

                                    UNITED STATES
                          SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549

                                      FORM 8-K

                                   CURRENT REPORT
        Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

             Date of Report (Date of earliest event reported):
                             (Date of earliest event reported)


                                MORGAN STANLEY ABS CAPITAL I INC.
              (as Depositor under the Pooling and Servicing Agreement, dated as
               July 1, 2004, providing for the issuance of Mortgage Pass-Through
                              Certificates, Series 2004-HE5)
                      (Exact name of registrant as specified in charter)



                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-113543-08                        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) 761-4000


             (Former name or former address, if changed since last report.)


     Check the appropriate box below if the Form 8-K filing is intended to
     simultaneously satisfy the filing obligation of the registrant under any
     of the following provisions (see General Instruction A.2. below):

     [  ] Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

     [  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
     (17 CFR 240.14a-12(b))

     [  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

     [  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))


     Item 8.01 Other Events.

     This current report on Form 8-K relates to the monthly distribution reported to the holders of
     Morgan Stanley ABS Capital I Inc. Mortgage Pass-Through Certificates, Series 2004-HE5, which
     was made on July 1, 2004


     Item 9.01 Financial Statements and Exhibits.

     (c) Exhibits

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     .


                                  SIGNATURES


    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
    caused this report to be signed on behalf of the Registrant by the undersigned thereunto duly
    authorized.



     DEUTSCHE BANK NATIONAL TRUST COMPANY, IN ITS CAPACITY AS TRUSTEE UNDER THE
     POOLING AND SERVICING AGREEMENT ON BEHALF OF MORGAN STANLEY ABS CAPITAL I INC.,
     REGISTRANT



          Date:  Sep 27, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President



                                   EXHIBIT INDEX

         DOCUMENT

         99.1 Monthly Remittance Statement to the Certificateholders dated as of
              .



Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution

				External Parties					Table of Contents

												Page
				Seller								Page
				Seller					1. Certificate Payment Report					2
				Morgan Stanley					1. Certificate Payment Report					2
				Morgan Stanley					2. Collection Account Report					4
									2. Collection Account Report					4
									3. Credit Enhancement Report					6
									4. Collateral Report					7
				Certificate Insurer(s)					5. Delinquency Report					10
				Certificate Insurer(s)					5. Delinquency Report					10
									6. REO Report					13

									7. Foreclosure Report					14
									8. Prepayment Report					15
									9. Prepayment Detail Report					18
									9. Prepayment Detail Report					18
									10. Realized Loss Report					22
									11. Realized Loss Detail Report					25
				Servicer(s)					11. Realized Loss Detail Report					25
				Servicer(s)					12. Triggers and Adj. Cert. Report					26
				Chase Manhattan Mortgage					12. Triggers and Adj. Cert. Report					26
				Chase Manhattan Mortgage					13. Other Related Information					27
				HomeQ Servicing Corp.					13. Other Related Information					27
				HomeQ Servicing Corp.
				Countrywide Home Loans Serv


				Underwriter(s)
				Morgan Stanley


									Total Number of Pages					27
									Total Number of Pages

				Dates					Contacts

				Cut-Off Date:		July 01, 2004			Eiko Akiyama
				Close Date:		July 27, 2004			Administrator
				First Distribution Date:		August 25, 2004			(714) 247-6328

									Address:
									1761 East St. Andrew Place, Santa Ana, CA 92514
				Distribution Date:		September 27, 2004
									Factor Information:			(800) 735-7777
				Record Date:		August 31, 2004			Factor Information:			(800) 735-7777
									Main Phone Number:			(714) 247-6000

						September 24, 2004
						September 24, 2004

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



Page 1 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - REMIC 2
					Prior											Current
	Class		Original		Principal					Total		Realized		Deferred		Principal
	Class		Original		Principal					Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance	Interest		Principal		Distribution		Loss		Interest		Balance


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

A-1	FLT	$	545,498,000.00		533,254,875.63	992,298.45		14,745,886.58		15,738,185.03		0.00		0.00		518,508,989.05
A-1	FLT	$	545,498,000.00		533,254,875.63	992,298.45		14,745,886.58		15,738,185.03		0.00		0.00		518,508,989.05
A-2	FLT	$	125,000,000.00		121,506,870.81	222,205.69		3,576,975.73		3,799,181.42		0.00		0.00		117,929,895.08
A-3	FLT	$	142,000,000.00		136,735,518.97	232,507.36		5,390,845.81		5,623,353.17		0.00		0.00		131,344,673.16
A-4	FLT	$	46,387,000.00		46,387,000.00	91,208.43		0.00		91,208.43		0.00		0.00		46,387,000.00
M-1	MEZ, FLT	$	68,497,000.00		68,497,000.00	140,961.12		0.00		140,961.12		0.00		0.00		68,497,000.00
M-2	MEZ, FLT	$	58,864,000.00		58,864,000.00	154,591.58		0.00		154,591.58		0.00		0.00		58,864,000.00
M-3	MEZ, FLT	$	16,054,000.00		16,054,000.00	44,369.24		0.00		44,369.24		0.00		0.00		16,054,000.00
B-1	MEZ, FLT	$	16,054,000.00		16,054,000.00	50,991.52		0.00		50,991.52		0.00		0.00		16,054,000.00
B-2	MEZ, FLT	$	14,984,000.00		14,984,000.00	49,653.23		0.00		49,653.23		0.00		0.00		14,984,000.00
B-3	MEZ, FLT	$	11,773,000.00		11,773,000.00	57,898.63		0.00		57,898.63		0.00		0.00		11,773,000.00
X	EXE	$	25,151,586.00		25,151,170.77	3,703,767.03		0.00		3,703,767.03		0.00		0.00		25,151,170.77
UT-R	R	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
P	SUB	$	0.00		0.00	474,556.08		0.00		474,556.08		0.00		0.00		0.00


