10-D 1 msz07001_10d-200705.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-D ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the monthly distribution period from: April 26, 2007 to May 25, 2007 Commission File Number of issuing entity: 333-130694-22 MSCC HELOC Trust 2007-1 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-130694 Morgan Stanley ABS Capital I Inc. (Exact name of depositor as specified in its charter) Morgan Stanley Credit Corporation (Exact name of sponsor as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization of the issuing entity) N/A (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices of the issuing entity) (Zip Code) (410) 884-2000 (Telephone number, including area code) Not Applicable (Former name, former address, if changed since last report) Registered/reporting pursuant to (check one) Title of Section Section Section Name of Exchange Class 12(b) 12(g) 15(d) (If Section 12(b)) ~~HELOC Asset-Backed Notes Series 2007-1 _____ _____ __X___ ____________~~

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes __X__ No ____ Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information On May 25, 2007 a distribution was made to holders of MSCC HELOC Trust 2007-1. The distribution report is attached as an Exhibit to this Form 10-D. Please see Item 9(b), Exhibit 99.1 for the related information. Please refer to http://www.sec.gov/Archives/edgar/data/1030442/000090514807001691/efc7-0653_ 424b5.htm for an explanation of material terms, parties and abbreviations used in Exhibit 99.1. The distribution report is attached as an Exhibit to this Form 10-D. Please see Item 9(b), Exhibit 99.1 for the related information. Part II - OTHER INFORMATION Item 9. Exhibits. (a) The following is a list of documents filed as part of this Report on Form 10-D: (99.1) Monthly report distributed to holders of MSCC HELOC Trust 2007-1, relating to the May 25, 2007 distribution. (b) The exhibits required to be filed by the Registrant pursuant to this Form are listed above and in the Exhibit Index that immediately follows the signature page hereof. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Morgan Stanley ABS Capital I Inc. (Depositor) /s/ Lydia Foo Lydia Foo, Vice President Date: June 8, 2007 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of MSCC HELOC Trust 2007-1, relating to the May 25, 2007 distribution. EX-99.1 Morgan Stanley Credit Corporation HELOC Trust HELOC Asset Backed Notes Distribution Date: 5/25/2007 Morgan Stanley Credit Corporation HELOC Trust HELOC Asset Backed Notes Series 2007-1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660

Certificateholder Distribution Summary Class CUSIP Record Certificate Beginning Interest Date Pass-Through Certificate Distribution Rate Balance ~~Note~~A 55352RAA6 0405/24/2007 5.42000% ~~845~~837,~~422~~909,~~009~~988.9178 3,~~818~~784,~~489~~560.4112 L 55352RAC2 0304/30/2007 07.~~20129~~44469% 04,550,878.0082 024,783.0056 O 55352RAB4 0304/30/2007 0.00000% 45,~~577~~018,~~990~~386.4680 0.00 Totals ~~850~~847,~~000~~479,~~000~~254.3740 3,~~818~~809,~~489~~343.4168

Certificateholder Distribution Summary (continued) Class Principal Current Ending Total Cumulative Distribution Realized Certificate Distribution Realized Loss Balance Losses ~~Note~~A 73,~~565~~028,~~826~~638.9638 0.00 ~~837~~834,~~856~~881,~~182~~350.9640 116,~~384~~813,~~316~~198.3750 0.00 L 012,494.0033 0.00 04,538,384.0049 037,277.0089 0.00 O 0.00 0.00 5,~~034~~732,~~014~~786.7333 0.00 0.00 Totals 73,~~565~~041,~~826~~132.9671 0.00 ~~842~~845,~~890~~152,~~197~~521.6922 116,~~384~~850,~~316~~476.3739 0.00 This report has been compiled from information provided to Wells Fargo Bank, N.A., by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A., has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A., expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties. All Record Dates are based upon the governing documents and logic set forth as of closing. NOTE: All references to Scheduled Balances within this report are meant to represent Actual Balances of loans within the Trust.

