UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K ~~Current~~CURRENT ~~Report~~REPORT Pursuant Toto Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): ~~April~~September 2627, 2004 (Date of earliest event reported) MORGAN STANLEY ABS CAPITAL I INC. (as Depositor, ~~Countrywide~~under ~~Home~~the ~~Loans~~Pooling and Servicing ~~LP as Servicer~~Agreement, NCdated ~~Capital Corporation,~~ as ~~Responsible~~February ~~Party~~1, ~~and~~2004, ~~Deutsche~~providing ~~Bank~~for ~~National~~the ~~Trust~~issuance ~~Company,~~of ~~as Trustee~~ Mortgage Pass-Through Certificates, Series 2004-NC2) (Exact name of ~~Registrant~~registrant as specified in ~~its Charter~~charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-104046-19 13-3939229 (Commission File Number) (I.R.S. Employer Identification No.) 1585 BROADWAY, 2ND FLOOR NEW YORK, NEW YORK 10036 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (212) 761-4000 ~~Item~~(Former 5name or former address, if changed since last report.) ~~Other~~Check ~~Events~~the ~~Attached~~appropriate ~~hereto~~box below if the Form 8-K filing is aintended ~~copy~~to simultaneously satisfy the filing obligation of the ~~Monthly~~registrant ~~Remittance~~under ~~Statements~~any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the ~~Certificateholders~~Securities ~~which~~Act ~~was~~(17 ~~derived~~CFR ~~from~~230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the ~~monthly~~Exchange ~~information~~Act ~~submitted~~(17 byCFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the ~~Master~~Exchange ~~Servicer~~Act of(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the ~~Trust~~Exchange Act (17 CFR 240.13e-4(c)) Item 8.01 Other Events. This current report on Form 8-K relates to the ~~Trustee~~monthly distribution reported to the holders of Morgan Stanley ABS Capital I Inc. Mortgage Pass-Through Certificates, Series 2004-NC2, which was made on February 1, 2004 Item 79.01 Financial ~~Statement~~Statements and Exhibits. ~~Exhibits:~~ (asc) ~~noted~~Exhibits inExhibit ~~Item~~No. 5Description ~~above)~~99.1 Monthly Remittance Statement to the Certificateholders dated as of ~~April~~September 2627, 2004. ~~SIGNATURE~~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 of the Registrant by the undersigned, ~~hereunto~~thereunto duly authorized. ~~Deutsche~~DEUTSCHE ~~Bank~~BANK ~~National~~NATIONAL ~~Trust~~TRUST ~~Company~~COMPANY, ~~not~~IN inITS ~~its~~CAPACITY ~~individual~~AS ~~capacity,~~TRUSTEE ~~but~~UNDER ~~solely~~THE asPOOLING aAND ~~duly~~SERVICING ~~authorized~~AGREEMENT ~~agent~~ON ofBEHALF ~~the~~OF ~~Registrant~~MORGAN ~~pursuant~~STANLEY toABS ~~the~~CAPITAL ~~Pooling~~I ~~and Servicing Agreement~~INC., ~~dated~~REGISTRANT ~~as of February 1,2004.~~ Date: ~~Apr~~Sep 2627, 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 ~~April~~September 2627, 2004.

	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	April 26, 2004 Distribution
	September 27, 2004 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				2122
			12.	Realized Loss Detail Report				2425
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				2526
				Total Number of Pages				2526
			CONTACTS
				Administrator: Jeremy Conyers
				Administrator: Kumar Khambhaita
				Direct Phone Number: (714)247-6274
				Direct Phone Number: (714)247-6327
				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:		Morgan Stanley					Cut-Off Date: February 1, 2004
	Certificate Insurer(s):							Closing Date: February 27, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		Countrywide Home Loans Serv Master Servicer
								Distribution Date: April 26, 2004
								Distribution Date: September 27, 2004
	Underwriter(s):		Morgan Stanley					Record Date: ~~April~~September 2324, 2004
								March 31, 2004
								August 31, 2004
						Page 1 of 25					© COPYRIGHT 2004 Deutsche Bank
						Page 1 of 26					© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	REMIC II Series 2004-NC2
	Certificate Payment Report for April 26, 2004 Distribution
	Certificate Payment Report for September 27, 2004 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A1	FLT, STEP	326,448,000.00			~~322~~268,~~520~~172,~~407~~207.4085	~~404~~475,~~225~~670.5845	615,~~470~~009,~~467~~306.9162	615,~~874~~484,~~693~~977.4907	-	-	~~316~~253,~~049~~162,~~939~~901.4923
A2	FLT, STEP	272,891,000.00			~~268~~225,~~034~~521,~~630~~732.9506	~~331~~395,~~171~~884.6861	411,~~634~~499,~~248~~139.2869	411,~~965~~895,~~419~~024.9630	-	-	~~263~~214,~~400~~022,~~382~~592.6737
M1	MEZ, FLT,ST	45,961,000.00			45,961,000.00	6791,~~000~~213.9243	-	6791,~~000~~213.9243	-	-	45,961,000.00
M2	MEZ, FLT,ST	38,608,000.00			38,608,000.00	7899,~~588~~624.73	-	7899,~~588~~624.73	-	-	38,608,000.00
M3	MEZ, FLT,ST	9,192,000.00			9,192,000.00	2025,~~753~~825.4969	-	2025,~~753~~825.4969	-	-	9,192,000.00
B1	SUB, FLT,ST	11,031,000.00			11,031,000.00	2633,~~866~~014.6186	-	2633,~~866~~014.6186	-	-	11,031,000.00
B2	SUB, FLT,ST	9,192,000.00			9,192,000.00	2227,~~796~~932.1619	-	2227,~~796~~932.1619	-	-	9,192,000.00
B3	SUB, FLT,ST	7,354,000.00			7,354,000.00	2631,~~735~~110.8848	-	2631,~~735~~110.8848	-	-	7,354,000.00
B4	SUB, FLT,ST	7,354,000.00			7,354,000.00	3136,~~638~~166.5436	-	3136,~~638~~166.5436	-	-	7,354,000.00
X	SUB	7,354,528.00			7,353,855.56	32,~~087~~329,~~320~~047.2746	-	32,~~087~~329,~~320~~047.2746	-	-	7,353,855.56
P	SUB,EXE	-			-	~~114~~537,~~249~~525.9756	-	~~114~~537,~~249~~525.9756	-	-	-
R	R	-			-	-	-	-	-	-	-
Total		735,385,528.00			~~726~~629,~~600~~739,~~893~~795.9147	4,~~211~~083,~~347~~015.8382	1126,~~104~~508,~~716~~446.1931	1530,~~316~~591,~~064~~462.0213	-	-	~~715~~603,~~496~~231,~~177~~349.7216
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A1	0308/25/04	0409/2526/04		A-Act/360	61744CBR6	326,448,000.00	~~987~~821.~~968704~~485222	1.~~238254~~457109	1945.~~820823~~977634	2147.~~059077~~434743	~~968~~775.~~147881~~507588
A2	0308/25/04	0409/2526/04		A-Act/360	61744CBH8	272,891,000.00	~~982~~826.~~203997~~416892	1.~~213568~~450706	1642.~~982049~~138215	1843.~~195616~~588921	~~965~~784.~~221948~~278677