Total			1,070,262,586.00		1,049,261,436.18	6,215,008.36		23,713,708.12		29,928,716.48		0.00		0.00		1,025,547,728.06
Total




Interest Accrual Detail Current Period Factor Information per $1,0000 of Original Face-
								Orig. Principal		Prior							Current
								Orig. Principal		Prior							Current
	Period		Period					(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method	Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

								(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1	08/25/04		09/26/04		A-Act/360	61746RHL8		545,498,000.00		977.556060		1.819069		27.031972		28.851041	950.524088
A-2	08/25/04		09/26/04		A-Act/360	61746RHB0		125,000,000.00		972.054966		1.777646		28.615806		30.393451	943.439161
A-3	08/25/04		09/26/04		A-Act/360	61746RHC8		142,000,000.00		962.926190		1.637376		37.963703		39.601079	924.962487
A-4	08/25/04		09/26/04		A-Act/360	61746RHD6		46,387,000.00		1,000.000000		1.966250		0.000000		1.966250	1,000.000000
M-1	08/25/04		09/26/04		A-Act/360	61746RHE4		68,497,000.00		1,000.000000		2.057917		0.000000		2.057917	1,000.000000
M-2	08/25/04		09/26/04		A-Act/360	61746RHF1		58,864,000.00		1,000.000000		2.626250		0.000000		2.626250	1,000.000000
M-3	08/25/04		09/26/04		A-Act/360	61746RHG9		16,054,000.00		1,000.000000		2.763750		0.000000		2.763750	1,000.000000
B-1	08/25/04		09/26/04		A-Act/360	61746RHH7		16,054,000.00		1,000.000000		3.176250		0.000000		3.176250	1,000.000000
B-2	08/25/04		09/26/04		A-Act/360	61746RHJ3		14,984,000.00		1,000.000000		3.313750		0.000000		3.313750	1,000.000000
B-3	08/25/04		09/26/04		A-Act/360	61746RHK0		11,773,000.00		1,000.000000		4.917916		0.000000		4.917916	1,000.000000
X	08/25/04		09/26/04		A-Act/360			25,151,586.00		999.983491		147.257792		0.000000		147.257792	999.983491
UT-R	08/25/04		09/24/04		A-30/360			0.00		0.000000		0.000000		0.000000		0.000000	0.000000
P	08/25/04		09/24/04		A-30/360			0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 2 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution

Distribution to Date - REMIC 2
																Current


	Original				Unscheduled	Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal	Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)	(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1	545,498,000.00		1,811,833.43		25,928,819.19	1,060,191.76		26,989,010.95		28,800,844.38		0.00		0.00		518,508,989.05
A-2	125,000,000.00		406,476.52		6,790,863.22	279,241.70		7,070,104.92		7,476,581.44		0.00		0.00		117,929,895.08
A-3	142,000,000.00		425,824.58		10,234,482.79	420,844.05		10,655,326.84		11,081,151.42		0.00		0.00		131,344,673.16
A-4	46,387,000.00		165,195.70		0.00	0.00		0.00		165,195.70		0.00		0.00		46,387,000.00
M-1	68,497,000.00		255,731.65		0.00	0.00		0.00		255,731.65		0.00		0.00		68,497,000.00
M-2	58,864,000.00		282,620.78		0.00	0.00		0.00		282,620.78		0.00		0.00		58,864,000.00
M-3	16,054,000.00		81,226.55		0.00	0.00		0.00		81,226.55		0.00		0.00		16,054,000.00
B-1	16,054,000.00		93,668.40		0.00	0.00		0.00		93,668.40		0.00		0.00		16,054,000.00
B-2	14,984,000.00		91,296.26		0.00	0.00		0.00		91,296.26		0.00		0.00		14,984,000.00
B-3	11,773,000.00		107,214.42		0.00	0.00		0.00		107,214.42		0.00		0.00		11,773,000.00
X	25,151,586.00		7,878,866.76		397.72	17.51		415.23		7,879,281.99		0.00		0.00		25,151,170.77
UT-R	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
P	0.00		557,337.76		0.00	0.00		0.00		557,337.76		0.00		0.00		0.00


Total	1,070,262,586.00		12,157,292.81		42,954,562.92	1,760,295.02		44,714,857.94		56,872,150.75		0.00		0.00		1,025,547,728.06


Interest Detail - REMIC 2
	Pass		Prior Principal			Non-		Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal			Non-		Prior		Unscheduled				Paid or

	Through		(with Notional)		Accrued	Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest	Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)	(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1	2.03000%		533,254,875.63		992,298.45	0.00		0.00		0.00		992,298.45		992,298.45		0.00
A-2	1.99500%		121,506,870.81		222,205.69	0.00		0.00		0.00		222,205.69		222,205.69		0.00
A-3	1.85500%		136,735,518.97		232,507.36	0.00		0.00		0.00		232,507.36		232,507.36		0.00
A-4	2.14500%		46,387,000.00		91,208.44	0.00		0.00		0.00		91,208.44		91,208.43		0.00
M-1	2.24500%		68,497,000.00		140,961.12	0.00		0.00		0.00		140,961.12		140,961.12		0.00
M-2	2.86500%		58,864,000.00		154,591.58	0.00		0.00		0.00		154,591.58		154,591.58		0.00
M-3	3.01500%		16,054,000.00		44,369.24	0.00		0.00		0.00		44,369.24		44,369.24		0.00
B-1	3.46500%		16,054,000.00		50,991.52	0.00		0.00		0.00		50,991.52		50,991.52		0.00
B-2	3.61500%		14,984,000.00		49,653.23	0.00		0.00		0.00		49,653.23		49,653.23		0.00
B-3	5.36500%		11,773,000.00		57,898.63	0.00		0.00		0.00		57,898.63		57,898.63		0.00
X	160.64752%		25,151,170.77		0.00	0.00		0.00		0.00		0.00		3,703,767.03		0.00
UT-R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
P	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		474,556.08		0.00