Principal Distribution Statement Class Original Beginning Scheduled UnScheduled Accretion ~~Realized~~ Face Certificate Principal Principal ~~Loss~~ Amount Balance Distribution Distribution ~~Note~~A 845,750,000.00 ~~845~~837,~~422~~909,~~009~~988.9178 0.00 73,~~565~~028,~~826~~638.9638 0.00 ~~0.00~~ L 0.0001 04,550,878.0082 0.00 012,494.0033 0.00 ~~0.00~~ O 4,250,000.00 45,~~577~~018,~~990~~386.4680 0.00 0.00 0.00 ~~0.00~~ Totals 850,000,000.0001 ~~850~~847,~~000~~479,~~000~~254.3740 0.00 73,~~565~~041,~~826~~132.9671 0.00 ~~0.00~~

Principal Distribution Statement (continued) Class Realized Total Ending Ending Total Loss Principal Certificate Certificate Principal Reduction Balance Percentage Distribution ~~Note~~A 70.00 3,~~565~~028,~~826~~638.9638 ~~837~~834,~~856~~881,~~182~~350.9640 0.~~99066649~~98714910 73,~~565~~028,~~826~~638.9638 L 0.00 012,494.0033 04,538,384.43,838,449.00000000 012,494.0033 O 0.00 0.00 5,~~034~~732,~~014~~786.7333 1.~~18447405~~34889090 0.00 Totals 7$0.00 3,~~565~~041,~~826~~132.9671 ~~842~~845,~~890~~152,~~197~~521.6922 0.~~99163553~~99429708 73,~~565~~041,~~826~~132.9671

Principal Distribution Factors Statement Class Original Beginning Scheduled UnScheduled Accretion Face Certificate Principal Principal Amount Balance Distribution Distribution ~~Note~~A 845,750,000.00 ~~999~~990.~~61219026~~73010793 0.00000000 83.~~94570140~~58100902 0.00000000 L 0.0001 0.00000000 0.00000000 0.00000000 0.00000000 O 4,250,000.00 ~~1077~~1180.~~17422588~~79689412 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Class Realized Total Ending Ending Total Loss Principal Certificate Certificate Principal Reduction Balance Percentage Distribution ~~Note~~A 0.00000000 83.~~94570140~~58100902 ~~990~~987.~~66648887~~14909891 0.~~99066649~~98714910 83.~~94570140~~58100902 L 0.00000000 0.00000000 0.00000000 0453838449.00000000 0.00000000 O 0.00000000 0.00000000 ~~1184~~1348.~~47405412~~89090118 1.~~18447405~~34889090 0.00000000 NOTE: All classes per $1,000 denomination.

Interest Distribution Statement Class Accrual Accrual Current Beginning Current Payment of Dates Days Certificate Certificate/ Accrued Unpaid Interest Rate Notional Interest Shortfall (1) Balance ~~Note~~A 0304/2625/07 - 0405/24/07 30 5.42000% ~~845~~837,~~422~~909,~~009~~988.9178 3,~~818~~784,~~489~~560.4112 0.00 L N04/A01/07 N- 04/A30/07 030 7.~~20129~~44469% 04,550,878.0082 024,783.0056 0.00 O N/A N/A 0.00000% 45,~~577~~018,~~990~~386.4680 0.00 0.00 Totals 3,~~818~~809,~~489~~343.4168 0.00

Interest Distribution Statement (continued) Class Current Non-Supported Total Remaining Ending Interest Interest Interest Unpaid Interest Certificate/ Shortfall(1) Shortfall Distribution Shortfall(1) Notional Balance ~~Note~~A 0.00 0.00 3,~~818~~784,~~489~~560.4112 0.00 ~~837~~834,~~856~~881,~~182~~350.9640 L 0.00 0.00 024,783.0056 0.00 04,538,384.0049 O 0.00 0.00 0.00 0.00 5,~~034~~732,~~014~~786.7333 Totals 0.00 0.00 3,~~818~~809,~~489~~343.4168 0.00 (1) Amount also includes Coupon Cap or Basis Risk Shortfalls, if applicable.

