                                    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
                     July 1, 2004, providing for the issuance of Morgan Stanley
          ABS Capital I Inc. Trust, Mortgage Pass-Through Certificates Series 2004-WMC1)
                      (Exact name of registrant as specified in charter)


                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-113543-09                        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. Trust, Mortgage Pass-Through Certificates Series 2004-WMC1,
     which was made on July 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-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution

				External Parties					Table of Contents

												Page
				Seller
									1. Certificate Payment Report					2
				Morgan Stanley
									2. Collection Account Report					4

									3. Credit Enhancement Report					6
									4. Collateral Report					7
				Certificate Insurer(s)					5. Delinquency Report					10

									6. REO Report					13

									7. Foreclosure Report					14
									8. Prepayment Report					15
									9. Prepayment Detail Report					18

									10. Realized Loss Report					22
									11. Realized Loss Detail Report					25
				Servicer(s)
									12. Triggers and Adj. Cert. Report					26
				HomeQ Servicing Corp.
									13. Other Related Information					27



				Underwriter(s)
				Morgan Stanley & Co. Inc


									Total Number of Pages					27


				Dates					Contacts

				Cut-Off Date:		July 01, 2004			Eiko Akiyama
				Close Date:		July 29, 2004			Administrator
				First Distribution Date:		August 25, 2004			(714) 247-6328

									Address:
									1761 East St. Andrew Place, Santa Ana, CA 92514
				Distribution Date:		December 27, 2004
									Factor Information:			(800) 735-7777
				Record Date:		November 30, 2004
									Main Phone Number:			(714) 247-6000

						December 24, 2004


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






Page 1 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - REMIC II
					Prior											Current
	Class		Original		Principal					Total		Realized		Deferred		Principal

Class	Type	Cur	Face Value		Balance	Interest		Principal		Distribution		Loss		Interest		Balance


					(1)	(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

A-1	FLT	$	341,652,000.00		295,816,740.27	629,346.25		16,404,916.82		17,034,263.07		0.00		0.00		279,411,823.45

A-2	FLT	$	100,000,000.00		83,120,102.29	183,278.74		4,745,374.60		4,928,653.34		0.00		0.00		78,374,727.69
A-3	FLT	$	117,000,000.00		90,939,125.92	190,339.46		7,326,383.85		7,516,723.31		0.00		0.00		83,612,742.07
A-4	FLT	$	37,390,000.00		37,390,000.00	87,917.94		0.00		87,917.94		0.00		0.00		37,390,000.00
M-1	MEZ, FLT	$	49,701,000.00		49,701,000.00	119,861.60		0.00		119,861.60		0.00		0.00		49,701,000.00
M-2	MEZ, FLT	$	42,974,000.00		42,974,000.00	126,951.80		0.00		126,951.80		0.00		0.00		42,974,000.00
M-3	MEZ, FLT	$	11,211,000.00		11,211,000.00	34,567.10		0.00		34,567.10		0.00		0.00		11,211,000.00
B-1	SUB, FLT	$	11,211,000.00		11,211,000.00	39,876.76		0.00		39,876.76		0.00		0.00		11,211,000.00
B-2	SUB, FLT	$	11,211,000.00		11,211,000.00	42,290.24		0.00		42,290.24		0.00		0.00		11,211,000.00
B-3	SUB, FLT	$	9,342,000.00		9,342,000.00	45,697.83		0.00		45,697.83		0.00		0.00		9,342,000.00
X	EXE	$	15,695,982.00		15,695,147.62	1,974,005.79		0.00		1,974,005.79		0.00		0.00		15,695,147.62
UT-R	R	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
P	SUB	$	0.00		0.00	513,765.35		0.00		513,765.35		0.00		0.00		0.00


Total			747,387,982.00		658,611,116.10	3,987,898.86		28,476,675.27		32,464,574.13		0.00		0.00		630,134,440.83





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)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1	11/26/04		12/26/04		A-Act/360	61746RGY1		341,652,000.00		865.842261		1.842068		48.016452		49.858520	817.825809
A-2	11/26/04		12/26/04		A-Act/360	61746RGR6		100,000,000.00		831.201023		1.832787		47.453746		49.286533	783.747277
A-3	11/26/04		12/26/04		A-Act/360	61746RGZ8		117,000,000.00		777.257486		1.626833		62.618665		64.245498	714.638821
A-4	11/26/04		12/26/04		A-Act/360	61746RHA2		37,390,000.00		1,000.000000		2.351376		0.000000		2.351376	1,000.000000
M-1	11/26/04		12/26/04		A-Act/360	61746RGS4		49,701,000.00		1,000.000000		2.411654		0.000000		2.411654	1,000.000000
M-2	11/26/04		12/26/04		A-Act/360	61746RGT2		42,974,000.00		1,000.000000		2.954154		0.000000		2.954154	1,000.000000
M-3	11/26/04		12/26/04		A-Act/360	61746RGU9		11,211,000.00		1,000.000000		3.083320		0.000000		3.083320	1,000.000000
B-1	11/26/04		12/26/04		A-Act/360	61746RGV7		11,211,000.00		1,000.000000		3.556932		0.000000		3.556932	1,000.000000
B-2	11/26/04		12/26/04		A-Act/360	61746RGW5		11,211,000.00		1,000.000000		3.772209		0.000000		3.772209	1,000.000000
B-3	11/26/04		12/26/04		A-Act/360	61746RGX3		9,342,000.00		1,000.000000		4.891654		0.000000		4.891654	1,000.000000
X	11/26/04		12/26/04		A-Act/360			15,695,982.00		999.946841		125.765039		0.000000		125.765039	999.946841
UT-R	11/26/04		12/26/04			0.00		0.000000		0.000000		0.000000		0.000000		0.000000
P	11/26/04		12/26/04			0.00		0.000000		0.000000		0.000000		0.000000		0.000000