Total			1,049,261,436.18		2,036,685.26	0.00		0.00		0.00		2,036,685.26		6,215,008.36		0.00



Page 3 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
									Group 2		Group 1		Total
Principal Collections									8,967,821.54		14,745,886.58		23,713,708.12
Principal Withrawals									0.00		0.00		0.00
Principal Other Accounts									0.00		0.00		0.00
TOTAL NET PRINCIPAL									8,967,821.54		14,745,886.58		23,713,708.12
Interest Collections									2,123,282.22		3,700,588.57		5,823,870.79
Interest Withdrawals									-0.00		-0.00		-0.00
Interest Other Accounts									0.00		0.00		474,556.08
Interest Fees									-30,221.51		-53,196.99		-83,418.51
TOTAL NET INTEREST									2,093,060.71		3,647,391.58		6,215,008.36
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION									11,060,882.25		18,393,278.16		29,928,716.48



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Principal Received										316,251.32		558,410.13		874,661.45
Prepayments In Full										8,643,237.39		14,144,143.36		22,787,380.75
Curtailments										8,332.83		43,333.09		51,665.92
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										-262,929.75		-465,454.45		-728,384.20
Advanced Principal										262,929.75		465,454.45		728,384.20
TOTAL PRINCIPAL COLLECTED										8,967,821.54		14,745,886.58		23,713,708.12


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



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





Page 4 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
									Group 2		Group 1		Total
Scheduled Interest									2,253,461.94		3,927,855.03		6,181,316.97
Liquidation Interest									0.00		0.00		0.00
Repurchased Interest									0.00		0.00		0.00
Insurance Interest									0.00		0.00		0.00
Other Interest									0.00		0.00		0.00
Relief Act Interest Shortfalls									-0.00		-0.00		-0.00
Prepayment Interest Shortfalls									-16,645.85		-18,037.40		-34,683.25
Compensating Interest									16,645.85		18,037.40		34,683.25
Delinquent Interest									-1,849,550.37		-3,216,594.66		-5,066,145.03
Interest Advanced									1,719,370.66		2,989,328.20		4,708,698.85
TOTAL INTEREST COLLECTED									2,123,282.22		3,700,588.57		5,823,870.79


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



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
									Group 2		Group 1		Total
Prepayment Charges													474,556.08
TOTAL INTEREST OTHER ACCOUNTS									0.00		0.00		474,556.08



INTEREST - FEES
INTEREST - FEES
									Group 2		Group 1		Total
Current Servicing Fees									22,959.83		56,786.26		79,746.09
Current Trustee Fees									960.93		2,711.49		3,672.42
TOTAL INTEREST OTHER FEES									30,221.51		53,196.99		83,418.51




Page 5 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS

SPACE INTENTIONALLY LEFT BLANK



INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
									Group 2		Group 1		Total
Overcollateralization Amount													25,151,170.77
Overcollateralization Target Amount													25,151,170.77
Overcollateralization Deficiency Amount													0.00
Overcollateralization Release Amount													0.00




Page 6 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution
Collateral Report


COLLATERAL



										Group 2		Group 1		Total



*Loan Count:*


Original									2,039		4,455		6,494
Prior									2,004		4,391		6,395
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-41		-80		-121
Repurchases									-0		-0		-0
Liquidations									-0		-0		-0
Current									1,963		4,311		6,274
*Principal Balance:*


Original									390,487,849.78		679,745,679.88		1,070,233,529.66
Prior									381,756,187.86		667,505,248.32		1,049,261,436.18
Prefunding									0.00		0.00		0.00
Scheduled Principal									-316,251.32		-558,410.13		-874,661.45
Partial Prepayments									-8,332.83		-43,333.09		-51,665.92
Full Voluntary Prepayments									#######		-14,144,143.36		-22,787,380.75
Repurchases									-0.00		-0.00		-0.00
Liquidations									-0.00		-0.00		-0.00
Current									372,788,366.32		652,759,361.74		1,025,547,728.06





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Coupon Original									7.08596%		7.06740%		7.07417%
Weighted Average Coupon Prior									7.08596%		7.06740%		7.07417%
Weighted Average Coupon Current									7.08346%		7.06126%		7.06933%
Weighted Average Months to Maturity Original									348		348		348
Weighted Average Months to Maturity Prior									348		348		348
Weighted Average Months to Maturity Current									347		347		347
Weighted Avg Remaining Amortization Term Original									348		348		348
Weighted Avg Remaining Amortization Term Prior									348		348		348
Weighted Avg Remaining Amortization Term Current									347		347		347
Weighted Average Seasoning Original									4.91		4.38		4.57
Weighted Average Seasoning Prior									4.91		4.38		4.57
Weighted Average Seasoning Current									5.91		5.38		5.57









