
1093252 2			325,000.00	321,761.65	Nov-03-04	7.100%	MA - 69.89%	Paid Off - 360	Oct-07-03
1094466 2			225,150.00	220,802.90	Nov-04-04	8.750%	NV - 95.00%	Paid Off - 240	Oct-08-03
1095569 2			488,750.00	482,699.83	Nov-22-04	6.400%	CA - 85.00%	Paid Off - 360	Oct-02-03
1096219 2			297,000.00	294,591.82	Nov-03-04	8.150%	NJ - 74.25%	Paid Off - 360	Oct-06-03
1098098 2			336,000.00	331,601.48	Nov-16-04	6.100%	CA - 80.00%	Paid Off - 360	Oct-02-03
1099312 2			254,000.00	247,596.33	Nov-29-04	6.500%	NY - 69.78%	Paid Off - 240	Oct-01-03
1101340 2			351,000.00	346,815.71	Nov-23-04	6.600%	CA - 90.00%	Paid Off - 360	Oct-02-03
1101398 2			52,650.00	52,251.88	Nov-10-04	8.500%	MI - 65.00%	Paid Off - 360	Oct-16-03
1104201 2			344,000.00	340,766.31	Nov-30-04	7.400%	CA - 80.00%	Paid Off - 360	Oct-20-03
					Page 22 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	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
1110248 2			299,000.00	295,790.52	Nov-17-04	7.250%	CA - 100.00%	Paid Off - 360	Oct-02-03
1110714 2			594,957.00	594,829.95	Nov-30-04	5.750%	CA - 85.00%	Paid Off - 300	Oct-27-03
1112958 2			166,000.00	164,393.28	Nov-29-04	7.250%	CA - 100.00%	Paid Off - 360	Oct-14-03
1113022 2			70,000.00	67,330.07	Nov-02-04	7.300%	KY - 64.81%	Paid Off - 180	Oct-22-03
1113718 2			225,000.00	222,710.03	Nov-02-04	6.990%	RI - 100.00%	Paid Off - 360	Oct-14-03
1115219 2			340,000.00	336,137.73	Nov-03-04	6.850%	CA - 83.74%	Paid Off - 360	Oct-02-03
1117463 2			495,000.00	489,253.91	Nov-17-04	6.300%	CA - 90.00%	Paid Off - 360	Oct-31-03
1118394 2			205,866.00	203,871.40	Nov-22-04	7.250%	NC - 90.00%	Paid Off - 360	Oct-03-03
1118459 2			223,125.00	220,889.61	Nov-18-04	7.500%	OH - 85.00%	Paid Off - 360	Oct-06-03
1121926 2			373,950.00	370,502.72	Nov-03-04	7.500%	CA - 89.99%	Paid Off - 360	Oct-10-03
1122176 2			143,000.00	141,744.90	Nov-30-04	7.750%	TX - 71.50%	Paid Off - 360	Oct-30-03
1123760 2			116,900.00	116,016.27	Nov-19-04	8.500%	NH - 70.00%	Paid Off - 360	Oct-16-03
1123783 2			215,000.00	212,704.21	Nov-23-04	6.740%	RI - 100.00%	Paid Off - 360	Oct-31-03
1125184 2			226,000.00	223,996.80	Nov-26-04	7.700%	NY - 64.57%	Paid Off - 360	Oct-30-03
1125404 2			61,000.00	59,474.10	Nov-09-04	8.300%	AZ - 55.96%	Paid Off - 360	Oct-27-03
1125679 2			400,000.00	396,788.85	Nov-24-04	8.200%	MA - 50.00%	Paid Off - 360	Oct-29-03
1126583 2			102,870.00	102,143.85	Nov-23-04	8.850%	GA - 90.00%	Paid Off - 360	Oct-17-03
1127544 2			293,250.00	290,411.67	Nov-30-04	7.250%	MA - 85.00%	Paid Off - 360	Oct-21-03
1127694 2			80,750.00	80,186.86	Nov-18-04	8.900%	FL - 95.00%	Paid Off - 360	Oct-17-03
1130454 2			216,000.00	214,493.03	Nov-29-04	8.950%	NY - 80.00%	Paid Off - 360	Oct-14-03
1131594 2			75,600.00	75,081.90	Nov-19-04	9.450%	GA - 70.00%	Paid Off - 360	Oct-07-03
1132134 2			75,000.00	71,747.47	Nov-19-04	8.990%	CT - 39.47%	Paid Off - 180	Oct-23-03
1132508 2			210,000.00	208,565.24	Nov-17-04	9.000%	NJ - 63.64%	Paid Off - 360	Oct-22-03
1132953 2			241,000.00	238,863.77	Nov-12-04	7.700%	CA - 73.03%	Paid Off - 360	Oct-28-03
1135484 2			352,000.00	348,102.73	Nov-16-04	6.550%	CA - 80.00%	Paid Off - 360	Oct-27-03
1136042 2			163,500.00	157,763.96	Nov-30-04	9.000%	MN - 75.00%	Paid Off - 360	Oct-31-03
1143308 2			165,830.00	163,985.20	Nov-23-04	7.250%	MA - 100.00%	Paid Off - 360	Oct-31-03
1144408 2			127,500.00	126,192.24	Nov-01-04	6.950%	FL - 85.00%	Paid Off - 360	Oct-28-03
