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): ~~September~~December 27, 2004 (Date of earliest event reported) MORGAN STANLEY ABS CAPITAL I INC. (as Depositor under the Pooling and Servicing Agreement, dated as April 1, 2004, providing for the issuance of Mortgage Pass-Through Certificates, Series 2004-NC3) (Exact name of registrant as specified in charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-113543-01 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-NC3, which was made on April 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 ~~September~~December 27, 2004. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the Registrant by the undersigned thereunto duly authorized. DEUTSCHE BANK NATIONAL TRUST COMPANY, IN ITS CAPACITY AS TRUSTEE UNDER THE POOLING AND SERVICING AGREEMENT ON BEHALF OF MORGAN STANLEY ABS CAPITAL I INC., REGISTRANT Date: ~~Sep~~Dec 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 ~~September~~December 27, 2004.

	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	September 27, 2004 Distribution
	December 27, 2004 Distribution - REVISED
	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				1618
			10.	Prepayment Detail Report				1921
			11.	Realized Loss Report				2427
			12.	Realized Loss Detail Report				2730
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				2831
				Total Number of Pages				2831
			CONTACTS
				Administrator: Kumar Khambhaita
				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
				Web Site: https://www.tss.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: April 16, 2004
								First Payment Date: May 25, 2004
	Servicer(s):		Countrywide Home Loans Serv Master Servicer
								Distribution Date: September 27, 2004
								Distribution Date: December 27, 2004
	Underwriter(s):		Morgan Stanley Lead Underwriter					Record Date: ~~August~~November 3130, 2004
						Page 1 of 28					© COPYRIGHT 2004 Deutsche Bank
						Page 1 of 31					© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	REMIC II Series 2004-NC3
	Certificate Payment Report for September 27, 2004 Distribution
	Certificate Payment Report for December 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)
A-1	FLT	822,069,000.00			~~734~~625,~~954~~891,~~714~~764.6911	1,~~357~~390,~~522~~862.6042	3639,~~425~~211,~~493~~282.3407	3740,~~783~~602,~~015~~144.9449	-	-	~~698~~586,~~529~~680,~~221~~482.3504
A-2	FLT	75,000,000.00			6557,~~991~~003,~~523~~355.0828	~~113~~119,~~422~~801.9331	3,~~001~~262,~~470~~307.8607	3,~~114~~382,~~893~~108.7938	-	-	6253,~~990~~741,~~052~~048.2221
A-3	FLT	187,000,000.00			~~156~~125,~~237~~544,~~732~~817.9165	249,~~915~~797.2767	1011,~~249~~140,~~462~~169.7267	1011,~~499~~389,~~377~~967.9934	-	-	~~145~~114,~~988~~404,~~270~~647.1998
A-4	FLT	69,111,000.00			69,111,000.00	~~128~~154,~~920~~769.8134	-	~~128~~154,~~920~~769.8134	-	-	69,111,000.00
M-1	MEZ	84,896,000.00			84,896,000.00	~~166~~198,~~926~~160.7630	-	~~166~~198,~~926~~160.7630	-	-	84,896,000.00
M-2	MEZ	74,285,000.00			74,285,000.00	~~184~~209,~~876~~854.7916	-	~~184~~209,~~876~~854.7916	-	-	74,285,000.00
M-3	MEZ	21,224,000.00			21,224,000.00	5764,~~685~~526.0658	-	5764,~~685~~526.0658	-	-	21,224,000.00
B-1	SUB	17,687,000.00			17,687,000.00	5258,~~935~~342.7230	-	5258,~~935~~342.7230	-	-	17,687,000.00
B-2	SUB	17,687,000.00			17,687,000.00	5459,~~557~~865.0335	-	5459,~~557~~865.0335	-	-	17,687,000.00
B-3	SUB	16,272,000.00			16,272,000.00	6872,~~837~~590.3499	-	6872,~~837~~590.3499	-	-	16,272,000.00
B-4	SUB	12,735,000.00			12,735,000.00	4365,~~776~~036.5677	-	4365,~~776~~036.5677	-	-	12,735,000.00
X	SUB	16,979,071.00			16,979,340.85	43,~~609~~634,~~964~~658.6601	-	43,~~609~~634,~~964~~658.6601	-	-	16,979,340.85
P	EXE	-			-	1939,~~006,877~~372.3447	-	1939,~~006,877~~372.3447	-	-	-
R	R	-			-	-0.00	-	-0.00	-	-	-
Total		1,414,945,071.00			1,~~288~~139,~~060~~316,~~311~~277.5389	87,~~096~~217,~~218~~637.8767	4953,~~676~~613,~~426~~758.9281	5760,~~772~~831,~~645~~396.7948	-	-	1,~~238~~085,~~383~~702,~~884~~519.6108
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A-1	0811/2526/04	0912/26/04		A-Act/360	61744CBS4	822,069,000.00	~~894~~761.~~030446~~361594	1.~~651349~~691905	4447.~~309533~~698286	4549.~~960882~~390190	~~849~~713.~~720913~~663308
A-2	0811/2526/04	0912/26/04		A-Act/360	61744CBT2	75,000,000.00	~~879~~760.~~886974~~044737	1.~~512306~~597351	4043.~~019611~~497428	4145.~~531917~~094778	~~839~~716.~~867363~~547309
A-3	0811/2526/04	0912/26/04		A-Act/360	61744CBU9	187,000,000.00	~~835~~671.~~495898~~362661	1.~~336445~~335816	5459.~~809961~~573100	5660.~~146406~~908916	~~780~~611.~~685937~~789561
A-4	0811/2526/04	0912/26/04		A-Act/360	61744CBV7	69,111,000.00	1,000.000000	12.~~865417~~239431	-	12.~~865417~~239431	1,000.000000
M-1	0811/2526/04	0912/26/04		A-Act/360	61744CBW5	84,896,000.00	1,000.000000	12.~~966250~~334154	-	12.~~966250~~334154	1,000.000000
M-2	0811/2526/04	0912/26/04		A-Act/360	61744CBX3	74,285,000.00	1,000.000000	2.~~488750~~824987	-	2.~~488750~~824987	1,000.000000
M-3	0811/2526/04	0912/26/04		A-Act/360	61744CBY1	21,224,000.00	1,000.000000	23.~~717917~~040265	-	23.~~717917~~040265	1,000.000000
B-1	0811/2526/04	0912/26/04		A-Act/360	61744CBZ8	17,687,000.00	1,000.000000	23.~~992917~~298598	-	23.~~992917~~298598	1,000.000000
B-2	0811/2526/04	0912/26/04		A-Act/360	61744CCA2	17,687,000.00	1,000.000000	3.~~084584~~384709	-	3.~~084584~~384709	1,000.000000
B-3	0811/2526/04	0912/26/04		A-Act/360	61744CCB0	16,272,000.00	1,000.000000	4.~~230417~~461098	-	4.~~230417~~461098	1,000.000000
B-4	0811/2526/04	0912/26/04		A-Act/360	61744CCC8	12,735,000.00	1,000.000000	35.~~437500~~106931	-	35.~~437500~~106931	1,000.000000
X	0811/2526/04	0912/26/04		A-Act/360		16,979,071.00	1,000.015893	~~271~~214.~~508651~~066954	-	~~271~~214.~~508651~~066954	1,000.015893
P	0811/2526/04	0912/26/04		-		-	-	-	-	-	-
R	0811/2526/04	0912/26/04		-		-	-	-	-	-	-
							Page 2 of 28				© COPYRIGHT 2004 Deutsche Bank
							Page 2 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	REMIC II Series 2004-NC3
	Certificate Payment Report for September 27, 2004 Distribution
	Certificate Payment Report for December 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)
A-1	822,069,000.00		610,~~058~~039,~~741~~386.7932		~~119~~228,~~398~~888,~~514~~787.3959	46,~~141~~499,~~264~~730.2638	~~123~~235,~~539~~388,~~778~~517.6596	~~129~~245,~~598~~427,~~520~~904.4428	-	-	~~698~~586,~~529~~680,~~221~~482.3504
