
                                    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): 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
     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:  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.


	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates


	December 27, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				17
			10.	Prepayment Detail Report				20
			11.	Realized Loss Report				24
			12.	Realized Loss Detail Report				27
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				28




				Total Number of Pages				28



			CONTACTS

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

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



ISSUANCE INFORMATION

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






						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 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			220,432,293.03	474,661.33	23,367,060.72	23,841,722.05	-	-	197,065,232.31
A2	FLT, STEP	272,891,000.00			192,751,426.53	411,735.95	17,809,958.23	18,221,694.18	-	-	174,941,468.30
M1	MEZ, FLT,ST	45,961,000.00			45,961,000.00	108,071.58	-	108,071.58	-	-	45,961,000.00
M2	MEZ, FLT,ST	38,608,000.00			38,608,000.00	112,391.67	-	112,391.67	-	-	38,608,000.00
M3	MEZ, FLT,ST	9,192,000.00			9,192,000.00	28,737.65	-	28,737.65	-	-	9,192,000.00
B1	SUB, FLT,ST	11,031,000.00			11,031,000.00	36,386.84	-	36,386.84	-	-	11,031,000.00
B2	SUB, FLT,ST	9,192,000.00			9,192,000.00	30,716.48	-	30,716.48	-	-	9,192,000.00
B3	SUB, FLT,ST	7,354,000.00			7,354,000.00	32,806.92	-	32,806.92	-	-	7,354,000.00
B4	SUB, FLT,ST	7,354,000.00			7,354,000.00	37,556.37	-	37,556.37	-	-	7,354,000.00
X	SUB	7,354,528.00			7,353,855.56	1,821,940.19	-	1,821,940.19	-	-	7,353,855.56
P	SUB,EXE	-			-	518,628.71	-	518,628.71	-	-	-
R	R	-			-	-	-	-	-	-	-


Total		735,385,528.00			549,229,575.12	3,613,633.69	41,177,018.95	44,790,652.64	-	-	508,052,556.17


	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	11/26/04	12/26/04		A-Act/360	61744CBR6	326,448,000.00	675.244734	1.454018	71.579733	73.033751	603.665001
A2	11/26/04	12/26/04		A-Act/360	61744CBH8	272,891,000.00	706.331196	1.508793	65.264000	66.772793	641.067196
M1	11/26/04	12/26/04		A-Act/360	61744CBJ4	45,961,000.00	1,000.000000	2.351376	-	2.351376	1,000.000000
M2	11/26/04	12/26/04		A-Act/360	61744CBK1	38,608,000.00	1,000.000000	2.911098	-	2.911098	1,000.000000
M3	11/26/04	12/26/04		A-Act/360	61744CBL9	9,192,000.00	1,000.000000	3.126376	-	3.126376	1,000.000000
B1	11/26/04	12/26/04		A-Act/360	61744CBM7	11,031,000.00	1,000.000000	3.298598	-	3.298598	1,000.000000
B2	11/26/04	12/26/04		A-Act/360	61744CBN5	9,192,000.00	1,000.000000	3.341654	-	3.341654	1,000.000000
B3	11/26/04	12/26/04		A-Act/360	61744CBP0	7,354,000.00	1,000.000000	4.461099	-	4.461099	1,000.000000
B4	11/26/04	12/26/04		A-Act/360	61744CBQ8	7,354,000.00	1,000.000000	5.106931	-	5.106931	1,000.000000
X				A-Act/360		7,354,528.00	999.908568	247.730404	-	247.730404	999.908568
P				A-Act/360		-	-	-	-	-	-
R				A-Act/360		-	-	-	-	-	-


							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 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		4,168,218.48		126,146,274.41	3,236,493.28	129,382,767.69	133,550,986.17	-	-	197,065,232.31
A2	272,891,000.00		3,480,546.50		95,415,791.91	2,533,739.79	97,949,531.70	101,430,078.20	-	-	174,941,468.30
M1	45,961,000.00		785,887.81		0.00	-	-	785,887.81	-	-	45,961,000.00
M2	38,608,000.00		872,073.77		-	-	-	872,073.77	-	-	38,608,000.00
M3	9,192,000.00		227,033.35		-	-	-	227,033.35	-	-	9,192,000.00
B1	11,031,000.00		291,084.97		-	-	-	291,084.97	-	-	11,031,000.00
B2	9,192,000.00		246,438.68		-	-	-	246,438.68	-	-	9,192,000.00
B3	7,354,000.00		277,892.25		-	-	-	277,892.25	-	-	7,354,000.00
B4	7,354,000.00		324,467.57		-	-	-	324,467.57	-	-	7,354,000.00
X	7,354,528.00		26,376,214.91		623.95	48.49	672.44	26,376,887.35	-	-	7,353,855.56
P	-		3,435,199.93		-	-	-	3,435,199.93	-	-	-
R	-		-		-	-	-	-	-	-	-


