

                                    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-HE1)
                      (Exact name of registrant as specified in charter)


                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-104046-20                        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-HE1, 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 27, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President



                                   EXHIBIT INDEX

         DOCUMENT

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


	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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				19
			10.	Prepayment Detail Report				22
			11.	Realized Loss Report				31
			12.	Realized Loss Detail Report				34
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				35




				Total Number of Pages				35



			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 26, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		Countrywide Home Loans, Inc. Master Servicer
			Chase Manhattan Mortgage Master Servicer

								Distribution Date: December 27, 2004
	Underwriter(s):		Morgan Stanley					Record Date: December 24, 2004
			Countrywide Securities					November 30, 2004
			Utendahl Capital Partners, L.P.





						Page 1 of 35					© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	Mortgage Pass-Through Certificates
	REMIC II Series 2004-HE1
	Certificate Payment Report for December 27, 2004 Distribution


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

A-1	FLT	659,219,000.00			437,398,705.09	953,158.97	37,747,542.93	38,700,701.90	-	-	399,651,162.16
A-2	FLT	32,354,000.00			32,354,000.00	73,290.37	-	73,290.37	-	-	32,354,000.00
A-3	FLT	350,000,000.00			117,659,419.84	237,147.56	47,304,735.11	47,541,882.67	-	-	70,354,684.73
A-4	FLT	425,712,000.00			425,712,000.00	935,023.55	-	935,023.55	-	-	425,712,000.00
M-1	MEZ, FLT	102,967,000.00			102,967,000.00	243,887.44	-	243,887.44	-	-	102,967,000.00
M-2	MEZ, FLT	47,194,000.00			47,194,000.00	137,386.36	-	137,386.36	-	-	47,194,000.00
M-3	MEZ, FLT	17,161,000.00			17,161,000.00	53,651.74	-	53,651.74	-	-	17,161,000.00
B-1	SUB, FLT	17,161,000.00			17,161,000.00	58,084.99	-	58,084.99	-	-	17,161,000.00
B-2	SUB, FLT	17,161,000.00			17,161,000.00	60,301.62	-	60,301.62	-	-	17,161,000.00
B-3	SUB, FLT	17,161,000.00			17,161,000.00	87,640.05	-	87,640.05	-	-	17,161,000.00
X	SUB	30,033,429.00			30,032,160.01	4,274,821.68	-	4,274,821.68	-	-	30,032,160.01
R	R	-			-	-	-	-	-	-	-
P	EXE	-			-	2,464,518.23	-	2,464,518.23	-	-	-


Total		1,716,123,429.00			1,261,961,284.94	9,578,912.56	85,052,278.04	94,631,190.60	-	-	1,176,909,006.90


	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)

A-1	11/26/04	12/26/04		A-Act/360	61746RFC0	659,219,000.00	663.510465	1.445891	57.261006	58.706897	606.249459
A-2	11/26/04	12/26/04		A-Act/360	61746RET4	32,354,000.00	1,000.000000	2.265265	-	2.265265	1,000.000000
A-3	11/26/04	12/26/04		A-Act/360	61746REU1	350,000,000.00	336.169771	0.677564	135.156386	135.833950	201.013385
A-4	11/26/04	12/26/04		A-Act/360	61746REV9	425,712,000.00	1,000.000000	2.196376	-	2.196376	1,000.000000
M-1	11/26/04	12/26/04		A-Act/360	61746REW7	102,967,000.00	1,000.000000	2.368598	-	2.368598	1,000.000000
M-2	11/26/04	12/26/04		A-Act/360	61746REX5	47,194,000.00	1,000.000000	2.911098	-	2.911098	1,000.000000
M-3	11/26/04	12/26/04		A-Act/360	61746REY3	17,161,000.00	1,000.000000	3.126376	-	3.126376	1,000.000000
B-1	11/26/04	12/26/04		A-Act/360	61746REZ0	17,161,000.00	1,000.000000	3.384709	-	3.384709	1,000.000000
B-2	11/26/04	12/26/04		A-Act/360	61746RFA4	17,161,000.00	1,000.000000	3.513876	-	3.513876	1,000.000000
B-3	11/26/04	12/26/04		A-Act/360	61746RFB2	17,161,000.00	1,000.000000	5.106931	-	5.106931	1,000.000000
X				-		1,746,156,858.00	17.199005	2.448132	-	2.448132	17.199005
R				-		-	-	-	-	-	-
P				-		-	-	-	-	-	-


							Page 2 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	Mortgage Pass-Through Certificates
	REMIC II Series 2004-HE1
	Certificate Payment Report for December 27, 2004 Distribution


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

A-1	659,219,000.00		8,506,150.84		252,916,921.99	6,650,915.84	259,567,837.84	268,073,988.68	-	-	399,651,162.16
A-2	32,354,000.00		527,284.39		-	-	-	527,284.39	-	-	32,354,000.00
A-3	350,000,000.00		3,253,040.68		272,727,600.51	6,917,714.77	279,645,315.27	282,898,355.95	-	-	70,354,684.73
A-4	425,712,000.00		6,649,438.51		-	-	-	6,649,438.51	-	-	425,712,000.00
M-1	102,967,000.00		1,782,772.16		0.00	-	-	1,782,772.16	-	-	102,967,000.00
M-2	47,194,000.00		1,069,015.57		-	-	-	1,069,015.57	-	-	47,194,000.00
M-3	17,161,000.00		425,070.60		-	-	-	425,070.60	-	-	17,161,000.00
B-1	17,161,000.00		468,688.13		-	-	-	468,688.13	-	-	17,161,000.00
B-2	17,161,000.00		490,496.90		-	-	-	490,496.90	-	-	17,161,000.00
B-3	17,161,000.00		759,471.75		-	-	-	759,471.75	-	-	17,161,000.00
X	30,033,429.00		62,567,299.53		1,149.92	119.07	1,268.99	62,568,568.52	-	-	30,032,160.01
R	-		-		-	-	-	-	-	-	-
P	-		10,182,126.79		-	-	-	10,182,126.79	-	-	-


Total	1,716,123,429.00		96,680,855.85		525,645,672.42	13,568,749.68	539,214,422.10	635,895,277.95	-	-	1,176,909,006.90


	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)

A-1	2.53063%	437,398,705.09			953,158.97	-	-	-	953,158.97	953,158.97	-
A-2	2.63063%	32,354,000.00			73,290.37	-	-	-	73,290.37	73,290.37	-
A-3	2.34063%	117,659,419.84			237,147.56	-	-	-	237,147.56	237,147.56	(0.00)
A-4	2.55063%	425,712,000.00			935,023.55	-	-	-	935,023.55	935,023.55	0.00
M-1	2.75063%	102,967,000.00			243,887.44	-	-	-	243,887.44	243,887.44	-
M-2	3.38063%	47,194,000.00			137,386.36	-	-	-	137,386.36	137,386.36	-
M-3	3.63063%	17,161,000.00			53,651.74	-	-	-	53,651.74	53,651.74	-
B-1	3.93063%	17,161,000.00			58,084.99	-	-	-	58,084.99	58,084.99	-
B-2	4.08063%	17,161,000.00			60,301.62	-	-	-	60,301.62	60,301.62	-
B-3	5.93063%	17,161,000.00			87,640.05	-	-	-	87,640.05	87,640.05	-
X	4.11743%	30,032,160.01			4,274,821.68	-	-	-	4,274,821.68	4,274,821.68	-
R		-			-	-	-	-	-	-	-
P		-			2,464,518.23	-	-	-	2,464,518.23	2,464,518.23	-


Total		1,261,961,284.94			9,578,912.56	-	-	-	9,578,912.56	9,578,912.56	0.00


							Page 3 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					47,274,030.83	37,723,041.97	84,997,072.80
	Principal Other Accounts					121,198.87	593,292.34	714,491.21
	TOTAL NET PRINCIPAL					47,395,229.70	38,316,334.31	85,711,564.01

	Interest Collections					3,903,687.10	3,351,119.91	7,254,807.01
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(47,357.48)	(37,849.96)	(85,207.44)
	TOTAL NET INTEREST					3,856,329.62	3,313,269.95	7,169,599.57

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					51,251,559.32	41,629,604.26	92,881,163.58

	Prepayment Penalties Collected							2,464,518.23

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							94,631,190.60


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received					620,528.50	524,246.77	1,144,775.27
	Prepayments In Full					46,246,016.16	36,808,439.43	83,054,455.59
	Curtailments					333,029.11	35,039.96	368,069.07
	Liquidations					129,324.63	355,653.48	484,978.11
	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					(54,867.57)	(337.67)	(55,205.24)
	Delinquent Principal					(546,744.16)	(468,861.96)	(1,015,606.12)
	Advanced Principal					546,744.16	468,861.96	1,015,606.12

	TOTAL PRINCIPAL COLLECTED					47,274,030.83	37,723,041.97	84,997,072.80


				Page 4 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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					4,138,063.14	3,556,765.50	7,694,828.64
	Liquidation Interest					1,010.25	2,313.69	3,323.94
	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					(3,480,027.90)	(3,034,226.69)	(6,514,254.59)
	Interest Advanced					3,244,641.61	2,826,267.41	6,070,909.02

	TOTAL INTEREST COLLECTED					3,903,687.10	3,351,119.91	7,254,807.01


				Page 5 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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	0.00	0.00
	Reimbursements to Master Servicer							0.00
	Interest Realized Loss							0.00

	TOTAL INTEREST WITHDRAWALS					0.00	0.00	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					45,894.55	36,577.09	82,471.64
	Trustee Fees					1,462.93	1,272.87	2,735.80



	TOTAL INTEREST OTHER FEES					47,357.48	37,849.96	85,207.44


				Page 6 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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							29,976,954.77
	Ending Subordinated Amount							30,032,160.01
	Specified Subordinated Amount							30,032,160.01


	Senior Enhancement Percentage							21.14%


				Page 7 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					5521	5320	10841
	Prior					4,358	4,075	8,433
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(240)	(220)	(460)
	Repurchases					-	-	-
	Liquidations					(2)	(2)	(4)
	Current					4,116	3,853	7,969

	*Principal Balance:*
	Original					907,144,007.47	808,264,930.32	1,715,408,937.79
	Prior					675,073,997.67	586,887,287.27	1,261,961,284.94
	Prefunding					-	-	-
	Scheduled Principal					(620,528.50)	(524,246.77)	(1,144,775.27)
	Partial and Full Voluntary Prepayments					(46,579,045.27)	(36,843,479.39)	(83,422,524.66)
	Repurchases					-	-	-
	Liquidations					(129,324.63)	(355,653.48)	(484,978.11)
	Current					627,745,099.27	549,163,907.63	1,176,909,006.90

PREFUNDING						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


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


				Page 8 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original					7.383522%	7.302522%	7.345356%
	Weighted Average Coupon Prior					7.363152%	7.278324%	7.323666%
	Weighted Average Coupon Current					7.357546%	7.277198%	7.320179%
	Weighted Average Months to Maturity Original					345	350	347
	Weighted Average Months to Maturity Prior					335	340	337
	Weighted Average Months to Maturity Current					334	339	336
	Weighted Avg Remaining Amortization Term Original					345	349	347
	Weighted Avg Remaining Amortization Term Prior					335	340	337
	Weighted Avg Remaining Amortization Term Current					334	338	336
	Weighted Average Seasoning Original					4.68	4.65	4.67
	Weighted Average Seasoning Prior					12.67	12.63	12.66
	Weighted Average Seasoning Current					13.69	13.64	13.66