Page 8 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Margin Original									5.77097%		5.58643%		5.65228%
Weighted Average Margin Prior									5.77097%		5.58643%		5.65228%
Weighted Average Margin Current									5.77369%		5.58465%		5.65182%
Weighted Average Max Rate Original									14.06458%		13.99558%		14.02020%
Weighted Average Max Rate Prior									14.06458%		13.99558%		14.02020%
Weighted Average Max Rate Current									14.06555%		13.99000%		14.01684%
Weighted Average Min Rate Original									7.05798%		6.99518%		7.01759%
Weighted Average Min Rate Prior									7.05798%		6.99518%		7.01759%
Weighted Average Min Rate Current									7.05971%		6.98979%		7.01464%
Weighted Average Cap Up Original									1.52662%		1.51151%		1.51691%
Weighted Average Cap Up Prior									1.52662%		1.51151%		1.51691%
Weighted Average Cap Up Current									1.52383%		1.51100%		1.51555%
Weighted Average Cap Down Original									1.52662%		1.51151%		1.51691%
Weighted Average Cap Down Prior									1.52662%		1.51151%		1.51691%
Weighted Average Cap Down Current									1.52383%		1.51100%		1.51555%




SERVICING FEES & ADVANCES

										Group 2		Group 1		Total




Current Servicing Fees									22,959.83		56,786.26		79,746.09
Delinquent Servicing Fees									130,179.72		227,266.46		357,446.18
TOTAL SERVICING FEES									159,065.08		278,127.20		437,192.28


Compensating Interest									-16,645.85		-18,037.40		-34,683.25
Delinquent Servicing Fees									-130,179.72		-227,266.46		-357,446.18
COLLECTED SERVICING FEES									72,744.81		32,823.34		45,062.86


Aggregate Advances with respect to this Distribution									1,427,634.26		2,537,938.16		3,965,572.42





ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Net Prepayment Interest Shortfall									0.00		0.00		0.00
Libor For Current Period													1.6150%




Page 9 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			14,312,616.50		2,804,529.78		207,568.73		17,324,715.01
			% Balance			1.40%		0.27%		0.02%		1.69%
			# Loans			91		15		1		107
			% # Loans			1.45%		0.24%		0.02%		1.71%
	FORECLOSURE		Balance		0.00	0.00		338,876.37		67,660.52		406,536.89
			% Balance		0.00%	0.00%		0.03%		0.01%		0.04%
			# Loans		0	0		3		1		4
			% # Loans		0.00%	0.00%		0.05%		0.02%		0.06%
	BANKRUPTCY		Balance		122,664.31	0.00		136,055.01		0.00		258,719.32
			% Balance		0.01%	0.00%		0.01%		0.00%		0.03%
			# Loans		2	0		1		0		3
			% # Loans		0.03%	0.00%		0.02%		0.00%		0.05%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		122,664.31	14,312,616.50		3,279,461.16		275,229.25		17,989,971.22
			% Balance		0.01%	1.40%		0.32%		0.03%		1.75%
			# Loans		2	91		19		2		114
			% # Loans		0.03%	1.45%		0.30%		0.03%		1.82%









Page 10 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			9,151,362.30		1,171,671.14		0.00		10,323,033.44
			% Balance			1.40%		0.18%		0.00%		1.58%
			# Loans			65		9		0		74
			% # Loans			1.51%		0.21%		0.00%		1.72%
	FORECLOSURE		Balance		0.00	0.00		231,428.67		0.00		231,428.67
			% Balance		0.00%	0.00%		0.04%		0.00%		0.04%
			# Loans		0	0		2		0		2
			% # Loans		0.00%	0.00%		0.05%		0.00%		0.05%
	BANKRUPTCY		Balance		51,787.03	0.00		0.00		0.00		51,787.03
			% Balance		0.01%	0.00%		0.00%		0.00%		0.01%
			# Loans		1	0		0		0		1
			% # Loans		0.02%	0.00%		0.00%		0.00%		0.02%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		51,787.03	9,151,362.30		1,403,099.81		0.00		10,606,249.14
			% Balance		0.01%	1.40%		0.21%		0.00%		1.62%
			# Loans		1	65		11		0		77
			% # Loans		0.02%	1.51%		0.26%		0.00%		1.79%










Page 11 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution

	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			5,161,254.20		1,632,858.64		207,568.73		7,001,681.57
			% Balance			1.38%		0.44%		0.06%		1.88%
			# Loans			26		6		1		33
			% # Loans			1.32%		0.31%		0.05%		1.68%
	FORECLOSURE		Balance		0.00	0.00		107,447.70		67,660.52		175,108.22
			% Balance		0.00%	0.00%		0.03%		0.02%		0.05%
			# Loans		0	0		1		1		2
			% # Loans		0.00%	0.00%		0.05%		0.05%		0.10%
	BANKRUPTCY		Balance		70,877.28	0.00		136,055.01		0.00		206,932.29
			% Balance		0.02%	0.00%		0.04%		0.00%		0.06%
			# Loans		1	0		1		0		2
			% # Loans		0.05%	0.00%		0.05%		0.00%		0.10%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		70,877.28	5,161,254.20		1,876,361.35		275,229.25		7,383,722.08
			% Balance		0.02%	1.38%		0.50%		0.07%		1.98%
			# Loans		1	26		8		2		37
			% # Loans		0.05%	1.32%		0.41%		0.10%		1.88%









Page 12 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

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

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

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



TOTAL



Page 13 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

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

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date
401125095 1
401125095 1			101,000.00		100,543.16	01-May-2004		7.500%		LA - 100.00%		360		01-Apr-2004

401279069 1			131,325.00		130,885.51	01-May-2004		8.990%		OH - 85.00%		360		01-Apr-2004
401137006 2			68,000.00		67,660.52	01-Apr-2004		6.999%		IN - 80.00%		360		01-Apr-2004
402124654 2			108,000.00		107,447.70	01-May-2004		6.875%		FL - 80.00%		360		01-Apr-2004