Interest Distribution Factors Statement Class Original Current Beginning Current Payment of Face Certificate Certificate/ Accrued Unpaid Interest Amount Rate Notional Interest Shortfall (1) Balance ~~Note~~A 845,750,000.00 5.42000% ~~999~~990.~~61219026~~73010793 4.~~51491506~~47479766 0.00000000 L 0.0001 07.~~20129~~44469% 0.00000000 0.00000000 0.00000000 O 4,250,000.00 0.00000% ~~1077~~1180.~~17422588~~79689412 0.00000000 0.00000000

Interest Distribution Factors Statement (continued) Class Current Non-Supported Total Remaining Unpaid Ending Interest Interest Interest Interest Certificate/ Shortfall(1) Shortfall Distribution Shortfall(1) Notional Balance ~~Note~~A 0.00000000 0.00000000 4.~~51491506~~47479766 0.00000000 ~~990~~987.~~66648887~~14909891 L 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 O 0.00000000 0.00000000 0.00000000 0.00000000 ~~1184~~1348.~~47405412~~89090118 (1) Amount also includes Coupon Cap or Basis Risk Shortfalls, if applicable. NOTE: All classes per $1,000 denomination.

Certificateholder Account Statement CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 117,~~759~~222,~~437~~942.0841 Reserve Funds and Credit Enhancements 0.00 Proceeds from Repurchased Loans 0.00 Servicer Advances 0.00 Gains & Subsequent Recoveries (Realized Losses) 0(15,000.00) Total Deposits 117,~~759~~207,~~437~~942.0841 Withdrawals Reserve Funds and Credit Enhancements 0.00 Total Administration Fees ~~375~~357,~~120~~466.7102 Payment of Interest and Principal 116,~~384~~850,~~316~~476.3739 Total Withdrawals (Pool Distribution Amount) 117,~~759~~207,~~437~~942.0841 Ending Balance 0.00 Servicer Advances are calculated as delinquent scheduled principal and interest.

ADMINISTRATION FEES Gross Servicing Fee* ~~298~~280,~~358~~935.8923 Credit Enhancer Premium - Ambac ~~Assurance~~Assuarance Corp. 76,~~761~~530.8279 Supported Prepayment/Curtailment Interest Shortfall 0.00 Total Administration Fees ~~375~~357,~~120~~466.7102 *Servicer Payees include: MORGAN STANLEY CREDIT CORPORATION

Reserve and Guaranty Funds Account Name Beginning Current Current Ending Balance Withdrawals Deposits Balance Note Class Insurer - AMBAC Assurance Corp. 0.00 0.00 0139,272.0044 0.00 Pre-Funding Account Activity 119,457,235.6527 0.00 0.00 119,~~457~~114,~~235~~083.2720

Collateral Statement Total Collateral Description ~~Mixed~~ Fixed, ~~Arm~~& ~~and~~Mixed ~~HELOC~~ARM Weighted Average Coupon Rate 7.~~583696~~905098 Weighted Average Net Rate 7.~~114328~~442032 Weighted Average Pass-Through Rate 7.~~113841~~432933 Weighted Average Remaining Term ~~119~~118 Principal And Interest Constant 2618,~~589~~561,~~419~~423.2129 Beginning Loan Count 8,~~447~~246 Loans Paid in Full ~~201~~199 Ending Loan Count 8,~~246~~047 Beginning Scheduled Balance ~~735~~728,~~131~~022,~~822~~019.4611 Ending Scheduled Balance ~~728~~725,~~022~~695,~~019~~285.1157 Actual Ending Collateral Balance ~~728~~725,~~022~~695,~~019~~285.1157 Scheduled Principal 2113,~~943~~765,~~572~~519.5804 Unscheduled Principal (1411,~~833~~438,~~769~~785.2350) Negative Amortized Principal 0.00 Scheduled Interest 4,~~645~~795,~~846~~904.6325 Servicing Fees ~~298~~280,~~358~~935.8923 Master Servicing Fees 0.00 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 4,~~358~~514,~~307~~969.6802 Realized Loss Amount 015,000.00 Cumulative Realized Loss 015,000.00 Percentage of Cumulative Losses 0.~~0000~~0018 Special Servicing Fee 0.00 ~~Ending Scheduled Balance for Premium Loans 728,022,019.11~~ NOTE: ~~Collateral~~All ~~within~~references ~~this~~to ~~trust~~Scheduled isBalances ~~currently~~ within ~~the~~this ~~Pre-Funding~~report ~~Period.~~are ~~Please~~meant ~~refer~~ to ~~Certificateholder~~represent ~~Account~~Actual ~~Statement~~Balances ~~for~~of ~~Pre-Funding~~loans ~~Activity~~within ~~monthly until~~ the ~~Pre-Funding Period has ended~~Trust.

