
                           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):  July 25, 2003


                          MORGAN STANLEY ABS CAPITAL I INC.
         (as Depositor, Fairbanks as Servicer, CDC Mortgage as Unaffiliated
             Seller and Deutsche Bank National Trust Company, as Trustee).


                   MORGAN STANLEY MORTGAGE PASS THR CERT SER 2003-HE1
                  (Exact name of Registrant as specified in its Charter)


                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-65702-08                      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) 761-4700



     Item 5.  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 7.  Financial Statement and Exhibits

     Exhibits:  (as noted in Item 5 above)

     Monthly Remittance Statement to the Certificateholders dated as of
     July 25, 2003.



                                     SIGNATURE


               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, hereunto duly authorized.


                                  Deutsche Bank National Trust Company,
                                  not in its individual capacity, but solely
                                  as a duly authorized agent of the Registrant
                                  pursuant to the Pooling and Servicing
                                  Agreement, dated as of March 1,2003..

          Date:  Aug 01, 2003               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President



                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of July 25, 2003.


	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates


	July 25, 2003 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				12
			8.	Foreclosure Report				13
			9.	Prepayment Report				14
			10.	Prepayment Detail Report				17
			11.	Realized Loss Report				19
			12.	Realized Loss Detail Report				22
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				23




				Total Number of Pages				23



			CONTACTS

				Administrator: Jeremy Conyers
				Direct Phone Number: (714)247-6274
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705

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



ISSUANCE INFORMATION

	Seller:		CDC Mortgage Capital					Cut-Off Date: January 3, 2003
	Certificate Insurer(s):							Closing Date: March 28, 2003
								First Payment Date: April 25, 2003
	Servicer(s):		Fairbanks Capital Corp. Master Servicer


								Distribution Date: July 25, 2003
	Underwriter(s):		Morgan Stanley					Record Date: July 24, 2003
								June 30, 2003






						Page 1 of 23					© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-HE1
	Certificate Payment Report for July 25, 2003 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	200,000,000.00			190,613,641.40	216,823.02	5,320,120.43	5,536,943.45	-	-	185,293,520.97
A-2	FLT	335,060,000.00			319,335,033.43	373,888.10	8,912,797.75	9,286,685.85	-	-	310,422,235.68
M-1	MEZ	39,635,000.00			39,634,962.31	63,911.38	-	63,911.38	-	-	39,634,962.31
M-2	MEZ	36,331,000.00			36,330,965.45	90,373.28	-	90,373.28	-	-	36,330,965.45
M-3	MEZ	9,578,000.00			9,577,990.89	25,820.67	-	25,820.67	-	-	9,577,990.89
B-1	SUB	18,166,000.00			18,165,982.72	72,436.86	-	72,436.86	-	-	18,165,982.72
B-2	SUB	11,230,000.00			11,229,989.32	44,779.58	-	44,779.58	-	-	11,229,989.32
X	SUB	10,569,006.00			10,569,005.69	3,058,444.62	0.14	3,058,444.76	-	-	10,569,005.55
P	R	100.00			100.00	261,283.27	-	261,283.27	-	-	100.00
R	SUB	-			-	-	-	-	-	-	-


Total		660,569,106.00			635,457,671.21	4,207,760.78	14,232,918.32	18,440,679.10	-	-	621,224,752.89


	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	06/25/03	07/24/03		A-Act/360	12506YAW9	200,000,000.00	953.068207	1.084115	26.600602	27.684717	926.467605
A-2	06/25/03	07/24/03		A-Act/360	12506YAX7	335,060,000.00	953.068207	1.115884	26.600602	27.716486	926.467605
M-1	06/25/03	07/24/03		A-Act/360	12506YAY5	39,635,000.00	999.999049	1.612499	-	1.612499	999.999049
M-2	06/25/03	07/24/03		A-Act/360	12506YAZ2	36,331,000.00	999.999049	2.487498	-	2.487498	999.999049
M-3	06/25/03	07/24/03		A-Act/360	12506YBA6	9,578,000.00	999.999049	2.695831	-	2.695831	999.999049
B-1	06/25/03	07/24/03		A-Act/360	12506YBB4	18,166,000.00	999.999049	3.987496	-	3.987496	999.999049
B-2	06/25/03	07/24/03		A-Act/360	12506YBC2	11,230,000.00	999.999049	3.987496	-	3.987496	999.999049
X				-		10,569,006.00	999.999971	289.378644	0.000013	289.378657	999.999958
P				-		100.00	1,000.000000	2,612,832.700000	-	2,612,832.700000	1,000.000000
R				-		-	-	-	-	-	-