M1	0308/25/04	0409/2526/04		A-Act/360	61744CBJ4	45,961,000.00	1,000.000000	1.~~457778~~984583	-	1.~~457778~~984583	1,000.000000
M2	0308/25/04	0409/2526/04		A-Act/360	61744CBK1	38,608,000.00	1,000.000000	2.~~035556~~580417	-	2.~~035556~~580417	1,000.000000
M3	0308/25/04	0409/2526/04		A-Act/360	61744CBL9	9,192,000.00	1,000.000000	2.~~257777~~809583	-	2.~~257777~~809583	1,000.000000
B1	0308/25/04	0409/2526/04		A-Act/360	61744CBM7	11,031,000.00	1,000.000000	2.~~435555~~992916	-	2.~~435555~~992916	1,000.000000
B2	0308/25/04	0409/2526/04		A-Act/360	61744CBN5	9,192,000.00	1,000.000000	23.~~480000~~038750	-	23.~~480000~~038750	1,000.000000
B3	0308/25/04	0409/2526/04		A-Act/360	61744CBP0	7,354,000.00	1,000.000000	34.~~635556~~230416	-	34.~~635556~~230416	1,000.000000
B4	0308/25/04	0409/2526/04		A-Act/360	61744CBQ8	7,354,000.00	1,000.000000	4.~~302222~~917917	-	4.~~302222~~917917	1,000.000000
X				A-Act/360		7,354,528.00	999.908568	~~419~~316.~~784964~~682112	-	~~419~~316.~~784964~~682112	999.908568
P				A-Act/360		-	-	-	-	-	-
R				A-Act/360		-	-	-	-	-	-
							Page 2 of 25				© COPYRIGHT 2004 Deutsche Bank
							Page 2 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	REMIC II Series 2004-NC2
	Certificate Payment Report for April 26, 2004 Distribution
	Certificate Payment Report for September 27, 2004 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A1	326,448,000.00		~~749~~2,~~444~~794,363.3443		970,~~748~~967,~~196~~324.6899	~~649~~2,~~863~~317,773.8378	1073,~~398~~285,~~060~~098.5177	1176,~~147~~079,~~504~~462.8520	-	-	~~316~~253,~~049~~162,~~939~~901.4923
A2	272,891,000.00		~~615~~2,~~660~~308,307.5551		856,~~877~~962,~~823~~274.6632	~~612~~1,~~793~~906,133.6731	958,~~490~~868,~~617~~407.3363	1061,~~106~~176,~~277~~715.8814	-	-	~~263~~214,~~400~~022,~~382~~592.6737
M1	45,961,000.00		~~123~~490,~~532~~959.9523		0.00	-	-	~~123~~490,~~532~~959.9523	-	-	45,961,000.00
M2	38,608,000.00		~~144~~560,~~897~~893.9780		-	-	-	~~144~~560,~~897~~893.9780	-	-	38,608,000.00
M3	9,192,000.00		38147,~~264~~137.2511		-	-	-	38147,~~264~~137.2511	-	-	9,192,000.00
B1	11,031,000.00		49189,~~535~~627.3248		-	-	-	49189,~~535~~627.3248	-	-	11,031,000.00
B2	9,192,000.00		42160,~~030~~733.4261		-	-	-	42160,~~030~~733.4261	-	-	9,192,000.00
B3	7,354,000.00		49185,~~294~~158.2841		-	-	-	49185,~~294~~158.2841	-	-	7,354,000.00
B4	7,354,000.00		58217,~~333~~791.5677		-	-	-	58217,~~333~~791.5677	-	-	7,354,000.00
X	7,354,528.00		620,~~374~~261,~~701~~626.8324		623.95	48.49	672.44	620,~~375~~262,~~374~~298.2768	-	-	7,353,855.56
P	-		~~229~~2,~~528~~300,597.0712		-	-	-	~~229~~2,~~528~~300,597.0712	-	-	-
R	-		-		-	-	-	-	-	-	-
Total	735,385,528.00		829,~~475~~617,~~223~~195.5471		18127,~~626~~930,~~644~~223.2926	14,~~262~~223,~~705~~955.9958	19132,~~889~~154,~~350~~178.2884	28161,~~364~~771,~~573~~374.8255	-	-	~~715~~603,~~496~~231,~~177~~349.7216
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A1	1.~~41000~~93500%	~~322~~268,~~520~~172,~~407~~207.4085			~~404~~475,~~225~~670.5845	-	-	-	~~404~~475,~~225~~670.5845	~~404~~475,~~225~~670.5845	-
A2	1.~~39000~~91500%	~~268~~225,~~034~~521,~~630~~732.9506			~~331~~395,~~171~~884.6861	-	-	-	~~331~~395,~~171~~884.6861	~~331~~395,~~171~~884.6861	-
M1	12.~~64000~~16500%	45,961,000.00			6791,~~000~~213.9243	-	-	-	6791,~~000~~213.9243	6791,~~000~~213.9243	-
M2	2.~~29000~~81500%	38,608,000.00			7899,~~588~~624.73	-	-	-	7899,~~588~~624.73	7899,~~588~~624.73	-
M3	23.~~54000~~06500%	9,192,000.00			2025,~~753~~825.4969	-	-	-	2025,~~753~~825.4969	2025,~~753~~825.4969	-
B1	23.~~74000~~26500%	11,031,000.00			2633,~~866~~014.6186	-	-	-	2633,~~866~~014.6186	2633,~~866~~014.6186	-
B2	23.~~79000~~31500%	9,192,000.00			2227,~~796~~932.1619	-	-	-	2227,~~796~~932.1619	2227,~~796~~932.1619	-
B3	4.~~09000~~61500%	7,354,000.00			2631,~~735~~110.8848	-	-	-	2631,~~735~~110.8848	2631,~~735~~110.8848	-
B4	45.~~84000~~36500%	7,354,000.00			3136,~~638~~166.5436	-	-	-	3136,~~638~~166.5436	3136,~~638~~166.5436	-
X	54.~~09879~~43811%	7,353,855.56			32,~~087~~329,~~320~~047.2746	-	-	-	32,~~087~~329,~~320~~047.2746	32,~~087~~329,~~320~~047.2746	-
P		-			~~114~~537,~~249~~525.9756	-	-	-	~~114~~537,~~249~~525.9756	~~114~~537,~~249~~525.9756	-
R		-			-	-	-	-	-	-	-
Total		~~726~~629,~~600~~739,~~893~~795.9147			4,~~211~~083,~~347~~015.8382	-	-	-	4,~~211~~083,~~347~~015.8382	4,~~211~~083,~~347~~015.8382	-
							Page 3 of 25				© COPYRIGHT 2004 Deutsche Bank
							Page 3 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Collection Account Report for April 26, 2004 Distribution
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report
SUMMARY						GROUP 2	GROUP 1	TOTAL
	Principal Collections					411,~~634~~499,~~248~~139.2869	615,~~470~~009,~~467~~306.9162	1126,~~104~~508,~~716~~446.1931
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					411,~~634~~499,~~248~~139.2869	615,~~470~~009,~~467~~306.9162	1126,~~104~~508,~~716~~446.1931
	Interest Collections					1,~~891~~642,~~667~~510.3980	21,~~264~~950,~~682~~958.3513	43,~~156~~593,~~349~~468.7493
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(2721,~~196~~180.7833)	(3226,~~055~~798.1034)	(5947,~~251~~978.8867)
	TOTAL NET INTEREST					1,~~864~~621,~~470~~330.6147	21,~~232~~924,~~627~~159.2579	43,~~097~~545,~~097~~490.8626
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					613,~~498~~120,~~718~~470.8916	816,~~703~~933,~~095~~466.1641	1530,~~201~~053,~~814~~936.0557
	Prepayment Penalties Collected							~~114~~537,~~249~~525.9756
	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							1530,~~316~~591,~~064~~462.0213
PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Principal Received					~~292~~260,~~609~~475.4441	~~336~~297,~~619~~230.2232	~~629~~557,~~228~~705.6673
	Prepayments In Full					411,~~318~~211,~~099~~493.5892	614,~~101~~685,~~857~~444.3447	1025,~~419~~896,~~956~~938.9239
	Curtailments					2327,~~539~~170.2636	3126,~~991~~631.3583	5553,~~530~~802.6119
	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					(~~238~~224,~~804~~871.1286)	(~~279~~253,~~109~~609.1541)	(~~517~~478,~~913~~481.27)
	Advanced Principal					~~238~~224,~~804~~871.1286	~~279~~253,~~109~~609.1541	~~517~~478,~~913~~481.27