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 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original					3.857%	4.441%
	Weighted Average Margin Prior					3.695%	4.282%
	Weighted Average Margin Current					3.658%	4.228%
	Weighted Average Max Rate Original					11.704%	12.288%
	Weighted Average Max Rate Prior					11.497%	12.086%
	Weighted Average Max Rate Current					11.450%	12.022%
	Weighted Average Min Rate Original					7.383%	7.302%
	Weighted Average Min Rate Prior					7.357%	7.275%
	Weighted Average Min Rate Current					7.349%	7.273%
	Weighted Average Cap Up Original					0.878%	1.003%
	Weighted Average Cap Up Prior					0.843%	0.968%
	Weighted Average Cap Up Current					0.836%	0.956%
	Weighted Average Cap Down Original					0.878%	1.003%
	Weighted Average Cap Down Prior					0.843%	0.968%
	Weighted Average Cap Down Current					0.836%	0.956%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					45,894.55	36,577.09	82,471.64
	Delinquent Servicing Fees					235,386.29	207,959.27	443,345.56
	TOTAL SERVICING FEES					281,280.84	244,536.36	525,817.20

	Prepayment Interest Shortfall					149,019.78	109,319.97	258,339.75
	Compensating Interest					(149,019.78)	(109,319.97)	(258,339.75)
	Delinquent Servicing Fees					(235,386.29)	(207,959.27)	(443,345.56)

	COLLECTED SERVICING FEES					45,894.55	36,577.09	82,471.64


	Aggregate Advances with respect to this Distribution					3,791,385.77	3,295,129.37	7,086,515.14
	Current Nonrecoverable Advances					0.00	0.00	0.00


ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Net Prepayment Interest Shortfall							0.00

	Net Monthly Excess Cash Flow							4,330,026.92


	Ending Pool Stated Principal Balance					627,745,099.27	549,163,907.63	1,176,909,006.90


				Page 10 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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			32,483,181.48	7,635,476.50	4,858,699.10	44,977,357.08
		% Balance			2.76%	0.65%	0.41%	3.82%
		# Loans			219	63	35	317
		% # Loans			2.75%	0.79%	0.44%	3.98%
FORECLOSURE		Balance		484,744.12	156,816.10	7,461,150.26	18,357,591.72	26,460,302.20
		% Balance		0.04%	0.01%	0.63%	1.56%	2.25%
		# Loans		3	1	58	136	198
		% # Loans		0.04%	0.01%	0.73%	1.71%	2.48%
BANKRUPTCY		Balance		3,704,990.37	149,559.82	898,819.56	5,819,885.72	10,573,255.47
		% Balance		0.31%	0.01%	0.08%	0.49%	0.90%
		# Loans		25	2	8	40	75
		% # Loans		0.31%	0.03%	0.10%	0.50%	0.94%
REO		Balance		-	-	-	2,259,341.33	2,259,341.33
		% Balance		0.00%	0.00%	0.00%	0.19%	0.19%
		# Loans		-	-	-	22	22
		% # Loans		0.00%	0.00%	0.00%	0.28%	0.28%

TOTAL		Balance		4,189,734.49	32,789,557.40	15,995,446.32	31,295,517.87	84,270,256.08
		% Balance		0.36%	2.79%	1.36%	2.66%	7.16%
		# Loans		28	222	129	233	612
		% # Loans		0.35%	2.79%	1.62%	2.92%	7.68%
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 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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			18,760,842.81	3,905,287.38	2,096,574.09	24,762,704.28
		% Balance			3.42%	0.71%	0.38%	4.51%
		# Loans			128	34	12	174
		% # Loans			3.32%	0.88%	0.31%	4.52%
FORECLOSURE		Balance		64,817.35	156,816.10	4,207,048.93	9,864,885.94	14,293,568.32
		% Balance		0.01%	0.03%	0.77%	1.80%	2.60%
		# Loans		1	1	31	74	107
		% # Loans		0.03%	0.03%	0.80%	1.92%	2.78%
BANKRUPTCY		Balance		2,019,312.32	102,749.09	577,822.87	2,771,135.48	5,471,019.76
		% Balance		0.37%	0.02%	0.11%	0.50%	1.00%
		# Loans		13	1	6	22	42
		% # Loans		0.34%	0.03%	0.16%	0.57%	1.09%
REO		Balance		-	-	-	1,378,205.15	1,378,205.15
		% Balance		0.00%	0.00%	0.00%	0.25%	0.25%
		# Loans		-	-	-	14	14
		% # Loans		0.00%	0.00%	0.00%	0.36%	0.36%

TOTAL		Balance		2,084,129.67	19,020,408.00	8,690,159.18	16,110,800.66	45,905,497.51
		% Balance		0.38%	3.46%	1.58%	2.93%	8.36%
		# Loans		14	130	71	122	337
		% # Loans		0.36%	3.37%	1.84%	3.17%	8.75%
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 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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			13,722,338.67	3,730,189.12	2,762,125.01	20,214,652.80
		% Balance			2.19%	0.59%	0.44%	3.22%
		# Loans			91	29	23	143
		% # Loans			2.21%	0.70%	0.56%	3.47%
FORECLOSURE		Balance		419,926.77	-	3,254,101.33	8,492,705.78	12,166,733.88
		% Balance		0.07%	0.00%	0.52%	1.35%	1.94%
		# Loans		2	-	27	62	91
		% # Loans		0.05%	0.00%	0.66%	1.51%	2.21%
BANKRUPTCY		Balance		1,685,678.05	46,810.73	320,996.69	3,048,750.24	5,102,235.71
		% Balance		0.27%	0.01%	0.05%	0.49%	0.81%
		# Loans		12	1	2	18	33
		% # Loans		0.29%	0.02%	0.05%	0.44%	0.80%
REO		Balance		-	-	-	881,136.18	881,136.18
		% Balance		0.00%	0.00%	0.00%	0.14%	0.14%
		# Loans		-	-	-	8	8
		% # Loans		0.00%	0.00%	0.00%	0.19%	0.19%

TOTAL		Balance		2,105,604.82	13,769,149.40	7,305,287.14	15,184,717.21	38,364,758.57
		% Balance		0.34%	2.19%	1.16%	2.42%	6.11%
		# Loans		14	92	58	111	275
		% # Loans		0.34%	2.24%	1.41%	2.70%	6.68%
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 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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 = 21				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 1,944,935.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Current Balance = 1,478,121.81
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

928430 1		48,450.00	48,027.14	Jul-01-04	8.200%	MO - 85.00%	360	Oct-03-03
1021065 1		71,920.00	71,298.96	Apr-01-04	8.500%	FL - 80.00%	360	Oct-07-03
1034915 1		57,200.00	56,612.14	Apr-01-04	7.450%	MI - 65.00%	360	Oct-03-03
1052905 1		199,000.00	-	Dec-01-04	7.450%	MI - 81.22%	360	Oct-15-03
1084265 1		76,050.00	75,359.41	Apr-01-04	8.000%	MI - 90.00%	360	Oct-02-03
1097422 1		54,800.00	54,121.91	Apr-01-04	6.400%	MI - 84.31%	360	Oct-27-03
1134038 1		117,900.00	116,850.33	Mar-01-04	8.100%	FL - 90.00%	360	Oct-17-03
1134243 1		63,000.00	62,481.49	Dec-01-03	8.500%	PA - 75.00%	360	Oct-27-03
6524613 1		103,200.00	101,958.67	Jun-01-04	6.550%	VA - 80.00%	360	Oct-28-03
6689833 1		86,100.00	85,131.20	Mar-01-04	7.300%	NC - 77.43%	360	Sep-30-03
6763553 1		74,400.00	73,782.31	Jun-01-04	8.450%	TX - 80.00%	360	Oct-23-03
6557295 2		105,440.00	104,492.69	Jun-01-04	8.680%	TX - 80.00%	360	Sep-11-03
6808093 2		80,750.00	79,814.95	May-01-04	6.750%	MI - 95.00%	360	Oct-17-03
6878423 2		122,500.00	-	Dec-01-04	9.350%	MN - 70.00%	360	Oct-31-03
6975070 2		86,400.00	85,714.15	May-01-04	8.700%	MI - 90.00%	360	Oct-28-03
307140248 4		71,200.00	70,355.75	Mar-01-04	7.750%	TN - 80.00%	360	Jul-29-03
307249480 4		49,500.00	-	Dec-01-04	10.000%	TX - 75.00%	360	Sep-11-03
308211971 4		82,875.00	82,291.61	May-01-04	9.999%	MO - 85.00%	360	Aug-27-03
308223930 4		111,000.00	109,644.69	Mar-01-04	7.250%	GA - 92.50%	360	Sep-05-03
308254422 4		202,500.00	200,184.41	May-01-04	7.759%	TN - 90.00%	360	Aug-29-03
309053502 4		80,750.00	-	Dec-01-04	8.990%	VA - 85.00%	360	Sep-25-03


				Page 14 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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 = 176				Loan Group 1 = Group 1
Total Original Principal Balance = 23,412,519.00				Loan Group 2 = Group 2
Total Current Balance = 23,181,856.28


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

905643 1		176,000.00	174,204.65	Jul-01-04	8.500%	MA - 45.71%	360	Oct-20-03
1008242 1		141,750.00	140,192.35	Jun-01-04	8.000%	TX - 89.72%	360	Oct-24-03
1035955 1		189,000.00	187,232.10	Dec-01-03	7.850%	IL - 90.00%	360	Oct-28-03
1047691 1		144,810.00	143,607.07	Aug-01-04	8.450%	NC - 90.00%	360	Oct-01-03
1049417 1		116,910.00	115,987.02	Aug-01-04	8.700%	MI - 90.00%	360	Oct-07-03
1054927 1		137,600.00	136,331.58	Aug-01-04	8.500%	CT - 80.00%	360	Sep-26-03
1059688 1		113,800.00	112,507.11	Jan-01-04	7.250%	AZ - 79.03%	360	Oct-08-03
1070058 1		76,500.00	75,864.03	Apr-01-04	8.700%	IN - 85.00%	360	Oct-09-03
1071361 1		94,000.00	93,208.62	Jul-01-04	8.380%	MI - 100.00%	360	Oct-16-03
1078275 1		80,000.00	79,229.30	Jul-01-04	7.700%	MA - 86.02%	360	Oct-27-03
1083760 1		153,000.00	151,453.63	Jan-01-04	7.850%	IL - 85.00%	360	Oct-02-03
1086669 1		124,000.00	122,980.75	Aug-01-04	8.500%	MD - 80.00%	360	Oct-10-03
1089316 1		76,500.00	75,924.76	Aug-01-04	8.950%	AZ - 85.00%	360	Oct-23-03
1090192 1		76,300.00	75,727.26	Aug-01-04	8.950%	NY - 70.00%	360	Oct-22-03
1091503 1		49,300.00	48,886.56	Mar-01-04	8.400%	KY - 83.56%	360	Oct-30-03
1092024 1		65,450.00	64,918.88	Aug-01-04	8.950%	NE - 85.00%	360	Oct-03-03
1092771 1		146,320.00	145,055.65	Mar-01-04	8.250%	FL - 80.00%	360	Oct-24-03
1092792 1		54,000.00	53,576.92	Apr-01-04	8.750%	OH - 79.41%	360	Oct-07-03
1093637 1		310,000.00	306,347.96	Aug-01-04	6.750%	NY - 64.58%	360	Oct-20-03
1098093 1		78,300.00	77,591.93	May-01-04	8.250%	ID - 90.00%	360	Oct-14-03
1101270 1		298,000.00	294,415.75	Jul-01-04	6.550%	MA - 86.13%	360	Oct-23-03
1102825 1		124,000.00	122,769.77	Aug-01-04	7.550%	CA - 80.00%	360	Oct-24-03
1106637 1		250,000.00	247,779.16	Aug-01-04	8.500%	CA - 66.67%	360	Oct-01-03
1112226 1		132,000.00	130,925.91	Aug-01-04	8.550%	CO - 80.00%	360	Oct-10-03
1112401 1		64,000.00	63,473.91	Jun-01-04	8.500%	MI - 80.00%	360	Oct-06-03
1123629 1		328,790.00	325,652.43	Mar-01-04	7.750%	AL - 77.00%	360	Oct-21-03
1124390 1		216,000.00	213,773.74	Aug-01-04	7.750%	CA - 90.00%	360	Oct-15-03
1128095 1		59,500.00	58,980.66	Jul-01-04	8.200%	MS - 85.00%	360	Oct-10-03
1129777 1		108,800.00	107,859.89	Feb-01-04	8.250%	SC - 85.00%	360	Oct-17-03
1130644 1		100,000.00	99,218.31	Aug-01-04	8.750%	KY - 80.00%	360	Oct-22-03
1130891 1		165,750.00	164,247.84	Jul-01-04	8.400%	CO - 85.00%	360	Oct-01-03
1133082 1		102,200.00	101,370.07	Jul-01-04	8.560%	OH - 70.00%	360	Oct-30-03
1135689 1		106,750.00	105,780.61	Jul-01-04	8.000%	CA - 70.00%	360	Oct-10-03
1138942 1		150,875.00	149,272.68	Jul-01-04	7.200%	CT - 85.00%	360	Oct-22-03
1139224 1		63,750.00	63,309.94	Aug-01-04	8.950%	KY - 85.00%	360	Nov-19-03
1142486 1		239,220.00	237,153.06	Jul-01-04	8.250%	MD - 90.00%	360	Oct-21-03
1143834 1		102,000.00	101,064.58	Jun-01-04	7.950%	MI - 75.00%	360	Oct-20-03
1148092 1		74,200.00	73,349.04	Mar-01-04	6.800%	TX - 72.75%	360	Oct-31-03
1151749 1		60,000.00	59,471.16	Feb-01-04	8.150%	OH - 80.00%	360	Oct-24-03
1160602 1		249,300.00	246,728.43	May-01-04	7.350%	CA - 89.04%	360	Oct-23-03
1164886 1		70,550.00	69,652.04	Feb-01-04	6.250%	FL - 85.00%	360	Oct-29-03
1182229 1		63,750.00	63,344.48	Feb-01-04	9.350%	OH - 85.00%	360	Nov-17-03
1192151 1		72,000.00	71,471.92	Aug-01-04	8.650%	MD - 80.00%	360	Nov-26-03
1194063 1		127,500.00	126,646.41	Jul-01-04	9.100%	NY - 85.00%	360	Nov-21-03