							Page 2 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-HE1
	Certificate Payment Report for July 25, 2003 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	200,000,000.00		1,020,789.43		14,706,297.76	181.27	14,706,479.03	15,727,268.46	-	-	185,293,520.97
A-2	335,060,000.00		1,753,487.95		24,637,460.63	303.69	24,637,764.32	26,391,252.27	-	-	310,422,235.68
M-1	39,635,000.00		281,133.20		-	37.69	37.69	281,170.89	-	-	39,634,962.31
M-2	36,331,000.00		383,796.57		-	34.55	34.55	383,831.12	-	-	36,330,965.45
M-3	9,578,000.00		109,096.06		-	9.11	9.11	109,105.17	-	-	9,577,990.89
B-1	18,166,000.00		299,991.24		-	17.28	17.28	300,008.52	-	-	18,165,982.72
B-2	11,230,000.00		185,450.93		-	10.68	10.68	185,461.61	-	-	11,229,989.32
X	10,569,006.00		10,568,933.59		0.14	0.00	0.14	10,568,933.73	0.31	-	10,569,005.55
P	100.00		733,364.99		-	-	-	733,364.99	-	-	100.00
R	-		-		-	-	-	-	-	-	-


Total	660,569,106.00		15,336,043.96		39,343,758.53	594.27	39,344,352.80	54,680,396.76	0.31	-	621,224,752.89


	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	1.36500%	190,613,641.40			216,823.02	-	-	-	216,823.02	216,823.02	-
A-2	1.40500%	319,335,033.43			373,888.10	-	-	-	373,888.10	373,888.10	-
M-1	1.93500%	39,634,962.31			63,911.38	-	-	-	63,911.38	63,911.38	-
M-2	2.98500%	36,330,965.45			90,373.28	-	-	-	90,373.28	90,373.28	-
M-3	3.23500%	9,577,990.89			25,820.67	-	-	-	25,820.67	25,820.67	-
B-1	4.78500%	18,165,982.72			72,436.86	-	-	-	72,436.86	72,436.86	-
B-2	4.78500%	11,229,989.32			44,779.58	-	-	-	44,779.58	44,779.58	-
X	5.77558%	10,569,005.69			3,058,444.62	-	-	-	3,058,444.62	3,058,444.62	-
P		100.00			261,283.27	-	-	-	261,283.27	261,283.27	-
R		-			-	-	-	-	-	-	-


Total		635,457,671.21			4,207,760.78	-	-	-	4,207,760.78	4,207,760.78	-


							Page 3 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Collection Account Report for July 25, 2003 Distribution


	Collection Account Report


SUMMARY								TOTAL

	Principal Collections							14,232,918.32
	Principal Other Accounts							0.00
	TOTAL NET PRINCIPAL							14,232,918.32

	Interest Collections							4,027,412.57
	Interest Withdrawals							0.00
	Interest Other Accounts							0.00
	Interest Fees							(80,935.06)
	TOTAL NET INTEREST							3,946,477.51

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE							18,179,395.83

	Prepayment Premiums Collected							261,283.27

	TOTAL FUNDS AVAILABLE FOR DISTRIBUTION							18,440,679.10


PRINCIPAL - COLLECTIONS								TOTAL

	Scheduled Principal Received							472,568.61
	Prepayments In Full							13,629,325.56
	Curtailments							131,024.15
	Liquidations							0.00
	Insurance Principal							0.00
	Repurchased Principal Amounts							0.00
	Other Principal							0.00
	Total Realized Loss Of Principal							0.00
	Delinquent Principal							(352,474.46)
	Advanced Principal							352,474.46