Page 2 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution

Distribution to Date - REMIC II
																Current


	Original				Unscheduled	Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal	Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)	(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1	341,652,000.00		2,807,293.95		60,815,318.64	1,424,857.92		62,240,176.55		65,047,470.51		0.00		0.00		279,411,823.45
A-2	100,000,000.00		839,612.16		21,120,341.90	504,930.42		21,625,272.31		22,464,884.47		0.00		0.00		78,374,727.69
A-3	117,000,000.00		895,203.47		32,607,695.85	779,562.07		33,387,257.93		34,282,461.40		0.00		0.00		83,612,742.07
A-4	37,390,000.00		370,778.49		0.00	0.00		0.00		370,778.49		0.00		0.00		37,390,000.00
M-1	49,701,000.00		507,453.47		0.00	0.00		0.00		507,453.47		0.00		0.00		49,701,000.00
M-2	42,974,000.00		552,328.75		0.00	0.00		0.00		552,328.75		0.00		0.00		42,974,000.00
M-3	11,211,000.00		151,144.37		0.00	0.00		0.00		151,144.37		0.00		0.00		11,211,000.00
B-1	11,211,000.00		177,007.54		0.00	0.00		0.00		177,007.54		0.00		0.00		11,211,000.00
B-2	11,211,000.00		188,763.51		0.00	0.00		0.00		188,763.51		0.00		0.00		11,211,000.00
B-3	9,342,000.00		208,234.36		0.00	0.00		0.00		208,234.36		0.00		0.00		9,342,000.00
X	15,695,982.00		11,978,397.03		809.10	25.27		834.38		11,979,231.41		0.00		0.00		15,695,147.62
UT-R	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
P	0.00		1,838,926.99		0.00	0.00		0.00		1,838,926.99		0.00		0.00		0.00


Total	747,387,982.00		20,515,144.09		114,544,165.49	2,709,375.68		117,253,541.17		137,768,685.27		0.00		0.00		630,134,440.83


Interest Detail - REMIC II
	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		Adjustment		Interest		Interest		Interest
					(1)	(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1	2.47063%		295,816,740.27		629,346.25	0.00		0.00		0.00		629,346.25		629,346.25		0.00
A-2	2.56063%		83,120,102.29		183,278.74	0.00		0.00		0.00		183,278.74		183,278.74		0.00
A-3	2.43063%		90,939,125.92		190,339.46	0.00		0.00		0.00		190,339.46		190,339.46		0.00
A-4	2.73063%		37,390,000.00		87,917.94	0.00		0.00		0.00		87,917.94		87,917.94		0.00
M-1	2.80063%		49,701,000.00		119,861.60	0.00		0.00		0.00		119,861.60		119,861.60		0.00
M-2	3.43063%		42,974,000.00		126,951.80	0.00		0.00		0.00		126,951.80		126,951.80		0.00
M-3	3.58063%		11,211,000.00		34,567.10	0.00		0.00		0.00		34,567.10		34,567.10		0.00
B-1	4.13063%		11,211,000.00		39,876.76	0.00		0.00		0.00		39,876.76		39,876.76		0.00
B-2	4.38063%		11,211,000.00		42,290.24	0.00		0.00		0.00		42,290.24		42,290.24		0.00
B-3	5.68063%		9,342,000.00		45,697.83	0.00		0.00		0.00		45,697.83		45,697.83		0.00
X	146.05749%		15,695,147.62		0.00	0.00		0.00		0.00		0.00		1,974,005.79		0.00
UT-R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
P	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		513,765.35		0.00


Total			658,611,116.10		1,500,127.72	0.00		0.00		0.00		1,500,127.72		3,987,898.86		0.00



Page 3 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
Collection Account Report
SUMMARY

									Group 2		Group 1		Total
Principal Collections									12,071,758.45		16,404,916.82		28,476,675.27
Principal Withrawals									0.00		0.00		0.00
Principal Other Accounts									0.00		0.00		0.00
TOTAL NET PRINCIPAL									12,071,758.45		16,404,916.82		28,476,675.27
Interest Collections									1,470,595.06		2,046,766.39		3,517,361.45
Interest Withdrawals									-0.00		-0.00		-0.00
Interest Other Accounts									0.00		0.00		513,765.35
Interest Fees									-18,255.03		-24,972.91		-43,227.94
TOTAL NET INTEREST									1,452,340.04		2,021,793.48		3,987,898.86
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION									13,524,098.49		18,426,710.30		32,464,574.13



PRINCIPAL - COLLECTIONS

										Group 2		Group 1		Total
Scheduled Principal Received										188,826.56		320,508.11		509,334.67
Prepayments In Full										11,868,325.06		16,066,044.10		27,934,369.16
Curtailments										14,606.83		18,364.61		32,971.44
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										-169,017.93		-284,677.29		-453,695.22
Advanced Principal										169,017.93		284,677.29		453,695.22
TOTAL PRINCIPAL COLLECTED										12,071,758.45		16,404,916.82		28,476,675.27


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS

									Group 2		Group 1		Total
Closing Deposit									0.00		0.00		0.00
TOTAL OTHER ACCOUNTS PRINCIPAL									0.00		0.00		0.00





Page 4 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution

INTEREST - COLLECTIONS

									Group 2		Group 1		Total
Scheduled Interest									1,572,025.37		2,183,629.22		3,755,654.58
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
Prepayment Interest Shortfalls									-13,507.54		-12,596.12		-26,103.66
Compensating Interest									13,507.54		12,596.12		26,103.66
Delinquent Interest									-1,344,909.50		-1,868,009.91		-3,212,919.42
Interest Advanced									1,243,479.20		1,731,147.08		2,974,626.29
TOTAL INTEREST COLLECTED									1,470,595.06		2,046,766.39		3,517,361.45


INTEREST - WITHDRAWALS

									Group 2		Group 1		Total
Nonrecoverable Advances									0.00		0.00		0.00
TOTAL INTEREST WITHDRAWALS									0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS

									Group 2		Group 1		Total
Prepayment Charges													513,765.35
TOTAL INTEREST OTHER ACCOUNTS									0.00		0.00		513,765.35



INTEREST - FEES

									Group 2		Group 1		Total
Current Servicing Fees									16,851.81		23,028.19		39,880.00
Current Trustee Fees									1,403.22		1,944.72		3,347.94
TOTAL INTEREST OTHER FEES									18,255.03		24,972.91		43,227.94