Total	735,385,528.00		40,485,058.22		221,562,690.27	5,770,281.56	227,332,971.83	267,818,030.05	-	-	508,052,556.17


	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	2.50063%	220,432,293.03			474,661.33	-	-	-	474,661.33	474,661.33	-
A2	2.48063%	192,751,426.53			411,735.95	-	-	-	411,735.95	411,735.95	-
M1	2.73063%	45,961,000.00			108,071.58	-	-	-	108,071.58	108,071.58	-
M2	3.38063%	38,608,000.00			112,391.67	-	-	-	112,391.67	112,391.67	-
M3	3.63063%	9,192,000.00			28,737.65	-	-	-	28,737.65	28,737.65	-
B1	3.83063%	11,031,000.00			36,386.84	-	-	-	36,386.84	36,386.84	-
B2	3.88063%	9,192,000.00			30,716.48	-	-	-	30,716.48	30,716.48	-
B3	5.18063%	7,354,000.00			32,806.92	-	-	-	32,806.92	32,806.92	-
B4	5.93063%	7,354,000.00			37,556.37	-	-	-	37,556.37	37,556.37	-
X	3.98072%	7,353,855.56			1,821,940.19	-	-	-	1,821,940.19	1,821,940.19	-
P		-			518,628.71	-	-	-	518,628.71	518,628.71	-
R		-			-	-	-	-	-	-	-


Total		549,229,575.12			3,613,633.69	-	-	-	3,613,633.69	3,613,633.69	-


							Page 3 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					17,809,958.23	23,367,060.72	41,177,018.95
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					17,809,958.23	23,367,060.72	41,177,018.95

	Interest Collections					1,460,109.54	1,677,764.91	3,137,874.45
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(19,432.55)	(23,436.92)	(42,869.47)
	TOTAL NET INTEREST					1,440,676.99	1,654,327.99	3,095,004.98

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					19,250,635.22	25,021,388.71	44,272,023.93

	Prepayment Penalties Collected							518,628.71

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							44,790,652.64


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received					231,205.54	254,799.51	486,005.05
	Prepayments In Full					17,561,842.57	23,099,083.93	40,660,926.50
	Curtailments					16,910.12	13,177.28	30,087.40
	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					(203,609.39)	(224,968.56)	(428,577.95)
	Advanced Principal					203,609.39	224,968.56	428,577.95

	TOTAL PRINCIPAL COLLECTED					17,809,958.23	23,367,060.72	41,177,018.95


				Page 4 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


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


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


INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Interest					1,548,116.26	1,778,572.07	3,326,688.33
	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					(1,290,113.84)	(1,469,142.08)	(2,759,255.92)
	Interest Advanced					1,202,107.12	1,368,334.92	2,570,442.04

	TOTAL INTEREST COLLECTED					1,460,109.54	1,677,764.91	3,137,874.45


				Page 5 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL

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

	TOTAL INTEREST WITHDRAWALS							0.00


INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL


	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00


INTEREST - FEES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					18,116.62	21,915.16	40,031.78
	Trustee Fees					1,315.93	1,521.76	2,837.69



	TOTAL INTEREST OTHER FEES					19,432.55	23,436.92	42,869.47


				Page 6 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for December 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS						GROUP 2	GROUP 1	TOTAL

	Excess Reserve Fund Balance (Ending)							0.00


INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL

	Beginning Subordinated Amount							7,353,855.28
	Ending Subordinated Amount							7,353,855.28
	Specified Subordinated Amount							7,353,855.28


	Senior Enhancement Percentage							26.78%


				Page 7 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					1824	2417	4241
	Prior					1,479	1,850	3,329
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(82)	(114)	(196)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,397	1,736	3,133

	*Principal Balance:*
	Original					334,824,602.74	400,543,472.44	735,368,075.18
	Prior					254,696,020.51	294,533,554.33	549,229,574.84
	Prefunding					-	-	-
	Scheduled Principal					(231,205.54)	(254,799.51)	(486,005.05)
	Partial and Full Voluntary Prepayments					(17,578,752.69)	(23,112,261.21)	(40,691,013.90)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					236,886,062.28	271,166,493.61	508,052,555.89

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 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	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					7.276266%	7.246856%	7.260410%
	Weighted Average Coupon Current					7.293948%	7.246327%	7.268410%
	Weighted Average Months to Maturity Original					344	350	347
	Weighted Average Months to Maturity Prior					335	341	338
	Weighted Average Months to Maturity Current					334	339	337
	Weighted Avg Remaining Amortization Term Original					344	349	347
	Weighted Avg Remaining Amortization Term Prior					334	340	338
	Weighted Avg Remaining Amortization Term Current					334	339	336
	Weighted Average Seasoning Original					4.20	4.22	4.21
	Weighted Average Seasoning Prior					12.18	12.21	12.20
	Weighted Average Seasoning Current					13.18	13.22	13.20