				Page 15 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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

1199811 1		55,250.00	54,841.12	Mar-01-04	8.650%	OH - 85.00%	360	Nov-13-03
1207037 1		37,500.00	37,241.11	Jul-01-04	8.950%	MI - 75.00%	360	Nov-21-03
1210257 1		103,000.00	102,091.65	Aug-01-04	7.800%	MN - 83.06%	360	Nov-18-03
6071198 1		171,000.00	169,582.59	Aug-01-04	8.990%	FL - 90.00%	360	Sep-17-03
6178448 1		185,000.00	183,255.27	Apr-01-04	8.200%	NY - 61.67%	360	Sep-19-03
6204317 1		112,000.00	110,853.06	Jun-01-04	8.150%	WA - 80.00%	360	Sep-11-03
6354998 1		275,500.00	272,442.19	Feb-01-04	7.600%	WA - 93.39%	360	Sep-10-03
6441653 1		111,600.00	110,483.12	Aug-01-04	7.900%	IA - 90.00%	360	Sep-10-03
6459668 1		170,000.00	168,545.62	Jun-01-04	8.300%	IL - 85.00%	360	Oct-15-03
6475086 1		90,000.00	89,133.08	Jan-01-04	8.100%	TN - 75.00%	360	Oct-06-03
6554962 1		76,800.00	76,286.62	Aug-01-04	9.900%	TX - 80.00%	360	Sep-22-03
6555497 1		151,250.00	149,959.30	Aug-01-04	8.700%	NH - 77.56%	360	Sep-08-03
6576044 1		185,000.00	182,767.86	Apr-01-04	6.950%	MA - 74.00%	360	Oct-02-03
6599621 1		65,360.00	64,817.35	Dec-01-04	8.450%	WI - 75.47%	360	Oct-14-03
6601928 1		50,000.00	49,591.02	Jun-01-04	8.525%	FL - 69.44%	360	Oct-27-03
6629342 1		220,000.00	217,492.16	Aug-01-04	7.450%	CA - 84.62%	360	Sep-30-03
6642969 1		117,200.00	116,265.31	Aug-01-04	8.650%	TX - 66.97%	360	Oct-24-03
6650007 1		100,000.00	98,477.97	Aug-01-04	5.700%	MO - 69.44%	360	Oct-06-03
6651062 1		147,050.00	145,310.04	Aug-01-04	7.750%	AZ - 85.00%	360	Sep-19-03
6651887 1		108,800.00	107,516.02	Jul-01-04	6.650%	OR - 85.00%	360	Oct-31-03
6669069 1		191,250.00	189,564.23	Jul-01-04	8.150%	CA - 85.00%	360	Nov-03-03
6692613 1		120,000.00	118,865.73	Jul-01-04	7.800%	CO - 80.00%	360	Oct-15-03
6725449 1		267,000.00	264,351.07	Dec-01-03	7.550%	NY - 73.15%	360	Nov-03-03
6774717 1		108,000.00	107,072.36	May-01-04	8.280%	IL - 80.00%	360	Oct-15-03
6781306 1		81,700.00	81,064.60	Aug-01-04	8.775%	KY - 95.00%	360	Oct-17-03
6835082 1		56,000.00	55,516.10	Aug-01-04	8.490%	TX - 80.00%	360	Oct-24-03
6835570 1		49,950.00	49,717.78	Jul-01-04	10.850%	MO - 90.00%	360	Nov-17-03
6836208 1		85,850.00	85,165.38	Jul-01-04	8.650%	IN - 85.00%	360	Oct-29-03
6842526 1		88,000.00	87,126.90	Apr-01-04	7.550%	IA - 64.71%	360	Oct-31-03
6850413 1		140,000.00	138,513.19	Aug-01-04	7.200%	LA - 80.00%	360	Oct-14-03
6862233 1		117,000.00	114,674.80	Jul-01-04	9.200%	NJ - 90.00%	240	Oct-21-03
6879284 1		196,000.00	193,528.61	Jun-01-04	6.300%	NJ - 73.68%	360	Oct-20-03
6904246 1		118,750.00	117,812.42	Apr-01-04	8.700%	FL - 95.00%	360	Oct-21-03
6907938 1		204,000.00	201,878.71	Aug-01-04	9.150%	CA - 83.95%	360	Oct-29-03
6953557 1		138,000.00	136,571.70	Aug-01-04	7.350%	WA - 60.00%	360	Oct-29-03
6958192 1		215,000.00	212,773.69	Jun-01-04	7.850%	MN - 89.58%	360	Nov-04-03
6966594 1		88,000.00	87,028.69	Apr-01-04	7.000%	WA - 60.69%	360	Oct-29-03
6975291 1		112,500.00	111,602.77	Jun-01-04	8.650%	MI - 90.00%	360	Oct-27-03
6998097 1		171,950.00	170,324.19	Jul-01-04	8.550%	GA - 95.00%	360	Nov-04-03
7036892 1		150,300.00	149,014.12	Aug-01-04	8.300%	UT - 90.00%	360	Nov-03-03
1026739 2		52,000.00	51,368.57	Mar-01-04	6.500%	PA - 80.00%	360	Oct-07-03
1071173 2		63,001.00	62,467.29	Aug-01-04	8.350%	TX - 84.00%	360	Oct-21-03
1075041 2		140,000.00	139,060.95	Aug-01-04	9.500%	DC - 70.00%	360	Oct-16-03
1076492 2		219,900.00	216,799.68	Jul-01-04	6.740%	IL - 100.00%	360	Oct-02-03
1076834 2		99,000.00	98,335.94	Jul-01-04	9.500%	MI - 90.00%	360	Oct-06-03
1084882 2		130,025.00	128,760.02	Aug-01-04	7.650%	TX - 80.76%	360	Oct-20-03
1085163 2		245,000.00	242,490.80	Aug-01-04	8.000%	FL - 61.25%	360	Oct-02-03
1086229 2		205,000.00	202,781.31	May-01-04	7.500%	IN - 100.00%	360	Oct-01-03
1095069 2		36,400.00	36,138.71	Aug-01-04	9.550%	IL - 70.00%	360	Oct-09-03
1096238 2		296,000.00	293,063.42	Apr-01-04	7.550%	IL - 87.06%	360	Oct-27-03
1099377 2		105,700.00	104,836.54	Aug-01-04	9.250%	MN - 70.00%	360	Oct-02-03
1106556 2		160,000.00	157,806.89	Aug-01-04	6.500%	CT - 100.00%	360	Oct-31-03

				Page 16 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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