Page 5 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS

SPACE INTENTIONALLY LEFT BLANK



INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES

									Group 2		Group 1		Total
Overcollateralization Amount													15,695,147.62
Overcollateralization Target Amount													15,695,147.62
Overcollateralization Deficiency Amount													0.00
Overcollateralization Release Amount													0.00




Page 6 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
Collateral Report


COLLATERAL



										Group 2		Group 1		Total



*Loan Count:*


Original									1,244		2,925		4,169
Prior									1,091		2,666		3,757
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-44		-104		-148
Repurchases									-0		-0		-0
Liquidations									-0		-0		-0
Current									1,047		2,562		3,609
*Principal Balance:*


Original									318,984,376.17		428,403,221.16		747,387,597.33
Prior									276,043,258.42		382,567,857.68		658,611,116.10
Prefunding									0.00		0.00		0.00
Scheduled Principal									-188,826.56		-320,508.11		-509,334.67
Partial Prepayments									-14,606.83		-18,364.61		-32,971.44
Full Voluntary Prepayments									-11,868,325.06		-16,066,044.10		-27,934,369.16
Repurchases									-0.00		-0.00		-0.00
Liquidations									-0.00		-0.00		-0.00
Current									263,971,499.97		366,162,940.86		630,134,440.83





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution

CHARACTERISTICS

									Group 2		Group 1		Total
Weighted Average Coupon Original									6.88992%		6.85600%		6.87048%
Weighted Average Coupon Prior									6.83943%		6.85261%		6.84704%
Weighted Average Coupon Current									6.83382%		6.84939%		6.84286%
Weighted Average Months to Maturity Original									336		341		339
Weighted Average Months to Maturity Prior									333		338		336
Weighted Average Months to Maturity Current									333		337		335
Weighted Avg Remaining Amortization Term Original									336		341		339
Weighted Avg Remaining Amortization Term Prior									334		338		336
Weighted Avg Remaining Amortization Term Current									333		337		335
Weighted Average Seasoning Original									4.31		4.27		4.29
Weighted Average Seasoning Prior									7.31		7.26		7.28
Weighted Average Seasoning Current									8.31		8.26		8.28









Page 8 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution

ARM CHARACTERISTICS

									Group 2		Group 1		Total
Weighted Average Margin Original									5.87027%		6.03728%		5.96555%
Weighted Average Margin Prior									5.86292%		6.02999%		5.95863%
Weighted Average Margin Current									5.86566%		6.03006%		5.96053%
Weighted Average Max Rate Original									12.96624%		13.10637%		13.04618%
Weighted Average Max Rate Prior									12.92694%		13.09237%		13.02172%
Weighted Average Max Rate Current									12.92144%		13.09146%		13.01955%
Weighted Average Min Rate Original									6.47176%		6.60653%		6.54864%
Weighted Average Min Rate Prior									6.43305%		6.59313%		6.52476%
Weighted Average Min Rate Current									6.42786%		6.59039%		6.52166%
Weighted Average Cap Up Original									1.00101%		1.00035%		1.00063%
Weighted Average Cap Up Prior									1.00111%		1.00038%		1.00069%
Weighted Average Cap Up Current									1.00117%		1.00040%		1.00072%
Weighted Average Cap Down Original									1.00101%		1.00035%		1.00063%
Weighted Average Cap Down Prior									1.00111%		1.00038%		1.00069%
Weighted Average Cap Down Current									1.00117%		1.00040%		1.00072%




SERVICING FEES & ADVANCES

										Group 2		Group 1		Total




Current Servicing Fees									16,851.81		23,028.19		39,880.00
Delinquent Servicing Fees									97,997.84		136,355.29		234,353.13
TOTAL SERVICING FEES									114,849.65		159,383.49		274,233.14


Compensating Interest									-13,507.54		-12,596.12		-26,103.66
Delinquent Servicing Fees									-97,997.84		-136,355.29		-234,353.13
COLLECTED SERVICING FEES									51,506.92		10,432.08		13,776.36


Aggregate Advances with respect to this Distribution									988,362.26		1,435,345.11		2,423,707.37





ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Net Prepayment Interest Shortfall									0.00		0.00		0.00
Libor For Current Period													2.1806%




Page 9 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			9,764,490.89		3,662,387.32		1,341,749.93		14,768,628.14
			% Balance			1.55%		0.58%		0.21%		2.34%
			# Loans			58		22		9		89
			% # Loans			1.61%		0.61%		0.25%		2.47%
	FORECLOSURE		Balance		0.00	0.00		589,378.78		3,688,045.55		4,277,424.33
			% Balance		0.00%	0.00%		0.09%		0.59%		0.68%
			# Loans		0	0		4		18		22
			% # Loans		0.00%	0.00%		0.11%		0.50%		0.61%
	BANKRUPTCY		Balance		1,022,595.05	348,748.29		0.00		264,941.55		1,636,284.89
			% Balance		0.16%	0.06%		0.00%		0.04%		0.26%
			# Loans		12	4		0		3		19
			% # Loans		0.33%	0.11%		0.00%		0.08%		0.53%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		1,022,595.05	10,113,239.18		4,251,766.10		5,294,737.03		20,682,337.36
			% Balance		0.16%	1.60%		0.67%		0.84%		3.28%
			# Loans		12	62		26		30		130
			% # Loans		0.33%	1.72%		0.72%		0.83%		3.60%









Page 10 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			6,693,441.10		1,872,732.47		482,693.35		9,048,866.92
			% Balance			1.83%		0.51%		0.13%		2.47%
			# Loans			46		14		4		64
			% # Loans			1.80%		0.55%		0.16%		2.50%
	FORECLOSURE		Balance		0.00	0.00		539,778.41		1,132,884.36		1,672,662.77
			% Balance		0.00%	0.00%		0.15%		0.31%		0.46%
			# Loans		0	0		3		7		10
			% # Loans		0.00%	0.00%		0.12%		0.27%		0.39%
	BANKRUPTCY		Balance		943,184.68	247,849.23		0.00		241,853.81		1,432,887.72
			% Balance		0.26%	0.07%		0.00%		0.07%		0.39%
			# Loans		11	3		0		2		16
			% # Loans		0.43%	0.12%		0.00%		0.08%		0.62%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		943,184.68	6,941,290.33		2,412,510.88		1,857,431.52		12,154,417.41
			% Balance		0.26%	1.90%		0.66%		0.51%		3.32%
			# Loans		11	49		17		13		90
			% # Loans		0.43%	1.91%		0.66%		0.51%		3.51%