	TOTAL PRINCIPAL COLLECTED					411,~~634~~499,~~248~~139.2869	615,~~470~~009,~~467~~306.9162	1126,~~104~~508,~~716~~446.1931
				Page 4 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 4 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Collection Account Report for April 26, 2004 Distribution
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Interest					21,~~003~~742,~~666~~593.8435	2,~~399~~068,~~935~~542.4815	43,~~403~~811,~~602~~135.3250
	Liquidation Interest					0.00	0.00	0.00
	Repurchased Interest					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Interest					0.00	0.00	0.00
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Net Prepayment Interest Shortfalls					0.00	0.00	0.00
	Delinquent Interest					(1,~~638~~461,~~349~~780.5336)	(1,~~977~~714,~~938~~240.4568)	(3,~~616~~176,~~287~~021.9804)
	Interest Advanced					1,~~526~~361,~~350~~697.0881	1,~~842~~596,~~685~~656.3266	32,~~369~~958,~~035~~354.4047
	TOTAL INTEREST COLLECTED					1,~~891~~642,~~667~~510.3980	21,~~264~~950,~~682~~958.3513	43,~~156~~593,~~349~~468.7493
				Page 5 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 5 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Collection Account Report for April 26, 2004 Distribution
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00
	TOTAL INTEREST WITHDRAWALS							0.00
INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00
INTEREST - FEES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					2519,~~491~~695.8909	3025,~~005~~029.8993	5544,~~497~~725.7802
	Trustee Fees					1,~~704~~485.8924	21,~~049~~768.2141	3,~~754~~253.1065
	TOTAL INTEREST OTHER FEES					2721,~~196~~180.7833	3226,~~055~~798.1034	5947,~~251~~978.8867
				Page 6 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 6 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for April 26, 2004 Distribution
	Credit Enhancement Report for September 27, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	Excess Reserve Fund Balance (Ending)							0.00
INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL
	Beginning Subordinated Amount							7,353,855.28
	Ending Subordinated Amount							7,353,855.28
	Specified Subordinated Amount							7,353,855.28
	Senior Enhancement Percentage							1922.0155%
				Page 7 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 7 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Collateral Report for April 26, 2004 Distribution
	Collateral Report for September 27, 2004 Distribution
	Collateral Report
COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original					1824	2417	4241
	Prior					1,~~805~~623	2,~~397~~114	43,~~202~~737
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(2650)	(3486)	(60136)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,~~779~~573	2,~~363~~028	43,~~142~~601
	Principal Balance:
	Original					334,824,602.74	400,543,472.44	735,368,075.18
	Prior					~~329~~287,~~979~~466,~~224~~326.9304	~~396~~342,~~621~~273,~~668~~469.7015	~~726~~629,~~600~~739,~~893~~795.6319
	Prefunding					-	-	-
	Scheduled Principal					(~~292~~260,~~609~~475.4441)	(~~336~~297,~~619~~230.2232)	(~~629~~557,~~228~~705.6673)
	Partial and Full Voluntary Prepayments					(411,~~341~~238,~~638~~664.8428)	(614,~~133~~712,~~848~~076.6930)	(1025,~~475~~950,~~487~~740.5358)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					~~325~~275,~~344~~967,~~976~~186.6535	~~390~~327,~~151~~264,~~200~~162.7953	~~715~~603,~~496~~231,~~177~~348.4488
PREFUNDING						GROUP 2	GROUP 1	TOTAL
	Closing Date Deposit Amount					0.00	0.00	0.00
	Group 1
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 8 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Collateral Report for April 26, 2004 Distribution
	Collateral Report for September 27, 2004 Distribution
	Collateral Report
CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Coupon Original					7.289961%	7.264386%	7.276031%
	Weighted Average Coupon Prior					7.~~289961~~274199%	7.~~264386~~252294%	7.~~276031~~262310%
	Weighted Average Coupon Current					7.~~286520~~274285%	7.~~261133~~252244%	7.~~272662~~262305%
	Weighted Average Months to Maturity Original					344	350	347
	Weighted Average Months to Maturity Prior					~~344~~339	~~350~~344	~~347~~342
	Weighted Average Months to Maturity Current					~~343~~337	~~349~~343	~~346~~340
	Weighted Avg Remaining Amortization Term Original					344	349	347
	Weighted Avg Remaining Amortization Term Prior					~~344~~338	~~349~~344	~~347~~341
	Weighted Avg Remaining Amortization Term Current					~~343~~337	~~348~~343	~~346~~340
	Weighted Average Seasoning Original					4.20	4.22	4.21
	Weighted Average Seasoning Prior					49.2019	49.22	49.2120
	Weighted Average Seasoning Current					510.2019	510.22	510.2120
Note: Original information refers to deal issue.
	Group 1
	Group 2
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 9 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Collateral Report for April 26, 2004 Distribution
	Collateral Report for September 27, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original					3.546%	4.358%
	Weighted Average Margin Prior					3.~~546~~471%	4.~~358~~300%
	Weighted Average Margin Current					3.~~536~~440%	4.~~354~~291%
	Weighted Average Max Rate Original					8.800%	10.765%
	Weighted Average Max Rate Prior					8.~~800~~601%	10.~~765~~623%
	Weighted Average Max Rate Current					8.~~776~~530%	10.~~754~~607%
	Weighted Average Min Rate Original					4.463%	5.513%
	Weighted Average Min Rate Prior					4.~~463~~353%	5.~~513~~438%
	Weighted Average Min Rate Current					4.~~449~~317%	5.~~507~~430%
	Weighted Average Cap Up Original					0.974%	1.150%
	Weighted Average Cap Up Prior					0.~~974~~954%	1.~~150~~134%
	Weighted Average Cap Up Current					0.~~972~~949%	1.~~148~~133%
	Weighted Average Cap Down Original					0.974%	1.150%
	Weighted Average Cap Down Prior					0.~~974~~954%	1.~~150~~134%
	Weighted Average Cap Down Current					0.~~972~~949%	1.~~148~~133%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					2519,~~491~~695.8909	3025,~~005~~029.8993	5544,~~497~~725.7802
	Delinquent Servicing Fees					~~111~~100,~~999~~082.4554	~~135~~117,~~253~~584.1401	~~247~~217,~~252~~666.5955