Additional Reporting - Deal Level Informational Reporting Net Principal Amount 2,326,733.54 Scheduled Principal Collections 15,178,024.14 Seller's Advance Amount 4,589,057.74 Unscheduled Principal Collections 19,641,274.26 Structural Reporting Balance of 3 Largest Loans 6,581,509.75 Beginning Overcollateralization Amount 45,~~577~~018,~~990~~386.4679 Additional ~~Advance~~Misc ~~Amount~~Interest 0Paid 126,900.0031 Excess Cash Amount ~~456~~714,~~024~~399.2716 Investor Amount ~~850~~842,~~000~~928,~~000~~375.0057 Current Overcollateralization Amount 5,~~034~~732,~~014~~786.0733 Overcollateralization Deficiency Amount 87,~~565~~867,~~985~~213.2767 Overcollateralization Reduction Amount 0.00 Overcollateralization Surplus Amount 0.00 ~~Total Principal Collection 33,891,771.94~~ Specified Overcollateralization Amount 13,600,000.00 ~~Amount of Draws in Current Cycle 26,781,969.25~~ Trigger Event Reporting ~~Trigger Event Trigger Result Pass~~ Cumulative Loss Trigger Test Trigger Result Pass Calculated Value 0.~~000000~~001765% Threshold Value 1.025000% Delinquency Trigger Test Trigger Result Pass Calculated Value 0.000000% Threshold Value 4.000000% Trigger Event Trigger Result Pass

Delinquency Status - OTS Delinquency Calculation Method DELINQUENT BANKRUPTCY FORECLOSURE REO Total No. of Loans No. of Loans No. of Loans No. of Loans No. of Loans Actual Balance Actual Balance Actual Balance Actual Balance Actual Balance 0-29 Days 23 0 0 23 4484,~~647~~503.3054 0.00 0.00 4484,~~647~~503.3054 30 Days 54 0 0 0 54 ~~349~~863,~~727~~207.2604 0.00 0.00 0.00 ~~349~~863,~~727~~207.2604 60 Days 23 0 0 0 23 ~~161~~193,~~794~~789.2371 0.00 0.00 0.00 ~~161~~193,~~794~~789.2371 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 7 23 0 0 910 ~~511~~1,~~521~~056,996.4975 4484,~~647~~503.3054 0.00 0.00 ~~556~~1,~~168~~141,500.7929 No. of Loans No. of Loans No. of Loans No. of Loans No. of Loans Actual Balance Actual Balance Actual Balance Actual Balance Actual Balance 0-29 Days 0.~~024254~~037281% 0.000000% 0.000000% 0.~~024254~~037281% 0.~~006133~~011644% 0.000000% 0.000000% 0.~~006133~~011644% 30 Days 0.~~060635~~049708% 0.000000% 0.000000% 0.000000% 0.~~060635~~049708% 0.~~048038~~118949% 0.000000% 0.000000% 0.000000% 0.~~048038~~118949% 60 Days 0.~~024254~~037281% 0.000000% 0.000000% 0.000000% 0.~~024254~~037281% 0.~~022224~~026704% 0.000000% 0.000000% 0.000000% 0.~~022224~~026704% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~084890~~086989% 0.~~024254~~037281% 0.000000% 0.000000% 0.~~109144~~124270% 0.~~070262~~145653% 0.~~006133~~011644% 0.000000% 0.000000% 0.~~076395~~157297% Please refer to CTSLink.com for a list of delinquency code descriptions.

Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 1129,~~166,442~~226.3991

SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class L 4,250,000.00 0.50000000% 5,~~034~~732,~~014~~786.7333 0.~~69146463~~78997155% 0.~~000000~~625384% 0.000000% Class O 0.00 0.00000000% 0.00 0.00000000% 0.~~691465~~789972% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period

Summary 12 Month Bankruptcy History* New Bankruptcy Loans Month Bankruptcy Percentage Loans in Bankruptcy 01 ~~May~~Jun-06 0.000% Original Principal Balance 040,000.00 ~~Jun~~Jul-06 0.000% Current Actual Balance 039,982.0019 ~~Jul~~Aug-06 0.000% ~~Aug~~Sep-06 0.000% Current Bankruptcy Total ~~Sep~~Oct-06 0.000% Loans in Bankruptcy 23 ~~Oct~~Nov-06 0.000% Original Principal Balance 4383,339.85 ~~Nov~~Dec-06 0.000% Current Actual Balance 4484,~~647~~503.3054 ~~Dec~~Jan-0607 0.000% ~~Jan~~Feb-07 0.000% ~~Feb~~Mar-07 0.~~000~~006% ~~Mar~~Apr-07 0.006% ~~Apr~~May-07 0.~~006~~012% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period Group Loan Month Loan First State LTV at Original Number Entered Payment Origination Principal Bankruptcy Date Balance No4 ~~Bankruptcy~~2390415443 ~~Loans~~Mar-2007 ~~this~~30-Apr-1999 ~~Period~~TN 19.25 10,974.85 4 2711003222 May-2007 27-Aug-2006 IL 17.32 40,000.00 4 2711060918 Mar-2007 22-Oct-2006 OK 11.88 32,365.00

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period (continued) Group Loan Current Paid To Months Current Approximate Number Actual Date Delinquent Loan Rate Delinquent Balance Interest No4 ~~Bankruptcy~~2390415443 ~~Loans~~6,782.62 ~~this~~30-Apr-2007 ~~Period~~0 11.000% 110.53 4 2711003222 39,982.19 27-Apr-2007 0 10.500% 645.52 4 2711060918 37,738.73 22-Apr-2007 0 9.250% 534.01

Realized Loss Detail Report - Loans with Losses during Current Period Summary # Loans Prior Realized Current with Actual Loss/(Gain) Loss Group Losses Balance Amount Percentage Total 01 015,000.00 015,000.00 0.~~000~~002%

Realized Loss Loan Detail Report - Loans With Losses during Current Period Original Current Loan Principal Note LTV at Original Group Number Balance Rate State Origination Term No4 ~~Losses~~2710939465 ~~this~~0.00 ~~Period~~9.000% MI 13.64 119

Realized Loss Loan Detail Report - Loans With Losses during Current Period (continued) Prior Cumulative Loan Actual Realized Realized Group Number Balance Loss/(Gain) Loss/(Gain) No4 ~~Losses~~2710939465 ~~this~~15,000.00 ~~Period~~15,000.00 15,000.00