A-2	75,000,000.00		~~502~~841,~~134~~509.5618		1120,~~594~~648,~~235~~254.6553	~~415~~610,~~712~~697.1326	1221,~~009~~258,~~947~~951.7879	1222,~~512~~100,~~082~~460.3497	-	-	6253,~~990~~741,~~052~~048.2221
A-3	187,000,000.00		1,~~119~~841,~~514~~141.5355		3970,~~592~~509,~~150~~934.4888	12,~~419~~085,~~579~~417.3314	4172,~~011~~595,~~729~~352.8102	4274,~~131~~436,~~244~~493.3457	-	-	~~145~~114,~~988~~404,~~270~~647.1998
A-4	69,111,000.00		~~543~~964,~~241~~011.2616		-	-	-	~~543~~964,~~241~~011.2616	-	-	69,111,000.00
M-1	84,896,000.00		~~709~~1,~~860~~250,340.2711		-	-	-	~~709~~1,~~860~~250,340.2711	-	-	84,896,000.00
M-2	74,285,000.00		~~814~~1,~~029~~393,988.4801		-	-	-	~~814~~1,~~029~~393,988.4801	-	-	74,285,000.00
M-3	21,224,000.00		~~256~~435,~~748~~861.4909		-	-	-	~~256~~435,~~748~~861.4909	-	-	21,224,000.00
B-1	17,687,000.00		~~238~~400,~~133~~809.3530		-	-	-	~~238~~400,~~133~~809.3530	-	-	17,687,000.00
B-2	17,687,000.00		~~246~~413,~~190~~337.7659		-	-	-	~~246~~413,~~190~~337.7659	-	-	17,687,000.00
B-3	16,272,000.00		~~319~~524,~~154~~344.9465		-	-	-	~~319~~524,~~154~~344.9465	-	-	16,272,000.00
B-4	12,735,000.00		~~217~~478,~~556~~023.2697		-	-	-	~~217~~478,~~556~~023.2697	-	-	12,735,000.00
X	16,979,071.00		2638,~~304~~310,~~698~~087.1433		-0.00	-	-	2638,~~304~~310,~~698~~087.1433	-	269.85	16,979,340.85
P	-		35,~~288~~431,~~518~~116.9114		-	-	-	35,~~288~~431,~~518~~116.9114	-	-	-
R	-		-0.01		-	-	-	-0.01	-	-	-
Total	1,414,945,071.00		4062,~~618~~323,~~522~~956.7441		~~170~~320,~~584~~046,~~900~~977.5100	59,~~976~~195,~~555~~844.7377	~~176~~329,~~561~~242,~~456~~821.2477	~~217~~391,~~179~~566,~~978~~778.9818	-	269.85	1,~~238~~085,~~383~~702,~~884~~519.6108
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A-1	2.~~01500~~58063%	~~734~~625,~~954~~891,~~714~~764.6911			1,~~357~~390,~~522~~862.6042	-	-	-	1,~~357~~390,~~522~~862.6042	1,~~357~~390,~~522~~862.6042	-
A-2	12.~~87500~~44063%	6557,~~991~~003,~~523~~355.0828			~~113~~119,~~422~~801.9331	-	-	-	~~113~~119,~~422~~801.9331	~~113~~119,~~422~~801.9331	-
A-3	12.~~74500~~31063%	~~156~~125,~~237~~544,~~732~~817.9165			249,~~915~~797.2767	-	-	-	249,~~915~~797.2767	249,~~915~~797.2767	-
A-4	2.~~03500~~60063%	69,111,000.00			~~128~~154,~~920~~769.8134	-	-	-	~~128~~154,~~920~~769.8134	~~128~~154,~~920~~769.8134	-
M-1	2.~~14500~~71063%	84,896,000.00			~~166~~198,~~926~~160.7630	-	-	-	~~166~~198,~~926~~160.7630	~~166~~198,~~926~~160.7630	-
M-2	23.~~71500~~28063%	74,285,000.00			~~184~~209,~~876~~854.7916	-	-	-	~~184~~209,~~876~~854.7916	~~184~~209,~~876~~854.7916	-
M-3	23.~~96500~~53063%	21,224,000.00			5764,~~685~~526.0658	-	-	-	5764,~~685~~526.0658	5764,~~685~~526.0658	-
B-1	3.~~26500~~83063%	17,687,000.00			5258,~~935~~342.7230	-	-	-	5258,~~935~~342.7230	5258,~~935~~342.7230	-
B-2	3.~~36500~~93063%	17,687,000.00			5459,~~557~~865.0335	-	-	-	5459,~~557~~865.0335	5459,~~557~~865.0335	-
B-3	45.~~61500~~18063%	16,272,000.00			6872,~~837~~590.3499	-	-	-	6872,~~837~~590.3499	6872,~~837~~590.3499	-
B-4	35.~~75000~~93063%	12,735,000.00			4365,~~776~~036.5677	-	-	-	4365,~~776~~036.5677	4365,~~776~~036.5677	-
X	43.~~29480~~82825%	16,979,340.85			43,~~609~~634,~~964~~658.6601	-	-	-	43,~~609~~634,~~964~~658.6601	43,~~609~~634,~~964~~658.6601	-
P		-			1939,~~006,877~~372.3447	-	-	-	1939,~~006,877~~372.3447	1939,~~006,877~~372.3447	-
R		-			-0.00	-	-	-	-0.00	-0.00	-
Total		1,~~288~~139,~~060~~316,~~311~~277.5389			87,~~096~~217,~~218~~637.8767	-	-	-	87,~~096~~217,~~218~~637.8767	87,~~096~~217,~~218~~637.8767	-
							Page 3 of 28				© COPYRIGHT 2004 Deutsche Bank
							Page 3 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
SUMMARY						GROUP 2	GROUP 1	TOTAL
	Principal Collections					1314,~~250~~402,~~933~~476.5874	3639,~~425~~211,~~493~~282.3407	4953,~~676~~613,~~426~~758.9281
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					1314,~~250~~402,~~933~~476.5874	3639,~~425~~211,~~493~~282.3407	4953,~~676~~613,~~426~~758.9281
	Interest Collections					21,~~048~~827,~~127~~415.0764	54,~~131~~516,~~227~~608.92	76,~~179~~344,~~354~~024.9956
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(2517,~~622~~727.4788)	(6449,~~390~~590.9970)	(9067,~~013~~318.4658)
	TOTAL NET INTEREST					21,~~022~~809,~~504~~687.6076	54,~~066~~467,~~836~~018.9322	76,~~089~~276,~~341~~705.5398
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					1516,~~273~~212,~~438~~164.1850	4143,~~492~~678,~~330~~300.2729	5659,~~765~~890,~~768~~464.4579
	Prepayment Premiums Collected					0.00	1939,~~006,877~~372.3447	1939,~~006,877~~372.3447
	TOTAL FUNDS AVAILABLE FOR DISTRIBUTION						4244,~~499~~617,~~207~~672.6176	5760,~~772~~829,~~645~~837.7926
PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Principal Received					~~315~~290,~~802~~069.9114	~~827~~746,~~470~~377.9636	1,~~143~~036,~~273~~446.8750
	Prepayments In Full					1214,~~907~~079,~~949~~128.9666	3538,~~539~~308,~~692~~293.0616	4852,~~447~~387,~~642~~421.0282
	Curtailments					2733,~~180~~278.7194	5862,~~330~~007.3207	8595,~~511~~286.0301
	Liquidations					0.00	094,604.0048	094,604.0048
	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					(~~273~~263,~~442~~783.7913)	(~~718~~671,~~199~~498.1858)	(~~991~~935,~~641~~281.9771)
	Advanced Principal					~~273~~263,~~442~~783.7913	~~718~~671,~~199~~498.1858	~~991~~935,~~641~~281.9771
	TOTAL PRINCIPAL COLLECTED					1314,~~250~~402,~~933~~476.5874	3639,~~425~~211,~~493~~282.3407	4953,~~676~~613,~~426~~758.9281
				Page 4 of 28				© COPYRIGHT 2004 Deutsche Bank
				Page 4 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 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,~~176~~946,~~190~~742.7821	54,~~453~~807,~~277~~046.3795	76,~~629~~753,~~468~~789.1516
	Liquidation Interest					0.00	0670.0012	0670.0012
	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,~~838~~713,~~874~~203.7325)	(4,~~590~~146,~~599~~994.7587)	(65,~~429~~860,~~474~~198.4812)
	Interest Advanced					1,~~710~~593,~~811~~876.0268	43,~~268~~855,~~550~~886.3072	5,~~979~~449,~~361~~763.3240
	TOTAL INTEREST COLLECTED					21,~~048~~827,~~127~~415.0764	54,~~131~~516,~~227~~608.92	76,~~179~~344,~~354~~024.9956
				Page 5 of 28				© COPYRIGHT 2004 Deutsche Bank
				Page 5 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
	Trust Fund Expenses						0.00	0.00
	Nonrecoverable Advances						0.00	0.00
	Reimbursements to Master Servicer						0.00	0.00
	TOTAL INTEREST WITHDRAWALS						0.00	0.00
INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	Retained Interest Due to Unaffiliated Seller						0.00	0.00