	TOTAL SERVICING FEES					~~137~~119,~~491~~777.3463	~~165~~142,~~259~~613.0394	~~302~~262,~~750~~391.3757
	Prepayment Interest Shortfall					934,~~335~~265.2095	1451,~~235~~665.9169	2385,~~571~~931.1164
	Compensating Interest					(934,~~335~~265.2095)	(1451,~~235~~665.9169)	(2385,~~571~~931.1164)
	Delinquent Servicing Fees					(~~111~~100,~~999~~082.4554)	(~~135~~117,~~253~~584.1401)	(~~247~~217,~~252~~666.5955)
	COLLECTED SERVICING FEES					2519,~~491~~695.8909	3025,~~005~~029.8993	5544,~~497~~725.7802
	Aggregate Advances with respect to this Distribution					1,~~765~~586,~~154~~569.2067	21,~~121~~850,~~794~~266.4707	3,~~886~~436,~~948~~835.6774
	Current Nonrecoverable Advances					0.00	0.00	0.00
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00
ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Net Prepayment Interest Shortfall					0.00	0.00	0.00
	Net Monthly Excess Cash Flow							32,~~087~~329,~~320~~047.2746
	Ending Pool Stated Principal Balance					~~325~~275,~~344~~967,~~976~~186.6535	~~390~~327,~~151~~264,~~200~~162.7953	~~715~~603,~~496~~231,~~177~~348.4488
				Page 10 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 10 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Delinquency Report for April 26, 2004 Distribution
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			814,~~096~~267,~~051~~701.5172	2,~~972~~605,~~914~~188.4563	1,~~073~~008,~~812~~553.7803	1217,~~142~~881,~~778~~443.7438
		% Balance			12.1337%	0.4243%	0.1517%	12.7096%
		# Loans			4294	1714	5	64113
		% # Loans			12.0161%	0.4139%	0.1214%	13.5514%
FORECLOSURE		Balance		-	-228,305.22	-1,487,539.57	-6,748,377.44	-8,464,222.23
		% Balance		0.00%	0.0004%	0.0025%	01.0012%	01.0040%
		# Loans		-	-2	-11	-50	-63
		% # Loans		0.00%	0.0006%	0.0031%	01.0039%	01.0075%
BANKRUPTCY		Balance		-1,657,074.48	-176,943.00	-	-1,491,717.23	-3,325,734.71
		% Balance		0.0027%	0.0003%	0.00%	0.0025%	0.0055%
		# Loans		-12	-1	-	-7	-20
		% # Loans		0.0033%	0.0003%	0.00%	0.0019%	0.0056%
REO		Balance		-	-	-	-311,106.04	-311,106.04
		% Balance		0.00%	0.00%	0.00%	0.0005%	0.0005%
		# Loans		-	-	-	-1	-1
		% # Loans		0.00%	0.00%	0.00%	0.0003%	0.0003%
TOTAL		Balance		-1,657,074.48	814,~~096~~672,~~051~~949.5194	24,~~972~~092,~~914~~728.4520	19,~~073~~559,~~812~~753.7874	1229,~~142~~982,~~778~~506.7436
		% Balance		0.0027%	12.1343%	0.4268%	01.1558%	14.7097%
		# Loans		-12	4297	1725	563	64197
		% # Loans		0.0033%	12.0169%	0.4169%	01.1275%	15.5547%
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 25				© COPYRIGHT 2004 Deutsche Bank
				Page 11 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Delinquency Report for April 26, 2004 Distribution
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report - Group 1 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			49,~~148~~166,~~960~~157.5982	~~926~~1,~~235~~539,217.7809	1649,~~006,505~~504.6269	611,~~081~~354,~~701~~879.9960
		% Balance			12.0680%	0.2447%	0.2620%	13.5647%
		# Loans			2558	79	42	3669
		% # Loans			12.0686%	0.3044%	0.1710%	13.5240%
FORECLOSURE		Balance		-	-138,928.88	-595,408.31	-4,903,466.08	-5,637,803.27
		% Balance		0.00%	0.0004%	0.0018%	01.0050%	01.0072%
		# Loans		-	-1	-4	-34	-39
		% # Loans		0.00%	0.0005%	0.0020%	01.0068%	01.0092%
BANKRUPTCY		Balance		-690,144.94	-176,943.00	-	-1,057,466.67	-1,924,554.61
		% Balance		0.0021%	0.0005%	0.00%	0.0032%	0.0059%
		# Loans		-6	-1	-	-5	-12
		% # Loans		0.0030%	0.0005%	0.00%	0.0025%	0.0059%
REO		Balance		-	-	-	-311,106.04	-311,106.04
		% Balance		0.00%	0.00%	0.00%	0.0010%	0.0010%
		# Loans		-	-	-	-1	-1
		% # Loans		0.00%	0.00%	0.00%	0.0005%	0.0005%
TOTAL		Balance		-690,144.94	49,~~148~~482,~~960~~029.5970	~~926~~2,~~235~~134,625.7840	16,~~006~~921,~~505~~543.6248	619,~~081~~228,~~701~~343.9952
		% Balance		0.0021%	12.0690%	0.2465%	02.2611%	15.5688%
		# Loans		-6	2560	713	442	36121
		% # Loans		0.0030%	12.0696%	0.3064%	02.1707%	15.5297%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 12 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Delinquency Report for April 26, 2004 Distribution
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report - Group 2 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			35,~~947~~101,~~090~~543.9290	21,~~046~~065,~~678~~971.6754	67359,~~307~~048.1634	6,~~061~~526,~~076~~563.7578
		% Balance			1.2185%	0.6339%	0.0213%	12.8636%
		# Loans			1736	105	13	2844
		% # Loans			02.9629%	0.5632%	0.0619%	12.5780%
FORECLOSURE		Balance		-	-89,376.34	-892,131.26	-1,844,911.36	-2,826,418.96
		% Balance		0.00%	0.0003%	0.0032%	0.0067%	01.0002%
		# Loans		-	-1	-7	-16	-24
		% # Loans		0.00%	0.0006%	0.0045%	01.0002%	01.0053%
BANKRUPTCY		Balance		-966,929.54	-	-	-434,250.56	-1,401,180.10
		% Balance		0.0035%	0.00%	0.00%	0.0016%	0.0051%
		# Loans		-6	-	-	-2	-8
		% # Loans		0.0038%	0.00%	0.00%	0.0013%	0.0051%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		-966,929.54	35,~~947~~190,~~090~~920.9224	21,~~046~~958,~~678~~102.6780	672,~~307~~638,210.1626	610,~~061~~754,~~076~~162.7584
		% Balance		0.0035%	1.2188%	0.6371%	0.0296%	13.8690%
		# Loans		-6	1737	1012	121	2876
		% # Loans		0.0038%	02.9635%	0.5676%	01.0634%	14.5783%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 13 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	REO Report for April 26, 2004 Distribution
	REO Report for September 27, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1; REO Book Value = 000.00
Total Loan Count = 1				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2; REO Book Value = 000.00
Total Original Principal Balance = 314,100.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Current Balance = 000.00
Total Current Balance = 311,106.04
REO Book Value = 000.00
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
SPACE INTENTIONALLY LEFT BLANK
1084610 1		314,100.00	311,106.04	Feb-01-04	6.350%	GA - 90.00%	360	Oct-21-03
				Page 14 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 14 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Foreclosure Report for April 26, 2004 Distribution
	Foreclosure Report for September 27, 2004 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1