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 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	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					3.357%	4.213%
	Weighted Average Margin Current					3.329%	4.185%
	Weighted Average Max Rate Original					8.800%	10.765%
	Weighted Average Max Rate Prior					8.312%	10.416%
	Weighted Average Max Rate Current					8.242%	10.360%
	Weighted Average Min Rate Original					4.463%	5.513%
	Weighted Average Min Rate Prior					4.202%	5.330%
	Weighted Average Min Rate Current					4.175%	5.302%
	Weighted Average Cap Up Original					0.974%	1.150%
	Weighted Average Cap Up Prior					0.925%	1.112%
	Weighted Average Cap Up Current					0.912%	1.107%
	Weighted Average Cap Down Original					0.974%	1.150%
	Weighted Average Cap Down Prior					0.925%	1.112%
	Weighted Average Cap Down Current					0.912%	1.107%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					18,116.62	21,915.16	40,031.78
	Delinquent Servicing Fees					88,006.72	100,807.15	188,813.87
	TOTAL SERVICING FEES					106,123.34	122,722.31	228,845.65

	Prepayment Interest Shortfall					48,094.29	79,860.25	127,954.54
	Compensating Interest					(48,094.29)	(79,860.25)	(127,954.54)
	Delinquent Servicing Fees					(88,006.72)	(100,807.15)	(188,813.87)

	COLLECTED SERVICING FEES					18,116.62	21,915.16	40,031.78


	Aggregate Advances with respect to this Distribution					1,405,716.51	1,593,303.48	2,999,019.99
	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							1,821,940.19


	Ending Pool Stated Principal Balance					236,886,062.28	271,166,493.61	508,052,555.89


				Page 10 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			12,873,004.88	2,885,478.50	1,514,697.94	17,273,181.32
		% Balance			2.53%	0.57%	0.30%	3.40%
		# Loans			93	19	14	126
		% # Loans			2.97%	0.61%	0.45%	4.02%
FORECLOSURE		Balance		153,936.94	-	3,699,534.10	8,091,957.98	11,945,429.02
		% Balance		0.03%	0.00%	0.73%	1.59%	2.35%
		# Loans		2	-	20	50	72
		% # Loans		0.06%	0.00%	0.64%	1.60%	2.30%
BANKRUPTCY		Balance		1,432,453.92	355,805.84	267,029.84	3,216,901.64	5,272,191.24
		% Balance		0.28%	0.07%	0.05%	0.63%	1.04%
		# Loans		10	2	2	19	33
		% # Loans		0.32%	0.06%	0.06%	0.61%	1.05%
REO		Balance		-	-	-	1,039,990.05	1,039,990.05
		% Balance		0.00%	0.00%	0.00%	0.20%	0.20%
		# Loans		-	-	-	9	9
		% # Loans		0.00%	0.00%	0.00%	0.29%	0.29%

TOTAL		Balance		1,586,390.86	13,228,810.72	6,852,042.44	13,863,547.61	35,530,791.63
		% Balance		0.31%	2.60%	1.35%	2.73%	6.99%
		# Loans		12	95	41	92	240
		% # Loans		0.38%	3.03%	1.31%	2.94%	7.66%
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 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			6,838,641.12	1,317,600.20	845,466.15	9,001,707.47
		% Balance			2.52%	0.49%	0.31%	3.32%
		# Loans			48	12	6	66
		% # Loans			2.76%	0.69%	0.35%	3.80%
FORECLOSURE		Balance		153,936.94	-	2,728,635.73	4,432,006.25	7,314,578.92
		% Balance		0.06%	0.00%	1.01%	1.63%	2.70%
		# Loans		2	-	14	29	45
		% # Loans		0.12%	0.00%	0.81%	1.67%	2.59%
BANKRUPTCY		Balance		548,062.07	355,805.84	-	1,755,192.24	2,659,060.15
		% Balance		0.20%	0.13%	0.00%	0.65%	0.98%
		# Loans		3	2	-	12	17
		% # Loans		0.17%	0.12%	0.00%	0.69%	0.98%
REO		Balance		-	-	-	790,216.70	790,216.70
		% Balance		0.00%	0.00%	0.00%	0.29%	0.29%
		# Loans		-	-	-	6	6
		% # Loans		0.00%	0.00%	0.00%	0.35%	0.35%