	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00
INTEREST - FEES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					2416,~~645~~856.1331	6147,~~933~~424.5009	8664,~~578~~280.6340
	Trustee Fee					~~977~~871.3457	2,~~457~~166.4961	3,~~434~~038.8318
	Certificate Insurance Fees					0.00	0.00	0.00
	TOTAL INTEREST OTHER FEES					2517,~~622~~727.4788	6449,~~390~~590.9970	9067,~~013~~318.4658
				Page 6 of 28				© COPYRIGHT 2004 Deutsche Bank
				Page 6 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for September 27, 2004 Distribution
	Credit Enhancement Report for December 27, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL
	Beginning Subordinated Amount							16,979,340.85
	Ending Subordinated Amount							16,979,340.85
	Specified Subordinated Amount							16,979,340.85
	Senior Enhancement Percentage							2124.1411%
				Page 7 of 28				© COPYRIGHT 2004 Deutsche Bank
				Page 7 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original					1977	6310	8287
	Prior					1,~~830~~680	5,~~852~~276	76,~~682~~956
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(5260)	(~~193~~211)	(~~245~~271)
	Repurchases					-	-	-
	Liquidations					-	-(1)	-(1)
	Current					1,~~778~~620	5,~~659~~064	76,~~437~~684
	Principal Balance:
	Original					406,197,703.28	1,008,605,737.65	1,414,803,440.93
	Prior					~~366~~326,~~501~~838,~~224~~904.2092	~~921~~812,~~559~~477,~~087~~372.3397	1,~~288~~139,~~060~~316,~~311~~277.5389
	Prefunding					-	-	-
	Scheduled Principal					(~~315~~290,~~802~~069.9114)	(~~827~~746,~~470~~377.9636)	(1,~~143~~036,~~273~~446.8750)
	Partial and Full Voluntary Prepayments					(1214,~~935~~112,~~130~~407.6760)	(3538,~~598~~370,~~022~~300.3823)	(4852,~~533~~482,~~153~~707.0583)
	Repurchases					-	-	-
	Liquidations					-	-(94,604.48)	-(94,604.48)
	Current					~~353~~312,~~250~~436,~~290~~428.6218	~~885~~773,~~133~~266,~~593~~090.9990	1,~~238~~085,~~383~~702,~~884~~519.6108
PREFUNDING						GROUP 2	GROUP 1	TOTAL
	Prefunding Account - Initial Balance					74,174.81	67,455.48	141,630.29
	Prefunding Account - Beginning Balance					0.00	0.00	0.00
	Prefunding Account - Withdrawls for Subsequent Transfers					0.00	0.00	0.00
	Prefunding Account - Released as Principal					0.00	0.00	0.00
	Prefunding Account - Ending Balance					0.00	0.00	0.00
	Capitalized Interest Account - Initial Balance							0.00
	Capitalized Interest Account - Beginning Balance							0.00
	Capitalized Interest Account - Withdrawls							0.00
	Capitalized Interest Account - Interest Earnings							0.00
	Capitalized Interest Account - Ending Balance							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 28				© COPYRIGHT 2004 Deutsche Bank
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	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
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	Collateral Report for December 27, 2004 Distribution
	Collateral Report
CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Coupon Original					7.136584%	7.118470%	7.123670%
	Weighted Average Coupon Prior					7.~~108230~~134379%	7.~~104312~~102491%	7.~~105427~~111602%
	Weighted Average Coupon Current					7.~~125294~~147529%	7.~~100937~~100826%	7.~~107867~~114224%
	Weighted Average Months to Maturity Original					346	349	348
	Weighted Average Months to Maturity Prior					~~343~~339	~~346~~342	~~345~~341
	Weighted Average Months to Maturity Current					~~342~~338	~~345~~341	~~344~~340
	Weighted Avg Remaining Amortization Term Original					346	349	348
	Weighted Avg Remaining Amortization Term Prior					~~342~~339	~~345~~342	~~344~~341
	Weighted Avg Remaining Amortization Term Current					~~341~~337	~~344~~341	~~343~~340
	Weighted Average Seasoning Original					4.70	4.54	4.59
	Weighted Average Seasoning Prior					710.69	710.5453	710.5857
	Weighted Average Seasoning Current					811.7068	811.5352	811.5857
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 28				© COPYRIGHT 2004 Deutsche Bank
				Page 9 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
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	Collateral Report for December 27, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original					3.889%	4.329%
	Weighted Average Margin Prior					3.~~840~~792%	4.~~299~~242%
	Weighted Average Margin Current					3.~~841~~770%	4.~~283~~236%
	Weighted Average Max Rate Original					9.610%	10.626%
	Weighted Average Max Rate Prior					9.~~479~~355%	10.~~551~~409%
	Weighted Average Max Rate Current					9.~~468~~287%	10.~~514~~393%
	Weighted Average Min Rate Original					4.754%	5.375%
	Weighted Average Min Rate Prior					4.~~680~~615%	5.~~333~~261%
	Weighted Average Min Rate Current					4.~~679~~584%	5.~~312~~251%
	Weighted Average Cap Up Original					1.110%	1.138%
	Weighted Average Cap Up Prior					1.~~099~~083%	1.~~131~~115%
	Weighted Average Cap Up Current					1.~~092~~069%	1.~~128~~113%
	Weighted Average Cap Down Original					1.110%	1.138%
	Weighted Average Cap Down Prior					1.~~099~~083%	1.~~131~~115%
	Weighted Average Cap Down Current					1.~~092~~069%	1.~~128~~113%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					2416,~~645~~856.1331	6147,~~933~~424.5009	8664,~~578~~280.6340
	Delinquent Servicing Fees					~~128~~119,~~063~~326.7157	~~322~~291,~~049~~108.4515	~~450~~410,~~113~~434.1672
	TOTAL SERVICING FEES					~~152~~136,~~708~~182.8488	~~383~~338,~~982~~532.9524	~~536~~474,~~691~~715.7912
	Prepayment Interest Shortfall					3441,~~829~~160.4998	~~114~~124,~~095~~585.4009	~~148~~165,~~924~~746.8907
	Compensating Interest					(3441,~~829~~160.4998)	(~~114~~124,~~095~~585.4009)	(~~148~~165,~~924~~746.8907)
	Delinquent Servicing Fees					(~~128~~119,~~063~~326.7157)	(~~322~~291,~~049~~108.4515)	(~~450~~410,~~113~~434.1672)
	COLLECTED SERVICING FEES					2416,~~645~~856.1331	6147,~~933~~424.5009	8664,~~578~~280.6340
	Aggregate Advances with respect to this Distribution					1,~~984~~857,~~253~~659.81	4,~~986~~527,~~749~~385.4830	6,~~971~~385,~~003~~045.2911
	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
	Net Monthly Excess Cash Flow							43,~~609~~634,~~964~~658.6601
	Ending Pool Stated Principal Balance					~~353~~312,~~250~~436,~~290~~428.6218	~~885~~773,~~133~~266,~~593~~090.9990	1,~~238~~085,~~383~~702,~~884~~519.6108
				Page 10 of 28				© COPYRIGHT 2004 Deutsche Bank
				Page 10 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1927,~~933~~180,~~021~~067.7374	36,~~475~~530,~~767~~323.0799	~~688~~3,~~344~~898,054.3560	2437,~~097~~608,~~133~~446.1533
		% Balance			12.6150%	0.2860%	0.0636%	13.9546%