	TOTAL PRINCIPAL COLLECTED							14,232,918.32


				Page 4 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Collection Account Report for July 25, 2003 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS								TOTAL

	Scheduled Interest							4,224,741.49
	Liquidation Interest							0.00
	Repurchased Interest							0.00
	Insurance Interest							0.00
	Other Interest							0.00
	Relief Act Interest Shortfalls							0.00
	Net Prepayment Interest Shortfalls							0.00
	Delinquent Interest							(3,194,155.91)
	Interest Advanced							2,996,826.99

	TOTAL INTEREST COLLECTED							4,027,412.57


				Page 5 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Collection Account Report for July 25, 2003 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS								TOTAL

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

	TOTAL INTEREST WITHDRAWALS							0.00


INTEREST - OTHER ACCOUNTS								TOTAL



	Retained Interest Due to Unaffiliated Seller							0.00

	TOTAL INTEREST OTHER ACCOUNTS							0.00


INTEREST - FEES								TOTAL

	Current Servicing Fees							67,432.96
	Trustee Fee							2,382.97
	Certificate Insurance Fees							11,119.13

	TOTAL INTEREST OTHER FEES							80,935.06


				Page 6 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for July 25, 2003 Distribution


	Credit Enhancement Report


ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES								TOTAL

	Beginning Subordinated Amount							10,569,105.83
	Ending Subordinated Amount							10,569,105.69
	Specified Subordinated Amount							10,569,105.69


	Senior Enhancement Percentage							20.20%


				Page 7 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Collateral Report for July 25, 2003 Distribution


	Collateral Report


COLLATERAL								TOTAL
	Loan Count:
	*Original*							3336
	Prior							3,676
	Prefunding							241
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(65)
	Repurchases							-
	Liquidations							-
	Current							3,852

	*Principal Balance:*
	Original							541,057,916.56
	Prior							596,383,096.90
	Prefunding							39,074,574.45
	Scheduled Principal							(472,568.61)
	Partial and Full Voluntary Prepayments							(13,760,349.71)
	Repurchases							-
	Liquidations							-
	Current							621,224,753.03

PREFUNDING								TOTAL

	Prefunding Account - Initial Balance							119,511,189.13
	Prefunding Account - Beginning Balance							39,075,168.58
	Prefunding Account - Withdrawls for Subsequent Transfers							39,074,574.45
	Prefunding Account - Released as Principal							0.00
	Prefunding Account - Ending Balance							0.00

	Capitalized Interest Account - Initial Balance							585,051.00
	Capitalized Interest Account - Beginning Balance							585,051.00
	Capitalized Interest Account - Withdrawls							0.00
	Capitalized Interest Account - Interest Earnings							0.00
	Capitalized Interest Account - Ending Balance							585,051.00




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


				Page 8 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Collateral Report for July 25, 2003 Distribution


	Collateral Report


CHARACTERISTICS								TOTAL

	Weighted Average Coupon Original							8.068655%
	Weighted Average Coupon Prior							8.063746%
	Weighted Average Coupon Current							7.978013%
	Weighted Average Months to Maturity Original							342
	Weighted Average Months to Maturity Prior							339
	Weighted Average Months to Maturity Current							337
	Weighted Avg Remaining Amortization Term Original							352
	Weighted Avg Remaining Amortization Term Prior							350
	Weighted Avg Remaining Amortization Term Current							349
	Weighted Average Seasoning Original							4.66
	Weighted Average Seasoning Prior							6.48
	Weighted Average Seasoning Current							7.30

Note: Original information refers to deal issue.




WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Collateral Report for July 25, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS								TOTAL

	Weighted Average Margin Original							4.493%
	Weighted Average Margin Prior							4.415%
	Weighted Average Margin Current							4.398%
	Weighted Average Max Rate Original							10.022%
	Weighted Average Max Rate Prior							9.863%
	Weighted Average Max Rate Current							9.832%
	Weighted Average Min Rate Original							5.506%
	Weighted Average Min Rate Prior							5.394%
	Weighted Average Min Rate Current							5.366%
	Weighted Average Cap Up Original							0.795%
	Weighted Average Cap Up Prior							0.781%
	Weighted Average Cap Up Current							0.778%
	Weighted Average Cap Down Original							0.795%
	Weighted Average Cap Down Prior							0.781%
	Weighted Average Cap Down Current							0.778%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES								TOTAL

	Current Servicing Fees							67,432.96
	Delinquent Servicing Fees							197,328.92
	TOTAL SERVICING FEES							264,761.88

	Prepayment Interest Shortfall							14,053.43
	Compensating Interest							(14,053.43)

	Delinquent Servicing Fees							(197,328.92)

	COLLECTED SERVICING FEES							67,432.96

	Aggregate Advances with respect to this Distribution							3,349,301.45
	Current Nonrecoverable Advances							0.00
	Cumulative Nonrecoverable Advances							0.00


ADDITIONAL COLLATERAL INFORMATION								TOTAL

	Net Prepayment Interest Shortfall							0.00

	Net Monthly Excess Cash Flow							3,058,444.62

	Ending Pool Stated Principal Balance							621,224,753.03


				Page 10 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Delinquency Report for July 25, 2003 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			13,852,420.91	5,662,350.99	891,838.76	20,406,610.66
		% Balance			2.23%	0.91%	0.14%	3.28%
		# Loans			83	26	3	112
		% # Loans			2.15%	0.67%	0.08%	2.91%
FORECLOSURE		Balance		-	606,959.87	2,725,748.61	1,172,110.93	4,504,819.41
		% Balance		0.00%	0.10%	0.44%	0.19%	0.73%
		# Loans		-	1	16	3	20
		% # Loans		0.00%	0.03%	0.42%	0.08%	0.52%
BANKRUPTCY		Balance		2,632,227.37	290,703.79	198,992.50	-	3,121,923.66
		% Balance		0.42%	0.05%	0.03%	0.00%	0.50%
		# Loans		11	1	1	-	13
		% # Loans		0.29%	0.03%	0.03%	0.00%	0.34%
REO		Balance		-	-	992,433.62	-	992,433.62
		% Balance		0.00%	0.00%	0.16%	0.00%	0.16%
		# Loans		-	-	1	-	1
		% # Loans		0.00%	0.00%	0.03%	0.00%	0.03%

TOTAL		Balance		2,632,227.37	14,750,084.57	9,579,525.72	2,063,949.69	29,025,787.35
		% Balance		0.42%	2.37%	1.54%	0.33%	4.67%
		# Loans		11	85	44	6	146
		% # Loans		0.29%	2.21%	1.14%	0.16%	3.79%
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 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	REO Report for July 25, 2003 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 1				Loan Group 1 = Group 1 Group; REO Book Value = Not Available
Total Original Principal Balance = 1,000,000.00
Total Current Balance = 992,433.62
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

3672649 1		1,000,000.00	992,433.62	Mar-01-03	6.990%	MI - 58.82%	360	Sep-17-02


				Page 12 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Foreclosure Report for July 25, 2003 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 2				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 343,100.00
Total Current Balance = 341,687.68


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

4857389 1		161,600.00	160,712.06	Mar-01-03	8.000%	DC - 80.00%	180	Oct-21-02
4922464 1		181,500.00	180,975.61	Feb-01-03	8.800%	CA - 75.00%	360	Jan-09-03


				Page 13 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Prepayment Report for July 25, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS								TOTAL

	*Current*
	Number of Paid in Full Loans							65
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							65

	Paid in Full Balance							13,629,325.56
	Repurchased Loans Balance							-
	Curtailments Amount							131,024.15
	Total Prepayment Amount							13,760,349.71

	*Cumulative*
	Number of Paid in Full Loans							195
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							195

	Paid in Full Balance							37,493,113.62
	Repurchased Loans Balance							-
	Curtailments Amount							114,278.35
	Total Prepayment Amount							37,607,391.97