Total Loan Count = 13				Loan Group 1 = Group 1
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2
Total Original Principal Balance = 1,669,600.00				Loan Group 2 = Group 2
Total Current Balance = 000.00
Total Current Balance = 1,658,341.80
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
1078555 1		113,900.00	113,129.21	Dec-01-03	8.600%	FL - 85.00%	360	Oct-01-03
				Page 15 of 25				© COPYRIGHT 2004 Deutsche Bank
1118806 1		290,000.00	287,559.48	May-01-04	7.000%	CA - 89.23%	360	Oct-31-03
1131694 1		147,200.00	146,333.56	May-01-04	8.800%	LA - 80.00%	360	Oct-30-03
1145290 1		72,000.00	71,576.19	May-01-04	8.800%	IN - 80.00%	360	Oct-27-03
1148527 1		90,400.00	89,939.08	May-01-04	9.500%	TX - 80.00%	360	Oct-28-03
1021537 2		100,500.00	99,701.97	May-01-04	7.800%	AZ - 75.00%	360	Oct-09-03
1050124 2		98,250.00	97,817.25	May-01-04	10.200%	NJ - 75.00%	360	Oct-15-03
1061574 2		100,000.00	99,302.43	May-01-04	8.450%	TN - 75.76%	360	Oct-03-03
1074459 2		157,250.00	156,266.40	May-01-04	8.500%	MN - 85.00%	360	Oct-07-03
1081553 2		216,100.00	214,437.12	May-01-04	7.500%	MA - 69.04%	360	Oct-27-03
1092038 2		96,000.00	95,560.17	May-01-04	10.450%	CA - 75.00%	360	Oct-27-03
1106935 2		58,000.00	57,673.02	Apr-01-04	9.400%	OH - 80.00%	360	Oct-14-03
1142372 2		130,000.00	129,045.92	May-01-04	7.700%	TX - 65.00%	360	Oct-22-03
				Page 15 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Prepayment Report for April 26, 2004 Distribution
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Paid in Full Loans					2650	3486	60136
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					2650	3486	60136
	Paid in Full Balance					411,~~318~~211,~~099~~493.5892	614,~~101~~685,~~857~~444.3447	1025,~~419~~896,~~956~~938.9239
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					2327,~~539~~170.2636	3126,~~991~~631.3583	5553,~~530~~802.6119
	Total Prepayment Amount					411,~~341~~238,~~638~~664.8428	614,~~133~~712,~~848~~076.6930	1025,~~475~~950,~~487~~740.5358
	Cumulative
	Number of Paid in Full Loans					45251	54389	99640
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					45251	54389	99640
	Paid in Full Balance					856,~~837~~634,~~774~~619.8231	970,~~663~~784,~~583~~109.1202	18127,~~501~~418,~~357~~728.9433
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					55255,~~358~~329.9916	52238,~~474~~713.8223	~~107~~494,~~833~~042.8139
	Total Prepayment Amount					856,~~893~~889,~~133~~948.8147	971,~~716~~022,~~057~~822.9425	18127,~~609~~912,~~191~~770.7572
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 16 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Prepayment Report for April 26, 2004 Distribution
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL
	SMM					13.3291%	14.5530%	14.4412%
	3 Months Avg SMM					3.61%	4.05%	3.85%
	12 Months Avg SMM
	Avg SMM Since Cut-off					12.3464%	12.2276%	12.2871%
	CPR					1438.7106%	1741.0700%	1639.0168%
	3 Months Avg CPR					35.65%	39.13%	37.57%
	12 Months Avg CPR
	Avg CPR Since Cut-off					1427.9344%	1328.7255%	1428.2704%
	PSA					~~1414~~1867.0030%	~~1635~~2006.4481%	~~1535~~1944.8001%
	3 Months Avg PSA Approximation					1939.41%	2122.91%	2040.73%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					~~1588~~1906.3563%	~~1453~~1977.1223%	~~1514~~1945.7421%
	Group 1
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 17 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Prepayment Report for April 26, 2004 Distribution
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
	Group 1
	Group 2
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
				Page 18 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 18 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for April 26, 2004 Distribution
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 60						Loan Group 1 = Group 1
Total Loan Count = 136						Loan Group 1 = Group 1
Total Original Principal Balance = 10,456,620.00						Loan Group 2 = Group 2
Total Original Principal Balance = 26,182,409.00						Loan Group 2 = Group 2
Total Prepayment Amount = 10,419,956.92
Total Prepayment Amount = 25,896,938.39
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
1030578 1			145,350.00	144,875.34	Mar-30-04	8.200%	WA - 85.00%	Paid Off - 360	Oct-10-03
1023928 1			150,000.00	149,003.33	Aug-30-04	8.200%	IL - 94.94%	Paid Off - 360	Sep-12-03
1035899 1			176,000.00	175,346.36	Mar-12-04	6.500%	MD - 80.00%	Paid Off - 360	Oct-01-03
1031057 1			107,000.00	106,302.41	Aug-02-04	7.750%	NJ - 79.32%	Paid Off - 360	Oct-17-03
1042543 1			210,000.00	209,129.21	Mar-23-04	7.000%	NJ - 87.50%	Paid Off - 360	Oct-03-03
1036876 1			270,000.00	267,711.79	Aug-16-04	6.400%	MA - 90.00%	Paid Off - 360	Oct-16-03
1071960 1			258,000.00	256,955.01	Mar-11-04	5.950%	CA - 68.80%	Paid Off - 360	Oct-17-03
1045655 1			277,950.00	275,610.90	Aug-12-04	7.000%	CA - 85.00%	Paid Off - 360	Oct-03-03
1073248 1			138,600.00	138,224.27	Mar-11-04	8.000%	OH - 90.00%	Paid Off - 360	Oct-14-03
1048787 1			133,672.00	132,421.83	Aug-19-04	6.450%	CA - 63.65%	Paid Off - 360	Oct-02-03
1081266 1			146,000.00	145,623.75	Mar-22-04	8.250%	CA - 80.00%	Paid Off - 360	Oct-21-03
1049917 1			129,600.00	128,667.28	Aug-06-04	7.800%	CA - 80.00%	Paid Off - 360	Oct-07-03
1084360 1			324,000.00	322,193.71	Mar-17-04	5.450%	CA - 88.77%	Paid Off - 360	Oct-10-03
1051031 1			105,000.00	104,440.12	Aug-02-04	8.750%	KS - 73.43%	Paid Off - 360	Oct-27-03
1086828 1			90,100.00	89,777.91	Mar-25-04	7.750%	FL - 85.00%	Paid Off - 360	Oct-01-03
1052785 1			96,000.00	95,099.96	Aug-19-04	6.750%	CA - 82.05%	Paid Off - 360	Sep-18-03
1088061 1			285,000.00	284,102.57	Mar-09-04	7.250%	NM - 78.08%	Paid Off - 360	Oct-31-03
1056282 1			172,000.00	170,466.39	Aug-02-04	6.700%	CA - 74.14%	Paid Off - 360	Oct-10-03
1091801 1			160,600.00	159,900.82	Mar-12-04	6.750%	CA - 77.21%	Paid Off - 360	Oct-02-03
1060211 1			200,000.00	198,177.15	Aug-19-04	6.850%	CA - 70.18%	Paid Off - 360	Oct-07-03
1092236 1			112,000.00	111,526.39	Mar-29-04	6.900%	CA - 80.00%	Paid Off - 360	Oct-03-03
1060368 1			127,500.00	126,501.31	Aug-17-04	7.375%	CA - 85.00%	Paid Off - 360	Oct-08-03
1093622 1			140,000.00	139,513.75	Mar-17-04	6.750%	CA - 60.87%	Paid Off - 360	Oct-03-03