		# Loans			~~140~~184	2547	323	~~168~~254
		% # Loans			12.8875%	0.3470%	0.0434%	23.2680%
FORECLOSURE		Balance		~~458~~612,~~336~~254.9394	~~495,562.12~~-	45,~~715~~799,~~061~~520.1965	1014,~~925~~820,~~736~~418.4422	1621,~~594~~232,~~696~~193.6881
		% Balance		0.0406%	0.0400%	0.3853%	01.8837%	1.3496%
		# Loans		24	3-	3233	6297	99134
		% # Loans		0.0306%	0.0400%	0.4349%	01.8345%	12.3300%
BANKRUPTCY		Balance		12,~~851~~760,~~032~~837.7889	-60,129.63	-130,787.50	12,~~280~~437,~~969~~929.4723	35,~~132~~389,~~002~~684.25
		% Balance		0.1525%	0.0001%	0.0001%	0.1022%	0.2550%
		# Loans		1522	-1	-2	1020	2545
		% # Loans		0.2033%	0.0001%	0.0003%	0.1330%	0.3467%
REO		Balance		-	-	-	481,~~526~~786,973.5643	481,~~526~~786,973.5643
		% Balance		0.00%	0.00%	0.00%	0.0016%	0.0016%
		# Loans		-	-	-	111	111
		% # Loans		0.00%	0.00%	0.00%	0.0116%	0.0116%
TOTAL		Balance		23,~~309~~373,~~369~~092.7183	2027,~~428~~240,~~583~~197.8537	812,~~190~~460,~~828~~632.2614	1222,943,~~576~~375.8248	4366,~~872~~017,~~358~~297.6482
		% Balance		0.1931%	12.6551%	01.6615%	12.0511%	36.5408%
		# Loans		1726	~~143~~185	5782	76151	~~293~~444
		% # Loans		0.2339%	12.9277%	01.7723%	12.0226%	36.9464%
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 28				© COPYRIGHT 2004 Deutsche Bank
				Page 11 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Group 1 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1620,~~436~~204,~~591~~336.9906	25,~~650~~097,~~677~~876.5438	742,~~548~~372,272.5499	1927,~~161~~674,~~818~~485.0743
		% Balance			12.8661%	0.3066%	0.0131%	23.1658%
		# Loans			~~109~~137	2036	115	~~130~~188
		% # Loans			12.9371%	0.3571%	0.0230%	23.3071%
FORECLOSURE		Balance		~~458~~408,~~336~~388.9321	~~495,562.12~~-	13,~~963~~933,~~093~~625.8824	69,~~024~~958,~~222~~021.6862	814,~~941~~300,~~215~~035.6107
		% Balance		0.05%	0.0600%	0.2251%	01.6829%	1.0185%
		# Loans		23	3-	1425	3872	57100
		% # Loans		0.0406%	0.0500%	0.2549%	01.6742%	1.0197%
BANKRUPTCY		Balance		12,~~368~~122,~~910~~768.9880	-	-130,787.50	~~814~~1,~~394~~684,587.9565	23,~~183~~938,~~305~~143.9395
		% Balance		0.1527%	0.00%	0.0002%	0.0922%	0.2551%
		# Loans		915	-	-2	815	1732
		% # Loans		0.1630%	0.00%	0.0004%	0.1430%	0.3063%
REO		Balance		-	-	-	48795,~~526~~123.5621	48795,~~526~~123.5621
		% Balance		0.00%	0.00%	0.00%	0.0110%	0.0110%
		# Loans		-	-	-	16	16
		% # Loans		0.00%	0.00%	0.00%	0.0212%	0.0212%
TOTAL		Balance		12,~~827~~531,~~247~~157.9101	1620,~~932~~204,~~154~~336.1106	49,~~613~~162,~~771~~289.4212	614,~~961~~810,~~692~~005.7347	3046,~~334~~707,~~866~~787.1766
		% Balance		0.2133%	12.9161%	01.5218%	01.7992%	36.4304%
		# Loans		1118	~~112~~137	3463	48108	~~205~~326
		% # Loans		0.1936%	12.9871%	01.6024%	02.8513%	36.6244%
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 28				© COPYRIGHT 2004 Deutsche Bank
				Page 12 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Group 2 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			36,~~496~~975,~~429~~731.7468	~~825~~1,~~089~~432,447.5361	~~613~~1,~~795~~525,781.8161	49,~~935~~933,~~315~~960.0890
		% Balance			02.9923%	0.2346%	0.1749%	13.4018%
		# Loans			3147	511	28	3866
		% # Loans			12.7490%	0.2868%	0.1149%	24.1407%
FORECLOSURE		Balance		-203,866.73	-	21,~~751~~865,~~967~~895.3141	4,~~901~~862,~~513~~396.7660	76,~~653~~932,~~481~~158.0774
		% Balance		0.0007%	0.00%	0.7860%	1.3956%	2.1722%
		# Loans		-1	-	188	2425	4234
		% # Loans		0.0006%	0.00%	10.0149%	1.3554%	2.3610%
BANKRUPTCY		Balance		~~482~~638,~~121~~069.8009	-60,129.63	-	~~466~~753,~~574~~341.5258	~~948~~1,~~696~~451,540.3230
		% Balance		0.1420%	0.0002%	0.00%	0.1324%	0.2746%
		# Loans		67	-1	-	25	813
		% # Loans		0.3443%	0.0006%	0.00%	0.1131%	0.4580%
REO		Balance		-	-	-	-991,850.22	-991,850.22
		% Balance		0.00%	0.00%	0.00%	0.0032%	0.0032%
		# Loans		-	-	-	-5	-5
		% # Loans		0.00%	0.00%	0.00%	0.0031%	0.0031%
TOTAL		Balance		~~482~~841,~~121~~935.8082	37,~~496~~035,~~429~~861.7431	3,~~577~~298,~~056~~343.8402	58,~~981~~133,~~884~~370.0901	1319,~~537~~309,~~492~~510.4716
		% Balance		0.1427%	02.9925%	1.0106%	12.6960%	36.8318%
		# Loans		68	3148	2319	2843	88118
		% # Loans		0.3449%	12.7496%	1.2917%	12.5765%	47.9528%
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 28				© COPYRIGHT 2004 Deutsche Bank
				Page 13 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	REO Report for September 27, 2004 Distribution
	REO Report for December 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 = Not Available
Total Loan Count = 6				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Original Principal Balance = 1,167,479.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Current Balance = 000.00
Total Current Balance = 1,063,842.43
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
1182485 1		102,000.00	101,301.61	May-01-04	8.990%	MI - 81.60%	360	Nov-12-03
				Page 14 of 28				© COPYRIGHT 2004 Deutsche Bank
1262448 1		95,200.00	-	Apr-01-04	8.500%	LA - 70.00%	360	Dec-16-03
1275141 1		198,179.00	196,613.04	Apr-01-04	7.825%	TX - 95.00%	360	Dec-30-03
1177953 2		494,000.00	489,482.90	Feb-01-04	7.700%	MI - 74.85%	360	Nov-10-03
1185571 2		161,100.00	160,166.35	Feb-01-04	9.800%	NM - 90.00%	360	Nov-21-03
1192792 2		117,000.00	116,278.53	May-01-04	9.500%	MI - 90.00%	360	Nov-18-03
				Page 14 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Foreclosure Report for September 27, 2004 Distribution
	Foreclosure Report for December 27, 2004 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 43				Loan Group 1 = Group 1
Total Loan Count = 127				Loan Group 1 = Group 1
Total Original Principal Balance = 6,192,027.00				Loan Group 2 = Group 2
Total Original Principal Balance = 20,383,275.00				Loan Group 2 = Group 2
Total Current Balance = 6,153,969.26
Total Current Balance = 19,912,527.89
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
1012816 1		192,800.00	~~191~~190,~~278~~875.5657	May-01-04	8.250%	MT - 80.00%	360	Nov-24-03
1127398 1		82,500.00	82,098.88	May-01-04	9.200%	CA - 72.69%	360	Nov-14-03
1064384 1		53,850.00	53,594.37	Aug-01-04	10.750%	SC - 73.77%	360	Nov-04-03
1134123 1		106,500.00	105,784.86	May-01-04	7.600%	VA - 28.48%	360	Nov-21-03
1098518 1		259,258.00	257,219.57	Aug-01-04	7.850%	ID - 82.30%	360	Dec-08-03
1142335 1		68,000.00	67,550.13	Apr-01-04	7.700%	NJ - 80.00%	360	Nov-24-03
1127398 1		82,500.00	81,958.92	May-01-04	9.200%	CA - 72.69%	360	Nov-14-03
1145393 1		210,000.00	208,604.68	May-01-04	8.200%	CA - 75.00%	360	Nov-05-03