TOTAL			408,325.00		406,536.89



Page 14 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

										Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans									41		80		121
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									41		80		121
Curtailments Amount									8,332.83		43,333.09		51,665.92
Paid in Full Balance									8,643,237.39		14,144,143.36		22,787,380.75
Repurchased Loans Balance									0.00		0.00		0.00
Total Prepayment Amount									8,651,570.22		14,187,476.45		22,839,046.67

*Cumulative*


Number of Paid in Full Loans									76		144		220
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									76		144		220
Paid in Full Balance									17,023,985.06		25,760,834.12		42,784,819.18
Repurchased Loans Balance									0.00		0.00		0.00
Curtailments Amount									38,694.15		101,993.24		140,687.39
Total Prepayment Amount									17,062,679.21		25,862,827.36		42,925,506.57










Page 15 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

										Group 2		Group 1		Total



SMM									2.27%		2.13%		2.18%
3 Months Avg SMM									2.21%		1.92%		2.03%
12 Months Avg SMM									2.21%		1.92%		2.03%
Avg SMM Since Cut-off									2.21%		1.92%		2.03%


CPR									24.07%		22.74%		23.23%
3 Months Avg CPR									23.54%		20.79%		21.80%
12 Months Avg CPR									23.54%		20.79%		21.80%
Avg CPR Since Cut-off									23.54%		20.79%		21.80%


PSA									2,036.87%		2,113.33%		2,084.12%
3 Months Avg PSA Approximation									2,176.10%		2,129.68%		2,148.93%
12 Months Avg PSA Approximation									2,176.10%		2,129.68%		2,148.93%
Avg PSA Since Cut-off Approximation									2,176.10%		2,129.68%		2,148.93%










Page 16 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution






PREPAYMENT CALCULATION METHODOLOGY

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

	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)(1-SMMn+1)...*(1-SMMm)]^(1/months in period n,m)
	Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)

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

	Weighted Average Seasoning (WAS)

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




Page 17 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

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

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

1061973 2			74,400.00		73,317.82		19-Aug-2004		10.300%		CA - 20.00%		Paid Off - 240		01-Oct-2003
1061973 2			74,400.00		73,317.82		19-Aug-2004		10.300%		CA - 20.00%		Paid Off - 240		01-Oct-2003
1215115 1			120,000.00		119,457.21		31-Aug-2004		7.500%		CA - 80.00%		Paid Off - 360		01-Mar-2004
1276562 1			180,000.00		178,612.39		17-Aug-2004		5.750%		CA - 64.29%		Paid Off - 360		01-Feb-2004
1285897 2			500,000.00		500,000.00		02-Sep-2004		6.750%		CA - 55.56%		Paid Off - 360		01-Apr-2004
1288050 1			45,000.00		44,659.44		27-Aug-2004		10.500%		NV - 20.00%		Paid Off - 240		01-Mar-2004
1292443 1			46,000.00		45,557.42		03-Sep-2004		9.000%		CA - 20.00%		Paid Off - 240		01-Mar-2004
1293514 2			85,000.00		84,799.37		31-Aug-2004		10.650%		CA - 20.00%		Paid Off - 360		01-Mar-2004
1302373 1			51,000.00		50,834.37		31-Aug-2004		9.150%		CA - 20.00%		Paid Off - 360		01-Mar-2004
1308227 2			78,000.00		77,777.12		30-Aug-2004		9.750%		CT - 20.00%		Paid Off - 360		01-Mar-2004
1313347 1			300,000.00		298,293.65		17-Aug-2004		5.450%		NY - 46.15%		Paid Off - 360		01-Apr-2004
1324698 1			199,000.00		198,281.51		01-Sep-2004		6.550%		NY - 74.95%		Paid Off - 360		01-May-2004
1331631 1			90,900.00		90,515.64		25-Aug-2004		6.900%		NM - 90.00%		Paid Off - 360		01-Apr-2004
1343031 1			201,000.00		200,481.06		18-Aug-2004		9.350%		IL - 75.00%		Paid Off - 360		01-Apr-2004
1343969 1			142,350.00		141,917.61		10-Aug-2004		7.450%		NJ - 71.53%		Paid Off - 360		01-May-2004
1345917 1			216,000.00		215,147.26		27-Aug-2004		7.250%		CA - 80.00%		Paid Off - 360		01-Apr-2004
1348510 1			237,000.00		236,117.98		20-Aug-2004		7.550%		NJ - 79.80%		Paid Off - 360		01-Apr-2004
1353117 1			265,000.00		265,000.00		25-Aug-2004		7.300%		MA - 89.83%		Paid Off - 360		01-Apr-2004
1357862 1			60,800.00		60,272.54		18-Aug-2004		11.300%		CA - 20.00%		Paid Off - 180		01-May-2004
1358252 1			217,600.00		216,751.55		11-Aug-2004		6.150%		MD - 80.00%		Paid Off - 360		01-May-2004
1360646 1			68,425.00		68,137.18		02-Sep-2004		5.750%		FL - 85.53%		Paid Off - 360		01-May-2004
1361699 2			225,000.00		224,179.73		20-Aug-2004		6.500%		NV - 85.88%		Paid Off - 360		01-May-2004
1362663 1			133,200.00		132,614.39		08-Sep-2004		6.700%		OR - 90.00%		Paid Off - 360		01-Apr-2004
1366144 1			147,000.00		147,000.00		26-Aug-2004		6.400%		CA - 77.37%		Paid Off - 360		01-Apr-2004
1367098 1			138,700.00		138,217.67		14-Sep-2004		6.750%		CA - 95.00%		Paid Off - 360		01-May-2004
1369336 1			225,250.00		224,515.84		20-Aug-2004		7.075%		NY - 85.00%		Paid Off - 360		01-May-2004
1370289 1			270,000.00		270,000.00		07-Sep-2004		6.900%		CA - 90.00%		Paid Off - 360		01-Apr-2004
1370767 1			225,000.00		225,000.00		01-Sep-2004		6.400%		CA - 90.00%		Paid Off - 360		01-Apr-2004
1374267 1			225,000.00		225,000.00		31-Aug-2004		6.888%		CA - 90.00%		Paid Off - 360		01-Apr-2004
1375476 2			70,000.00		69,905.14		08-Sep-2004		11.300%		CA - 20.00%		Paid Off - 360		01-May-2004
1375756 1			315,000.00		313,771.82		01-Sep-2004		6.150%		CA - 91.30%		Paid Off - 360		01-May-2004
1379442 1			235,000.00		234,546.61		20-Aug-2004		9.650%		FL - 64.38%		Paid Off - 360		01-May-2004
1379731 1			231,000.00		231,000.00		25-Aug-2004		6.850%		CA - 79.11%		Paid Off - 360		01-Apr-2004
1387007 1			271,200.00		270,532.37		06-Aug-2004		8.475%		MD - 80.00%		Paid Off - 360		01-May-2004
1387684 2			232,200.00		231,030.42		30-Aug-2004		5.990%		CA - 90.00%		Paid Off - 360		01-Apr-2004
1387782 1			250,100.00		248,747.38		15-Sep-2004		5.850%		CA - 65.82%		Paid Off - 360		01-Apr-2004
1388185 1			58,200.00		58,084.33		03-Sep-2004		10.800%		IL - 20.00%		Paid Off - 360		01-May-2004
1389235 2			713,500.00		708,391.54		10-Sep-2004		7.650%		NJ - 79.28%		Paid Off - 240		01-May-2004
1389235 2			713,500.00		708,391.54		10-Sep-2004		7.650%		NJ - 79.28%		Paid Off - 240		01-May-2004