TOTAL		Balance		701,999.01	7,194,446.96	4,046,235.93	7,822,881.34	19,765,563.24
		% Balance		0.26%	2.65%	1.49%	2.88%	7.29%
		# Loans		5	50	26	53	134
		% # Loans		0.29%	2.88%	1.50%	3.05%	7.72%
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 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 2 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			6,034,363.76	1,567,878.30	669,231.79	8,271,473.85
		% Balance			2.55%	0.66%	0.28%	3.49%
		# Loans			45	7	8	60
		% # Loans			3.22%	0.50%	0.57%	4.29%
FORECLOSURE		Balance		-	-	970,898.37	3,659,951.73	4,630,850.10
		% Balance		0.00%	0.00%	0.41%	1.55%	1.95%
		# Loans		-	-	6	21	27
		% # Loans		0.00%	0.00%	0.43%	1.50%	1.93%
BANKRUPTCY		Balance		884,391.85	-	267,029.84	1,461,709.40	2,613,131.09
		% Balance		0.37%	0.00%	0.11%	0.62%	1.10%
		# Loans		7	-	2	7	16
		% # Loans		0.50%	0.00%	0.14%	0.50%	1.15%
REO		Balance		-	-	-	249,773.35	249,773.35
		% Balance		0.00%	0.00%	0.00%	0.11%	0.11%
		# Loans		-	-	-	3	3
		% # Loans		0.00%	0.00%	0.00%	0.21%	0.21%

TOTAL		Balance		884,391.85	6,034,363.76	2,805,806.51	6,040,666.27	15,765,228.39
		% Balance		0.37%	2.55%	1.18%	2.55%	6.66%
		# Loans		7	45	15	39	106
		% # Loans		0.50%	3.22%	1.07%	2.79%	7.59%
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 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	REO Report for December 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 3				Loan Group 1 = Group 1; 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 = 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

1079652 1		63,750.00	63,372.41	Feb-01-04	10.100%	IN - 85.00%	360	Oct-27-03
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 December 27, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 67				Loan Group 1 = Group 1
Total Original Principal Balance = 11,024,953.00				Loan Group 2 = Group 2
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

1000101 1		134,000.00	132,658.43	Mar-01-04	7.900%	NJ - 39.41%	360	Oct-23-03
1015524 1		49,300.00	48,923.68	May-01-04	9.250%	OK - 85.00%	360	Sep-29-03
1018326 1		320,000.00	315,927.04	Feb-01-04	6.250%	NJ - 57.66%	360	Oct-08-03
1018911 1		223,000.00	220,157.87	Jul-01-04	6.350%	MD - 67.58%	360	Oct-14-03
1020929 1		99,200.00	98,281.13	Aug-01-04	7.900%	ID - 80.00%	360	Oct-15-03
1042783 1		222,000.00	219,390.58	Jun-01-04	7.200%	MA - 79.00%	360	Oct-16-03
1044413 1		204,000.00	202,147.58	Jun-01-04	8.000%	CT - 80.00%	360	Oct-01-03
1059175 1		51,300.00	50,930.22	Feb-01-04	9.150%	IL - 90.00%	360	Oct-08-03
1076002 1		164,800.00	163,365.11	Apr-01-04	8.600%	NJ - 80.00%	360	Oct-02-03
1086928 1		153,000.00	151,779.75	Aug-01-04	8.650%	IA - 85.00%	360	Oct-06-03
1090288 1		316,000.00	312,334.23	Aug-01-04	6.740%	CA - 100.00%	360	Oct-20-03
1091890 1		326,250.00	323,801.30	Aug-01-04	8.950%	CA - 75.00%	360	Oct-14-03
1096635 1		140,000.00	138,778.21	Jun-01-04	8.200%	RI - 80.00%	360	Oct-14-03
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

	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					82	114	196
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					82	114	196

	Paid in Full Balance					17,561,842.57	23,099,083.93	40,660,926.50
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					16,910.12	13,177.28	30,087.40
	Total Prepayment Amount					17,578,752.69	23,112,261.21	40,691,013.90

	*Cumulative*
	Number of Paid in Full Loans					427	681	1,108
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					427	681	1,108

	Paid in Full Balance					94,922,948.04	126,025,008.74	220,947,956.78
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					315,637.06	281,643.89	597,280.95
	Total Prepayment Amount					95,238,585.10	126,306,652.63	221,545,237.73

SPACE INTENTIONALLY LEFT BLANK


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


				Page 17 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL

	SMM					6.91%	7.85%	7.42%
	3 Months Avg SMM					4.88%	5.99%	5.48%
	12 Months Avg SMM
	Avg SMM Since Cut-off					3.31%	3.74%	3.55%

	CPR					57.64%	62.53%	60.33%
	3 Months Avg CPR					45.11%	52.37%	49.14%
	12 Months Avg CPR
	Avg CPR Since Cut-off					33.26%	36.73%	35.16%