SPACE INTENTIONALLY LEFT BLANK


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


				Page 14 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Prepayment Report for July 25, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES								TOTAL

	SMM							2.17%
	3 Months Avg SMM							1.77%
	12 Months Avg SMM
	Avg SMM Since Cut-off							1.57%

	CPR							23.12%
	3 Months Avg CPR							19.25%
	12 Months Avg CPR
	Avg CPR Since Cut-off							17.30%

	PSA							1583.61%
	3 Months Avg PSA Approximation							1490.77%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							1440.52%







CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 15 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Prepayment Report for July 25, 2003 Distribution


	Prepayment Report - Voluntary Prepayments




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/(0.02*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 16 of 23				© COPYRIGHT 2003 Deutsche Bank


	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for July 25, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 65						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 13,690,396.00
Total Prepayment Amount = 13,629,325.56


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

16095 1			94,400.00	94,130.88	Jun-01-03	7.750%	IL - 80.00%	Paid Off - 360	Jan-13-03
739837 1			367,000.00	366,278.55	Jun-01-03	8.150%	HI - 70.58%	Paid Off - 360	Feb-21-03
3646320 1			337,500.00	335,188.53	Jun-16-03	7.500%	CA - 90.00%	Paid Off - 360	Aug-22-02
3678356 1			150,000.00	149,143.36	Jun-25-03	8.750%	CA - 70.76%	Paid Off - 360	Aug-28-02
3715497 1			97,200.00	96,924.79	Jun-16-03	11.750%	CA - 28.59%	Paid Off - 180	Aug-29-02
3762218 1			245,700.00	244,137.59	Jul-01-03	7.875%	NJ - 90.00%	Paid Off - 360	Aug-16-02
3778834 1			108,500.00	107,788.23	Jul-14-03	8.125%	FL - 70.00%	Paid Off - 360	Sep-24-02
3778909 1			109,200.00	108,467.68	Jun-30-03	6.990%	CA - 56.00%	Paid Off - 360	Sep-19-02
3836103 1			271,800.00	270,678.75	Jun-24-03	8.740%	IL - 90.00%	Paid Off - 360	Oct-28-02
3836400 1			113,500.00	112,759.62	Jul-02-03	6.700%	CA - 55.37%	Paid Off - 360	Sep-19-02
3836939 1			242,250.00	241,306.84	Jun-27-03	8.250%	CA - 85.00%	Paid Off - 360	Nov-06-02
3836988 1			260,900.00	259,884.44	Jul-02-03	8.250%	CA - 84.16%	Paid Off - 360	Nov-04-02
3837549 1			232,000.00	230,897.56	Jun-19-03	7.250%	MA - 82.86%	Paid Off - 360	Nov-08-02
3838018 1			375,000.00	373,868.76	Jun-27-03	9.490%	IL - 75.00%	Paid Off - 360	Nov-21-02
3838521 1			212,000.00	211,154.56	Jul-11-03	8.130%	CA - 80.00%	Paid Off - 360	Nov-22-02
3839255 1			161,250.00	160,399.98	Jun-27-03	6.990%	CA - 75.00%	Paid Off - 360	Nov-14-02