1062534 1			292,000.00	290,074.38	Aug-17-04	7.700%	DC - 87.16%	Paid Off - 360	Oct-27-03
1097269 1			144,500.00	144,142.45	Mar-30-04	8.450%	FL - 85.00%	Paid Off - 360	Oct-31-03
1063654 1			188,000.00	186,507.47	Aug-23-04	7.300%	CA - 80.00%	Paid Off - 360	Oct-08-03
1097688 1			274,500.00	273,499.29	Mar-09-04	6.500%	CA - 90.00%	Paid Off - 360	Oct-03-03
1065149 1			139,000.00	138,171.70	Aug-27-04	8.200%	NJ - 74.73%	Paid Off - 360	Oct-16-03
1101570 1			168,000.00	167,393.37	Mar-04-04	7.700%	CA - 73.04%	Paid Off - 360	Oct-02-03
1065197 1			204,000.00	202,602.82	Aug-11-04	7.500%	MD - 85.00%	Paid Off - 360	Oct-02-03
1101777 1			135,200.00	134,711.85	Mar-23-04	6.550%	CA - 80.00%	Paid Off - 360	Oct-21-03
1066311 1			87,300.00	86,834.54	Aug-26-04	8.750%	FL - 90.00%	Paid Off - 360	Oct-10-03
1111289 1			272,000.00	271,197.85	Mar-23-04	8.700%	CA - 85.00%	Paid Off - 360	Oct-07-03
1066782 1			114,000.00	112,993.17	Aug-20-04	6.750%	CA - 57.00%	Paid Off - 360	Sep-22-03
1113667 1			182,750.00	182,297.82	Mar-16-04	8.450%	MO - 85.00%	Paid Off - 360	Oct-22-03
1067257 1			132,000.00	131,310.40	Aug-23-04	8.850%	DC - 80.00%	Paid Off - 360	Oct-15-03
1116717 1			310,500.00	309,102.50	Mar-30-04	6.200%	CA - 90.00%	Paid Off - 360	Oct-31-03
1067415 1			114,750.00	114,123.48	Aug-05-04	8.650%	VA - 85.00%	Paid Off - 360	Oct-06-03
1120595 1			284,400.00	283,161.84	Mar-11-04	6.750%	CA - 90.00%	Paid Off - 360	Oct-15-03
1077282 1			61,600.00	61,331.67	Aug-06-04	10.300%	WI - 80.00%	Paid Off - 360	Oct-31-03
1121279 1			68,000.00	67,781.60	Mar-26-04	7.150%	IL - 45.33%	Paid Off - 360	Oct-22-03
1077475 1			301,500.00	299,808.74	Aug-02-04	8.500%	CA - 90.00%	Paid Off - 360	Oct-31-03
1126036 1			77,000.00	75,751.43	Mar-15-04	6.850%	AZ - 81.91%	Paid Off - 180	Oct-07-03
1084823 1			309,000.00	305,696.65	Aug-19-04	5.750%	CA - 85.83%	Paid Off - 360	Oct-03-03
1126256 1			90,000.00	89,661.79	Mar-24-04	7.500%	CA - 32.14%	Paid Off - 360	Oct-02-03
1085049 1			202,350.00	201,041.33	Aug-26-04	7.790%	MN - 95.00%	Paid Off - 360	Oct-22-03
1131579 1			208,250.00	207,830.99	Mar-26-04	9.450%	OH - 85.00%	Paid Off - 360	Oct-08-03
1089197 1			150,000.00	148,811.15	Aug-27-04	6.750%	CA - 83.33%	Paid Off - 360	Oct-14-03
1133934 1			130,000.00	129,612.70	Mar-01-04	7.550%	CA - 65.00%	Paid Off - 360	Oct-23-03
1093212 1			98,400.00	97,831.02	Aug-30-04	8.350%	MI - 80.00%	Paid Off - 360	Oct-01-03
1136065 1			171,000.00	170,629.90	Mar-22-04	9.100%	WA - 90.00%	Paid Off - 360	Oct-14-03
1093950 1			157,165.00	156,088.53	Aug-18-04	7.500%	NH - 85.00%	Paid Off - 360	Oct-23-03
1146391 1			211,250.00	210,676.16	Mar-31-04	7.990%	CA - 65.00%	Paid Off - 360	Oct-30-03
1094230 1			150,000.00	149,158.54	Aug-20-04	8.500%	ME - 84.27%	Paid Off - 360	Oct-14-03
1149388 1			152,000.00	151,347.66	Mar-31-04	7.100%	IL - 89.94%	Paid Off - 360	Oct-31-03
1094454 1			255,000.00	252,592.28	Aug-02-04	6.400%	CA - 85.00%	Paid Off - 360	Oct-07-03
1156182 1			61,000.00	60,817.18	Mar-23-04	7.500%	FL - 74.85%	Paid Off - 360	Oct-24-03
1095780 1			229,000.00	227,164.26	Aug-13-04	7.250%	CA - 83.27%	Paid Off - 360	Oct-03-03
1157603 1			201,520.00	200,922.10	Mar-10-04	7.550%	IL - 89.56%	Paid Off - 360	Oct-27-03
1096351 1			227,192.00	225,111.29	Aug-04-04	5.990%	CA - 80.00%	Paid Off - 360	Oct-10-03
1159922 1			266,000.00	265,277.46	Mar-30-04	7.990%	CA - 70.00%	Paid Off - 360	Oct-24-03
1096744 1			186,750.00	185,178.43	Aug-19-04	7.000%	VA - 82.27%	Paid Off - 360	Oct-08-03
1164484 1			218,400.00	217,600.64	Mar-23-04	6.900%	CA - 60.33%	Paid Off - 360	Oct-20-03
1097716 1			293,000.00	290,180.52	Aug-19-04	6.300%	CA - 88.25%	Paid Off - 360	Oct-01-03
1167757 1			212,500.00	211,642.66	Mar-18-04	6.400%	CA - 69.67%	Paid Off - 360	Oct-31-03
1101734 1			138,400.00	137,216.97	Aug-05-04	7.400%	IL - 80.00%	Paid Off - 360	Oct-01-03
1172312 1			99,950.00	99,629.01	Mar-24-04	7.150%	IL - 62.49%	Paid Off - 360	Oct-28-03
1104369 1			207,004.00	205,600.13	Aug-19-04	7.550%	CA - 80.00%	Paid Off - 360	Oct-29-03
973500 2			101,000.00	100,787.93	Mar-02-04	9.250%	ME - 69.18%	Paid Off - 360	Oct-14-03
1106090 1			268,000.00	266,072.21	Aug-18-04	7.250%	CA - 89.33%	Paid Off - 360	Oct-14-03
1031395 2			246,500.00	245,395.01	Mar-24-04	6.600%	NJ - 85.00%	Paid Off - 360	Oct-03-03
1107022 1			264,600.00	262,554.15	Aug-06-04	6.990%	CA - 90.00%	Paid Off - 360	Oct-21-03
1036027 2			112,000.00	111,144.53	Mar-10-04	7.650%	CA - 35.00%	Paid Off - 360	Oct-01-03
1107708 1			125,600.00	124,748.19	Aug-09-04	7.550%	CO - 80.00%	Paid Off - 360	Oct-22-03
1040312 2			382,500.00	381,196.87	Mar-22-04	7.990%	IL - 75.00%	Paid Off - 360	Oct-01-03
1108417 1			146,500.00	145,063.21	Aug-05-04	6.450%	CA - 57.68%	Paid Off - 360	Oct-03-03
1042475 2			174,000.00	173,522.63	Mar-01-04	7.990%	MD - 78.03%	Paid Off - 360	Oct-10-03
1108785 1			124,000.00	122,929.34	Aug-09-04	6.500%	CA - 79.49%	Paid Off - 360	Oct-30-03
1045688 2			251,000.00	250,255.29	Mar-24-04	7.550%	CA - 72.75%	Paid Off - 360	Oct-23-03
1108864 1			205,600.00	204,299.04	Aug-02-04	7.900%	CA - 80.00%	Paid Off - 360	Oct-22-03
1067222 2			96,000.00	95,785.66	Mar-16-04	8.950%	FL - 80.00%	Paid Off - 360	Oct-06-03
1111309 1			140,125.00	139,298.29	Aug-04-04	8.250%	IA - 95.00%	Paid Off - 360	Oct-15-03
1068146 2			126,000.00	125,706.81	Mar-09-04	8.750%	GA - 90.00%	Paid Off - 360	Oct-03-03
1111314 1			123,200.00	122,356.16	Aug-26-04	7.500%	NC - 80.00%	Paid Off - 360	Oct-01-03
1081677 2			80,250.00	79,226.16	Mar-30-04	6.975%	TX - 75.00%	Paid Off - 180	Oct-17-03
1111760 1			133,025.00	132,103.27	Aug-11-04	7.990%	CA - 85.00%	Paid Off - 360	Oct-06-03
1084709 2			102,600.00	102,210.67	Mar-16-04	7.450%	MO - 95.00%	Paid Off - 360	Oct-15-03
1113673 1			263,500.00	261,849.22	Aug-11-04	7.950%	FL - 84.46%	Paid Off - 360	Oct-24-03
					Page 19 of 25				© COPYRIGHT 2004 Deutsche Bank
					Page 19 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for April 26, 2004 Distribution
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
1087450 2			260,000.00	258,878.98	Mar-30-04	6.800%	CA - 73.24%	Paid Off - 360	Oct-03-03
1114611 1			114,750.00	114,023.45	Aug-02-04	7.900%	NC - 85.00%	Paid Off - 360	Oct-08-03