1109475 2		64,000.00	63,708.92	Dec-01-03	11.350%	TX - 44.44%	360	Oct-31-03
1109858 2		50,000.00	49,741.57	Jan-01-04	10.750%	WI - 41.32%	360	Oct-14-03
1110837 2		81,600.00	80,332.93	Aug-01-04	9.250%	TX - 77.71%	360	Oct-10-03
1112808 2		90,000.00	89,033.77	Aug-01-04	7.150%	WA - 93.75%	360	Oct-24-03
1113741 2		120,000.00	119,152.65	Apr-01-04	9.250%	WI - 80.00%	360	Oct-23-03
1116195 2		52,500.00	52,027.95	Jan-01-04	8.050%	TX - 75.00%	360	Oct-06-03
1116726 2		87,000.00	86,426.07	Aug-01-04	9.600%	MI - 79.82%	360	Oct-10-03
1121175 2		52,500.00	52,089.65	Apr-01-04	8.750%	PA - 70.00%	360	Oct-08-03
1130218 2		80,000.00	79,251.71	Jul-01-04	7.850%	NC - 80.00%	360	Oct-31-03
1137428 2		70,500.00	69,970.80	Jun-01-04	8.950%	WI - 75.00%	360	Oct-17-03
1149000 2		361,920.00	357,769.32	Feb-01-04	6.800%	TX - 80.00%	360	Oct-14-03
1162563 2		129,600.00	127,969.38	Jun-01-04	6.550%	CO - 80.00%	360	Oct-28-03
1213255 2		56,430.00	56,007.67	Jul-01-04	8.550%	ID - 95.00%	360	Nov-20-03
5463335 2		128,000.00	126,573.52	Aug-01-04	6.950%	MO - 80.00%	360	Nov-04-03
6199992 2		56,250.00	55,869.92	Jun-01-04	9.850%	MI - 75.00%	360	Sep-22-03
6332870 2		544,000.00	537,000.63	Jun-01-04	6.600%	CA - 49.68%	360	Sep-26-03
6354807 2		58,650.00	58,095.32	Jun-01-04	8.550%	OH - 85.00%	360	Sep-02-03
6376185 2		121,243.00	120,360.56	Jun-01-04	9.850%	NC - 95.00%	360	Sep-08-03
6404804 2		260,800.00	257,088.86	Jul-01-04	5.650%	FL - 80.00%	360	Oct-10-03
6498051 2		164,625.00	163,364.03	Jun-01-04	8.850%	AZ - 75.00%	360	Oct-29-03
6522033 2		109,725.00	108,720.55	Aug-01-04	8.350%	GA - 95.00%	360	Sep-15-03
6540945 2		113,050.00	111,948.34	Aug-01-04	8.400%	FL - 85.00%	360	Sep-10-03
6541623 2		190,400.00	189,074.80	Jul-01-04	9.700%	MA - 70.00%	360	Oct-09-03
6553419 2		114,750.00	113,943.01	May-01-04	9.650%	OK - 85.00%	360	Sep-11-03
6578616 2		124,100.00	122,756.81	Aug-01-04	7.500%	KY - 85.00%	360	Sep-11-03
6579779 2		135,850.00	134,874.87	Jul-01-04	9.550%	MI - 94.41%	360	Sep-11-03
6609082 2		41,600.00	41,385.08	Mar-01-04	10.750%	TN - 80.00%	360	Oct-15-03
6616534 2		132,000.00	130,652.78	Jul-01-04	7.800%	TN - 80.00%	360	Sep-23-03
6621724 2		91,000.00	90,366.57	Mar-01-04	9.662%	TX - 70.00%	360	Oct-22-03
6643523 2		352,500.00	348,495.85	Aug-01-04	6.850%	WA - 75.00%	360	Oct-21-03
6653960 2		74,800.00	74,078.49	Aug-01-04	8.300%	OH - 80.00%	360	Oct-09-03
6667511 2		228,000.00	226,112.32	Mar-01-04	8.850%	FL - 95.00%	360	Sep-22-03
6669689 2		157,500.00	156,192.93	Aug-01-04	8.550%	FL - 73.26%	360	Oct-21-03
6670369 2		41,250.00	41,109.43	Aug-01-04	12.680%	TX - 75.00%	360	Oct-22-03
6705499 2		90,100.00	89,483.06	Aug-01-04	9.400%	TX - 85.00%	360	Oct-10-03
6731317 2		55,100.00	54,708.49	Jun-01-04	9.600%	WI - 95.00%	360	Sep-30-03
6747299 2		109,600.00	108,145.64	May-01-04	6.500%	CA - 80.00%	360	Oct-15-03
6752098 2		68,000.00	67,428.32	Aug-01-04	9.180%	IA - 80.00%	360	Oct-29-03
6771092 2		106,250.00	104,935.32	Jul-01-04	6.400%	NJ - 85.00%	360	Oct-17-03
6771882 2		184,000.00	182,692.71	Aug-01-04	9.600%	TX - 89.32%	360	Oct-03-03
6788947 2		63,750.00	63,384.01	Jul-01-04	10.250%	TN - 85.00%	360	Oct-22-03
6791948 2		240,000.00	237,239.15	Jul-01-04	7.250%	NY - 80.00%	360	Oct-10-03
6825966 2		112,500.00	111,774.94	Aug-01-04	9.700%	NC - 90.00%	360	Oct-17-03
6862527 2		42,500.00	42,193.62	Jun-01-04	9.150%	OH - 85.00%	360	Oct-28-03
6865356 2		232,000.00	229,156.31	Jul-01-04	6.450%	WA - 80.00%	360	Oct-07-03
6866549 2		47,000.00	46,694.32	Aug-01-04	9.650%	TX - 55.29%	360	Nov-03-03
6884008 2		120,500.00	119,645.87	Jun-01-04	9.550%	UT - 88.60%	360	Oct-21-03
6927297 2		172,425.00	171,244.49	Mar-01-04	9.400%	TX - 95.00%	360	Oct-20-03
6929346 2		205,000.00	202,833.48	Jul-01-04	7.225%	NY - 62.12%	360	Oct-28-03
6931650 2		140,000.00	138,802.32	Aug-01-04	8.300%	CO - 61.40%	360	Oct-29-03
6944027 2		338,000.00	335,384.89	Nov-01-04	8.800%	CA - 89.89%	360	Oct-27-03
6949002 2		97,500.00	96,825.52	Jul-01-04	9.350%	FL - 75.00%	360	Oct-16-03

				Page 17 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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

6953077 2		123,500.00	122,663.01	Jan-01-04	9.450%	LA - 95.00%	360	Oct-28-03
6997880 2		144,000.00	142,816.41	Jun-01-04	8.500%	FL - 79.56%	360	Nov-06-03
7445741 2		66,500.00	66,124.87	Mar-01-04	9.930%	OH - 95.00%	360	Dec-04-03
304211648 3		63,000.00	61,856.15	May-01-04	8.625%	FL - 75.00%	360	Aug-29-03
306117279 3		75,000.00	74,193.08	Mar-01-04	7.900%	NY - 60.00%	360	Aug-07-03
306247702 3		54,400.00	53,842.53	Jun-01-04	8.490%	NE - 85.00%	360	Jul-07-03
307098015 3		140,000.00	138,662.75	Feb-01-04	8.500%	WA - 80.00%	360	Aug-12-03
307162456 3		101,700.00	100,160.23	Jun-01-04	6.990%	ME - 90.00%	360	Aug-18-03
307163393 3		145,000.00	143,359.78	May-01-04	7.990%	CA - 100.00%	360	Aug-01-03
307237974 3		159,200.00	157,218.35	May-01-04	7.500%	MN - 80.00%	360	Aug-11-03
307250506 3		100,000.00	98,900.36	Jan-01-04	8.015%	PA - 80.00%	360	Aug-20-03
308081613 3		158,573.00	156,816.10	Sep-01-04	7.750%	FL - 85.00%	360	Sep-02-03
308201031 3		289,000.00	285,945.47	Jun-01-04	7.990%	CA - 78.11%	360	Aug-29-03
309042375 3		270,400.00	267,467.72	Aug-01-04	7.490%	CA - 80.00%	360	Sep-12-03
309118923 3		172,550.00	171,092.20	May-01-04	8.750%	MA - 85.00%	360	Sep-19-03
305201422 4		197,000.00	194,475.89	May-01-04	7.990%	CO - 100.00%	360	May-30-03
306301054 4		272,000.00	269,135.82	Jul-01-04	7.990%	CA - 85.00%	360	Aug-18-03
307011909 4		103,500.00	102,236.18	May-01-04	7.250%	PA - 90.00%	360	Aug-26-03
307075237 4		170,000.00	168,715.78	Aug-01-04	9.990%	CT - 89.47%	360	Jul-22-03
307162402 4		70,550.00	69,889.20	Mar-01-04	9.259%	IN - 85.00%	360	Aug-06-03
307163115 4		44,000.00	42,041.92	May-01-04	8.250%	KY - 80.00%	180	Aug-29-03
308124119 4		93,500.00	92,513.74	Aug-01-04	8.000%	TN - 85.00%	360	Aug-22-03
308199427 4		139,750.00	138,766.25	Aug-01-04	9.999%	IN - 65.00%	360	Aug-29-03
308200622 4		151,117.00	150,107.31	May-01-04	10.250%	SC - 85.00%	360	Aug-29-03
308200915 4		229,500.00	226,486.71	Apr-01-04	6.875%	CA - 85.00%	360	Aug-29-03
309150502 4		72,250.00	71,663.72	May-01-04	8.950%	OH - 85.00%	360	Sep-23-03
309161608 4		62,100.00	61,561.98	Mar-01-04	8.625%	OH - 90.00%	360	Sep-29-03
309161812 4		68,000.00	67,453.71	Jun-01-04	8.999%	FL - 85.00%	360	Sep-26-03


				Page 18 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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					240	220	460
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					240	220	460

	Paid in Full Balance					46,246,016.16	36,808,439.43	83,054,455.59
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					333,029.11	35,039.96	368,069.07
	Total Prepayment Amount					46,579,045.27	36,843,479.39	83,422,524.66

	*Cumulative*
	Number of Paid in Full Loans					1,398	1,462	2,860
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					1,398	1,462	2,860

	Paid in Full Balance					270,234,658.74	251,301,044.26	521,535,703.00
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					1,015,630.83	621,210.10	1,636,840.93
	Total Prepayment Amount					271,250,289.57	251,922,254.36	523,172,543.93

SPACE INTENTIONALLY LEFT BLANK


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


				Page 19 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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%	6.28%	6.62%
	3 Months Avg SMM					5.52%	5.47%	5.50%
	12 Months Avg SMM
	Avg SMM Since Cut-off					3.52%	3.69%	3.60%

	CPR					57.63%	54.10%	56.02%
	3 Months Avg CPR					49.41%	49.08%	49.25%
	12 Months Avg CPR
	Avg CPR Since Cut-off					34.92%	36.33%	35.58%

	PSA					2105.60%	1983.22%	2049.98%
	3 Months Avg PSA Approximation					1948.62%	1942.24%	1945.65%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1902.08%	1987.21%	1942.11%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 20 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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 21 of 35				© COPYRIGHT 2004 Deutsche Bank


	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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 = 460						Loan Group 1 = Group 1
Total Original Principal Balance = 84,110,285.60						Loan Group 2 = Group 2
Total Prepayment Amount = 83,054,455.59


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

920529 1			229,850.00	227,280.89	Nov-02-04	6.500%	CA - 80.00%	Paid Off - 360	Oct-17-03
987613 1			212,500.00	210,541.00	Nov-23-04	7.500%	FL - 85.00%	Paid Off - 360	Oct-08-03
995711 1			128,000.00	126,876.53	Nov-18-04	7.750%	IL - 88.28%	Paid Off - 360	Oct-20-03
1000205 1			168,000.00	166,835.08	Nov-19-04	8.990%	NY - 80.00%	Paid Off - 360	Oct-01-03
1016733 1			213,200.00	210,980.96	Nov-02-04	7.700%	MA - 68.77%	Paid Off - 360	Aug-26-03
1020457 1			260,000.00	257,933.40	Nov-22-04	8.250%	NY - 65.00%	Paid Off - 360	Oct-20-03
1033207 1			90,000.00	89,094.52	Nov-23-04	7.050%	TX - 72.00%	Paid Off - 360	Oct-09-03
1035646 1			123,717.00	122,733.62	Nov-30-04	8.250%	NJ - 85.00%	Paid Off - 360	Oct-07-03
1035881 1			190,000.00	188,606.32	Nov-09-04	8.650%	FL - 76.00%	Paid Off - 360	Oct-23-03
1036150 1			110,500.00	109,940.67	Nov-22-04	5.750%	NV - 85.00%	Paid Off - 300	Oct-03-03
1040366 1			224,000.00	221,914.80	Nov-04-04	7.450%	CT - 82.99%	Paid Off - 360	Oct-27-03
1042780 1			108,000.00	107,097.74	Nov-30-04	8.000%	NJ - 80.00%	Paid Off - 360	Oct-14-03
1044841 1			180,000.00	178,563.23	Nov-24-04	8.250%	NJ - 64.98%	Paid Off - 360	Oct-07-03
1050323 1			106,250.00	105,388.42	Nov-16-04	8.150%	CA - 85.00%	Paid Off - 360	Oct-31-03
1057186 1			215,200.00	212,300.96	Nov-12-04	5.500%	CA - 80.00%	Paid Off - 360	Oct-10-03
1058739 1			145,000.00	143,527.06	Nov-24-04	7.000%	NJ - 78.38%	Paid Off - 360	Oct-23-03
1058750 1			212,500.00	210,608.29	Nov-30-04	8.100%	CA - 85.00%	Paid Off - 360	Oct-01-03
1061121 1			238,500.00	236,604.27	Nov-22-04	8.250%	RI - 90.00%	Paid Off - 360	Oct-31-03
1061369 1			144,635.00	143,301.68	Nov-23-04	7.500%	FL - 90.00%	Paid Off - 360	Oct-14-03
1062471 1			178,500.00	176,472.35	Nov-01-04	6.850%	CA - 85.00%	Paid Off - 360	Oct-01-03
1064868 1			110,000.00	108,990.33	Nov-29-04	7.900%	CA - 73.33%	Paid Off - 360	Oct-10-03
1065357 1			122,000.00	120,691.78	Nov-30-04	7.150%	NJ - 49.80%	Paid Off - 360	Oct-01-03
1066428 1			124,000.00	122,828.48	Nov-02-04	7.800%	CA - 75.15%	Paid Off - 360	Oct-03-03
1067427 1			120,000.00	119,119.76	Nov-16-04	8.650%	WI - 76.43%	Paid Off - 360	Oct-28-03
1070166 1			210,000.00	208,454.92	Nov-29-04	8.750%	NY - 62.69%	Paid Off - 360	Oct-29-03
1070859 1			133,450.00	132,145.72	Nov-18-04	7.200%	CA - 83.41%	Paid Off - 360	Oct-28-03
1073406 1			286,240.00	282,917.15	Nov-22-04	6.800%	IL - 79.51%	Paid Off - 360	Oct-08-03
1076087 1			272,000.00	269,686.41	Nov-03-04	7.950%	NJ - 80.00%	Paid Off - 360	Oct-06-03
1076435 1			142,000.00	140,336.03	Nov-24-04	6.250%	FL - 64.55%	Paid Off - 360	Oct-10-03
1077905 1			165,300.00	163,756.47	Nov-23-04	7.450%	RI - 95.00%	Paid Off - 360	Oct-21-03
1081955 1			200,000.00	199,738.27	Nov-09-04	5.250%	MD - 80.97%	Paid Off - 300	Oct-06-03
1084698 1			122,000.00	120,841.05	Nov-09-04	7.850%	AZ - 57.28%	Paid Off - 360	Oct-03-03
1085248 1			154,000.00	152,711.02	Nov-02-04	7.990%	CA - 70.00%	Paid Off - 360	Oct-14-03
1087199 1			180,000.00	178,616.75	Nov-01-04	8.490%	CA - 80.00%	Paid Off - 360	Oct-29-03
1090353 1			102,750.00	101,946.43	Nov-17-04	8.750%	MI - 75.00%	Paid Off - 360	Oct-01-03
1090976 1			219,000.00	216,552.19	Nov-10-04	6.500%	CA - 76.84%	Paid Off - 360	Oct-21-03
1091010 1			161,000.00	159,009.92	Nov-23-04	6.990%	NY - 60.75%	Paid Off - 360	Oct-03-03
1091092 1			284,750.00	282,418.09	Nov-10-04	8.100%	CA - 85.00%	Paid Off - 360	Oct-21-03
1091526 1			295,800.00	292,789.43	Nov-02-04	6.990%	VA - 85.00%	Paid Off - 360	Oct-20-03
1092516 1			288,000.00	284,151.71	Nov-23-04	5.990%	CA - 80.00%	Paid Off - 360	Oct-02-03
1094271 1			157,500.00	156,041.28	Nov-24-04	7.900%	CA - 90.00%	Paid Off - 360	Oct-02-03
1094654 1			157,875.00	156,785.27	Nov-29-04	8.950%	VA - 75.00%	Paid Off - 360	Oct-17-03
1094689 1			216,000.00	213,560.12	Nov-26-04	6.875%	TN - 80.00%	Paid Off - 360	Oct-24-03
1094781 1			192,000.00	190,030.77	Nov-08-04	6.950%	CA - 71.91%	Paid Off - 360	Oct-23-03