Page 11 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution

	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			3,071,049.79		1,789,654.85		859,056.58		5,719,761.22
			% Balance			1.16%		0.68%		0.33%		2.17%
			# Loans			12		8		5		25
			% # Loans			1.15%		0.76%		0.48%		2.39%
	FORECLOSURE		Balance		0.00	0.00		49,600.37		2,555,161.19		2,604,761.56
			% Balance		0.00%	0.00%		0.02%		0.97%		0.99%
			# Loans		0	0		1		11		12
			% # Loans		0.00%	0.00%		0.10%		1.05%		1.15%
	BANKRUPTCY		Balance		79,410.37	100,899.06		0.00		23,087.74		203,397.17
			% Balance		0.03%	0.04%		0.00%		0.01%		0.08%
			# Loans		1	1		0		1		3
			% # Loans		0.10%	0.10%		0.00%		0.10%		0.29%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		79,410.37	3,171,948.85		1,839,255.22		3,437,305.51		8,527,919.95
			% Balance		0.03%	1.20%		0.70%		1.30%		3.23%
			# Loans		1	13		9		17		40
			% # Loans		0.10%	1.24%		0.86%		1.62%		3.82%









Page 12 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
REO Report
Loan Number			Original		Stated			Current		State &

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK




TOTAL



Page 13 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
Foreclosure Report
Loan Number			Original		Stated			Current		State &

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date
10579589 1
			95,920.00		94,803.68	01-May-2004		7.125%		IN - 80.00%		360		01-Nov-2003

10920494 1			103,200.00		102,450.68	01-Jun-2004		8.250%		TX - 80.00%		360		01-Feb-2004
10938525 1			155,000.00		153,938.47	01-May-2004		7.500%		WA - 77.50%		360		01-Apr-2004
10939417 1			119,000.00		118,213.83	01-Jun-2004		7.750%		CA - 85.00%		360		01-Apr-2004
10945583 1			153,900.00		152,816.78	01-May-2004		6.740%		CO - 95.00%		360		01-May-2004
10947584 1			178,500.00		177,302.95	01-Aug-2004		6.990%		MN - 85.00%		360		01-May-2004
10949973 1			204,250.00		203,233.16	01-Jul-2004		8.490%		CA - 95.00%		360		01-May-2004
10950147 1			245,000.00		243,403.12	01-Aug-2004		7.250%		CA - 70.00%		360		01-May-2004
10950604 1			310,000.00		307,427.76	01-Jun-2004		5.875%		CA - 32.63%		360		01-May-2004
10956234 1			120,000.00		119,072.34	01-Aug-2004		6.250%		CA - 81.08%		360		01-May-2004
10930272 2			49,875.00		49,600.37	01-Aug-2004		7.990%		IL - 95.00%		360		01-May-2004
10939633 2			68,850.00		68,422.10	01-May-2004		7.990%		LA - 85.00%		360		01-Apr-2004
10945206 2			86,450.00		85,938.14	01-Jul-2004		7.625%		ID - 95.00%		360		01-May-2004
10946439 2			281,350.00		279,919.88	01-Jun-2004		9.990%		CT - 85.00%		360		01-May-2004
10946660 2			92,000.00		91,399.06	01-Jul-2004		7.125%		WA - 80.00%		360		01-May-2004
10946777 2			472,000.00		472,000.00	01-May-2004		5.500%		CA - 80.00%		360		01-Apr-2004
10946778 2			118,000.00		117,562.92	01-May-2004		10.500%		CA - 20.00%		180		01-Apr-2004
10948087 2			400,000.00		396,593.92	01-Jun-2004		6.375%		CA - 80.00%		360		01-Apr-2004
10948362 2			488,000.00		484,403.11	01-Jun-2004		6.500%		CA - 76.49%		360		01-May-2004
10950040 2			128,250.00		127,471.72	01-Jun-2004		7.500%		IL - 95.00%		360		01-May-2004
10951758 2			376,000.00		372,654.25	01-Jun-2004		5.500%		CA - 80.00%		360		01-May-2004
10952877 2			59,075.00		58,796.09	01-Jun-2004		8.750%		SC - 85.00%		360		01-May-2004


TOTAL			4,304,620.00		4,277,424.33



Page 14 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS


										Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans									44		104		148
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									44		104		148
Curtailments Amount									14,606.83		18,364.61		32,971.44
Paid in Full Balance									11,868,325.06		16,066,044.10		27,934,369.16
Repurchased Loans Balance									0.00		0.00		0.00
Total Prepayment Amount									11,882,931.89		16,084,408.71		27,967,340.60

*Cumulative*


Number of Paid in Full Loans									198		363		561
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									198		363		561
Paid in Full Balance									54,027,210.95		60,421,245.37		114,448,456.32
Repurchased Loans Balance									0.00		0.00		0.00
Curtailments Amount									-26,732.25		122,056.75		95,324.50
Total Prepayment Amount									54,000,478.70		60,543,302.12		114,543,780.82










Page 15 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES


										Group 2		Group 1		Total



SMM									4.31%		4.21%		4.25%
3 Months Avg SMM									4.23%		3.66%		3.90%
12 Months Avg SMM									3.65%		3.01%		3.28%
Avg SMM Since Cut-off									3.65%		3.01%		3.28%


CPR									41.04%		40.30%		40.61%
3 Months Avg CPR									40.49%		36.07%		37.97%
12 Months Avg CPR									35.99%		30.70%		32.99%
Avg CPR Since Cut-off									35.99%		30.70%		32.99%


PSA									2,470.39%		2,438.75%		2,452.12%
3 Months Avg PSA Approximation									2,770.88%		2,482.98%		2,607.27%
12 Months Avg PSA Approximation									2,853.52%		2,450.48%		2,625.68%
Avg PSA Since Cut-off Approximation									2,853.51%		2,450.47%		2,625.68%