Realized Loss Report - Collateral Summary MDR SDA Current Month 0.002% Current Month 0.141% 3 Month Average 0.001% 3 Month Average 0.047% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs. 12mo Average* SDA: Current vs. 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jun-2006 NoN/A ~~Realized~~N/A Jun-2006 N/A N/A Jul-2006 N/A N/A Jul-2006 N/A N/A Aug-2006 N/A N/A Aug-2006 N/A N/A Sep-2006 N/A N/A Sep-2006 N/A N/A Oct-2006 N/A N/A Oct-2006 N/A N/A Nov-2006 N/A N/A Nov-2006 N/A N/A Dec-2006 N/A N/A Dec-2006 N/A N/A Jan-2007 N/A N/A Jan-2007 N/A N/A Feb-2007 N/A N/A Feb-2007 N/A N/A Mar-2007 0.000% N/A Mar-2007 0.000% N/A Apr-2007 0.000% N/A Apr-2007 0.000% N/A May-2007 0.002% N/A May-2007 0.141% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. CDR Cumulative Loss ~~Information~~Severity toCurrent Month 0.025% Current Month 100.000% 3 Month Average 0.008% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs. 12mo Average* Cumulative Loss Severity: Current vs. 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Jun-2006 N/A N/A Jun-2006 N/A N/A Jul-2006 N/A N/A Jul-2006 N/A N/A Aug-2006 N/A N/A Aug-2006 N/A N/A Sep-2006 N/A N/A Sep-2006 N/A N/A Oct-2006 N/A N/A Oct-2006 N/A N/A Nov-2006 N/A N/A Nov-2006 N/A N/A Dec-2006 N/A N/A Dec-2006 N/A N/A Jan-2007 N/A N/A Jan-2007 N/A N/A Feb-2007 N/A N/A Feb-2007 N/A N/A Mar-2007 0.000% N/A Mar-2007 N/A N/A Apr-2007 0.000% N/A Apr-2007 N/A N/A May-2007 0.025% N/A May-2007 100.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. ~~this~~The ~~period~~graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Monthly Default Rate (MDR): sum(Beg Scheduled Balance of Liquidated Loans)/ sum(Beg Scheduled Balance). Conditional Default Rate (CDR): 1-((1-MDR)^12) SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR / (WAS * 0.02) else if WAS is greater than 30 and less than or equal to 60 then CDR / 0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR / (0.6 - ((WAS - 60) * 0.0095)) else if WAS is greater than 120 then CDR / 0.03 Cumulative Loss Severity: Sum (Realized Losses) / Sum (Ending Actual Balance for loans that have experienced a loss).

Prepayment Detail - Prepayments during Current Period Summary Loans Paid In Full Repurchased Loans Original Current Original Current Principal Scheduled Principal Scheduled Group Count Balance Balance Count Balance Balance Total ~~212~~224 812,~~084~~264,~~534~~707.1569 1622,~~760~~562,~~386~~836.6900 0 0.00 0.00

Prepayment Detail - Prepayments during Current Period (continued) Summary Substitution Loans Liquidated Loans Curtailments Original Current Original Current Principal Scheduled Principal Scheduled Curtailment Group Count Balance Balance Count Balance Balance Amount Total 0 0.00 0.00 01 0.00 015,000.00 (2530,~~698~~991,~~762~~579.3176)

Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount No Prepayments in full this Period

Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning No Prepayments in full this Period

Prepayment Rates

Summary SMM CPR PSA Current Month (21.~~080~~601)% Current Month (2821.~~022~~004)% Current Month (1,~~789~~197.~~879~~760)% 3 Month Average 0(2.~~000~~262)% 3 Month Average 0(31.~~000~~121)% 3 Month Average 0(2,024.~~000~~516)% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs. 12mo Average* PSA: Current vs. 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~May-2006 N/A N/A May-2006 N/A N/A~~ Jun-2006 N/A N/A Jun-2006 N/A N/A Jul-2006 N/A N/A Jul-2006 N/A N/A Aug-2006 N/A N/A Aug-2006 N/A N/A Sep-2006 N/A N/A Sep-2006 N/A N/A Oct-2006 N/A N/A Oct-2006 N/A N/A Nov-2006 N/A N/A Nov-2006 N/A N/A Dec-2006 N/A N/A Dec-2006 N/A N/A Jan-2007 N/A N/A Jan-2007 N/A N/A Feb-2007 N/A N/A Feb-2007 N/A N/A Mar-2007 (44.338)% N/A Mar-2007 (3,085.908)% N/A Apr-2007 (28.022)% N/A Apr-2007 (1,789.879)% N/A May-2007 (21.004)% N/A May-2007 (1,197.760)% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled Principal) Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12) PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS)) Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal Balance))