					Page 22 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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

1094969 1			256,000.00	252,856.30	Nov-09-04	6.000%	RI - 80.00%	Paid Off - 360	Oct-06-03
1101232 1			274,000.00	271,107.60	Nov-01-04	6.800%	CA - 76.75%	Paid Off - 360	Oct-24-03
1106733 1			65,000.00	64,472.86	Nov-26-04	8.150%	IN - 77.84%	Paid Off - 360	Oct-14-03
1106990 1			164,000.00	162,119.14	Nov-17-04	6.800%	CA - 80.00%	Paid Off - 360	Oct-10-03
1107332 1			96,000.00	95,148.99	Nov-16-04	7.700%	CA - 71.11%	Paid Off - 360	Oct-09-03
1108575 1			117,000.00	116,584.47	Nov-05-04	12.100%	CA - 68.82%	Paid Off - 360	Oct-06-03
1110214 1			129,200.00	127,849.23	Nov-01-04	6.850%	IL - 85.00%	Paid Off - 360	Oct-21-03
1113986 1			293,250.00	289,802.37	Nov-26-04	8.850%	NY - 85.00%	Paid Off - 360	Oct-21-03
1114080 1			120,000.00	119,128.65	Nov-11-04	8.700%	MA - 61.54%	Paid Off - 360	Oct-08-03
1116244 1			249,900.00	247,630.81	Nov-01-04	8.000%	CA - 100.00%	Paid Off - 360	Oct-01-03
1116843 1			155,000.00	153,348.06	Nov-01-04	6.750%	CA - 63.27%	Paid Off - 360	Oct-10-03
1117498 1			112,200.00	110,906.48	Nov-02-04	6.750%	CA - 85.00%	Paid Off - 360	Oct-20-03
1119047 1			89,870.00	89,033.27	Nov-18-04	7.450%	NC - 95.00%	Paid Off - 360	Oct-23-03
1121093 1			165,000.00	163,580.02	Nov-30-04	7.850%	CA - 94.83%	Paid Off - 360	Oct-07-03
1122472 1			209,839.00	207,374.26	Nov-11-04	6.550%	IL - 80.00%	Paid Off - 360	Oct-08-03
1123456 1			200,000.00	197,330.33	Nov-05-04	5.550%	CA - 86.21%	Paid Off - 360	Oct-10-03
1125036 1			202,300.00	200,610.00	Nov-01-04	8.000%	CA - 70.00%	Paid Off - 360	Oct-10-03
1125241 1			129,000.00	127,974.74	Nov-03-04	8.250%	CA - 69.73%	Paid Off - 360	Oct-21-03
1127288 1			260,000.00	256,879.63	Nov-23-04	6.900%	CA - 80.00%	Paid Off - 360	Oct-08-03
1127389 1			333,000.00	330,198.23	Nov-05-04	8.000%	CA - 90.00%	Paid Off - 360	Oct-21-03
1127618 1			127,500.00	126,005.94	Nov-29-04	6.250%	CA - 85.00%	Paid Off - 360	Oct-14-03
1127728 1			213,556.00	210,682.94	Nov-16-04	5.650%	MA - 56.95%	Paid Off - 360	Oct-31-03
1128535 1			108,000.00	107,223.68	Nov-09-04	8.750%	CA - 78.83%	Paid Off - 360	Oct-24-03
1129218 1			120,785.00	119,615.90	Nov-03-04	7.250%	FL - 80.00%	Paid Off - 360	Oct-01-03
1129816 1			134,500.00	129,237.00	Nov-05-04	6.990%	IL - 74.72%	Paid Off - 180	Oct-16-03
1129931 1			105,000.00	102,397.82	Nov-30-04	6.650%	CA - 61.76%	Paid Off - 240	Oct-15-03
1130022 1			135,000.00	129,388.21	Nov-23-04	6.250%	CA - 71.05%	Paid Off - 180	Oct-03-03
1131107 1			177,000.00	175,021.50	Nov-11-04	6.500%	CA - 65.56%	Paid Off - 360	Oct-28-03
1132070 1			142,300.00	140,754.17	Nov-02-04	6.650%	FL - 79.95%	Paid Off - 360	Oct-31-03
1135266 1			153,000.00	151,831.59	Nov-17-04	8.450%	MA - 90.00%	Paid Off - 360	Oct-20-03
1135520 1			132,000.00	130,852.56	Nov-23-04	7.800%	NV - 80.00%	Paid Off - 360	Oct-23-03
1141174 1			212,000.00	210,045.67	Nov-23-04	7.500%	CA - 80.00%	Paid Off - 360	Oct-29-03
1141458 1			110,000.00	108,860.77	Nov-17-04	6.900%	NE - 66.67%	Paid Off - 360	Oct-24-03
1142490 1			77,250.00	76,378.28	Nov-24-04	6.450%	MI - 75.00%	Paid Off - 360	Oct-20-03
1143928 1			181,600.00	179,884.53	Nov-24-04	7.375%	CA - 80.00%	Paid Off - 360	Oct-14-03
1144161 1			57,500.00	57,051.99	Nov-30-04	8.350%	NE - 54.76%	Paid Off - 360	Oct-16-03
1144756 1			169,500.00	167,641.08	Nov-24-04	6.600%	CA - 45.87%	Paid Off - 360	Oct-22-03
1145708 1			60,000.00	57,841.28	Nov-09-04	8.000%	CA - 17.14%	Paid Off - 180	Oct-27-03
1146826 1			274,500.00	274,497.68	Nov-11-04	5.750%	CA - 90.00%	Paid Off - 300	Oct-22-03
1150625 1			80,000.00	77,456.04	Nov-23-04	9.450%	TX - 80.00%	Paid Off - 180	Oct-22-03
1152272 1			60,000.00	59,360.54	Nov-01-04	6.750%	CA - 80.00%	Paid Off - 360	Oct-28-03
1152312 1			299,700.00	296,757.56	Nov-16-04	7.250%	CA - 90.00%	Paid Off - 360	Oct-16-03
1152964 1			83,250.00	82,310.52	Nov-26-04	6.450%	OH - 75.00%	Paid Off - 360	Oct-22-03
1153228 1			150,000.00	148,841.02	Nov-01-04	8.500%	NY - 53.19%	Paid Off - 360	Oct-20-03
1156324 1			137,750.00	136,769.76	Nov-22-04	8.800%	FL - 95.00%	Paid Off - 360	Oct-22-03
1158337 1			52,500.00	52,137.66	Nov-17-04	8.950%	PA - 82.03%	Paid Off - 360	Oct-22-03
1159515 1			256,500.00	254,072.21	Nov-03-04	6.900%	AL - 95.00%	Paid Off - 360	Nov-18-03
1166088 1			161,000.00	159,113.35	Nov-05-04	6.250%	CA - 70.00%	Paid Off - 360	Oct-31-03
1167668 1			253,000.00	250,882.24	Nov-03-04	7.990%	MN - 73.33%	Paid Off - 360	Oct-29-03
1168112 1			140,000.00	138,841.98	Nov-23-04	8.050%	TX - 80.00%	Paid Off - 360	Oct-31-03
1168333 1			107,100.00	106,001.51	Nov-19-04	6.950%	CA - 70.00%	Paid Off - 360	Oct-29-03
1169302 1			171,000.00	169,327.73	Nov-18-04	7.200%	CA - 90.00%	Paid Off - 360	Oct-22-03

					Page 23 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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