1127807 1		149,000.00	147,682.00	Jul-01-04	7.250%	CA - 100.00%	360	Dec-17-03
1150680 1		331,500.00	329,624.97	May-01-04	8.500%	MI - 85.00%	360	Nov-28-03
1144698 1		288,000.00	285,054.64	Jul-01-04	6.990%	CA - 90.00%	360	Nov-10-03
1160771 1		100,890.00	100,404.46	May-01-04	9.250%	WI - 90.00%	360	Nov-12-03
1145169 1		56,950.00	56,450.11	May-01-04	7.750%	OK - 85.00%	360	Nov-12-03
1175467 1		93,500.00	92,865.83	May-01-04	8.100%	AZ - 89.05%	360	Nov-20-03
1147065 1		82,500.00	81,940.68	Apr-01-04	9.050%	CA - 75.00%	360	Dec-04-03
1175528 1		125,600.00	124,739.74	Apr-01-04	7.500%	NE - 80.00%	360	Dec-12-03
1149094 1		139,000.00	137,446.30	Jul-01-04	6.500%	MA - 84.24%	360	Nov-26-03
1183882 1		82,500.00	81,416.18	May-01-04	7.700%	IL - 82.50%	360	Dec-10-03
1151235 1		52,500.00	52,159.11	Aug-01-04	9.250%	OH - 70.00%	360	Nov-06-03
1184855 1		262,500.00	260,888.06	Jun-01-04	8.050%	IL - 75.00%	360	Nov-19-03
1154690 1		165,600.00	163,146.82	Mar-01-04	4.500%	NJ - 80.00%	360	Dec-15-03
1190916 1		81,600.00	81,007.22	Feb-01-04	7.200%	TX - 80.00%	360	Nov-26-03
1158390 1		106,200.00	105,466.92	Nov-01-04	8.950%	IA - 90.00%	360	Nov-04-03
1199707 1		76,500.00	76,058.12	May-01-04	7.750%	NY - 85.00%	360	Dec-29-03
1159448 1		155,000.00	153,567.78	Jun-01-04	7.950%	CA - 74.88%	360	Nov-12-03
1203786 1		168,500.00	167,554.78	Mar-01-04	8.500%	CO - 100.00%	360	Nov-25-03
1159724 1		150,000.00	148,558.54	Aug-01-04	7.500%	CA - 54.55%	360	Nov-13-03
1208364 1		146,250.00	145,176.88	May-01-04	7.150%	CO - 75.00%	360	Nov-18-03
1160771 1		100,890.00	100,235.01	May-01-04	9.250%	WI - 90.00%	360	Nov-12-03
1226560 1		172,287.00	171,218.33	Mar-01-04	8.000%	TX - 90.00%	360	Nov-26-03
1166907 1		150,750.00	149,918.55	Aug-01-04	9.600%	MI - 75.00%	360	Dec-19-03
1235994 1		135,000.00	134,355.99	Apr-01-04	8.700%	MO - 100.00%	360	Dec-15-03
1169496 1		212,000.00	210,026.43	Aug-01-04	7.450%	CA - 80.00%	360	Nov-25-03
1239685 1		108,000.00	107,500.28	Jun-01-04	8.850%	OH - 90.00%	360	Dec-29-03
1171729 1		158,000.00	156,306.96	Jul-01-04	6.750%	CA - 75.24%	360	Nov-21-03
1247843 1		175,200.00	174,338.34	May-01-04	8.550%	RI - 80.00%	360	Dec-09-03
1175055 1		99,200.00	98,239.88	Apr-01-04	7.250%	TX - 80.00%	360	Nov-24-03
1251427 1		242,250.00	241,280.00	May-01-04	9.550%	NM - 85.00%	360	Dec-31-03
1175915 1		143,100.00	142,018.15	Aug-01-04	8.500%	ID - 90.00%	360	Nov-26-03
1264810 1		55,000.00	54,633.50	May-01-04	7.050%	KS - 61.11%	360	Dec-17-03
1176922 1		131,750.00	130,618.67	Jul-01-04	7.900%	FL - 85.00%	360	Nov-12-03
1267571 1		80,000.00	79,528.62	May-01-04	7.650%	LA - 80.00%	360	Dec-31-03
1177109 1		162,000.00	160,485.39	Jul-01-04	7.450%	MI - 90.00%	360	Nov-13-03
1284254 1		93,500.00	92,958.92	Apr-01-04	7.750%	IN - 85.00%	360	Dec-31-03
1179639 1		129,000.00	128,077.99	Aug-01-04	9.000%	MN - 75.00%	360	Nov-26-03
1000367 2		48,000.00	47,720.11	May-01-04	9.750%	FL - 57.28%	360	Nov-12-03
1182332 1		66,000.00	65,592.94	Mar-01-04	9.500%	MI - 75.00%	360	Nov-13-03
1054935 2		360,000.00	358,300.05	May-01-04	8.750%	NY - 90.00%	360	Dec-17-03
1183452 1		88,000.00	87,462.85	Apr-01-04	9.550%	OH - 80.00%	360	Nov-24-03
1137686 2		158,200.00	157,513.67	May-01-04	9.750%	MD - 70.00%	360	Nov-20-03
1183618 1		206,625.00	204,775.49	Aug-01-04	7.650%	NJ - 75.00%	360	Nov-18-03
1144822 2		65,450.00	65,052.09	May-01-04	8.100%	TX - 85.00%	360	Nov-12-03
1184563 1		156,750.00	155,711.29	Jul-01-04	9.150%	TX - 95.00%	360	Nov-25-03
1146633 2		141,600.00	140,985.67	May-01-04	9.750%	TX - 80.00%	360	Nov-19-03
1184855 1		262,500.00	260,328.82	Jul-01-04	8.050%	IL - 75.00%	360	Nov-19-03
1164426 2		80,000.00	79,445.38	May-01-04	8.500%	LA - 80.00%	360	Nov-19-03
1185164 1		108,750.00	107,919.50	Jul-01-04	8.450%	IL - 75.00%	360	Nov-25-03
1170095 2		140,000.00	139,190.49	May-01-04	8.350%	VA - 78.65%	360	Nov-18-03
1187104 1		151,300.00	150,060.96	Aug-01-04	8.100%	MI - 85.00%	360	Nov-12-03
1171598 2		65,600.00	65,246.60	May-01-04	8.700%	FL - 80.00%	360	Nov-17-03
1190206 1		57,600.00	55,465.94	Aug-01-04	7.650%	TX - 80.00%	180	Nov-25-03
1173625 2		84,000.00	83,301.55	May-01-04	6.500%	OH - 59.58%	360	Nov-21-03
1190916 1		81,600.00	80,802.43	Feb-01-04	7.200%	TX - 80.00%	360	Nov-26-03
1184245 2		53,000.00	52,734.21	Apr-01-04	9.050%	OK - 70.67%	360	Nov-24-03
1191584 1		112,000.00	111,026.57	Mar-01-04	7.800%	OR - 80.00%	360	Nov-13-03
1200342 2		50,000.00	49,683.57	May-01-04	7.900%	IN - 80.00%	360	Nov-18-03
1193177 1		244,800.00	242,165.88	Jul-01-04	6.700%	MA - 85.00%	360	Nov-24-03
1203128 2		39,200.00	37,503.98	May-01-04	10.900%	TX - 62.22%	120	Nov-26-03
1197321 1		207,000.00	205,042.43	Aug-01-04	7.375%	CA - 90.00%	360	Nov-25-03
1204724 2		136,000.00	134,847.41	May-01-04	6.400%	GA - 85.00%	360	Nov-20-03
1200173 1		185,000.00	183,772.68	Jun-01-04	8.700%	OH - 84.47%	360	Jan-05-04
1216273 2		180,000.00	178,400.41	Apr-01-04	6.150%	OR - 90.00%	360	Nov-20-03
1200843 1		130,250.00	128,805.83	May-01-04	6.550%	NJ - 89.83%	360	Nov-21-03
1239961 2		340,000.00	337,853.78	May-01-04	7.300%	VA - 80.00%	360	Dec-16-03
1202848 1		107,865.00	107,073.78	Jul-01-04	8.650%	GA - 85.00%	360	Nov-14-03
1245157 2		356,250.00	354,562.60	May-01-04	8.750%	CA - 75.00%	360	Dec-03-03
1203444 1		252,000.00	249,169.91	Aug-01-04	6.990%	CA - 80.00%	360	Nov-17-03
1250805 2		56,800.00	56,481.32	May-01-04	8.500%	NE - 80.00%	360	Dec-04-03
1205215 1		288,500.00	-	Jun-01-04	8.300%	CA - 74.94%	360	Dec-05-03
1274839 2		151,000.00	150,343.12	May-01-04	9.150%	MA - 54.91%	360	Dec-30-03
1206800 1		154,000.00	152,872.69	Jul-01-04	8.660%	CA - 83.24%	360	Nov-26-03
1281791 2		440,000.00	437,577.45	May-01-04	7.990%	CA - 83.02%	360	Dec-30-03
1207983 1		47,880.00	47,449.13	Jul-01-04	7.250%	NY - 90.00%	360	Dec-22-03
1283565 2		56,550.00	56,358.47	May-01-04	10.350%	TX - 65.00%	360	Dec-31-03
1213165 1		188,800.00	186,844.86	Aug-01-04	6.900%	CA - 80.00%	360	Nov-14-03
				Page 15 of 28				© COPYRIGHT 2004 Deutsche Bank
1214387 1		208,000.00	205,833.86	Aug-01-04	6.400%	NY - 80.00%	360	Dec-09-03
				Page 15 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	Foreclosure Report for December 27, 2004 Distribution
	Foreclosure Report - Mortage Loans that Become Foreclosure 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
1214667 1		35,000.00	32,903.36	Jun-01-04	10.450%	TX - 72.92%	120	Nov-25-03
1218850 1		110,400.00	109,856.89	Jun-01-04	10.600%	TX - 80.00%	360	Nov-26-03
1219049 1		153,000.00	151,843.36	Aug-01-04	8.500%	MI - 85.00%	360	Dec-03-03
1220077 1		85,000.00	84,382.73	Jul-01-04	8.700%	NE - 85.00%	360	Dec-12-03
1221622 1		56,000.00	55,642.61	Jun-01-04	9.240%	WI - 70.00%	360	Dec-30-03