3839263 1			104,000.00	103,702.85	Jun-20-03	9.750%	CA - 26.00%	Paid Off - 360	Nov-08-02
3839701 1			243,000.00	242,054.15	Jul-09-03	8.250%	CA - 90.00%	Paid Off - 360	Nov-21-02
3847316 1			205,000.00	204,103.64	Jul-01-03	9.125%	NJ - 59.42%	Paid Off - 360	Sep-13-02
3847845 1			575,000.00	573,164.57	Jun-26-03	10.625%	NY - 74.19%	Paid Off - 360	Sep-04-02
3906377 1			112,500.00	111,895.94	Jul-02-03	7.428%	NJ - 75.00%	Paid Off - 360	Oct-24-02
3906484 1			171,600.00	170,771.57	Jun-19-03	7.963%	NY - 57.20%	Paid Off - 360	Oct-22-02
3906799 1			252,500.00	251,298.91	Jul-11-03	8.083%	MA - 63.13%	Paid Off - 360	Oct-24-02
3906930 1			167,100.00	166,306.26	Jul-14-03	8.750%	CA - 68.20%	Paid Off - 360	Oct-17-02
3906955 1			195,800.00	194,987.86	Jul-10-03	8.713%	CA - 89.00%	Paid Off - 360	Oct-24-02
3907326 1			150,400.00	149,728.34	Jun-25-03	8.350%	RI - 79.16%	Paid Off - 360	Oct-25-02
3907714 1			154,900.00	152,163.96	Jun-23-03	9.778%	MA - 68.84%	Paid Off - 180	Oct-21-02
3908381 1			225,200.00	224,142.35	Jul-03-03	8.100%	CA - 84.98%	Paid Off - 360	Oct-22-02
3909215 1			106,200.00	105,275.92	Jul-01-03	8.710%	OH - 90.00%	Paid Off - 360	Oct-18-02
3939246 1			180,000.00	179,093.23	Jul-02-03	7.750%	CA - 88.89%	Paid Off - 360	Oct-22-02
3965688 1			177,650.00	176,937.20	Jun-26-03	8.875%	MA - 95.00%	Paid Off - 360	Oct-11-02
3966389 1			58,750.00	58,546.50	Jul-02-03	10.240%	CA - 25.00%	Paid Off - 180	Sep-23-02
3967643 1			296,800.00	294,686.83	Jun-19-03	8.125%	MI - 80.00%	Paid Off - 360	Oct-16-02
3968179 1			64,800.00	63,732.21	Jun-30-03	8.875%	IN - 79.90%	Paid Off - 180	Oct-24-02
3968930 1			193,500.00	192,475.73	Jun-20-03	7.500%	CA - 90.00%	Paid Off - 360	Oct-31-02
3969524 1			101,000.00	100,576.02	Jul-02-03	7.875%	RI - 77.69%	Paid Off - 360	Nov-04-02
4012837 1			202,500.00	201,711.84	Jul-02-03	8.250%	NJ - 75.00%	Paid Off - 360	Oct-31-02
4014080 1			420,000.00	418,607.57	Jun-26-03	8.125%	MD - 70.00%	Paid Off - 360	Dec-06-02
4857082 1			650,000.00	646,204.47	Jul-01-03	7.000%	CA - 79.76%	Paid Off - 360	Oct-17-02
4857090 1			164,500.00	163,388.05	Jul-02-03	6.240%	CA - 70.00%	Paid Off - 360	Oct-17-02
4857769 1			216,750.00	215,817.19	Jun-30-03	7.750%	CA - 85.00%	Paid Off - 360	Nov-14-02
4857991 1			270,000.00	268,949.06	Jul-14-03	8.250%	CA - 90.00%	Paid Off - 360	Nov-20-02
4858247 1			296,800.00	295,998.20	Jul-02-03	9.125%	CA - 80.00%	Paid Off - 360	Dec-13-02
4905253 1			570,000.00	567,653.59	Jun-24-03	8.750%	NY - 49.57%	Paid Off - 360	Oct-24-02

					Page 17 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for July 25, 2003 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