	PSA					2185.89%	2365.63%	2284.98%
	3 Months Avg PSA Approximation					1850.94%	2143.60%	2013.85%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1913.51%	2106.75%	2019.16%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 18 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

	Group 1
	Group 2

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


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


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

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

				Page 19 of 28				© COPYRIGHT 2004 Deutsche Bank


	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 196						Loan Group 1 = Group 1
Total Original Principal Balance = 41,125,555.00						Loan Group 2 = Group 2
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

939934 1			157,000.00	155,566.78	Nov-02-04	7.550%	OR - 73.36%	Paid Off - 360	Oct-31-03
989066 1			89,250.00	88,164.19	Nov-04-04	6.490%	CA - 81.14%	Paid Off - 360	Oct-01-03
991767 1			276,500.00	274,408.31	Nov-24-04	8.500%	NJ - 70.00%	Paid Off - 360	Oct-01-03
1002211 1			218,000.00	215,589.23	Nov-10-04	6.990%	CA - 85.49%	Paid Off - 360	Oct-10-03
1006832 1			200,000.00	198,119.95	Nov-02-04	7.400%	CA - 60.61%	Paid Off - 360	Oct-24-03
1019742 1			170,000.00	163,298.45	Nov-02-04	6.900%	NJ - 66.67%	Paid Off - 180	Oct-24-03
1022805 1			306,000.00	303,137.81	Nov-16-04	7.850%	MA - 85.00%	Paid Off - 360	Oct-01-03
1028618 1			264,000.00	260,514.29	Nov-30-04	6.500%	CA - 80.00%	Paid Off - 360	Aug-25-03
1040024 1			387,000.00	380,575.24	Nov-05-04	6.400%	NJ - 90.00%	Paid Off - 360	Oct-02-03
1045041 1			104,000.00	102,669.93	Nov-01-04	6.250%	TX - 80.00%	Paid Off - 360	Oct-03-03
1047049 1			153,000.00	151,593.72	Nov-26-04	7.600%	NY - 90.00%	Paid Off - 360	Oct-03-03
1052121 1			297,000.00	293,875.73	Nov-02-04	7.250%	CA - 90.00%	Paid Off - 360	Oct-02-03
1055149 1			318,250.00	314,385.75	Nov-16-04	6.500%	CA - 95.00%	Paid Off - 360	Sep-29-03
1055928 1			201,600.00	200,074.04	Nov-26-04	8.500%	MD - 80.00%	Paid Off - 360	Oct-20-03
1057968 1			195,000.00	193,064.78	Nov-04-04	7.750%	CA - 89.86%	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
1058983 1			207,000.00	205,434.24	Nov-02-04	8.500%	WA - 90.00%	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
1065184 1			296,000.00	292,335.46	Nov-12-04	6.400%	CA - 81.10%	Paid Off - 360	Oct-02-03
1066312 1			157,675.00	156,421.80	Nov-03-04	8.250%	VA - 85.00%	Paid Off - 360	Oct-27-03
1067074 1			195,000.00	193,027.99	Nov-18-04	7.760%	CA - 100.00%	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
1074825 1			223,000.00	220,507.37	Nov-01-04	6.500%	CA - 100.00%	Paid Off - 360	Oct-07-03
1077866 1			292,500.00	289,995.28	Nov-02-04	7.875%	NY - 90.00%	Paid Off - 360	Oct-08-03
1079265 1			242,041.00	239,874.36	Nov-10-04	7.650%	CA - 95.00%	Paid Off - 360	Oct-29-03
1082209 1			210,000.00	207,761.88	Nov-10-04	6.750%	CA - 75.00%	Paid Off - 360	Oct-22-03
1085851 1			210,000.00	207,855.12	Nov-18-04	7.450%	NJ - 75.00%	Paid Off - 360	Oct-23-03
1086727 1			153,000.00	151,589.57	Nov-30-04	7.500%	MI - 85.00%	Paid Off - 360	Oct-02-03
1087141 1			329,650.00	325,563.83	Nov-24-04	5.950%	MA - 95.00%	Paid Off - 360	Oct-20-03
1088237 1			50,000.00	49,647.77	Nov-16-04	8.850%	MD - 21.46%	Paid Off - 360	Oct-17-03
1089514 1			207,000.00	204,618.26	Nov-19-04	6.500%	CA - 90.00%	Paid Off - 360	Oct-17-03
1089833 1			93,500.00	92,594.47	Nov-26-04	7.250%	TN - 85.00%	Paid Off - 360	Oct-29-03
1090168 1			284,000.00	281,381.97	Nov-19-04	7.500%	WA - 80.00%	Paid Off - 360	Oct-31-03
1090555 1			178,400.00	176,982.07	Nov-02-04	8.250%	NH - 80.00%	Paid Off - 360	Oct-22-03
1091921 1			206,800.00	204,377.97	Nov-16-04	6.400%	CA - 94.00%	Paid Off - 360	Oct-31-03
1092797 1			104,000.00	103,069.00	Nov-08-04	7.650%	WA - 80.00%	Paid Off - 360	Oct-27-03
1094276 1			215,000.00	212,281.87	Nov-01-04	6.000%	CA - 75.44%	Paid Off - 360	Oct-21-03
1095337 1			61,600.00	61,225.82	Nov-18-04	9.850%	OH - 82.13%	Paid Off - 360	Oct-10-03
1095442 1			51,000.00	50,481.88	Nov-03-04	7.000%	MO - 65.38%	Paid Off - 360	Oct-10-03
1095775 1			322,800.00	320,474.77	Nov-04-04	8.750%	MD - 80.00%	Paid Off - 360	Oct-23-03
1095821 1			162,000.00	160,644.02	Nov-24-04	7.990%	CA - 80.00%	Paid Off - 360	Oct-23-03
1096131 1			194,400.00	192,604.35	Nov-10-04	7.490%	CA - 80.00%	Paid Off - 360	Oct-30-03
1096315 1			197,000.00	195,347.94	Nov-04-04	8.400%	IL - 89.95%	Paid Off - 360	Oct-01-03
1097656 1			106,250.00	105,297.78	Nov-23-04	7.650%	MA - 85.00%	Paid Off - 360	Oct-21-03