1177431 1			123,250.00	122,288.61	Nov-04-04	8.500%	KS - 85.00%	Paid Off - 360	Nov-10-03
1180952 1			211,000.00	208,852.40	Nov-10-04	6.990%	OR - 89.79%	Paid Off - 360	Oct-31-03
1184274 1			300,000.00	297,209.27	Nov-23-04	6.990%	NY - 86.96%	Paid Off - 360	Nov-20-03
1189900 1			56,100.00	55,699.80	Nov-22-04	8.450%	OH - 85.00%	Paid Off - 360	Nov-17-03
1193731 1			108,800.00	107,944.55	Nov-30-04	7.850%	IL - 85.00%	Paid Off - 360	Nov-17-03
5980046 1			93,500.00	92,743.56	Nov-22-04	8.800%	MI - 85.00%	Paid Off - 360	Sep-19-03
6164048 1			176,500.00	174,334.52	Nov-29-04	6.850%	CA - 88.25%	Paid Off - 360	Aug-20-03
6177042 1			320,000.00	315,072.84	Nov-16-04	5.850%	CA - 59.26%	Paid Off - 360	Sep-11-03
6291864 1			120,000.00	118,799.08	Nov-24-04	7.550%	LA - 80.00%	Paid Off - 360	Sep-23-03
6311342 1			157,500.00	156,083.16	Nov-22-04	8.050%	CA - 90.00%	Paid Off - 360	Sep-26-03
6314406 1			191,250.00	189,024.19	Nov-29-04	7.125%	IL - 84.62%	Paid Off - 360	Sep-15-03
6317294 1			195,500.00	192,984.71	Nov-01-04	6.600%	CA - 83.91%	Paid Off - 360	Sep-08-03
6341586 1			159,500.00	157,166.88	Nov-16-04	5.500%	FL - 62.55%	Paid Off - 360	Sep-22-03
6356370 1			145,500.00	143,876.44	Nov-22-04	8.180%	WI - 75.00%	Paid Off - 360	Oct-01-03
6372414 1			125,500.00	123,849.41	Nov-26-04	6.075%	CA - 72.54%	Paid Off - 360	Oct-02-03
6382711 1			50,400.00	49,981.55	Nov-03-04	8.450%	TX - 80.00%	Paid Off - 360	Sep-19-03
6386326 1			200,000.00	198,094.99	Nov-09-04	8.150%	MA - 66.67%	Paid Off - 360	Sep-08-03
6422497 1			240,000.00	236,733.88	Nov-05-04	5.900%	CA - 75.00%	Paid Off - 360	Sep-15-03
6422845 1			212,925.00	210,490.76	Nov-03-04	7.250%	NV - 85.00%	Paid Off - 360	Sep-08-03
6454674 1			240,000.00	228,053.76	Nov-24-04	5.990%	CA - 69.57%	Paid Off - 180	Sep-08-03
6468500 1			84,750.00	83,720.06	Nov-04-04	6.900%	TX - 79.95%	Paid Off - 360	Sep-03-03
6478298 1			184,000.00	182,472.40	Nov-17-04	8.450%	CA - 80.00%	Paid Off - 360	Sep-15-03
6483763 1			200,000.00	197,127.69	Nov-03-04	5.600%	CA - 60.61%	Paid Off - 360	Sep-15-03
6489761 1			219,200.00	216,538.42	Nov-05-04	6.500%	CA - 80.00%	Paid Off - 360	Sep-30-03
6513123 1			195,000.00	192,652.97	Nov-02-04	6.950%	NJ - 72.49%	Paid Off - 360	Sep-09-03
6527469 1			157,500.00	155,279.18	Nov-16-04	5.250%	CA - 75.00%	Paid Off - 360	Oct-20-03
6540252 1			210,000.00	207,751.24	Nov-16-04	7.800%	CA - 70.00%	Paid Off - 360	Sep-09-03
6564143 1			100,720.00	99,880.62	Nov-18-04	8.280%	IL - 80.00%	Paid Off - 360	Oct-21-03
6567142 1			87,500.00	85,525.54	Nov-11-04	6.600%	FL - 76.09%	Paid Off - 360	Sep-30-03
6572103 1			294,500.00	291,476.93	Nov-12-04	7.375%	CA - 95.00%	Paid Off - 360	Sep-23-03
6575811 1			92,000.00	91,193.09	Nov-08-04	8.180%	VA - 80.00%	Paid Off - 360	Oct-02-03
6586902 1			212,000.00	209,299.32	Nov-30-04	6.250%	CA - 80.00%	Paid Off - 360	Sep-16-03
6608817 1			199,500.00	197,540.07	Nov-10-04	7.600%	CA - 95.00%	Paid Off - 360	Sep-19-03
6620949 1		FCL	68,600.00	68,041.10	Nov-24-04	10.900%	TX - 70.00%	Paid Off - 300	Oct-30-03
6631940 1			191,900.00	189,901.23	Nov-19-04	7.300%	CA - 95.00%	Paid Off - 360	Sep-23-03
6633110 1			229,500.00	226,842.66	Nov-19-04	6.750%	NY - 85.00%	Paid Off - 360	Oct-01-03
6640362 1			247,500.00	245,506.26	Nov-09-04	8.600%	CA - 90.00%	Paid Off - 360	Sep-25-03
6643787 1			238,500.00	235,930.26	Nov-01-04	7.125%	CA - 91.73%	Paid Off - 360	Sep-26-03
6652298 1			292,000.00	288,451.46	Nov-16-04	6.500%	CA - 80.00%	Paid Off - 360	Sep-11-03
6665837 1			120,000.00	118,636.76	Nov-10-04	6.850%	CA - 80.00%	Paid Off - 360	Sep-19-03
6689841 1			174,000.00	172,279.98	Nov-02-04	7.300%	CA - 57.05%	Paid Off - 360	Nov-05-03
6689922 1			107,000.00	105,913.30	Nov-29-04	7.430%	ME - 59.44%	Paid Off - 360	Sep-30-03
6705928 1			165,600.00	164,177.57	Nov-30-04	8.280%	MN - 80.00%	Paid Off - 360	Sep-29-03
6712428 1			40,850.00	40,712.61	Nov-02-04	12.350%	LA - 95.00%	Paid Off - 360	Oct-09-03
6715362 1			234,400.00	232,119.52	Nov-18-04	7.650%	NY - 80.00%	Paid Off - 360	Sep-30-03
6719988 1			178,000.00	175,818.16	Nov-03-04	6.450%	FL - 73.25%	Paid Off - 360	Oct-08-03
6721532 1			143,250.00	141,563.45	Nov-18-04	6.225%	MD - 75.00%	Paid Off - 360	Oct-30-03
6722571 1			108,900.00	107,772.24	Nov-05-04	6.900%	AZ - 90.00%	Paid Off - 360	Nov-04-03
6729525 1			289,000.00	286,017.32	Nov-04-04	7.100%	MD - 85.00%	Paid Off - 360	Oct-22-03
6730140 1			219,925.00	218,360.15	Nov-17-04	8.800%	MA - 95.00%	Paid Off - 360	Oct-14-03
6730299 1			256,500.00	254,896.33	Nov-22-04	8.990%	NY - 95.00%	Paid Off - 360	Nov-17-03
6748589 1			172,000.00	170,252.80	Nov-02-04	7.000%	FL - 80.00%	Paid Off - 360	Oct-30-03

					Page 24 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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

6760694 1			361,000.00	358,002.18	Nov-16-04	8.030%	MA - 76.00%	Paid Off - 360	Oct-27-03
6764509 1			116,000.00	114,544.24	Nov-23-04	6.325%	FL - 80.00%	Paid Off - 360	Oct-06-03
6771939 1			112,000.00	103,902.71	Nov-24-04	8.450%	CA - 78.32%	Paid Off - 120	Oct-03-03
6773540 1			165,600.00	163,358.88	Nov-24-04	5.475%	NY - 80.00%	Paid Off - 360	Oct-28-03
6781608 1			141,600.00	140,354.85	Nov-17-04	8.180%	IL - 80.00%	Paid Off - 360	Oct-20-03
6794416 1			295,800.00	292,773.05	Nov-03-04	6.962%	CA - 85.00%	Paid Off - 360	Oct-14-03
6804519 1			95,988.00	94,984.43	Nov-16-04	6.850%	FL - 79.99%	Paid Off - 360	Oct-30-03
6806651 1			144,000.00	142,698.29	Nov-01-04	7.600%	NV - 80.00%	Paid Off - 360	Oct-23-03
6814387 1			239,200.00	237,298.82	Nov-24-04	8.250%	NJ - 65.00%	Paid Off - 360	Oct-20-03
6835007 1			246,050.00	244,223.95	Nov-03-04	8.600%	VA - 95.00%	Paid Off - 360	Nov-04-03
6836895 1			152,000.00	150,485.45	Nov-26-04	7.100%	MN - 95.00%	Paid Off - 360	Oct-24-03
6837816 1			172,000.00	170,286.87	Nov-04-04	7.530%	CA - 80.00%	Paid Off - 360	Oct-01-03
6842496 1			137,840.00	136,593.91	Nov-29-04	7.600%	IL - 80.00%	Paid Off - 360	Oct-23-03
6848109 1			85,000.00	84,227.47	Nov-05-04	7.625%	CA - 80.95%	Paid Off - 360	Oct-30-03
6853803 1			242,000.00	239,536.43	Nov-22-04	6.990%	CA - 94.90%	Paid Off - 360	Oct-28-03
6856144 1			83,200.00	82,466.83	Nov-09-04	7.730%	TX - 80.00%	Paid Off - 360	Oct-24-03
6858740 1			108,800.00	108,056.69	Nov-24-04	9.000%	TX - 80.00%	Paid Off - 360	Oct-28-03
6864120 1			118,000.00	116,912.15	Nov-22-04	7.500%	CA - 80.00%	Paid Off - 360	Oct-15-03
6872220 1			211,500.00	209,818.97	Nov-17-04	8.250%	FL - 90.00%	Paid Off - 360	Oct-20-03
6878296 1			174,250.00	172,611.93	Nov-01-04	7.400%	CA - 85.00%	Paid Off - 360	Nov-05-03
6878342 1			128,000.00	126,693.48	Nov-01-04	6.975%	CA - 80.00%	Paid Off - 360	Oct-22-03
6884237 1			171,000.00	169,259.62	Nov-02-04	6.990%	FL - 90.00%	Paid Off - 360	Oct-15-03
6890687 1			106,250.00	105,370.98	Nov-30-04	8.050%	IL - 85.00%	Paid Off - 360	Oct-20-03
6901611 1			232,200.00	230,240.59	Nov-02-04	7.990%	CA - 90.00%	Paid Off - 360	Oct-20-03
6909302 1			240,000.00	237,187.59	Nov-16-04	6.250%	CA - 80.00%	Paid Off - 360	Oct-28-03
6910742 1			71,200.00	70,625.44	Nov-02-04	8.180%	FL - 80.00%	Paid Off - 360	Oct-21-03
6922090 1			102,000.00	100,793.46	Nov-08-04	6.200%	CA - 61.82%	Paid Off - 360	Nov-05-03
6931731 1			202,400.00	200,083.44	Nov-05-04	6.375%	CA - 80.00%	Paid Off - 360	Oct-20-03
6935605 1			228,000.00	225,414.89	Nov-10-04	6.500%	CA - 80.00%	Paid Off - 360	Oct-24-03
6940897 1			228,000.00	225,898.21	Nov-12-04	7.500%	CA - 80.00%	Paid Off - 360	Oct-27-03
6942237 1			156,000.00	154,314.99	Nov-16-04	6.680%	WA - 80.00%	Paid Off - 360	Oct-22-03
6961479 1			204,800.00	202,930.46	Nov-05-04	7.550%	MO - 80.00%	Paid Off - 360	Oct-30-03
6962513 1			176,000.00	174,370.82	Nov-12-04	7.500%	CA - 80.00%	Paid Off - 360	Oct-31-03
6963986 1			328,500.00	325,616.73	Nov-17-04	7.750%	CT - 90.00%	Paid Off - 360	Oct-31-03
7005687 1			164,700.00	162,902.25	Nov-23-04	6.625%	FL - 90.00%	Paid Off - 360	Oct-30-03
7009372 1			215,200.00	212,630.45	Nov-02-04	6.150%	CA - 80.00%	Paid Off - 360	Oct-31-03
7010710 1			308,000.00	304,217.69	Nov-26-04	6.000%	CA - 80.00%	Paid Off - 360	Oct-28-03
7044275 1			148,500.00	147,714.38	Nov-04-04	9.800%	IL - 90.00%	Paid Off - 360	Nov-20-03
7089694 1			222,300.00	220,710.86	Nov-26-04	8.800%	FL - 95.00%	Paid Off - 360	Nov-05-03
949431 2			129,700.00	128,423.41	Nov-05-04	7.600%	KS - 69.73%	Paid Off - 360	Oct-10-03
1004491 2			108,000.00	107,226.23	Nov-10-04	9.350%	VA - 90.00%	Paid Off - 360	Oct-14-03
1006367 2			188,100.00	185,782.18	Nov-04-04	7.700%	MD - 90.00%	Paid Off - 360	Oct-03-03
1007617 2			183,750.00	181,733.75	Nov-17-04	6.600%	NJ - 75.00%	Paid Off - 360	Oct-22-03
1010333 2			136,000.00	135,151.34	Nov-02-04	9.850%	NJ - 80.00%	Paid Off - 360	Oct-03-03
1012356 2			373,500.00	368,964.95	Nov-01-04	6.500%	MA - 90.00%	Paid Off - 360	Oct-01-03
1017766 2			150,000.00	148,461.46	Nov-10-04	6.950%	VA - 60.00%	Paid Off - 360	Oct-08-03
1018944 2			380,000.00	376,462.60	Nov-02-04	7.450%	NJ - 95.00%	Paid Off - 360	Oct-20-03
1020951 2			34,800.00	33,550.96	Nov-23-04	10.300%	CO - 20.00%	Paid Off - 240	Sep-02-03
1023888 2			438,000.00	432,486.58	Nov-30-04	6.600%	NY - 83.43%	Paid Off - 360	Oct-17-03
1028188 2			153,000.00	151,996.47	Nov-01-04	9.200%	NJ - 85.00%	Paid Off - 360	Oct-10-03
1039041 2			397,300.00	394,491.87	Nov-08-04	8.900%	IL - 90.00%	Paid Off - 360	Oct-28-03
1039902 2			222,000.00	219,144.03	Nov-12-04	5.750%	CA - 79.29%	Paid Off - 360	Oct-22-03