1094919 2			195,000.00	194,471.35	Mar-31-04	8.000%	NJ - 79.59%	Paid Off - 360	Oct-14-03
1114736 1			180,000.00	179,011.30	Aug-03-04	8.990%	CA - 50.00%	Paid Off - 360	Oct-29-03
1099512 2			89,200.00	88,990.29	Mar-15-04	8.700%	MI - 84.95%	Paid Off - 360	Oct-14-03
1114800 1			201,000.00	199,482.08	Aug-24-04	7.000%	NV - 100.00%	Paid Off - 360	Oct-29-03
1100153 2			131,000.00	130,381.17	Mar-16-04	7.350%	RI - 73.60%	Paid Off - 360	Oct-22-03
1116771 1			132,000.00	131,288.96	Aug-31-04	8.700%	SC - 80.00%	Paid Off - 360	Oct-22-03
1100288 2			70,000.00	69,881.04	Mar-02-04	10.250%	ME - 50.91%	Paid Off - 360	Oct-22-03
1119027 1			99,450.00	98,935.67	Aug-31-04	8.900%	WI - 85.00%	Paid Off - 360	Oct-20-03
1104075 2			151,000.00	150,388.99	Mar-09-04	6.100%	OH - 79.89%	Paid Off - 360	Oct-10-03
1119102 1			89,600.00	88,935.86	Aug-25-04	7.650%	TX - 80.00%	Paid Off - 360	Oct-03-03
1108605 2			95,000.00	94,760.35	Mar-30-04	8.650%	AL - 95.00%	Paid Off - 360	Oct-08-03
1122091 1			91,000.00	90,306.04	Aug-05-04	6.950%	CA - 65.00%	Paid Off - 360	Oct-31-03
1122865 2			187,500.00	187,102.54	Mar-31-04	9.200%	OR - 75.00%	Paid Off - 360	Oct-21-03
1122968 1			133,000.00	132,005.27	Aug-13-04	7.050%	CA - 44.33%	Paid Off - 360	Oct-31-03
1130035 2			109,000.00	108,656.75	Mar-23-04	7.250%	CA - 100.00%	Paid Off - 360	Oct-28-03
1123972 1			213,300.00	211,645.46	Aug-17-04	7.100%	CA - 90.00%	Paid Off - 360	Oct-10-03
1145788 2			400,000.00	400,000.00	Mar-24-04	5.125%	CA - 80.00%	Paid Off - 300	Oct-16-03
1127639 1			161,000.00	159,902.62	Aug-13-04	7.700%	CA - 70.00%	Paid Off - 360	Oct-17-03
1146127 2			215,000.00	214,355.21	Mar-25-04	7.500%	CA - 79.63%	Paid Off - 360	Oct-27-03
1129192 1			256,000.00	254,459.10	Aug-19-04	8.150%	MD - 80.00%	Paid Off - 360	Oct-22-03
1146688 2			408,000.00	406,283.80	Mar-30-04	5.750%	CA - 85.00%	Paid Off - 360	Oct-31-03
1129240 1			207,200.00	206,182.13	Aug-02-04	9.150%	NY - 80.00%	Paid Off - 360	Oct-27-03
1149958 2			120,000.00	119,595.20	Mar-26-04	6.900%	CA - 100.00%	Paid Off - 360	Oct-27-03
1129299 1			259,000.00	258,040.63	Aug-05-04	10.500%	NJ - 70.00%	Paid Off - 360	Oct-30-03
1153732 2			78,000.00	77,806.97	Mar-03-04	8.450%	MI - 74.29%	Paid Off - 360	Oct-23-03
1130627 1			315,000.00	312,109.84	Aug-18-04	6.000%	CA - 78.75%	Paid Off - 360	Oct-27-03
1160955 2			86,700.00	86,504.43	Mar-10-04	8.900%	FL - 85.00%	Paid Off - 360	Oct-29-03
1132064 1			53,000.00	52,598.93	Aug-26-04	6.990%	CA - 53.00%	Paid Off - 360	Oct-23-03
1169178 2			65,000.00	64,810.95	Mar-17-04	7.650%	MN - 51.18%	Paid Off - 360	Oct-27-03
1133499 1			225,250.00	223,863.94	Aug-02-04	8.250%	CA - 85.00%	Paid Off - 360	Oct-21-03
					Page 20 of 25				© COPYRIGHT 2004 Deutsche Bank
1133620 1			123,750.00	122,691.20	Aug-02-04	6.350%	NV - 72.79%	Paid Off - 360	Oct-28-03
1133913 1			240,000.00	238,004.42	Aug-02-04	6.500%	CA - 80.00%	Paid Off - 360	Oct-30-03
1134070 1			164,000.00	162,843.16	Aug-30-04	7.350%	CA - 80.00%	Paid Off - 360	Oct-24-03
1135977 1			106,700.00	105,564.70	Aug-24-04	6.000%	CA - 82.08%	Paid Off - 360	Oct-28-03
1136576 1			67,080.00	66,738.51	Aug-12-04	9.000%	MI - 86.11%	Paid Off - 360	Oct-31-03
1136629 1			270,000.00	267,600.71	Aug-31-04	6.150%	NY - 90.00%	Paid Off - 360	Oct-10-03
1140140 1			148,000.00	146,417.17	Aug-26-04	6.740%	CA - 51.93%	Paid Off - 360	Oct-24-03
1141100 1			45,000.00	44,644.50	Aug-05-04	7.000%	NC - 62.50%	Paid Off - 360	Oct-21-03
1141670 1			76,500.00	75,921.11	Aug-27-04	6.990%	WV - 90.00%	Paid Off - 360	Oct-29-03
1142670 1			113,000.00	112,391.33	Aug-02-04	8.700%	CA - 71.07%	Paid Off - 360	Oct-14-03
1144278 1			149,150.00	148,223.83	Aug-11-04	8.050%	VA - 95.00%	Paid Off - 360	Oct-27-03
1144454 1			172,000.00	170,427.75	Aug-13-04	6.000%	CA - 68.80%	Paid Off - 360	Oct-17-03
1145679 1			100,400.00	99,807.62	Aug-19-04	8.250%	VA - 80.00%	Paid Off - 360	Oct-24-03
1147389 1			168,000.00	166,527.77	Aug-24-04	6.250%	CA - 80.00%	Paid Off - 360	Oct-31-03
1149868 1			145,000.00	144,783.95	Aug-30-04	4.125%	CA - 63.04%	Paid Off - 300	Oct-22-03
1154447 1			203,250.00	202,022.51	Aug-02-04	8.200%	CA - 75.00%	Paid Off - 360	Oct-30-03
1159655 1			228,000.00	226,405.63	Aug-18-04	8.250%	CA - 80.00%	Paid Off - 360	Oct-22-03
1161218 1			327,200.00	324,346.91	Aug-02-04	6.250%	CA - 80.00%	Paid Off - 360	Oct-24-03
1167207 1			184,000.00	182,870.07	Aug-27-04	8.050%	CA - 80.00%	Paid Off - 360	Oct-23-03
1167558 1			165,000.00	163,841.79	Aug-05-04	7.375%	CA - 75.00%	Paid Off - 360	Oct-30-03
1167982 1			172,800.00	171,788.66	Aug-02-04	8.290%	CA - 90.00%	Paid Off - 360	Oct-22-03
1168143 1			191,200.00	189,699.09	Aug-30-04	6.800%	CA - 74.98%	Paid Off - 360	Oct-30-03
1170538 1			120,000.00	119,555.46	Aug-27-04	10.500%	WA - 44.45%	Paid Off - 360	Oct-31-03
1173244 1			140,000.00	139,009.81	Aug-05-04	7.950%	CA - 80.00%	Paid Off - 360	Oct-31-03
1178587 1			190,000.00	188,698.21	Aug-13-04	7.500%	CA - 95.00%	Paid Off - 360	Oct-31-03
1183985 1			252,000.00	250,722.30	Aug-12-04	8.400%	IL - 90.00%	Paid Off - 360	Nov-13-03
1006087 2			120,000.00	119,021.06	Aug-03-04	6.600%	CA - 63.83%	Paid Off - 360	Oct-21-03
1025229 2			93,000.00	4,833.83	Aug-10-04	6.250%	NJ - 39.24%	Paid Off - 360	Oct-08-03
1027013 2			135,000.00	134,057.02	Aug-18-04	7.400%	NY - 90.00%	Paid Off - 360	Oct-08-03
1027542 2			338,000.00	332,256.74	Aug-27-04	8.250%	NJ - 72.22%	Paid Off - 240	Oct-06-03
1036974 2			78,650.00	78,025.45	Aug-27-04	6.740%	UT - 100.00%	Paid Off - 360	Oct-16-03
1053152 2			260,000.00	258,201.67	Aug-06-04	7.450%	NY - 74.29%	Paid Off - 360	Oct-01-03
1053804 2			250,000.00	248,370.23	Aug-25-04	7.750%	RI - 54.35%	Paid Off - 360	Oct-10-03
1054047 2			333,941.00	331,557.90	Aug-13-04	7.850%	AZ - 83.49%	Paid Off - 360	Oct-06-03
1055996 2			262,800.00	260,756.84	Aug-27-04	6.850%	CA - 90.00%	Paid Off - 360	Oct-08-03
1062808 2			357,000.00	354,079.15	Aug-05-04	7.150%	IL - 89.70%	Paid Off - 360	Oct-01-03
					Page 20 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for April 26, 2004 Distribution
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
1064613 2			235,000.00	233,553.98	Aug-04-04	8.950%	MI - 100.00%	Paid Off - 360	Oct-08-03
1069288 2			176,250.00	175,098.41	Aug-03-04	8.200%	NJ - 75.00%	Paid Off - 360	Oct-17-03