					Page 20 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

1098038 1			83,000.00	81,963.22	Nov-01-04	6.350%	NE - 55.33%	Paid Off - 360	Oct-07-03
1099032 1			120,000.00	118,681.37	Nov-24-04	6.750%	CT - 60.30%	Paid Off - 360	Oct-06-03
1099309 1			238,400.00	235,534.91	Nov-09-04	6.650%	TN - 80.00%	Paid Off - 360	Oct-20-03
1100110 1			228,000.00	225,979.08	Nov-30-04	7.700%	NJ - 80.00%	Paid Off - 360	Oct-10-03
1100191 1			246,675.00	244,401.03	Nov-24-04	7.500%	MA - 65.00%	Paid Off - 360	Oct-14-03
1100561 1			108,000.00	106,521.39	Nov-19-04	7.950%	CA - 74.48%	Paid Off - 360	Oct-21-03
1101532 1			256,500.00	253,660.10	Nov-30-04	6.550%	CA - 90.00%	Paid Off - 360	Oct-23-03
1101598 1			269,100.00	266,063.36	Nov-30-04	7.350%	MA - 89.73%	Paid Off - 360	Oct-07-03
1103210 1			295,000.00	292,594.09	Nov-18-04	8.700%	MA - 89.39%	Paid Off - 360	Oct-22-03
1105724 1			245,650.00	243,774.22	Nov-30-04	8.450%	RI - 85.00%	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
1107361 1			86,000.00	84,863.02	Nov-03-04	5.750%	CA - 58.11%	Paid Off - 360	Oct-17-03
1107726 1			266,000.00	263,462.48	Nov-05-04	7.750%	HI - 95.00%	Paid Off - 360	Sep-30-03
1108843 1			148,000.00	146,236.68	Nov-24-04	6.600%	CA - 79.57%	Paid Off - 360	Oct-03-03
1109837 1			180,000.00	178,978.26	Nov-24-04	9.900%	NV - 80.00%	Paid Off - 360	Oct-07-03
1110061 1			101,600.00	100,824.15	Nov-02-04	8.450%	FL - 80.00%	Paid Off - 360	Oct-08-03
1110216 1			123,750.00	122,516.94	Nov-22-04	7.100%	CA - 75.00%	Paid Off - 360	Oct-28-03
1110862 1			155,250.00	154,543.70	Nov-16-04	10.950%	CT - 75.00%	Paid Off - 360	Oct-29-03
1110955 1			84,200.00	83,121.48	Nov-22-04	7.500%	IN - 94.71%	Paid Off - 360	Oct-23-03
1110987 1			255,550.00	252,455.15	Nov-29-04	7.950%	VA - 92.93%	Paid Off - 360	Oct-15-03
1111040 1			297,000.00	293,983.01	Nov-19-04	7.000%	CA - 90.00%	Paid Off - 360	Oct-08-03
1112820 1			240,000.00	237,998.82	Nov-02-04	8.250%	CA - 73.85%	Paid Off - 360	Oct-17-03
1112900 1			252,621.00	250,337.34	Nov-23-04	7.600%	CA - 90.00%	Paid Off - 360	Oct-17-03
1115039 1			216,000.00	213,741.65	Nov-01-04	6.850%	OR - 90.00%	Paid Off - 360	Oct-17-03
1115166 1			200,300.00	198,095.46	Nov-17-04	7.500%	CA - 62.40%	Paid Off - 360	Oct-23-03