1222830 1		58,650.00	58,232.61	Apr-01-04	8.350%	OH - 85.00%	360	Dec-05-03
1222833 1		205,200.00	203,219.98	Jul-01-04	6.800%	WI - 80.00%	360	Dec-18-03
1224117 1		142,000.00	140,402.44	May-01-04	6.500%	CA - 69.27%	360	Dec-02-03
1224392 1		89,250.00	88,639.80	Aug-01-04	8.550%	SC - 85.00%	360	Dec-03-03
1226334 1		161,000.00	159,995.45	Aug-01-04	9.000%	VA - 69.70%	360	Dec-09-03
1228400 1		109,650.00	108,475.22	Jul-01-04	6.250%	SC - 85.00%	360	Dec-05-03
1231123 1		191,250.00	189,250.91	Aug-01-04	6.450%	CA - 85.00%	360	Dec-10-03
1231170 1		235,000.00	233,530.76	Feb-01-04	8.990%	NY - 67.14%	360	Dec-15-03
1235864 1		208,200.00	206,248.24	Jul-01-04	6.950%	CA - 84.98%	360	Dec-31-03
1236582 1		157,250.00	156,108.25	Nov-01-04	8.250%	CT - 85.00%	360	Dec-17-03
1237238 1		130,050.00	129,142.90	Jun-01-04	8.450%	MA - 85.00%	360	Dec-12-03
1239039 1		160,000.00	158,766.64	Aug-01-04	7.950%	WA - 40.00%	360	Dec-30-03
1240771 1		65,450.00	65,068.95	Jun-01-04	9.400%	NC - 85.00%	360	Dec-10-03
1242410 1		79,000.00	78,293.53	Jun-01-04	7.450%	OR - 64.75%	360	Dec-12-03
1242950 1		144,500.00	143,363.89	Jul-01-04	7.850%	MI - 85.00%	360	Dec-16-03
1244094 1		46,000.00	45,727.23	Jul-01-04	9.250%	WI - 80.00%	360	Dec-04-03
1244441 1		126,450.00	125,752.65	Apr-01-04	9.600%	CT - 90.00%	360	Dec-29-03
1245677 1		222,700.00	220,632.39	Jun-01-04	7.000%	CA - 84.68%	360	Dec-31-03
1247745 1		192,500.00	191,157.38	Jul-01-04	8.450%	CA - 70.00%	360	Dec-12-03
1247843 1		175,200.00	174,002.39	May-01-04	8.550%	RI - 80.00%	360	Dec-09-03
1248684 1		81,600.00	80,717.46	Jun-01-04	6.200%	OH - 85.00%	360	Dec-10-03
1249868 1		72,250.00	71,664.79	Aug-01-04	7.700%	VA - 85.00%	360	Dec-24-03
1250743 1		192,000.00	189,478.16	Jul-01-04	5.150%	CA - 80.00%	360	Dec-18-03
1251475 1		153,000.00	151,831.61	Jun-01-04	8.000%	TX - 90.00%	360	Dec-29-03
1252746 1		160,455.00	159,047.07	Aug-01-04	7.450%	OH - 95.00%	360	Dec-22-03
1256963 1		217,550.00	215,886.41	Jun-01-04	7.990%	ME - 95.00%	360	Dec-17-03
1257910 1		289,750.00	287,033.85	Apr-01-04	6.950%	WA - 95.00%	360	Dec-30-03
1258554 1		120,700.00	119,512.76	Jul-01-04	6.700%	CA - 85.00%	360	Dec-15-03
1258584 1		88,000.00	87,057.13	Jun-01-04	6.250%	FL - 80.00%	360	Dec-29-03
1258929 1		175,000.00	173,695.18	Jun-01-04	8.125%	CA - 70.00%	360	Dec-30-03
1263751 1		170,000.00	168,451.82	Jun-01-04	7.100%	CO - 77.27%	360	Dec-31-03
1264100 1		142,200.00	141,112.51	Aug-01-04	7.990%	CO - 90.00%	360	Dec-30-03
1266449 1		112,000.00	110,730.49	Jun-01-04	5.950%	CO - 80.00%	360	Dec-30-03
1266486 1		209,797.00	207,713.12	Jul-01-04	7.100%	TX - 87.42%	360	Jan-05-04
1267571 1		80,000.00	79,345.58	May-01-04	7.650%	LA - 80.00%	360	Dec-31-03
1267883 1		211,500.00	209,338.86	May-01-04	6.500%	CA - 90.00%	360	Dec-17-03
1270177 1		208,050.00	206,414.21	Aug-01-04	7.850%	MI - 95.00%	360	Dec-30-03
1270243 1		210,000.00	208,124.34	Aug-01-04	7.200%	CA - 58.33%	360	Dec-31-03
1271604 1		148,000.00	146,813.04	Nov-01-04	7.750%	UT - 79.57%	360	Dec-31-03
1274166 1		130,000.00	129,197.17	Jul-01-04	9.050%	MA - 65.00%	360	Dec-29-03
1274307 1		42,500.00	42,172.42	Jun-01-04	7.950%	OK - 71.43%	360	Dec-23-03
1274667 1		148,000.00	146,322.49	Jun-01-04	5.950%	WA - 80.00%	360	Dec-31-03
1284254 1		93,500.00	92,749.10	Apr-01-04	7.750%	IN - 85.00%	360	Dec-31-03
1287265 1		136,000.00	134,898.52	Jul-01-04	7.700%	LA - 80.00%	360	Dec-31-03
1290207 1		296,000.00	292,828.78	Jun-01-04	6.250%	CA - 80.00%	360	Dec-30-03
1293405 1		205,200.00	203,534.53	Jun-01-04	8.000%	CO - 90.00%	360	Dec-31-03
1000367 2		48,000.00	47,645.49	May-01-04	9.750%	FL - 57.28%	360	Nov-12-03
				Page 16 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Foreclosure Report for December 27, 2004 Distribution
	Foreclosure Report - Mortage Loans that Become Foreclosure 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
1018447 2		356,000.00	351,718.29	Jul-01-04	6.550%	NY - 80.00%	360	Nov-13-03
1054935 2		360,000.00	357,636.65	May-01-04	8.750%	NY - 90.00%	360	Dec-17-03
1070906 2		414,000.00	409,844.32	Aug-01-04	7.490%	NM - 63.69%	360	Nov-06-03
1095916 2		92,800.00	92,098.36	Apr-01-04	8.500%	CT - 80.00%	360	Nov-14-03
1127142 2		58,730.00	58,253.76	Feb-01-04	8.150%	NC - 70.00%	360	Nov-19-03
1138107 2		88,000.00	87,357.55	Aug-01-04	8.750%	MO - 80.00%	360	Nov-14-03
1142164 2		69,600.00	68,607.33	Jul-01-04	11.175%	TX - 80.00%	240	Nov-26-03
1144725 2		584,000.00	577,952.48	Jul-01-04	6.900%	CT - 80.00%	360	Nov-28-03
1146633 2		141,600.00	140,770.75	May-01-04	9.750%	TX - 80.00%	360	Nov-19-03
1164116 2		37,500.00	37,321.91	Jun-01-04	10.750%	MS - 75.00%	360	Nov-07-03
1166610 2		117,000.00	116,115.50	Mar-01-04	8.500%	GA - 90.00%	360	Nov-12-03
1166905 2		206,000.00	203,866.73	Nov-01-04	6.900%	MO - 83.06%	360	Nov-17-03
1168487 2		52,000.00	51,676.01	Aug-01-04	9.450%	TX - 80.00%	360	Nov-17-03
1169673 2		425,000.00	420,641.01	Aug-01-04	6.950%	FL - 85.00%	360	Nov-17-03
1175357 2		253,000.00	250,527.36	Aug-01-04	7.200%	NY - 79.81%	360	Nov-25-03
1182005 2		75,650.00	74,979.39	Jul-01-04	7.700%	OH - 85.00%	360	Nov-17-03
1184245 2		53,000.00	52,641.54	Apr-01-04	9.050%	OK - 70.67%	360	Nov-24-03
1196375 2		135,000.00	133,755.50	Aug-01-04	7.500%	CO - 90.00%	360	Nov-17-03
1201814 2		82,400.00	80,760.02	Jul-01-04	8.500%	TX - 80.00%	240	Nov-24-03
1203128 2		39,200.00	36,907.26	May-01-04	10.900%	TX - 62.22%	120	Nov-26-03
1213931 2		72,000.00	71,503.06	Feb-01-04	8.950%	OH - 90.00%	360	Nov-26-03
1216273 2		180,000.00	177,850.65	Apr-01-04	6.150%	OR - 90.00%	360	Nov-20-03
1223171 2		136,800.00	135,389.87	Aug-01-04	7.100%	HI - 95.00%	360	Nov-25-03
1225631 2		440,000.00	436,329.72	Jul-01-04	7.550%	MD - 67.69%	360	Dec-16-03
1240609 2		369,600.00	367,098.91	Jan-01-04	8.600%	FL - 80.00%	360	Dec-09-03
1242999 2		380,000.00	376,703.79	Aug-01-04	7.350%	CA - 70.37%	360	Dec-10-03
1251508 2		61,625.00	61,259.65	Jul-01-04	9.250%	TX - 85.00%	360	Dec-15-03
1261482 2		414,000.00	410,647.03	Feb-01-04	7.700%	NY - 90.00%	360	Dec-31-03
1261582 2		500,000.00	496,459.52	Apr-01-04	8.375%	WA - 76.92%	360	Dec-12-03
1268944 2		127,000.00	126,067.29	Jun-01-04	8.350%	TX - 70.56%	360	Dec-30-03
1277861 2		56,950.00	56,603.03	Jul-01-04	10.700%	OK - 85.00%	360	Dec-29-03
				Page 17 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Paid in Full Loans					5260	~~193~~211	~~245~~271
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					5260	~~193~~211	~~245~~271
	Paid in Full Balance					1214,~~907~~079,~~949~~128.9666	3538,~~539~~308,~~692~~293.0616	4852,~~447~~387,~~642~~421.0282