Page 18 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution

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

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

1389890 1			280,000.00		278,906.59		03-Sep-2004		6.480%		CA - 67.47%		Paid Off - 360		01-May-2004
1389890 1			280,000.00		278,906.59		03-Sep-2004		6.480%		CA - 67.47%		Paid Off - 360		01-May-2004
1390657 1			164,500.00		164,204.84		16-Aug-2004		10.000%		CA - 70.00%		Paid Off - 360		01-May-2004
1392632 1			195,000.00		194,689.28		31-Aug-2004		10.550%		NJ - 60.00%		Paid Off - 360		01-May-2004
1393027 1			122,550.00		122,078.09		01-Sep-2004		6.750%		IA - 95.00%		Paid Off - 360		01-May-2004
1396289 1			85,500.00		85,286.25		13-Sep-2004		8.400%		ID - 95.00%		Paid Off - 360		01-May-2004
1397441 1			250,000.00		249,066.37		26-Aug-2004		6.375%		CA - 87.72%		Paid Off - 360		01-May-2004
1399492 1			284,000.00		282,794.08		03-Sep-2004		5.700%		NY - 74.74%		Paid Off - 360		01-May-2004
1399726 1			116,000.00		115,659.24		09-Sep-2004		7.600%		IL - 84.06%		Paid Off - 360		01-May-2004
1399869 1			65,600.00		65,436.01		30-Aug-2004		8.400%		IL - 80.00%		Paid Off - 360		01-May-2004
1400729 2			70,000.00		69,882.30		09-Sep-2004		10.300%		CA - 20.00%		Paid Off - 360		01-May-2004
1401280 1			258,300.00		257,358.33		23-Aug-2004		6.500%		NJ - 70.00%		Paid Off - 360		01-May-2004
1402873 1			141,200.00		140,665.04		11-Aug-2004		6.300%		CA - 80.00%		Paid Off - 360		01-May-2004
1405360 1			192,000.00		191,458.11		02-Sep-2004		7.800%		CA - 80.00%		Paid Off - 360		01-May-2004
1406899 1			195,500.00		194,685.39		31-Aug-2004		5.800%		MD - 85.00%		Paid Off - 360		01-May-2004
1411045 1			323,000.00		321,723.68		20-Aug-2004		6.080%		CA - 85.00%		Paid Off - 360		01-May-2004
1412142 2			137,000.00		136,609.30		10-Sep-2004		7.750%		CA - 74.86%		Paid Off - 360		01-May-2004
1412206 1			39,980.00		39,796.35		09-Sep-2004		11.150%		CA - 20.00%		Paid Off - 240		01-May-2004
1412539 1			324,000.00		322,852.62		03-Sep-2004		6.650%		CA - 90.00%		Paid Off - 360		01-May-2004
1412623 1			200,900.00		200,349.85		16-Aug-2004		7.950%		CA - 70.00%		Paid Off - 360		01-May-2004
1418884 1			106,500.00		106,193.36		20-Aug-2004		7.750%		MI - 83.20%		Paid Off - 360		01-May-2004
1421245 1			46,800.00		43,855.46		09-Sep-2004		11.150%		HI - 20.00%		Paid Off - 240		01-May-2004
1421261 1			211,500.00		211,462.53		01-Sep-2004		7.900%		CA - 90.00%		Paid Off - 360		01-May-2004
1422946 2			90,000.00		89,719.30		20-Aug-2004		7.300%		CA - 75.00%		Paid Off - 360		01-May-2004
1425501 1			120,000.00		119,603.99		31-Aug-2004		6.800%		MN - 75.00%		Paid Off - 360		01-Jun-2004
1426881 1			238,000.00		237,221.17		07-Sep-2004		9.500%		CA - 74.73%		Paid Off - 360		01-May-2004
1427769 1			212,800.00		211,913.25		17-Aug-2004		5.800%		CA - 82.64%		Paid Off - 360		01-May-2004
1427832 2			357,000.00		355,698.55		07-Sep-2004		6.500%		CA - 72.86%		Paid Off - 360		01-May-2004
1429289 1			187,500.00		186,803.17		31-Aug-2004		6.400%		CA - 69.44%		Paid Off - 360		01-May-2004
1435165 2			494,500.00		494,500.00		19-Aug-2004		7.425%		IL - 84.10%		Paid Off - 360		01-May-2004
1435291 1			196,200.00		195,720.68		13-Sep-2004		7.063%		IL - 90.00%		Paid Off - 360		01-Jun-2004
1442313 1			105,000.00		104,674.22		03-Sep-2004		7.325%		OH - 75.00%		Paid Off - 360		01-May-2004
1450084 1			223,945.00		223,379.46		31-Aug-2004		8.350%		CA - 90.00%		Paid Off - 360		01-May-2004
1452645 1			157,650.00		157,097.08		08-Sep-2004		6.700%		MA - 84.99%		Paid Off - 360		01-May-2004
1452891 1			200,750.00		200,066.24		09-Sep-2004		6.850%		FL - 93.81%		Paid Off - 360		01-May-2004
1454012 1			207,500.00		206,568.01		11-Aug-2004		5.400%		CT - 84.69%		Paid Off - 360		01-May-2004
1455526 1			77,350.00		77,147.10		26-Aug-2004		6.700%		FL - 85.00%		Paid Off - 360		01-Jun-2004
1455776 1			122,250.00		121,950.58		20-Aug-2004		8.500%		CA - 75.00%		Paid Off - 360		01-May-2004
1456759 1			150,000.00		149,601.46		30-Aug-2004		8.100%		CA - 57.69%		Paid Off - 360		01-May-2004
1456759 1			150,000.00		149,601.46		30-Aug-2004		8.100%		CA - 57.69%		Paid Off - 360		01-May-2004