1148060 2			81,750.00	81,245.88	Nov-01-04	9.500%	MI - 75.00%	Paid Off - 360	Oct-29-03
1148330 2			80,000.00	79,210.66	Nov-04-04	7.200%	TX - 44.94%	Paid Off - 360	Oct-27-03
1150041 2			403,750.00	399,307.05	Nov-10-04	6.750%	CA - 95.00%	Paid Off - 360	Oct-31-03
1150431 2			297,500.00	294,237.37	Nov-02-04	6.600%	NY - 85.00%	Paid Off - 360	Oct-28-03
1151473 2			283,100.00	279,751.29	Nov-22-04	6.200%	RI - 95.00%	Paid Off - 360	Oct-27-03
1152047 2			240,000.00	236,977.97	Nov-02-04	6.000%	CA - 80.00%	Paid Off - 360	Oct-22-03
1152570 2			415,000.00	411,701.50	Nov-17-04	8.250%	CA - 79.96%	Paid Off - 360	Oct-22-03
1153942 2			83,000.00	79,768.20	Nov-18-04	7.050%	CA - 43.68%	Paid Off - 180	Oct-30-03
1154410 2			112,500.00	111,300.95	Nov-18-04	6.750%	TX - 75.00%	Paid Off - 360	Oct-29-03
1155982 2			299,000.00	295,657.93	Nov-02-04	6.500%	CA - 100.00%	Paid Off - 360	Oct-29-03
1156657 2			103,000.00	102,136.96	Nov-23-04	8.500%	AL - 100.00%	Paid Off - 360	Oct-30-03
1166001 2			245,000.00	242,246.77	Nov-09-04	7.350%	CA - 81.67%	Paid Off - 360	Oct-30-03
1166532 2			85,000.00	84,395.09	Nov-01-04	8.800%	GA - 70.83%	Paid Off - 360	Oct-31-03
1167059 2			200,000.00	197,827.42	Nov-30-04	6.650%	MA - 50.00%	Paid Off - 360	Oct-30-03
1167608 2			104,000.00	99,511.47	Nov-16-04	7.150%	TX - 80.00%	Paid Off - 180	Oct-27-03
1167960 2			188,000.00	185,976.77	Nov-12-04	7.450%	CA - 72.31%	Paid Off - 360	Oct-30-03
1176098 2			323,000.00	320,022.37	Nov-30-04	7.500%	VA - 100.00%	Paid Off - 360	Oct-31-03
1187100 2			200,000.00	198,131.97	Nov-03-04	6.990%	ME - 77.22%	Paid Off - 360	Nov-20-03
1194313 2			65,500.00	63,990.29	Nov-02-04	6.500%	NV - 42.81%	Paid Off - 240	Nov-24-03
1220468 2			62,000.00	61,444.54	Nov-01-04	7.400%	FL - 35.84%	Paid Off - 360	Nov-25-03
					Page 23 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	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 22 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 24 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	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 23 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 25 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	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 24 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 26 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for September 27, 2004 Distribution
	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 25 of 26				© COPYRIGHT 2004 Deutsche Bank
					Page 27 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution
	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) equal or exceed (B)?							No
	(A) 60+ Day Delinq % (quotient of (x) over (y))							13.9780%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							1119,~~907~~296,~~751~~240.0452
	(y) Stated Principal Balance							~~603~~508,~~231~~052,~~348~~555.8889
	(B) 40% of Sr. Enhancement Percentage							89.6491%
	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							735,385,527.72
	(B) Applicable Percentage							100.00%
	Senior Enhancement Percentage (Prior)							2124.6077%
ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Basis Risk Carry Forward Amount							0.00
				Page 26 of 26				© COPYRIGHT 2004 Deutsche Bank
				Page 28 of 28				© COPYRIGHT 2004 Deutsche Bank

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