Page 16 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution






PREPAYMENT CALCULATION METHODOLOGY

	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal)

	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))

	Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)(1-SMMn+1)...*(1-SMMm)]^(1/months in period n,m)
	Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)

	Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
	Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m)

	Weighted Average Seasoning (WAS)

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




Page 17 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First


&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

10914100 1			266,000.00		263,942.48		23-Nov-2004		7.625%		CA - 95.00%		Paid Off - 360		4/1/2004

10917189 2			356,000.00		353,984.29		18-Nov-2004		8.990%		NJ - 80.00%		Paid Off - 360		2/1/2004
10931909 1			267,750.00		266,084.64		07-Dec-2004		7.375%		CA - 85.00%		Paid Off - 360		4/1/2004
10932272 1			221,000.00		219,656.19		02-Dec-2004		7.490%		VA - 100.00%		Paid Off - 360		4/1/2004
10934371 2			364,792.00		362,657.75		18-Nov-2004		6.990%		CA - 80.00%		Paid Off - 360		5/1/2004
10934376 2			91,198.00		90,957.61		18-Nov-2004		10.875%		CA - 20.00%		Paid Off - 180		5/1/2004
10935852 1			320,000.00		320,000.00		02-Dec-2004		5.125%		CA - 80.00%		Paid Off - 360		4/1/2004
10935869 2			80,000.00		79,692.80		02-Dec-2004		9.750%		CA - 20.00%		Paid Off - 180		4/1/2004
10936143 2			680,000.00		676,072.63		15-Nov-2004		7.750%		CA - 81.93%		Paid Off - 360		4/1/2004
10938045 1			277,400.00		275,497.78		18-Nov-2004		6.875%		CA - 95.00%		Paid Off - 360		4/1/2004
10940747 2			795,000.00		788,403.45		02-Dec-2004		5.875%		CA - 72.27%		Paid Off - 360		4/1/2004
10941050 1			251,600.00		251,479.44		01-Dec-2004		5.750%		CA - 80.00%		Paid Off - 360		5/1/2004
10941055 1			62,900.00		62,641.11		01-Dec-2004		8.750%		CA - 20.00%		Paid Off - 180		5/1/2004
10941335 1			254,000.00		252,299.96		01-Dec-2004		7.000%		CA - 79.87%		Paid Off - 360		4/1/2004
10941342 1			63,600.00		63,407.55		01-Dec-2004		10.875%		CA - 20.00%		Paid Off - 180		4/1/2004
10941590 1			29,480.00		29,402.05		16-Nov-2004		11.500%		AZ - 20.00%		Paid Off - 180		4/1/2004
10941683 2			281,500.00		279,323.89		18-Nov-2004		6.250%		GA - 69.51%		Paid Off - 360		4/1/2004
10941844 2			133,200.00		132,707.05		18-Nov-2004		9.990%		MI - 90.00%		Paid Off - 360		4/1/2004
10942034 1			279,000.00		276,821.06		15-Nov-2004		7.250%		CA - 88.57%		Paid Off - 360		4/1/2004
10942277 1			320,000.00		317,571.38		30-Nov-2004		5.625%		CA - 80.00%		Paid Off - 360		5/1/2004
10942413 1			129,000.00		128,245.30		02-Dec-2004		6.990%		FL - 94.85%		Paid Off - 360		5/1/2004
10942779 1			288,000.00		285,877.20		16-Nov-2004		6.500%		MT - 90.00%		Paid Off - 360		4/1/2004
10942982 1			200,000.00		198,658.70		26-Nov-2004		6.990%		NY - 80.00%		Paid Off - 360		4/1/2004
10943084 1			240,000.00		239,075.00		09-Dec-2004		5.375%		CA - 48.19%		Paid Off - 360		4/1/2004
10943170 2			170,000.00		168,697.51		18-Nov-2004		5.785%		CA - 70.83%		Paid Off - 360		5/1/2004
10943329 1			185,250.00		184,244.88		01-Dec-2004		7.375%		DC - 95.00%		Paid Off - 360		5/1/2004
10943778 2			450,000.00		446,683.14		02-Dec-2004		6.500%		CA - 60.81%		Paid Off - 360		4/1/2004
10943869 1			301,500.00		299,651.97		26-Nov-2004		6.750%		MD - 90.00%		Paid Off - 360		5/1/2004
10944037 1			284,000.00		281,794.79		26-Nov-2004		6.250%		CA - 80.00%		Paid Off - 360		4/1/2004
10944089 2			187,150.00		185,946.24		10-Dec-2004		6.500%		CT - 95.00%		Paid Off - 360		5/1/2004
10944266 1			265,200.00		263,337.00		23-Nov-2004		6.750%		CA - 80.00%		Paid Off - 360		4/1/2004
10944267 1			49,725.00		49,574.55		22-Nov-2004		10.875%		CA - 15.00%		Paid Off - 180		4/1/2004
10944465 1			185,000.00		180,255.24		06-Dec-2004		7.500%		CA - 86.05%		Paid Off - 180		4/1/2004
10945482 2			84,800.00		84,450.00		16-Nov-2004		8.750%		FL - 80.00%		Paid Off - 360		5/1/2004
10946413 2			383,200.00		381,069.17		23-Nov-2004		7.250%		CA - 80.00%		Paid Off - 360		5/1/2004
10946419 2			95,800.00		95,547.51		23-Nov-2004		10.875%		CA - 20.00%		Paid Off - 180		5/1/2004
10946673 1			165,000.00		164,034.66		14-Dec-2004		6.990%		CA - 100.00%		Paid Off - 360		5/1/2004




Page 18 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First


&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

10946758 1			282,750.00		281,058.31		15-Dec-2004		6.875%		MD - 75.00%		Paid Off - 360		5/1/2004