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					2733,~~180~~278.7194	5862,~~330~~007.3207	8595,~~511~~286.0301
	Total Prepayment Amount					1214,~~935~~112,~~130~~407.6760	3538,~~598~~370,~~022~~300.3823	4852,~~533~~482,~~153~~707.0583
	Cumulative
	Number of Paid in Full Loans					~~199~~357	~~651~~1,244	~~850~~1,601
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					~~199~~357	~~651~~1,244	~~850~~1,601
	Paid in Full Balance					5191,~~179~~006,~~473~~643.6397	~~118~~227,~~676~~836,~~368~~963.7349	~~169~~318,~~855~~843,~~842~~607.3646
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					~~120~~211,~~644~~011.6780	~~466~~621,~~513~~580.5650	~~587~~832,~~158~~592.2330
	Total Prepayment Amount					5191,~~300~~217,~~118~~655.3077	~~119~~228,~~142~~458,~~882~~543.2999	~~170~~319,~~443~~676,~~000~~199.5976
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 28				© COPYRIGHT 2004 Deutsche Bank
				Page 18 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL
	SMM					34.5332%	34.8773%	34.7761%
	3 Months Avg SMM					23.9493%	24.9831%	24.9720%
	12 Months Avg SMM
	Avg SMM Since Cut-off					23.6714%	23.4918%	23.5417%
	CPR					3541.0515%	3744.7007%	3643.9525%
	3 Months Avg CPR					3038.0916%	3041.4704%	3040.3723%
	12 Months Avg CPR
	Avg CPR Since Cut-off					2731.7584%	2632.1211%	2632.5903%
	PSA					~~2015~~1761.3585%	~~2208~~1912.4931%	~~2153~~1869.3631%
	3 Months Avg PSA Approximation					~~1955~~1785.7942%	~~2021~~1949.7871%	~~2002~~1902.7279%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					~~2072~~1943.2057%	~~1997~~1998.0758%	~~2019~~1982.2761%
	Group 1
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 28				© COPYRIGHT 2004 Deutsche Bank
				Page 19 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 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/(0.002*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 28				© COPYRIGHT 2004 Deutsche Bank
				Page 20 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 245						Loan Group 1 = Group 1
Total Loan Count = 271						Loan Group 1 = Group 1
Total Original Principal Balance = 48,764,728.00						Loan Group 2 = Group 2
Total Original Principal Balance = 52,873,193.00						Loan Group 2 = Group 2
Total Prepayment Amount = 48,447,642.02
Total Prepayment Amount = 52,387,421.82
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
1025754 1			224,000.00	222,558.07	Aug-12-04	7.200%	CA - 80.00%	Paid Off - 360	Nov-19-03
1066813 1			115,000.00	114,104.69	Nov-01-04	7.900%	CT - 63.89%	Paid Off - 360	Nov-13-03
1030574 1			142,100.00	141,236.10	Aug-05-04	7.500%	CA - 71.05%	Paid Off - 360	Nov-14-03
1087982 1			347,500.00	344,016.26	Nov-24-04	6.600%	NY - 78.09%	Paid Off - 360	Nov-28-03
1087078 1			155,000.00	153,564.07	Aug-13-04	6.500%	CA - 59.62%	Paid Off - 360	Sep-25-03
1099595 1			263,500.00	260,894.76	Nov-23-04	6.990%	CA - 85.00%	Paid Off - 360	Nov-18-03
1103873 1			75,000.00	74,549.25	Aug-09-04	7.550%	CA - 74.26%	Paid Off - 360	Nov-19-03
1102350 1			93,500.00	92,735.22	Nov-16-04	7.650%	FL - 85.00%	Paid Off - 360	Nov-13-03
1115243 1			93,500.00	93,063.03	Aug-19-04	8.850%	OH - 85.00%	Paid Off - 360	Nov-21-03
1108043 1			110,500.00	109,604.99	Nov-01-04	7.700%	VA - 83.97%	Paid Off - 360	Nov-17-03
1128843 1			288,000.00	285,976.74	Aug-30-04	6.750%	HI - 80.00%	Paid Off - 360	Nov-12-03
1110306 1			51,200.00	50,715.32	Nov-30-04	6.900%	TX - 80.00%	Paid Off - 360	Nov-26-03
1130567 1			92,000.00	91,597.36	Aug-10-04	8.450%	MI - 100.00%	Paid Off - 360	Dec-04-03
1113956 1			90,000.00	89,076.48	Nov-26-04	7.450%	MA - 100.00%	Paid Off - 360	Nov-19-03
1134726 1			54,625.00	54,318.77	Aug-26-04	7.900%	WV - 95.00%	Paid Off - 360	Nov-12-03
1116108 1			60,750.00	60,304.41	Nov-12-04	8.650%	TX - 75.00%	Paid Off - 360	Nov-05-03
1135703 1			230,000.00	228,149.63	Aug-11-04	6.350%	CA - 60.53%	Paid Off - 360	Nov-17-03
1116691 1			155,000.00	153,980.42	Nov-30-04	8.250%	NY - 58.49%	Paid Off - 360	Dec-09-03
1141223 1			193,500.00	191,900.51	Aug-12-04	7.200%	FL - 90.00%	Paid Off - 360	Nov-13-03
1134643 1			165,000.00	163,714.55	Nov-16-04	8.350%	CA - 68.75%	Paid Off - 360	Nov-18-03
1141520 1			166,500.00	165,330.31	Aug-27-04	6.750%	FL - 90.00%	Paid Off - 360	Nov-12-03
1135743 1			168,300.00	166,724.41	Nov-19-04	7.150%	FL - 90.00%	Paid Off - 360	Nov-17-03
1143418 1			86,940.00	86,338.19	Aug-25-04	7.450%	TN - 84.99%	Paid Off - 360	Nov-04-03
1137401 1			54,000.00	53,625.14	Nov-02-04	8.500%	FL - 75.00%	Paid Off - 360	Nov-17-03
1143741 1			103,000.00	102,460.86	Aug-13-04	8.250%	CA - 55.68%	Paid Off - 360	Nov-12-03
1137805 1			144,000.00	143,005.64	Nov-12-04	8.500%	MA - 80.00%	Paid Off - 360	Nov-14-03
1148078 1			283,200.00	281,637.84	Aug-03-04	7.990%	CA - 80.00%	Paid Off - 360	Nov-07-03
1138423 1			168,000.00	166,250.50	Nov-02-04	6.400%	CA - 76.36%	Paid Off - 360	Nov-18-03
1149934 1			331,200.00	329,247.06	Aug-04-04	6.950%	CA - 90.00%	Paid Off - 360	Dec-18-03
1138879 1			245,000.00	241,952.43	Nov-23-04	5.500%	NY - 57.65%	Paid Off - 360	Nov-26-03
1154106 1			150,000.00	148,817.31	Aug-06-04	6.500%	CA - 73.17%	Paid Off - 360	Nov-18-03
1139923 1			315,000.00	312,547.74	Nov-04-04	7.900%	NJ - 90.00%	Paid Off - 360	Nov-26-03
1154694 1			162,750.00	161,791.14	Aug-13-04	7.650%	NJ - 75.00%	Paid Off - 360	Nov-10-03
1141977 1			103,100.00	102,380.88	Nov-23-04	8.450%	TN - 100.00%	Paid Off - 360	Nov-12-03
1155313 1			184,800.00	183,173.30	Aug-02-04	6.200%	CA - 80.00%	Paid Off - 360	Nov-25-03
1142929 1			209,600.00	207,242.00	Nov-04-04	5.990%	CA - 80.00%	Paid Off - 360	Nov-20-03
1156785 1			297,500.00	295,461.59	Aug-12-04	7.500%	CA - 78.29%	Paid Off - 360	Nov-18-03
1145744 1			128,000.00	126,661.47	Nov-01-04	6.550%	CA - 80.00%	Paid Off - 360	Nov-10-03
1159134 1			165,000.00	163,919.37	Aug-02-04	7.750%	CO - 63.46%	Paid Off - 360	Nov-04-03
1148094 1			65,500.00	64,798.22	Nov-11-04	6.250%	FL - 50.00%	Paid Off - 360	Nov-25-03
1159558 1			368,000.00	365,977.87	Aug-09-04	8.000%	CA - 80.00%	Paid Off - 360	Nov-18-03
1153394 1			350,000.00	347,583.24	Nov-18-04	8.500%	IL - 100.00%	Paid Off - 360	Nov-05-03
1159911 1			89,000.00	88,480.80	Aug-13-04	7.700%	FL - 59.33%	Paid Off - 360	Nov-26-03
1154477 1			172,000.00	170,245.97	Nov-05-04	6.750%	CA - 80.00%	Paid Off - 360	Nov-14-03
1161228 1			115,600.00	114,945.46	Aug-09-04	7.850%	MN - 85.00%	Paid Off - 360	Nov-26-03
1155454 1			144,500.00	143,151.80	Nov-23-04	7.450%	NV - 82.57%	Paid Off - 360	Nov-10-03
1162464 1			330,000.00	328,204.77	Aug-19-04	8.100%	IL - 68.75%	Paid Off - 360	Nov-05-03
1156880 1			91,200.00	90,407.41	Nov-08-04	7.800%	MS - 95.00%	Paid Off - 360	Nov-21-03