					Page 25 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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

1049761 2			59,900.00	59,469.86	Nov-22-04	9.200%	NJ - 57.10%	Paid Off - 360	Oct-01-03
1050318 2			107,200.00	106,001.75	Nov-16-04	6.500%	FL - 79.41%	Paid Off - 360	Oct-31-03
1055945 2			60,480.00	58,104.76	Nov-09-04	7.950%	TX - 77.54%	Paid Off - 180	Sep-30-03
1056728 2			340,000.00	336,261.48	Nov-02-04	6.750%	CA - 94.44%	Paid Off - 360	Oct-10-03
1059498 2			110,000.00	108,008.23	Nov-01-04	6.650%	MN - 78.01%	Paid Off - 360	Oct-08-03
1060201 2			306,000.00	302,319.64	Nov-11-04	6.550%	MI - 90.00%	Paid Off - 360	Oct-01-03
1062646 2			31,500.00	30,960.47	Nov-01-04	10.400%	CA - 15.00%	Paid Off - 240	Oct-01-03
1064456 2			337,250.00	332,574.13	Nov-11-04	5.950%	NJ - 95.00%	Paid Off - 360	Oct-02-03
1067597 2			81,000.00	80,400.03	Nov-03-04	8.150%	IL - 90.00%	Paid Off - 360	Nov-20-03
1068686 2			194,119.00	192,299.50	Nov-03-04	7.750%	CA - 100.00%	Paid Off - 360	Oct-20-03
1070143 2			275,000.00	271,543.39	Nov-05-04	5.875%	CA - 74.32%	Paid Off - 360	Oct-28-03
1070581 2			360,000.00	353,092.17	Nov-09-04	6.500%	NJ - 80.00%	Paid Off - 360	Oct-31-03
1071476 2			81,000.00	79,525.91	Nov-24-04	10.300%	CA - 20.00%	Paid Off - 240	Oct-17-03
1071538 2			337,450.00	334,741.73	Nov-09-04	8.250%	MI - 85.00%	Paid Off - 360	Oct-07-03
1072075 2			210,000.00	208,144.62	Nov-10-04	7.850%	MA - 61.40%	Paid Off - 360	Oct-22-03
1073004 2			230,000.00	227,429.17	Nov-16-04	6.500%	NY - 58.97%	Paid Off - 360	Oct-29-03
1073613 2			68,000.00	67,203.15	Nov-02-04	6.250%	OH - 69.39%	Paid Off - 360	Oct-21-03
1077570 2			380,000.00	375,752.62	Nov-04-04	6.500%	FL - 100.00%	Paid Off - 360	Oct-03-03
1079474 2			213,000.00	210,384.25	Nov-04-04	6.000%	CA - 100.00%	Paid Off - 360	Oct-14-03
1081569 2			278,350.00	275,516.94	Nov-08-04	6.990%	CA - 95.00%	Paid Off - 360	Oct-10-03
1084612 2			184,000.00	182,303.75	Nov-16-04	7.500%	CA - 77.64%	Paid Off - 360	Oct-21-03
1085429 2			53,250.00	52,974.89	Nov-22-04	10.350%	MI - 75.00%	Paid Off - 360	Oct-06-03
1087114 2			234,000.00	233,999.98	Nov-01-04	5.750%	CA - 79.86%	Paid Off - 300	Oct-07-03
1087413 2			152,000.00	150,267.77	Nov-17-04	6.400%	MD - 95.00%	Paid Off - 360	Oct-07-03
1087753 2			74,000.00	71,552.45	Nov-16-04	6.700%	TX - 71.15%	Paid Off - 240	Oct-22-03
1088066 2			164,070.00	163,109.22	Nov-04-04	9.750%	FL - 90.00%	Paid Off - 360	Oct-01-03
1090560 2			275,000.00	271,777.47	Nov-01-04	6.250%	MD - 61.11%	Paid Off - 360	Oct-22-03
1092549 2			72,000.00	70,702.21	Nov-23-04	9.990%	CA - 20.00%	Paid Off - 240	Oct-02-03
1092850 2			351,000.00	346,081.77	Nov-16-04	6.990%	CA - 88.86%	Paid Off - 360	Oct-07-03
1093071 2			488,750.00	483,198.16	Nov-19-04	6.850%	CA - 88.06%	Paid Off - 360	Oct-02-03
1094203 2			361,000.00	355,734.23	Nov-04-04	6.200%	NJ - 95.00%	Paid Off - 360	Oct-22-03
1094666 2			254,250.00	252,242.71	Nov-30-04	8.700%	CA - 75.00%	Paid Off - 360	Oct-16-03
1096076 2			100,000.00	99,173.77	Nov-04-04	8.490%	ID - 100.00%	Paid Off - 360	Oct-03-03
1097356 2			57,462.00	56,623.98	Nov-02-04	11.000%	CA - 20.00%	Paid Off - 240	Oct-17-03
1101512 2			70,000.00	68,602.91	Nov-19-04	9.800%	CA - 20.00%	Paid Off - 240	Oct-24-03
1103453 2			252,000.00	249,390.32	Nov-03-04	6.900%	NY - 90.00%	Paid Off - 360	Oct-01-03
1105418 2			123,500.00	122,026.27	Nov-05-04	6.950%	MD - 95.00%	Paid Off - 360	Oct-03-03
1106220 2			127,500.00	126,265.92	Nov-17-04	7.250%	CA - 85.00%	Paid Off - 360	Oct-10-03
1106734 2			160,500.00	158,457.15	Nov-09-04	6.250%	CA - 72.95%	Paid Off - 360	Oct-06-03
1108573 2			48,600.00	47,882.04	Nov-10-04	10.900%	CA - 20.00%	Paid Off - 240	Oct-30-03
1108703 2			84,000.00	82,459.29	Nov-16-04	9.850%	CA - 20.00%	Paid Off - 240	Oct-02-03
1110685 2			419,851.00	414,276.97	Nov-05-04	5.800%	CA - 80.00%	Paid Off - 360	Oct-10-03
1111653 2			270,000.00	267,810.79	Nov-24-04	8.150%	NY - 90.00%	Paid Off - 360	Oct-23-03
1112292 2			265,000.00	261,779.27	Nov-17-04	6.500%	CA - 72.60%	Paid Off - 360	Oct-31-03
1112660 2			342,475.00	339,698.07	Nov-22-04	8.150%	NY - 95.00%	Paid Off - 360	Oct-09-03
1112750 2			344,000.00	339,859.54	Nov-08-04	6.550%	CA - 80.00%	Paid Off - 360	Oct-06-03
1113812 2			145,000.00	143,021.11	Nov-22-04	7.500%	CA - 100.00%	Paid Off - 360	Oct-01-03
1114130 2			210,000.00	207,862.63	Nov-05-04	6.990%	WA - 100.00%	Paid Off - 360	Oct-09-03
1114728 2			391,400.00	387,611.77	Nov-12-04	7.250%	CA - 90.00%	Paid Off - 360	Oct-31-03
1115328 2			73,600.00	73,190.00	Nov-30-04	9.990%	LA - 80.00%	Paid Off - 360	Oct-20-03
1116714 2			41,000.00	40,243.19	Nov-17-04	9.800%	CA - 20.00%	Paid Off - 240	Oct-10-03
1116937 2			166,000.00	163,771.54	Nov-03-04	6.500%	IL - 100.00%	Paid Off - 360	Oct-06-03

					Page 26 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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