10946856 1			236,000.00		235,943.19		18-Nov-2004		5.750%		CA - 53.88%		Paid Off - 360		5/1/2004
10946997 1			140,000.00		139,099.51		24-Nov-2004		6.500%		IL - 80.00%		Paid Off - 360		5/1/2004
10947084 1			272,000.00		269,635.16		01-Dec-2004		5.625%		VA - 80.00%		Paid Off - 360		4/1/2004
10947086 2			68,000.00		67,764.92		01-Dec-2004		10.250%		VA - 20.00%		Paid Off - 180		4/1/2004
10947186 1			323,000.00		320,730.96		23-Nov-2004		6.750%		CA - 81.57%		Paid Off - 360		4/1/2004
10947388 1			97,500.00		96,857.72		17-Nov-2004		6.375%		IL - 68.18%		Paid Off - 360		5/1/2004
10947576 1			295,600.00		293,421.24		30-Nov-2004		6.500%		CA - 80.00%		Paid Off - 360		4/1/2004
10947578 2			73,900.00		73,657.77		30-Nov-2004		10.500%		CA - 20.00%		Paid Off - 180		4/1/2004
10947720 1			50,000.00		49,671.18		13-Dec-2004		7.375%		FL - 83.33%		Paid Off - 360		4/1/2004
10947831 1			44,000.00		43,843.55		30-Nov-2004		10.875%		CA - 20.00%		Paid Off - 180		4/1/2004
10948296 2			525,000.00		524,841.41		19-Nov-2004		7.250%		CA - 77.78%		Paid Off - 360		5/1/2004
10948297 2			150,000.00		149,530.64		19-Nov-2004		10.875%		CA - 22.22%		Paid Off - 180		5/1/2004
10948364 2			124,000.00		123,898.38		02-Dec-2004		6.750%		WA - 80.00%		Paid Off - 360		5/1/2004
10948398 2			351,200.00		351,200.00		06-Dec-2004		5.750%		CA - 80.00%		Paid Off - 360		5/1/2004
10948399 2			87,800.00		87,399.93		06-Dec-2004		8.250%		CA - 20.00%		Paid Off - 180		5/1/2004
10948400 1			31,000.00		30,831.59		02-Dec-2004		11.750%		WA - 20.00%		Paid Off - 180		5/1/2004
10948516 1			168,000.00		168,000.00		14-Dec-2004		5.625%		CA - 80.00%		Paid Off - 360		5/1/2004
10948517 1			42,000.00		41,866.35		15-Dec-2004		9.990%		CA - 20.00%		Paid Off - 180		5/1/2004
10948725 1			252,800.00		251,094.49		06-Dec-2004		6.250%		CA - 80.00%		Paid Off - 360		5/1/2004
10948726 1			63,200.00		63,033.40		06-Dec-2004		10.875%		CA - 20.00%		Paid Off - 180		5/1/2004
10948985 1			303,000.00		301,158.42		02-Dec-2004		6.875%		IL - 76.71%		Paid Off - 360		5/1/2004
10949170 1			83,200.00		82,664.88		26-Nov-2004		6.500%		MD - 79.24%		Paid Off - 360		5/1/2004
10949172 1			20,800.00		20,756.99		26-Nov-2004		11.990%		MD - 19.81%		Paid Off - 180		5/1/2004
10949452 1			155,500.00		154,613.90		09-Dec-2004		7.125%		FL - 94.82%		Paid Off - 360		5/1/2004
10949624 1			202,410.00		201,196.90		17-Nov-2004		6.866%		CA - 90.00%		Paid Off - 360		5/1/2004
10949669 2			261,087.00		260,063.85		22-Nov-2004		8.990%		NV - 95.30%		Paid Off - 360		5/1/2004
10949718 1			150,800.00		149,573.19		18-Nov-2004		5.250%		RI - 80.00%		Paid Off - 360		5/1/2004
10949777 1			180,000.00		178,717.71		06-Dec-2004		5.990%		CA - 80.00%		Paid Off - 360		5/1/2004
10949845 1			225,000.00		223,331.77		23-Nov-2004		5.750%		CA - 90.00%		Paid Off - 360		5/1/2004
10949969 2			493,000.00		493,000.00		24-Nov-2004		5.990%		CA - 85.00%		Paid Off - 360		5/1/2004
10950168 1			116,000.00		115,253.07		18-Nov-2004		6.500%		CA - 80.00%		Paid Off - 360		5/1/2004
10950170 1			29,000.00		28,886.61		18-Nov-2004		9.750%		CA - 20.00%		Paid Off - 180		5/1/2004
10950238 1			163,170.00		162,348.06		03-Dec-2004		7.750%		CA - 73.50%		Paid Off - 360		5/1/2004
10950270 1			28,275.00		28,194.28		18-Nov-2004		10.500%		RI - 15.00%		Paid Off - 180		5/1/2004
10950350 1			48,400.00		48,229.37		22-Nov-2004		9.500%		CA - 20.00%		Paid Off - 180		5/1/2004
10950378 1			175,750.00		174,969.12		18-Nov-2004		8.375%		GA - 95.00%		Paid Off - 360		5/1/2004
10950425 1			184,500.00		183,311.05		23-Nov-2004		6.490%		CA - 90.00%		Paid Off - 360		5/1/2004




Page 19 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First


&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

10950483 1			144,000.00		142,979.40		08-Dec-2004		5.990%		CA - 80.00%		Paid Off - 360		5/1/2004