Interest Rate Stratification Summary Current Number of Outstanding Percentage of Interest Rate Loans Scheduled Balance(%) Range(%) Balance($) < 6.000 0 0.00 0.000 6.000 6.499 1 10,~~506~~455.0440 0.001 6.500 6.999 8 4,~~179~~175,~~797~~673.0241 0.~~574~~575 7.000 7.499 ~~369~~362 3837,~~113~~950,~~022~~184.5836 5.~~235~~229 7.500 7.999 5,~~712~~572 ~~551~~554,~~997~~262,~~432~~104.7232 7576.~~822~~377 8.000 8.499 1,~~322~~290 9794,~~857~~363,~~239~~251.9484 13.~~442~~003 8.500 8.999 ~~367~~358 2019,~~265~~644,~~718~~124.1216 2.~~784~~707 9.000 9.499 ~~250~~243 9,~~580~~301,~~675~~269.0259 1.~~316~~282 9.500 9.999 ~~113~~109 3,~~321~~269,~~571~~098.8698 0.~~456~~450 10.000 10.499 62 1,~~403~~410,~~894~~659.2459 0.~~193~~194 10.500 10.999 11 ~~347~~345,~~233~~696.1590 0.048 11.000 11.499 10 ~~548~~567,~~039~~172.2290 0.~~075~~078 11.500 11.999 1 20,500.00 0.003 12.000 12.499 7 209,~~963~~907.1352 0.029 12.500 12.999 1 8,~~937~~433.4602 0.001 13.000 13.499 4 47,~~915~~813.7582 0.007 13.500 13.999 1 8,~~938~~759.0372 0.001 14.000 14.499 2 42,~~772~~748.9566 0.006 14.500 14.999 3 29,~~734~~532.4807 0.004 15.000 15.499 0 0.00 0.000 15.500 15.999 1 20,~~352~~113.2375 0.003 16.000 16.499 0 0.00 0.000 16.500 16.999 0 0.00 0.000 17.000 17.499 0 0.00 0.000 17.500 17.999 1 7,~~775~~785.1756 0.001 >= 18.000 0 0.00 0.000 Total 8,~~246~~047 ~~728~~725,~~022~~695,~~019~~285.1157 100.000

SUPPLEMENTAL REPORTING Business Day Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions in the States of New York, Maryland, Minnesota, South Dakota or Delaware are required or authorized by law to be closed. Libor Business Day Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions in the city of London, England or New York City are required or authorized by law to be closed. Record Date With respect to the Notes and any Payment Date, the Business Day next preceding such Payment Date and with respect to the Certificates and any Payment Date, the last Business Day of the month preceding the month of such Payment Date. Determination Date With respect to any Payment Date, the 18th day of the month in which such Payment Date occurs or if such day is not a Business Day, the next preceding Business Day. One-Month Libor For any Interest Period other than the first Interest Period, the rate for United States dollar deposits for one month which appears on the Telerate Screen Page 3750 as of 11:00 A.M., London, England time, on the second LIBOR Business Day prior to the first day of such Interest Period. With respect to the first Interest Period, the rate for United States dollar deposits for one month which appears on the Telerate Screen Page 3750 as of 11:00 A.M., London, England time, two LIBOR Business Days prior to the Closing Date. If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying One-Month LIBOR or comparable rates as may be reasonably selected by the Indenture Trustee after consultation with the Servicer and the Credit Enhancer), the rate will be the Reference Bank Rate. If no such quotations can be obtained and no Reference Bank Rate is available, One-Month LIBOR will be One-Month LIBOR applicable to the preceding Payment Date. Closing Date February 27, 2007 Distribution Date Payment Date: The 25th day of each month beginning in March 2007, or if such day is not a Business Day, then the next Business Day. Remittance Date Per section 3.03(i) of the Servicing Agreement dated as of February 1, 2007, refer to the Determination Date. Business Day Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions in the States of New York, Maryland, Minnesota, South Dakota or Delaware are required or authorized by law to be closed.

Filing Compare · MSCC HELOC Trust 2007-1