1115413 1			260,000.00	257,255.39	Nov-11-04	6.800%	CA - 89.66%	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
1117659 1			88,000.00	87,133.84	Nov-02-04	7.350%	CA - 66.67%	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
1120240 1			216,000.00	213,719.02	Nov-26-04	6.800%	CA - 80.00%	Paid Off - 360	Oct-16-03
1121292 1			320,000.00	317,273.33	Nov-10-04	7.900%	NJ - 80.00%	Paid Off - 360	Oct-24-03
1122788 1			219,000.00	217,133.88	Nov-02-04	7.900%	FL - 79.93%	Paid Off - 360	Oct-14-03
1123366 1			204,720.00	202,438.71	Nov-08-04	6.950%	CA - 80.00%	Paid Off - 360	Oct-02-03
1123835 1			358,000.00	354,434.40	Nov-03-04	7.150%	NY - 89.50%	Paid Off - 360	Oct-20-03
1125201 1			232,750.00	230,381.16	Nov-04-04	6.990%	CA - 95.00%	Paid Off - 360	Oct-29-03
1127518 1			160,000.00	158,219.63	Nov-01-04	7.250%	CA - 64.26%	Paid Off - 360	Oct-01-03
1127683 1			260,800.00	258,145.64	Nov-23-04	6.990%	CA - 80.00%	Paid Off - 360	Oct-09-03
1129084 1			120,000.00	118,769.19	Nov-26-04	6.950%	FL - 84.81%	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
1131496 1			382,000.00	377,391.63	Nov-16-04	6.150%	NY - 58.77%	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
1136797 1			94,000.00	93,154.55	Nov-16-04	8.500%	IL - 60.65%	Paid Off - 360	Oct-28-03
1137380 1			85,000.00	84,200.91	Nov-23-04	7.400%	MN - 85.00%	Paid Off - 360	Oct-15-03
1137646 1			117,600.00	115,639.24	Nov-19-04	6.400%	CA - 70.00%	Paid Off - 360	Oct-22-03
1138964 1			159,920.00	158,279.77	Nov-30-04	6.950%	MD - 80.00%	Paid Off - 360	Oct-10-03
1141294 1			262,500.00	260,285.20	Nov-22-04	7.950%	WI - 75.00%	Paid Off - 360	Oct-28-03
1141335 1			192,060.00	190,323.84	Nov-04-04	7.600%	CA - 90.00%	Paid Off - 360	Oct-21-03
1142394 1			174,000.00	172,162.85	Nov-23-04	7.000%	CA - 75.65%	Paid Off - 360	Oct-27-03
1142834 1			240,750.00	237,821.01	Nov-01-04	6.050%	CA - 75.00%	Paid Off - 360	Oct-20-03
1144234 1			215,200.00	213,366.26	Nov-08-04	7.900%	DC - 80.00%	Paid Off - 360	Oct-27-03
1146200 1			175,750.00	174,176.85	Nov-11-04	7.650%	MD - 95.00%	Paid Off - 360	Oct-23-03
1146382 1			217,800.00	215,478.78	Nov-10-04	6.750%	CA - 90.00%	Paid Off - 360	Oct-22-03