1117652 2			310,500.00	308,199.48	Nov-09-04	8.600%	MN - 90.00%	Paid Off - 360	Oct-06-03
1119447 2			140,000.00	138,830.36	Nov-04-04	8.000%	CA - 66.67%	Paid Off - 360	Oct-15-03
1120275 2			54,000.00	53,165.09	Nov-26-04	10.550%	CA - 20.00%	Paid Off - 240	Oct-16-03
1124340 2			132,000.00	130,481.06	Nov-03-04	7.250%	CA - 80.00%	Paid Off - 360	Oct-31-03
1127047 2			108,800.00	108,129.08	Nov-24-04	9.500%	IL - 80.00%	Paid Off - 360	Oct-24-03
1127062 2			450,000.00	446,862.29	Nov-26-04	8.900%	FL - 85.71%	Paid Off - 360	Oct-08-03
1128287 2			475,000.00	474,950.52	Nov-19-04	4.750%	CA - 82.61%	Paid Off - 300	Oct-16-03
1129574 2			513,000.00	507,084.67	Nov-17-04	6.350%	CA - 95.00%	Paid Off - 360	Oct-23-03
1130487 2			127,000.00	125,928.50	Nov-10-04	7.950%	MN - 70.36%	Paid Off - 360	Oct-28-03
1131355 2			70,000.00	68,804.90	Nov-12-04	9.750%	CA - 20.00%	Paid Off - 240	Oct-16-03
1132306 2			388,000.00	381,828.99	Nov-10-04	5.460%	CA - 78.38%	Paid Off - 360	Aug-26-03
1132706 2			82,600.00	82,211.92	Nov-22-04	10.800%	TX - 70.00%	Paid Off - 360	Oct-29-03
1132989 2			490,500.00	485,272.44	Nov-05-04	6.750%	CA - 90.00%	Paid Off - 360	Oct-06-03
1133557 2			35,000.00	34,713.84	Nov-02-04	8.350%	NM - 58.33%	Paid Off - 360	Oct-27-03
1133941 2			274,550.00	271,513.88	Nov-03-04	6.990%	CA - 95.00%	Paid Off - 360	Oct-02-03
1133951 2			255,000.00	252,737.26	Nov-01-04	7.850%	IL - 81.73%	Paid Off - 360	Oct-22-03
1134444 2			249,900.00	247,808.24	Nov-16-04	7.990%	CA - 100.00%	Paid Off - 360	Oct-20-03
1134706 2			163,000.00	162,084.32	Nov-02-04	9.950%	TX - 100.00%	Paid Off - 360	Oct-10-03
1135016 2			353,700.00	350,314.00	Nov-30-04	7.350%	CA - 90.00%	Paid Off - 360	Oct-15-03
1135111 2			340,000.00	336,424.17	Nov-17-04	7.250%	CA - 85.00%	Paid Off - 360	Oct-03-03
1135223 2			176,000.00	174,514.85	Nov-01-04	7.950%	MD - 79.28%	Paid Off - 360	Oct-22-03
1136459 2			413,203.00	408,451.50	Nov-02-04	6.350%	CA - 95.00%	Paid Off - 360	Oct-17-03
1138303 2			65,000.00	64,050.74	Nov-24-04	10.990%	CA - 20.00%	Paid Off - 240	Oct-08-03
1138922 2			108,000.00	106,504.18	Nov-23-04	7.950%	MI - 90.00%	Paid Off - 360	Oct-31-03
1139063 2			39,980.00	39,334.78	Nov-30-04	10.200%	MD - 20.00%	Paid Off - 240	Oct-10-03
1139192 2			70,000.00	69,381.34	Nov-19-04	7.750%	FL - 64.81%	Paid Off - 360	Oct-21-03
1139570 2			128,250.00	127,314.71	Nov-15-04	8.700%	NV - 95.00%	Paid Off - 360	Oct-30-03
1139852 2			202,350.00	200,151.86	Nov-18-04	6.650%	CA - 95.00%	Paid Off - 360	Oct-27-03
1142024 2			392,000.00	392,000.00	Nov-24-04	5.750%	CA - 80.00%	Paid Off - 300	Oct-10-03
1143369 2			81,000.00	79,236.22	Nov-09-04	8.450%	TX - 42.19%	Paid Off - 360	Oct-28-03
1144600 2			33,000.00	32,485.50	Nov-23-04	10.550%	NV - 20.00%	Paid Off - 240	Oct-23-03
1144718 2			192,000.00	190,049.53	Nov-16-04	7.000%	RI - 98.97%	Paid Off - 360	Oct-27-03
1145228 2			35,000.00	34,262.43	Nov-09-04	8.025%	OR - 30.17%	Paid Off - 240	Oct-29-03
1145915 2			292,330.00	289,763.91	Nov-01-04	7.750%	CA - 100.00%	Paid Off - 360	Oct-28-03
1147527 2			48,000.00	47,210.58	Nov-04-04	10.050%	CA - 20.00%	Paid Off - 240	Oct-15-03
1147802 2			150,000.00	148,863.75	Nov-03-04	8.490%	CA - 89.29%	Paid Off - 360	Oct-27-03
1151036 2			160,000.00	158,662.61	Nov-16-04	8.000%	CA - 86.02%	Paid Off - 360	Oct-30-03
1151071 2			443,500.00	438,589.61	Nov-02-04	6.550%	CA - 91.44%	Paid Off - 360	Oct-23-03
1153787 2			41,100.00	40,419.83	Nov-18-04	10.000%	WA - 20.00%	Paid Off - 240	Oct-15-03
1157225 2			356,200.00	352,616.28	Nov-04-04	7.050%	CA - 71.24%	Paid Off - 360	Oct-30-03
1157305 2			237,000.00	227,346.41	Nov-23-04	6.500%	NY - 67.71%	Paid Off - 180	Oct-21-03
1158891 2			412,250.00	409,613.31	Nov-30-04	5.250%	CA - 85.00%	Paid Off - 300	Oct-23-03
1168216 2			187,200.00	185,146.71	Nov-16-04	6.600%	VA - 80.00%	Paid Off - 360	Oct-30-03
1172858 2			256,500.00	253,183.64	Nov-15-04	5.750%	MA - 90.00%	Paid Off - 360	Oct-31-03
1173097 2			237,500.00	235,223.30	Nov-15-04	7.500%	CA - 95.00%	Paid Off - 360	Oct-28-03
1173355 2			41,925.00	41,312.81	Nov-04-04	10.990%	HI - 15.00%	Paid Off - 240	Oct-29-03
1179419 2			102,000.00	100,089.85	Nov-19-04	9.600%	CA - 20.00%	Paid Off - 240	Nov-12-03
1180636 2			135,000.00	133,959.33	Nov-30-04	7.950%	OH - 100.00%	Paid Off - 360	Nov-17-03
1196686 2			90,000.00	85,692.16	Nov-19-04	9.800%	CA - 20.00%	Paid Off - 240	Nov-13-03
1206384 2			74,000.00	72,868.05	Nov-02-04	9.900%	CA - 20.00%	Paid Off - 240	Nov-26-03
1237011 2			75,200.00	74,035.32	Nov-26-04	9.800%	CO - 20.00%	Paid Off - 240	Nov-25-03
5953103 2			76,500.00	75,770.17	Nov-02-04	7.750%	TX - 69.55%	Paid Off - 360	Oct-02-03

					Page 27 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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

6037240 2			87,800.00	87,258.72	Nov-17-04	9.550%	IL - 67.54%	Paid Off - 360	Oct-17-03
6099475 2			58,300.00	56,014.32	Nov-03-04	10.240%	NC - 58.30%	Paid Off - 180	Sep-08-03
6125085 2			69,520.00	66,684.42	Nov-04-04	9.350%	TX - 79.00%	Paid Off - 180	Sep-16-03
6162231 2			182,750.00	180,936.94	Nov-26-04	7.550%	FL - 85.00%	Paid Off - 360	Sep-19-03
6165648 2			220,000.00	217,912.80	Nov-23-04	8.275%	CA - 89.80%	Paid Off - 360	Sep-16-03
6242073 2			300,000.00	296,517.53	Nov-02-04	6.300%	FL - 80.00%	Paid Off - 360	Oct-08-03
6264093 2			304,200.00	302,472.06	Nov-22-04	10.300%	NJ - 65.00%	Paid Off - 360	Oct-09-03
6329780 2			37,125.00	36,937.20	Nov-04-04	10.850%	PA - 75.00%	Paid Off - 360	Sep-26-03
6352952 2			85,000.00	84,417.96	Nov-24-04	9.400%	NC - 85.00%	Paid Off - 360	Sep-18-03
6367097 2			162,000.00	160,168.52	Nov-01-04	6.875%	NY - 68.64%	Paid Off - 360	Oct-03-03
6399010 2			99,450.00	98,724.39	Nov-19-04	10.900%	TN - 85.00%	Paid Off - 360	Sep-26-03
6439535 2			132,050.00	130,632.67	Nov-01-04	8.100%	DE - 95.00%	Paid Off - 360	Oct-22-03
6457916 2			164,000.00	162,444.72	Nov-02-04	7.780%	FL - 80.00%	Paid Off - 360	Sep-26-03
6460747 2			159,000.00	156,915.21	Nov-30-04	6.500%	NH - 62.35%	Paid Off - 360	Sep-11-03
6461581 2			460,750.00	456,902.41	Nov-01-04	8.500%	NY - 95.00%	Paid Off - 360	Sep-19-03
6462979 2			201,000.00	198,865.41	Nov-30-04	7.200%	NY - 78.82%	Paid Off - 360	Sep-10-03
6474748 2			52,500.00	52,050.78	Nov-19-04	8.300%	IN - 70.00%	Paid Off - 360	Sep-16-03
6488382 2			159,600.00	158,435.72	Nov-10-04	9.050%	MD - 95.00%	Paid Off - 360	Oct-14-03
6488986 2			101,200.00	100,253.38	Nov-01-04	7.850%	CA - 44.00%	Paid Off - 360	Oct-06-03
6493815 2			153,000.00	151,753.16	Nov-01-04	8.800%	TX - 74.63%	Paid Off - 360	Oct-03-03
6505619 2			50,400.00	50,088.74	Nov-01-04	9.900%	TX - 70.00%	Paid Off - 360	Sep-15-03
6511473 2			112,500.00	110,868.40	Nov-16-04	6.500%	PA - 75.00%	Paid Off - 360	Sep-26-03
6516181 2			204,000.00	201,293.21	Nov-12-04	6.600%	CA - 81.60%	Paid Off - 360	Sep-15-03
6525512 2			355,000.00	350,301.19	Nov-12-04	6.200%	NY - 83.53%	Paid Off - 360	Sep-30-03
6532136 2			35,000.00	34,798.65	Nov-12-04	10.250%	IA - 58.33%	Paid Off - 360	Sep-15-03
6536476 2			350,000.00	346,559.03	Nov-17-04	7.990%	CA - 84.34%	Paid Off - 360	Sep-11-03
6537758 2			107,950.00	106,868.46	Nov-30-04	7.500%	CA - 85.00%	Paid Off - 360	Sep-11-03
6540783 2			169,600.00	167,461.51	Nov-02-04	6.300%	RI - 80.00%	Paid Off - 360	Sep-26-03
6586252 2			89,623.00	89,024.94	Nov-24-04	9.750%	CT - 95.00%	Paid Off - 360	Sep-23-03
6597793 2			44,800.00	44,466.16	Nov-18-04	9.000%	TX - 80.00%	Paid Off - 360	Oct-08-03
6598595 2			124,000.00	122,944.47	Nov-02-04	8.400%	FL - 80.00%	Paid Off - 360	Sep-18-03
6608892 2			68,400.00	68,039.08	Nov-19-04	10.250%	SC - 95.00%	Paid Off - 360	Oct-09-03
6609880 2			95,000.00	94,366.41	Nov-19-04	9.600%	OH - 95.00%	Paid Off - 360	Sep-22-03
6614167 2			215,200.00	212,537.22	Nov-16-04	6.400%	CA - 80.00%	Paid Off - 360	Oct-10-03
6625983 2			251,250.00	247,804.34	Nov-30-04	5.850%	CA - 75.00%	Paid Off - 360	Oct-03-03
6633536 2			372,512.00	367,534.47	Nov-24-04	5.990%	CA - 80.00%	Paid Off - 360	Sep-11-03
6639690 2			228,000.00	225,451.53	Nov-19-04	6.500%	CA - 60.80%	Paid Off - 360	Oct-21-03
6645119 2			406,000.00	400,457.82	Nov-19-04	5.875%	CA - 65.48%	Paid Off - 360	Oct-03-03
6650619 2			45,500.00	45,327.45	Nov-30-04	11.800%	TN - 70.00%	Paid Off - 360	Oct-15-03
6656331 2			131,100.00	129,955.86	Nov-02-04	8.200%	NJ - 95.00%	Paid Off - 360	Sep-30-03
6658288 2			376,000.00	370,759.48	Nov-30-04	5.825%	CA - 94.00%	Paid Off - 360	Oct-06-03
6660010 2			132,000.00	130,659.35	Nov-18-04	7.430%	CA - 80.00%	Paid Off - 360	Sep-30-03
6660673 2			90,850.00	89,777.18	Nov-03-04	6.650%	TX - 79.00%	Paid Off - 360	Oct-02-03
6661890 2			150,000.00	148,505.39	Nov-04-04	7.100%	MA - 61.48%	Paid Off - 360	Oct-14-03
6675581 2			41,250.00	40,995.22	Nov-01-04	9.900%	TX - 75.00%	Paid Off - 360	Oct-09-03
6681506 2			209,600.00	207,512.36	Nov-09-04	7.530%	MN - 80.00%	Paid Off - 360	Sep-29-03
6690254 2			350,000.00	347,208.72	Nov-16-04	8.650%	TN - 79.55%	Paid Off - 360	Sep-30-03
6692435 2			122,500.00	121,696.48	Nov-03-04	9.200%	VA - 94.96%	Paid Off - 360	Oct-21-03
6694632 2			199,500.00	197,776.19	Nov-01-04	8.250%	CO - 93.22%	Paid Off - 360	Sep-29-03
6712061 2			151,717.60	150,289.66	Nov-17-04	7.850%	MI - 80.00%	Paid Off - 360	Sep-19-03
6713572 2			141,600.00	140,288.50	Nov-18-04	7.900%	NV - 80.00%	Paid Off - 360	Oct-03-03
6713645 2			168,750.00	167,697.16	Nov-26-04	9.500%	MN - 75.00%	Paid Off - 360	Oct-16-03

					Page 28 of 35				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-HE1
	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

6726836 2			110,250.00	109,465.51	Nov-26-04	8.800%	NY - 75.00%	Paid Off - 360	Oct-31-03
6770568 2			112,000.00

MORGAN STANLEY ABS CAPITAL I INC SERIES 2004-HE1 8-K