1070398 2			190,900.00	189,355.30	Aug-20-04	7.350%	GA - 94.98%	Paid Off - 360	Oct-03-03
1073959 2			335,000.00	332,133.83	Aug-19-04	6.350%	MA - 80.72%	Paid Off - 360	Oct-09-03
1078726 2			221,600.00	220,155.47	Aug-24-04	7.750%	MD - 80.00%	Paid Off - 360	Oct-07-03
1080534 2			68,000.00	65,198.84	Aug-26-04	8.800%	NM - 85.00%	Paid Off - 180	Oct-20-03
1083845 2			234,200.00	232,988.97	Aug-10-04	8.900%	FL - 84.86%	Paid Off - 360	Oct-07-03
1092960 2			93,500.00	93,021.35	Aug-25-04	8.950%	MI - 85.00%	Paid Off - 360	Oct-14-03
1094749 2			99,655.00	98,779.13	Aug-20-04	6.775%	CA - 95.00%	Paid Off - 360	Oct-06-03
1098662 2			159,000.00	156,048.78	Aug-16-04	7.250%	NJ - 61.63%	Paid Off - 240	Oct-21-03
1100166 2			178,000.00	176,768.80	Aug-05-04	7.450%	CT - 74.95%	Paid Off - 360	Oct-28-03
1100955 2			287,850.00	285,839.42	Aug-03-04	7.400%	CA - 95.00%	Paid Off - 360	Oct-10-03
1104275 2			139,500.00	138,300.67	Aug-03-04	7.850%	CA - 90.00%	Paid Off - 360	Oct-10-03
1106714 2			116,900.00	113,710.05	Aug-04-04	7.750%	NH - 70.00%	Paid Off - 180	Oct-14-03
1107941 2			350,000.00	347,717.23	Aug-12-04	7.950%	MA - 79.55%	Paid Off - 360	Oct-29-03
1109230 2			95,250.00	94,593.57	Aug-03-04	8.350%	FL - 75.00%	Paid Off - 360	Oct-27-03
1110014 2			318,750.00	316,276.58	Aug-31-04	7.300%	CA - 85.00%	Paid Off - 360	Oct-21-03
1111106 2			148,500.00	147,770.48	Aug-25-04	9.150%	FL - 75.00%	Paid Off - 360	Oct-10-03
1112613 2			450,000.00	446,292.15	Aug-18-04	6.550%	CA - 90.00%	Paid Off - 360	Oct-20-03
1113403 2			350,000.00	347,763.24	Aug-05-04	7.850%	TX - 78.65%	Paid Off - 360	Oct-10-03
1113627 2			275,000.00	272,624.67	Aug-27-04	6.300%	CA - 94.83%	Paid Off - 360	Oct-15-03
1114641 2			334,400.00	332,244.22	Aug-06-04	8.350%	CA - 95.00%	Paid Off - 360	Oct-10-03
1116865 2			157,500.00	156,651.63	Aug-18-04	8.700%	FL - 75.00%	Paid Off - 360	Oct-17-03
1121215 2			96,050.00	95,379.16	Aug-03-04	7.950%	GA - 85.00%	Paid Off - 360	Oct-28-03
1123018 2			84,500.00	82,184.42	Aug-17-04	7.700%	FL - 65.00%	Paid Off - 180	Oct-27-03
1123564 2			396,900.00	393,870.10	Aug-20-04	7.500%	CA - 90.00%	Paid Off - 360	Oct-01-03
1131279 2			373,500.00	373,500.00	Aug-31-04	5.125%	CA - 90.00%	Paid Off - 300	Oct-10-03
1134401 2			261,250.00	260,056.09	Aug-09-04	9.500%	NJ - 95.00%	Paid Off - 360	Oct-07-03
1135511 2			35,000.00	34,733.12	Aug-11-04	7.750%	MI - 49.30%	Paid Off - 360	Oct-17-03
1144452 2			372,000.00	369,443.19	Aug-12-04	7.700%	CA - 80.00%	Paid Off - 360	Oct-17-03
1144657 2			178,500.00	176,573.16	Aug-06-04	6.000%	CA - 70.00%	Paid Off - 360	Oct-20-03
1151659 2			124,950.00	124,151.48	Aug-31-04	7.850%	NV - 70.00%	Paid Off - 360	Oct-29-03
1152709 2			288,000.00	286,640.07	Aug-31-04	8.750%	NJ - 90.00%	Paid Off - 360	Nov-24-03
1153763 2			94,500.00	93,912.68	Aug-25-04	7.990%	MI - 70.00%	Paid Off - 360	Oct-28-03
1162858 2			350,000.00	348,038.00	Aug-03-04	7.900%	CA - 100.00%	Paid Off - 360	Nov-19-03
1165098 2			464,000.00	460,150.79	Aug-31-04	6.600%	CA - 80.00%	Paid Off - 360	Oct-28-03
1166060 2			348,000.00	345,346.40	Aug-26-04	6.950%	CA - 100.00%	Paid Off - 360	Oct-23-03
1170221 2			356,000.00	352,684.21	Aug-31-04	5.900%	CA - 69.13%	Paid Off - 360	Oct-30-03
1182060 2			109,500.00	108,966.85	Aug-12-04	8.600%	MA - 87.60%	Paid Off - 360	Nov-13-03
1189254 2			213,750.00	211,817.54	Aug-06-04	6.250%	CA - 95.00%	Paid Off - 360	Oct-30-03
					Page 21 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Cumulative
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Cumulative Loss Percentage							0.00%
	Group 1						3 Months Moving Average
	Group 2
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 21 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 22 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for April 26, 2004 Distribution
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL
	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR					0.00%	0.00%	0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%
	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR					0.00%	0.00%	0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.00%	0.00%
	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation					0.00%	0.00%	0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.00%	0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
	Group 1
	Group 2
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 22 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 23 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for April 26, 2004 Distribution
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report - Collateral
	Group 1
	Group 2
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.
				Page 23 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 24 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for April 26, 2004 Distribution
	Realized Loss Detail Report for September 27, 2004 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00						Loan Group 2 = Group 2
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK
					Page 24 of 25				© COPYRIGHT 2004 Deutsche Bank
					Page 25 of 26				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC2
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for April 26, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL
	Has a Stepdown Date occurred?							No
	Does Trigger Event exist?							No
	1. Does (A) equal or exceed (B)?							No
	(A) 60+ Day Delinq % (quotient of (x) over (y))							01.4297%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							311,~~033~~907,~~290~~751.7704
	(y) Stated Principal Balance							~~715~~603,~~496~~231,~~177~~348.4488
	(B) 40% of Sr. Enhancement Percentage							78.4964%
	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.00%
	(x) Agg. Realized Losses to date							0.00
	(y) Cut-off Date Pool Principal Balance							735,385,527.72
	(B) Applicable Percentage							100.00%
	Senior Enhancement Percentage (Prior)							1821.7260%
ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Basis Risk Carry Forward Amount							0.00
				Page 25 of 25				© COPYRIGHT 2004 Deutsche Bank
				Page 26 of 26				© COPYRIGHT 2004 Deutsche Bank

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