4905469 1			200,000.00	198,928.28	Jul-01-03	8.125%	NJ - 78.43%	Paid Off - 360	Sep-06-02
4905576 1			203,100.00	202,365.04	Jun-30-03	9.375%	FL - 89.99%	Paid Off - 360	Oct-31-02
4905816 1			150,000.00	149,049.91	Jun-30-03	8.375%	NJ - 42.86%	Paid Off - 360	Nov-08-02
4906327 1			42,500.00	42,347.32	Jun-20-03	9.250%	PA - 85.00%	Paid Off - 360	Nov-22-02
4906574 1			132,800.00	132,441.25	Jun-17-03	9.125%	NC - 80.00%	Paid Off - 360	Dec-03-02
4908455 1			100,000.00	99,778.56	Jul-03-03	8.990%	ME - 55.56%	Paid Off - 360	Jan-27-03
4908794 1			194,400.00	193,783.93	Jul-14-03	7.250%	CA - 90.00%	Paid Off - 360	Jan-23-03
4909172 1			119,850.00	119,506.77	Jul-08-03	7.800%	CA - 85.00%	Paid Off - 360	Jan-23-03
4921516 1			35,000.00	34,614.79	Jun-24-03	13.200%	MI - 13.21%	Paid Off - 180	Nov-07-02
4921714 1			338,000.00	336,966.30	Jul-02-03	8.200%	CA - 65.00%	Paid Off - 360	Dec-27-02
4921722 1			260,000.00	259,302.25	Jun-27-03	8.050%	CA - 84.97%	Paid Off - 360	Dec-31-02
4922159 1			271,200.00	270,434.62	Jul-07-03	7.800%	CA - 80.00%	Paid Off - 360	Jan-07-03
4922274 1			180,750.00	180,140.33	Jul-03-03	6.900%	VA - 75.00%	Paid Off - 360	Jan-10-03
4922324 1			150,000.00	149,499.74	Jul-07-03	7.650%	UT - 60.00%	Paid Off - 360	Jan-10-03
4924817 1			200,000.00	199,330.71	Jun-30-03	8.990%	CA - 82.65%	Paid Off - 360	Nov-01-02
4925467 1			152,000.00	151,225.46	Jul-08-03	8.375%	CA - 79.17%	Paid Off - 360	Sep-30-02
4925475 1			38,000.00	37,933.62	Jul-08-03	13.375%	CA - 19.79%	Paid Off - 360	Sep-30-02
4927059 1			113,600.00	113,134.95	Jun-01-03	8.000%	FL - 80.00%	Paid Off - 360	Nov-18-02
4927596 1			119,826.00	119,441.54	Jun-16-03	9.950%	MN - 20.00%	Paid Off - 180	Nov-01-02
6011092 1			239,920.00	239,163.87	Jul-10-03	8.375%	CA - 80.00%	Paid Off - 360	Dec-19-02
6012025 1			545,000.00	542,952.21	Jun-24-03	7.500%	CA - 67.28%	Paid Off - 360	Dec-16-02


					Page 18 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Realized Loss Report for July 25, 2003 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES								TOTAL

	*Current*
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-

	*Cumulative*
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-

	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.


	Cumulative Loss Percentage							0.00%


							3 Months Moving Average


Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 19 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Realized Loss Report for July 25, 2003 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS								TOTAL

	MDR							0.00%
	3 Months Avg MDR							0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off							0.00%

	CDR							0.00%
	3 Months Avg CDR							0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.00%

	SDA							0.00%
	3 Months Avg SDA Approximation							0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation							0.00%

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



CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 20 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Realized Loss Report for July 25, 2003 Distribution


	Realized Loss Report - Collateral




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


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


COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.

				Page 21 of 23				© COPYRIGHT 2003 Deutsche Bank


	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for July 25, 2003 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 0						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.

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


					Page 22 of 23				© COPYRIGHT 2003 Deutsche Bank
	CDC Mortgage Capital Trust 2003-HE1
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for July 25, 2003 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS								TOTAL

	Has a Stepdown Date occurred?							No

	Does Trigger Event exist?							No
	(60+ Day Delq % is > = to 40% of Senior Enhancement %)
	(x) Rolling 3-month avg. of 60+ Day Delq loans							10,370,702.90
	(y) Stated Principal Balance							621,224,753.03
	60+ Day Delq % ( quotient of (x) over (y) )							1.67%
	Trigger Event 40% of Sr Enhancement Percentage							7.31%

	Senior Enhancement Percentage							20.20%


ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION								TOTAL

	Basis Risk Carry Forward Amount							0.00


				Page 23 of 23				© COPYRIGHT 2003 Deutsche Bank

Filing Compare · MORGAN STANLEY MORTGAGE PASS THR CERT SER 2003-HE1