Page 19 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution

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

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

1456799 1			235,000.00		234,159.69		11-Aug-2004		6.600%		CA - 78.33%		Paid Off - 360		01-May-2004
1456799 1			235,000.00		234,159.69		11-Aug-2004		6.600%		CA - 78.33%		Paid Off - 360		01-May-2004
1459228 1			168,000.00		167,612.96		24-Aug-2004		8.850%		MN - 80.00%		Paid Off - 360		01-May-2004
1461533 2			459,000.00		459,000.00		03-Sep-2004		7.500%		CA - 90.00%		Paid Off - 360		01-May-2004
1466004 1			63,000.00		62,911.80		01-Sep-2004		11.150%		CA - 20.00%		Paid Off - 360		01-May-2004
1468648 1			198,000.00		197,343.78		18-Aug-2004		6.990%		CA - 89.67%		Paid Off - 360		01-May-2004
1469593 1			135,000.00		134,378.46		02-Sep-2004		7.300%		CA - 62.79%		Paid Off - 360		01-May-2004
1470207 1			317,600.00		317,600.00		03-Sep-2004		7.400%		CA - 80.00%		Paid Off - 360		01-May-2004
1470284 2			79,400.00		79,288.86		03-Sep-2004		11.150%		CA - 20.00%		Paid Off - 360		01-May-2004
1473699 1			67,200.00		67,059.62		27-Aug-2004		7.850%		OH - 80.00%		Paid Off - 360		01-Jun-2004
1476440 1			210,000.00		209,239.85		08-Sep-2004		5.000%		CA - 60.87%		Paid Off - 360		01-Jun-2004
307119299 2			74,900.00		74,299.27		11-Aug-2004		7.750%		FL - 65.19%		Paid Off - 360		01-Oct-2003
310091447 2			162,000.00		161,211.04		02-Aug-2004		7.125%		CA - 90.00%		Paid Off - 360		01-Mar-2004
311044919 2			174,400.00		173,733.20		10-Aug-2004		8.350%		CA - 80.00%		Paid Off - 360		01-Mar-2004
311112004 2			348,296.00		346,161.05		31-Aug-2004		6.750%		CA - 80.00%		Paid Off - 360		01-Feb-2004
311191055 1			232,000.00		231,285.76		12-Aug-2004		8.490%		CA - 80.00%		Paid Off - 360		01-Apr-2004
312171110 2			84,000.00		83,760.03		06-Aug-2004		9.750%		CT - 80.00%		Paid Off - 360		01-Mar-2004
312235395 2			196,000.00		195,045.48		05-Aug-2004		7.125%		RI - 80.00%		Paid Off - 360		01-Mar-2004
312235793 2			45,000.00		44,774.97		03-Aug-2004		6.990%		CA - 75.00%		Paid Off - 360		01-Mar-2004
401083765 2			111,200.00		110,643.97		10-Aug-2004		6.990%		AZ - 80.00%		Paid Off - 360		01-Mar-2004
401094277 2			184,000.00		183,125.64		31-Aug-2004		7.250%		CA - 80.00%		Paid Off - 360		01-Mar-2004
401147838 1			179,200.00		178,261.14		11-Aug-2004		6.750%		CA - 80.00%		Paid Off - 360		01-Mar-2004
401148118 2			175,500.00		174,861.66		30-Aug-2004		7.750%		NV - 90.00%		Paid Off - 360		01-Apr-2004
401160095 1			54,000.00		53,789.76		11-Aug-2004		8.250%		KS - 49.09%		Paid Off - 360		01-Mar-2004
401190957 1			196,500.00		195,566.47		24-Aug-2004		7.750%		NJ - 75.00%		Paid Off - 360		01-Mar-2004
401203133 2			315,000.00		313,784.36		05-Aug-2004		7.990%		VA - 90.00%		Paid Off - 360		01-Apr-2004
401237054 2			384,214.00		382,249.30		04-Aug-2004		6.875%		CA - 80.00%		Paid Off - 360		01-Mar-2004
401237233 2			112,000.00		111,560.63		19-Aug-2004		7.285%		CA - 80.00%		Paid Off - 360		01-Apr-2004
401279299 1			448,000.00		446,316.64		26-Aug-2004		7.500%		CA - 80.00%		Paid Off - 360		01-Apr-2004
401280344 2			56,800.00		56,555.96		24-Aug-2004		7.759%		OH - 80.00%		Paid Off - 360		01-Mar-2004
401302827 2			268,000.00		267,934.07		25-Aug-2004		5.875%		HI - 80.00%		Paid Off - 360		01-Apr-2004
402023760 2			228,000.00		227,052.73		03-Aug-2004		6.990%		CA - 80.00%		Paid Off - 360		01-Apr-2004
402035315 2			200,000.00		199,169.02		30-Aug-2004		6.990%		NY - 57.14%		Paid Off - 360		01-Apr-2004
402047207 2			268,500.00		267,675.06		04-Aug-2004		8.500%		MD - 75.00%		Paid Off - 360		01-Apr-2004
402047751 2			415,992.00		414,263.64		16-Aug-2004		6.990%		CA - 80.00%		Paid Off - 360		01-Apr-2004
402057934 2			163,920.00		163,206.32		02-Aug-2004		6.750%		FL - 80.00%		Paid Off - 360		01-Apr-2004
402058358 2			107,200.00		106,797.19		17-Aug-2004		7.500%		FL - 80.00%		Paid Off - 360		01-Apr-2004
402069269 1			129,751.20		129,157.14		17-Aug-2004		6.490%		SC - 80.00%		Paid Off - 360		01-Apr-2004
402069463 2			80,000.00		79,386.93		16-Aug-2004		7.390%		TN - 100.00%		Paid Off - 360		01-Apr-2004
402069463 2			80,000.00		79,386.93		16-Aug-2004		7.390%		TN - 100.00%		Paid Off - 360		01-Apr-2004