10950484 1			36,000.00		35,905.13		08-Dec-2004		10.875%		CA - 20.00%		Paid Off - 180		5/1/2004
10951055 2			151,600.00		150,475.97		02-Dec-2004		5.750%		CA - 80.00%		Paid Off - 360		5/1/2004
10951056 1			37,900.00		37,743.98		02-Dec-2004		8.750%		CA - 20.00%		Paid Off - 180		5/1/2004
10951148 1			57,000.00		56,809.24		26-Nov-2004		9.750%		CA - 20.00%		Paid Off - 180		5/1/2004
10951208 2			360,000.00		357,679.12		30-Nov-2004		6.490%		FL - 90.00%		Paid Off - 360		5/1/2004
10951394 1			124,000.00		123,274.55		08-Dec-2004		6.990%		MI - 80.00%		Paid Off - 360		5/1/2004
10951396 1			31,000.00		30,935.88		14-Dec-2004		11.990%		MI - 20.00%		Paid Off - 180		5/1/2004
10951507 1			110,500.00		109,779.19		18-Nov-2004		6.500%		CA - 85.00%		Paid Off - 360		5/1/2004
10951648 1			171,000.00		169,926.27		08-Dec-2004		6.625%		CA - 90.00%		Paid Off - 360		5/1/2004
10951680 1			268,000.00		266,317.21		30-Nov-2004		6.625%		CA - 80.00%		Paid Off - 360		5/1/2004
10951685 1			33,500.00		33,411.69		30-Nov-2004		10.875%		CA - 10.00%		Paid Off - 180		5/1/2004
10952087 1			232,000.00		230,434.82		09-Dec-2004		6.250%		CA - 80.00%		Paid Off - 360		5/1/2004
10952088 1			29,000.00		28,907.74		10-Dec-2004		9.990%		CA - 10.00%		Paid Off - 180		5/1/2004
10952162 1			49,800.00		49,643.56		13-Dec-2004		10.875%		CA - 20.00%		Paid Off - 180		5/1/2004
10952218 1			190,800.00		189,601.96		30-Nov-2004		6.625%		CA - 74.82%		Paid Off - 360		5/1/2004
10952367 1			133,475.00		132,802.67		09-Dec-2004		7.750%		KS - 95.00%		Paid Off - 360		5/1/2004
10952682 1			187,500.00		186,251.34		15-Nov-2004		6.500%		NV - 89.29%		Paid Off - 360		5/1/2004
10953064 1			51,000.00		50,868.86		07-Dec-2004		10.990%		IL - 20.00%		Paid Off - 180		5/1/2004
10953091 1			300,000.00		298,210.16		26-Nov-2004		7.125%		LA - 60.00%		Paid Off - 360		5/1/2004
10953139 1			100,800.00		100,317.03		13-Dec-2004		8.000%		VA - 90.00%		Paid Off - 360		5/1/2004
10953391 1			327,250.00		324,989.11		19-Nov-2004		6.125%		CA - 85.00%		Paid Off - 360		5/1/2004
10953534 2			415,200.00		411,974.70		17-Nov-2004		5.500%		CA - 80.00%		Paid Off - 360		5/1/2004
10953535 2			103,800.00		103,503.56		18-Nov-2004		10.500%		CA - 20.00%		Paid Off - 180		5/1/2004
10953647 1			325,800.00		325,800.00		03-Dec-2004		6.625%		CA - 90.00%		Paid Off - 360		5/1/2004
10953703 2			361,250.00		361,250.00		09-Dec-2004		5.375%		CA - 85.00%		Paid Off - 360		4/1/2004
10953769 1			128,336.00		127,530.16		02-Dec-2004		6.625%		CA - 78.25%		Paid Off - 360		5/1/2004
10953828 1			110,500.00		109,719.75		17-Nov-2004		6.250%		CA - 85.00%		Paid Off - 360		5/1/2004
10953949 1			264,000.00		262,455.41		06-Dec-2004		6.990%		CA - 80.00%		Paid Off - 360		5/1/2004
10953952 1			66,000.00		65,811.50		07-Dec-2004		10.500%		CA - 20.00%		Paid Off - 180		5/1/2004
10954145 1			58,200.00		58,014.79		26-Nov-2004		9.990%		CA - 20.00%		Paid Off - 180		5/1/2004
10954154 2			66,000.00		65,826.04		09-Dec-2004		10.875%		CA - 15.00%		Paid Off - 180		5/1/2004
10954349 2			65,096.00		64,759.81		24-Nov-2004		7.625%		NY - 80.00%		Paid Off - 360		5/1/2004
10954519 2			80,000.00		79,771.53		30-Nov-2004		10.500%		CA - 20.00%		Paid Off - 180		5/1/2004
10954540 1			150,000.00		148,963.68		22-Nov-2004		6.125%		CA - 72.82%		Paid Off - 360		5/1/2004
10954804 1			198,400.00		197,154.20		02-Dec-2004		6.625%		CA - 80.00%		Paid Off - 360		5/1/2004
10954805 1			49,600.00		49,373.96		02-Dec-2004		8.250%		CA - 20.00%		Paid Off - 180		5/1/2004
10955373 2			744,000.00		744,000.00		24-Nov-2004		4.750%		CA - 80.00%		Paid Off - 360		5/1/2004




Page 20 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First


&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

10955381 2			186,000.00		185,095.90		24-Nov-2004		9.350%		CA - 20.00%		Paid Off - 180		5/1/2004