					Page 21 of 28				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

1146984 1			320,000.00	316,059.40	Nov-24-04	6.450%	CA - 65.98%	Paid Off - 360	Oct-23-03
1147523 1			192,000.00	189,973.20	Nov-04-04	6.800%	CA - 80.00%	Paid Off - 360	Oct-15-03
1150475 1			204,900.00	202,818.52	Nov-16-04	7.000%	MD - 100.00%	Paid Off - 360	Oct-31-03
1150676 1			171,800.00	169,879.66	Nov-03-04	6.500%	MD - 74.70%	Paid Off - 360	Oct-27-03
1151539 1			164,400.00	162,690.88	Nov-18-04	6.880%	WA - 80.00%	Paid Off - 360	Oct-15-03
1151652 1			250,000.00	247,161.49	Nov-22-04	6.500%	CA - 67.02%	Paid Off - 360	Oct-17-03
1153413 1			320,000.00	315,883.34	Nov-04-04	5.750%	CA - 88.89%	Paid Off - 360	Oct-31-03
1154252 1			196,000.00	191,551.13	Nov-03-04	7.400%	CA - 70.00%	Paid Off - 240	Oct-30-03
1154436 1			264,000.00	260,702.77	Nov-18-04	6.375%	TX - 80.00%	Paid Off - 360	Oct-27-03
1157018 1			166,000.00	165,868.69	Nov-02-04	5.250%	CA - 77.21%	Paid Off - 300	Oct-29-03
1157963 1			207,000.00	204,814.84	Nov-09-04	6.800%	CA - 90.00%	Paid Off - 360	Oct-30-03
1159027 1			101,500.00	100,365.49	Nov-08-04	6.500%	CA - 70.00%	Paid Off - 360	Oct-22-03
1165612 1			280,000.00	277,015.85	Nov-12-04	6.750%	CA - 70.00%	Paid Off - 360	Oct-23-03
1166095 1			200,000.00	197,497.67	Nov-29-04	5.900%	CA - 72.73%	Paid Off - 360	Oct-24-03
1170640 1			263,000.00	260,275.39	Nov-26-04	6.900%	CA - 90.69%	Paid Off - 360	Oct-30-03
1173147 1			237,579.00	234,550.80	Nov-04-04	5.800%	HI - 85.00%	Paid Off - 360	Oct-29-03
1176123 1			190,816.00	188,877.59	Nov-03-04	7.000%	VA - 100.00%	Paid Off - 360	Oct-24-03
1180877 1			255,000.00	252,761.91	Nov-03-04	7.750%	CA - 85.00%	Paid Off - 360	Oct-31-03
963422 2			84,000.00	83,471.21	Nov-09-04	9.400%	IL - 39.07%	Paid Off - 360	Oct-14-03
993927 2			301,750.00	297,232.06	Nov-26-04	6.500%	CT - 92.85%	Paid Off - 360	Oct-02-03
1001842 2			338,000.00	334,566.47	Nov-16-04	7.000%	NY - 100.00%	Paid Off - 360	Oct-29-03
1013012 2		FCL	346,500.00	343,605.40	Nov-29-04	8.000%	NY - 70.00%	Paid Off - 360	Oct-01-03
1017773 2			53,600.00	50,215.13	Nov-30-04	8.000%	PA - 80.00%	Paid Off - 180	Oct-01-03
1019844 2			50,000.00	49,605.66	Nov-30-04	9.300%	OR - 30.86%	Paid Off - 360	Oct-24-03
1026561 2			208,000.00	197,828.82	Nov-29-04	5.250%	NY - 78.49%	Paid Off - 180	Oct-27-03
1040427 2			95,200.00	94,443.28	Nov-24-04	8.250%	WI - 73.23%	Paid Off - 360	Oct-14-03
1048672 2			178,500.00	176,651.44	Nov-24-04	6.900%	MA - 70.00%	Paid Off - 360	Oct-27-03
1050124 2			98,250.00	97,726.22	Nov-26-04	10.200%	NJ - 75.00%	Paid Off - 360	Oct-15-03
1060620 2			72,000.00	70,793.89	Nov-30-04	8.000%	FL - 79.12%	Paid Off - 360	Sep-25-03
1061981 2			134,100.00	133,287.39	Nov-24-04	9.990%	NY - 90.00%	Paid Off - 360	Oct-07-03
1065030 2			285,000.00	282,772.53	Nov-02-04	8.750%	RI - 95.00%	Paid Off - 360	Oct-01-03
1067732 2			123,750.00	123,009.51	Nov-29-04	9.650%	IL - 75.00%	Paid Off - 360	Oct-08-03
1068638 2			191,900.00	189,638.21	Nov-02-04	6.000%	MA - 76.76%	Paid Off - 360	Oct-03-03
1071576 2			362,819.00	359,395.21	Nov-11-04	7.400%	CA - 95.00%	Paid Off - 360	Oct-17-03
1078857 2			246,300.00	237,023.15	Nov-30-04	8.600%	VA - 63.97%	Paid Off - 180	Oct-10-03
1079288 2			414,000.00	408,024.84	Nov-10-04	5.400%	CA - 90.00%	Paid Off - 360	Oct-16-03
1081306 2			76,500.00	75,084.76	Nov-05-04	9.100%	SC - 46.36%	Paid Off - 240	Oct-07-03
1084366 2			358,331.00	354,995.29	Nov-26-04	7.450%	WA - 100.00%	Paid Off - 360	Oct-15-03
1084566 2			220,350.00	218,644.06	Nov-30-04	8.800%	CA - 65.00%	Paid Off - 360	Oct-16-03
1084715 2			348,500.00	344,318.18	Nov-10-04	6.400%	IL - 85.00%	Paid Off - 360	Oct-10-03
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

	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 24 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


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 25 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

	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 26 of 28				© COPYRIGHT 2004 Deutsche Bank


	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for December 27, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00						Loan Group 2 = Group 2
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.

Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK


					Page 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 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))							3.80%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							19,296,240.52
	(y) Stated Principal Balance							508,052,555.89
	(B) 40% of Sr. Enhancement Percentage							9.91%

	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)							24.77%



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 28 of 28				© COPYRIGHT 2004 Deutsche Bank

MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-NC2 8-K