Page 20 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution

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

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

402090926 2			123,250.00		122,865.10		16-Aug-2004		8.490%		MD - 85.00%		Paid Off - 360		01-Apr-2004
402090926 2			123,250.00		122,865.10		16-Aug-2004		8.490%		MD - 85.00%		Paid Off - 360		01-Apr-2004
402091601 2			110,000.00		109,325.86		31-Aug-2004		8.990%		CA - 41.51%		Paid Off - 360		01-Apr-2004
402103024 1			204,000.00		203,288.73		06-Aug-2004		7.875%		CA - 85.00%		Paid Off - 360		01-Apr-2004
402113463 1			102,900.00		102,503.64		31-Aug-2004		7.375%		FL - 70.00%		Paid Off - 360		01-Apr-2004
402113522 1			85,600.00		85,262.03		24-Aug-2004		7.250%		NY - 80.00%		Paid Off - 360		01-Apr-2004
402114245 2			408,000.00		408,000.00		27-Aug-2004		6.375%		CA - 80.00%		Paid Off - 360		01-Apr-2004
402124699 2			214,200.00		211,695.46		20-Aug-2004		7.990%		MD - 89.66%		Paid Off - 180		01-May-2004
402232691 1			199,750.00		199,070.79		11-Aug-2004		8.125%		CA - 85.00%		Paid Off - 360		01-Apr-2004


TOTAL			22,867,373.20		22,787,380.75
TOTAL


Page 21 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



										Group 2		Group 1		Total


*Current*
*Current*



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

*Cumulative*
*Cumulative*



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










Page 22 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution


DEFAULT SPEEDS



										Group 2		Group 1		Total



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


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


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


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












Page 23 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution





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



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

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

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

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

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

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

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




Page 24 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Original		Prior			Current		State &

													First
&			Principal		Principal	Realized		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Loss/(Gain)		Rate		Origination		Term		Date

SPACE INTENTIONALLY LEFT BLANK
SPACE INTENTIONALLY LEFT BLANK



TOTAL



Page 25 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
									Group 2		Group 1		Total
Trigger Event in effect (0=No , 1=Yes)													0
Stepdown Date has occurred (0 = No, 1=Yes)													0
3M Rolling Avg. Bal. 60+ Delinq.(includes Bankruptcy and													1,397,078.66
Ending Balance													1,025,547,728.06
Senior Enhancement Percentage													20.1500%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



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




Page 26 of 27
Morgan Stanley ABS Capital I Inc. 2004-HE5

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-HE5

September 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
									Group 2		Group 1		Total
Current Scheduled Payments									1,949,596.62		5,106,381.80		7,055,978.42
Current Scheduled Payments 1 Month Prior									1,971,202.96		5,223,610.27		7,194,813.23
Current Scheduled Payments 2 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 3 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 4 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 5 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 6 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 7 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 8 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 9 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 10 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 11 Month Prior									0.00		0.00		0.00





Sched. Payments for 60+Day Delinquent Loans									15,201.73		10,355.27		25,557.01
Sched. Pmts - 60+Day Delinquent Loans, 1 Month Prior									8,644.87		1,697.37		10,342.24
Sched. Pmts - 60+Day Delinquent Loans, 2 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 3 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 4 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 5 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 6 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 7 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 8 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 9 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 10 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 11 Month Prior									0.00		0.00		0.00




Page 27 of 27

Morgan Stanley ABS Capital I Inc. Trust 2004-HE5 8-K