10955404 2			433,500.00		431,205.34		24-Nov-2004		7.500%		CA - 85.00%		Paid Off - 360		5/1/2004
10955531 1			136,000.00		135,204.30		14-Dec-2004		6.990%		PA - 77.27%		Paid Off - 360		5/1/2004
10955591 1			163,600.00		162,386.99		17-Nov-2004		5.750%		WI - 80.00%		Paid Off - 360		5/1/2004
10955594 1			40,900.00		40,828.47		17-Nov-2004		12.750%		WI - 20.00%		Paid Off - 180		5/1/2004
10955727 1			98,800.00		98,250.61		19-Nov-2004		7.250%		AZ - 80.00%		Paid Off - 360		5/1/2004
10955728 1			24,700.00		24,634.93		19-Nov-2004		10.875%		AZ - 20.00%		Paid Off - 180		5/1/2004
10955968 2			512,000.00		512,000.00		01-Dec-2004		5.890%		CA - 80.00%		Paid Off - 360		5/1/2004
10955969 2			128,000.00		127,584.96		01-Dec-2004		9.900%		CA - 20.00%		Paid Off - 180		5/1/2004
10956200 1			79,000.00		78,511.34		23-Nov-2004		6.750%		NY - 89.77%		Paid Off - 360		5/1/2004
10956276 1			84,640.00		84,202.31		07-Dec-2004		8.000%		IL - 80.00%		Paid Off - 360		5/1/2004
10956281 1			21,160.00		21,095.07		07-Dec-2004		10.990%		IL - 20.00%		Paid Off - 180		5/1/2004
10956375 1			248,500.00		246,901.66		01-Dec-2004		6.500%		CA - 71.00%		Paid Off - 360		5/1/2004
10956647 2			392,000.00		389,416.77		02-Dec-2004		6.375%		CA - 80.00%		Paid Off - 360		5/1/2004
10956649 2			98,000.00		97,739.71		02-Dec-2004		10.875%		CA - 20.00%		Paid Off - 180		5/1/2004
10957018 1			301,600.00		299,751.34		09-Dec-2004		6.750%		CA - 80.00%		Paid Off - 360		5/1/2004
10957019 2			75,400.00		75,201.27		09-Dec-2004		10.875%		CA - 20.00%		Paid Off - 180		5/1/2004
10957107 1			93,000.00		92,372.54		17-Nov-2004		6.250%		CA - 74.40%		Paid Off - 360		5/1/2004
10957159 2			85,904.00		85,671.42		01-Dec-2004		10.750%		CA - 20.00%		Paid Off - 180		5/1/2004
10957160 2			343,616.00		343,616.00		01-Dec-2004		6.250%		CA - 80.00%		Paid Off - 360		5/1/2004
10957207 1			234,750.00		233,567.47		26-Nov-2004		7.750%		IL - 75.00%		Paid Off - 360		5/1/2004
10957240 1			208,000.00		206,410.05		24-Nov-2004		5.625%		CA - 80.00%		Paid Off - 360		5/1/2004
10957241 1			52,000.00		51,859.37		24-Nov-2004		10.875%		CA - 20.00%		Paid Off - 180		5/1/2004
10957560 1			45,000.00		44,841.36		06-Dec-2004		9.500%		CA - 20.00%		Paid Off - 180		5/1/2004
10957812 2			360,000.00		357,330.85		18-Nov-2004		5.750%		IL - 78.26%		Paid Off - 360		5/1/2004
10958115 2			580,500.00		577,027.73		03-Dec-2004		7.250%		IL - 90.00%		Paid Off - 360		5/1/2004
10958255 1			238,000.00		236,643.75		23-Nov-2004		7.125%		CA - 85.00%		Paid Off - 360		5/1/2004
10958470 1			183,400.00		182,370.81		16-Nov-2004		7.375%		IL - 70.00%		Paid Off - 360		5/1/2004
10958993 1			16,274.00		16,232.26		24-Nov-2004		11.000%		NY - 20.00%		Paid Off - 180		5/1/2004
10959077 1			224,000.00		222,488.75		13-Dec-2004		6.250%		NV - 80.00%		Paid Off - 360		5/1/2004
10959182 1			208,000.00		206,662.18		06-Dec-2004		6.500%		CT - 80.00%		Paid Off - 360		5/1/2004
10959188 1			52,000.00		51,911.57		06-Dec-2004		12.875%		CT - 20.00%		Paid Off - 180		5/1/2004
10959513 2			90,000.00		89,644.44		18-Nov-2004		8.950%		IL - 19.57%		Paid Off - 180		5/1/2004
10959760 1			42,000.00		41,928.60		13-Dec-2004		12.875%		NV - 15.00%		Paid Off - 180		5/1/2004
10959866 1			132,000.00		131,210.23		14-Dec-2004		6.875%		AZ - 80.00%		Paid Off - 360		5/1/2004


TOTAL			28,080,238.00		27,934,369.16



Page 21 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



										Group 2		Group 1		Total


*Current*




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

*Cumulative*




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










Page 22 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution


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									0.00%		0.00%		0.00%
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									0.00%		0.00%		0.00%
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									0.00%		0.00%		0.00%
Avg SDA Since Cut-off Approximation									0.00%		0.00%		0.00%


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












Page 23 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution





COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
	Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)



	Conditional Default Rate (CDR): 1-((1-MDR)^12)

	SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))

	Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)(1-MDRn+1)...*(1-MDRm)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)

	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))

	Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)

	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.




Page 24 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Current		State &			Prior		Realized				Cumulative

&		Loan	Note		LTV at	Original		Principal		Loss/(Gain)		Realized		Realized

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





TOTAL



Page 25 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS

									Group 2		Group 1		Total
Trigger Event in effect (0=No , 1=Yes)													0
Stepdown Date has occurred (0 = No, 1=Yes)													0
Balances 60+ days includes Bankruptcy and Foreclosure													18,887,182.01
Ending Balance													630,134,440.83
Senior Enhancement Percentage													22.9800%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

									Group 2		Group 1		Total
Basis Risk CarryForward Amount paid													0.00
Basis Risk CarryForward Amount unpaid													0.00
Excess Reserve Fund Account Balance													0.00




Page 26 of 27
Morgan Stanley ABS Capital I Inc. 2004-WMC1

Mortgage Pass-Through Certificates

2004-WMC1

December 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION

									Group 2		Group 1		Total
Current Scheduled Payments									1,760,851.93		2,504,137.33		4,264,989.25
Current Scheduled Payments 1 Month Prior									1,844,164.48		2,586,272.84		4,430,437.31
Current Scheduled Payments 2 Month Prior									1,923,212.72		2,683,688.49		4,606,901.21
Current Scheduled Payments 3 Month Prior									1,977,624.88		2,748,973.63		4,726,598.52
Current Scheduled Payments 4 Month Prior									2,046,508.80		2,802,804.61		4,849,313.41
Current Scheduled Payments 5 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 6 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 7 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 8 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 9 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 10 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 11 Month Prior									0.00		0.00		0.00





Sched. Payments for 60+Day Delinquent Loans									42,738.02		33,060.64		75,798.67
Sched. Pmts - 60+Day Delinquent Loans, 1 Month Prior									11,366.66		11,164.49		22,531.15
Sched. Pmts - 60+Day Delinquent Loans, 2 Month Prior									23,120.36		17,519.16		40,639.52
Sched. Pmts - 60+Day Delinquent Loans, 3 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 4 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 5 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 6 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 7 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 8 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 9 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 10 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 11 Month Prior									0.00		0.00		0.00




Page 27 of 27

Morgan Stanley ABS Capital I Inc. Trust 2004-WMC1 8-K