1162716 1			315,000.00	312,787.08	Aug-26-04	6.750%	CA - 60.58%	Paid Off - 360	Nov-07-03
1158342 1			155,600.00	153,925.68	Nov-10-04	6.700%	CA - 80.00%	Paid Off - 360	Nov-07-03
1163290 1			203,000.00	201,791.33	Aug-02-04	6.900%	HI - 86.75%	Paid Off - 360	Dec-26-03
1160544 1			155,000.00	153,503.84	Nov-03-04	6.800%	CA - 74.16%	Paid Off - 360	Nov-21-03
1165381 1			175,000.00	173,817.29	Aug-04-04	6.950%	CA - 79.55%	Paid Off - 360	Nov-20-03
1161252 1			292,000.00	289,540.28	Nov-10-04	7.500%	CA - 68.71%	Paid Off - 360	Nov-24-03
1165415 1			163,400.00	162,274.06	Aug-27-04	6.850%	CA - 95.00%	Paid Off - 360	Nov-26-03
1162061 1			298,350.00	296,430.74	Nov-24-04	8.850%	IL - 85.00%	Paid Off - 360	Nov-10-03
1166498 1			153,000.00	152,043.66	Aug-12-04	7.350%	CA - 70.83%	Paid Off - 360	Nov-18-03
1162586 1			166,320.00	164,731.64	Nov-19-04	7.050%	CA - 80.00%	Paid Off - 360	Nov-12-03
1166691 1			233,750.00	232,618.58	Aug-03-04	7.950%	MN - 85.00%	Paid Off - 360	Dec-19-03
1162660 1			155,550.00	154,116.07	Nov-10-04	7.500%	CA - 85.00%	Paid Off - 360	Nov-06-03
1167140 1			124,000.00	123,262.15	Aug-27-04	7.600%	IL - 89.86%	Paid Off - 360	Nov-12-03
1163317 1			290,000.00	286,508.55	Nov-16-04	5.625%	CA - 65.91%	Paid Off - 360	Nov-14-03
1170878 1			86,400.00	85,947.50	Aug-18-04	8.250%	CA - 90.00%	Paid Off - 360	Nov-26-03
1165088 1			300,000.00	296,690.08	Nov-16-04	7.700%	CA - 73.17%	Paid Off - 360	Nov-12-03
1174107 1			172,000.00	170,842.48	Aug-16-04	7.400%	CA - 80.00%	Paid Off - 360	Nov-25-03
1166354 1			109,000.00	107,988.01	Nov-04-04	7.000%	CT - 67.70%	Paid Off - 360	Nov-13-03
1174856 1			105,300.00	104,660.92	Aug-02-04	7.500%	WA - 90.00%	Paid Off - 360	Nov-12-03
1166572 1			263,500.00	260,147.56	Nov-03-04	6.050%	FL - 85.00%	Paid Off - 360	Nov-10-03
1175333 1			243,000.00	241,481.06	Aug-03-04	7.350%	IL - 90.00%	Paid Off - 360	Nov-13-03
1166577 1			255,200.00	253,059.38	Nov-18-04	7.990%	CA - 80.00%	Paid Off - 360	Nov-04-03
1175796 1			234,800.00	233,197.63	Aug-31-04	6.900%	CA - 78.79%	Paid Off - 360	Nov-24-03
1167609 1			166,500.00	165,097.52	Nov-02-04	7.500%	CA - 85.38%	Paid Off - 360	Nov-19-03
1176784 1			155,500.00	151,340.56	Aug-02-04	6.550%	CA - 49.37%	Paid Off - 180	Nov-24-03
1168020 1			292,500.00	290,360.78	Nov-09-04	7.750%	HI - 90.00%	Paid Off - 360	Dec-09-03
1177627 1			323,000.00	321,078.10	Aug-31-04	7.600%	CA - 85.00%	Paid Off - 360	Nov-12-03
1170093 1			123,300.00	122,036.91	Nov-02-04	6.900%	KS - 90.00%	Paid Off - 360	Dec-31-03
1177680 1			53,600.00	53,281.08	Aug-20-04	7.650%	MI - 80.00%	Paid Off - 360	Nov-12-03
1170302 1			250,000.00	247,639.53	Nov-10-04	6.400%	IL - 80.91%	Paid Off - 360	Dec-18-03
1178609 1			133,000.00	132,143.86	Aug-25-04	7.200%	DC - 45.86%	Paid Off - 360	Nov-26-03
1170883 1			212,500.00	212,499.94	Nov-16-04	5.250%	FL - 85.00%	Paid Off - 300	Dec-10-03
1179766 1			162,500.00	161,049.84	Aug-10-04	6.750%	CA - 65.00%	Paid Off - 360	Dec-02-03
1171215 1			301,750.00	298,377.21	Nov-30-04	6.500%	CA - 85.00%	Paid Off - 360	Nov-10-03
1179797 1			254,000.00	251,760.65	Aug-27-04	5.550%	CA - 80.00%	Paid Off - 360	Nov-14-03
1171253 1			315,000.00	312,212.13	Nov-03-04	7.250%	CA - 100.00%	Paid Off - 360	Nov-24-03
1179972 1			196,000.00	195,045.73	Aug-09-04	8.600%	VA - 80.00%	Paid Off - 360	Nov-18-03
1175126 1			148,500.00	147,507.86	Nov-03-04	8.600%	AZ - 90.00%	Paid Off - 360	Dec-23-03
1180326 1			265,000.00	263,027.52	Aug-26-04	6.500%	NY - 72.60%	Paid Off - 360	Nov-26-03
1176429 1			137,000.00	135,888.68	Nov-04-04	7.700%	FL - 100.00%	Paid Off - 360	Nov-14-03
					Page 19 of 28				© COPYRIGHT 2004 Deutsche Bank
					Page 21 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 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
1181883 1			202,500.00	201,035.72	Aug-13-04	6.600%	CA - 90.00%	Paid Off - 360	Nov-13-03
1176915 1			220,000.00	217,995.68	Nov-02-04	7.150%	CA - 80.00%	Paid Off - 360	Nov-18-03
1181920 1			268,000.00	266,527.40	Aug-11-04	8.000%	FL - 80.00%	Paid Off - 360	Nov-24-03
1177151 1			201,750.00	199,588.56	Nov-24-04	6.250%	CA - 75.00%	Paid Off - 360	Nov-13-03
1183260 1			120,000.00	119,045.56	Aug-03-04	6.750%	CA - 75.95%	Paid Off - 360	Nov-12-03
1178095 1			319,500.00	316,613.98	Nov-16-04	7.150%	CA - 90.00%	Paid Off - 360	Nov-13-03
1184000 1			147,920.00	146,829.56	Aug-31-04	6.500%	CA - 80.00%	Paid Off - 360	Nov-12-03
1178856 1			60,000.00	59,624.69	Nov-23-04	8.500%	MI - 80.00%	Paid Off - 360	Dec-11-03
1184640 1			367,625.00	365,043.20	Aug-17-04	6.900%	MA - 85.00%	Paid Off - 360	Nov-24-03
1179129 1			240,000.00	237,998.08	Nov-05-04	7.550%	CA - 80.00%	Paid Off - 360	Nov-14-03
1185252 1			168,500.00	167,304.76	Aug-05-04	6.700%	CA - 69.92%	Paid Off - 360	Nov-26-03
1180020 1			215,100.00	213,004.51	Nov-24-04	6.750%	IL - 79.99%	Paid Off - 360	Nov-13-03
1186033 1			80,000.00	79,381.50	Aug-03-04	6.250%	CT - 60.61%	Paid Off - 360	Nov-13-03
1180453 1			246,375.00	244,359.86	Nov-22-04	7.650%	CA - 75.00%	Paid Off - 360	Dec-02-03
1186749 1			180,565.00	179,323.40	Aug-09-04	6.150%	CA - 55.00%	Paid Off - 360	Dec-11-03
1180712 1			45,600.00	45,265.34	Nov-05-04	7.700%	MO - 80.00%	Paid Off - 360	Dec-18-03
1187541 1			158,120.00	157,417.82	Aug-02-04	9.050%	CA - 67.00%	Paid Off - 360	Nov-12-03
1181501 1			135,900.00	134,913.20	Nov-02-04	8.250%	FL - 72.33%	Paid Off - 360	Nov-18-03
1187837 1			247,500.00	245,922.32	Aug-19-04	7.250%	CA - 90.00%	Paid Off - 360	Nov-12-03
1181936 1			301,500.00	297,606.54	Nov-01-04	5.250%	CA - 70.94%	Paid Off - 360	Nov-13-03
1188010 1			123,000.00	119,090.45	Aug-16-04	6.250%	MO - 84.83%	Paid Off - 180	Nov-20-03
1182072 1			331,200.00	328,269.17	Nov-01-04	7.250%	CA - 90.00%	Paid Off - 360	Nov-14-03
1188470 1			167,000.00	164,708.85	Aug-18-04	5.750%	CA - 79.52%	Paid Off - 360	Nov-20-03
1182075 1			165,750.00	164,240.61	Nov-03-04	8.000%	MD - 85.00%	Paid Off - 360	Nov-12-03
1188502 1			120,000.00	119,312.09	Aug-17-04	7.850%	NJ - 75.00%	Paid Off - 360	Nov-18-03
1182551 1			98,000.00	97,244.59	Nov-18-04	7.950%	NC - 63.23%	Paid Off - 360	Nov-26-03
1188861 1			273,600.00	271,821.49	Aug-31-04	7.150%	CA - 93.70%	Paid Off - 360	Nov-12-03
1183828 1			125,000.00	124,092.37	Nov-02-04	8.250%	CA - 53.65%	Paid Off - 360	Nov-13-03
1190307 1			216,000.00	214,702.01	Aug-26-04	7.550%	CA - 90.00%	Paid Off - 360	Nov-12-03
1184147 1			152,000.00	150,458.07	Nov-23-04	6.200%	CA - 48.56%	Paid Off - 360	Jan-05-04
1192832 1			129,500.00	125,449.48	Aug-20-04	6.750%	CA - 51.80%	Paid Off - 180	Nov-26-03
1185137 1			180,000.00	178,071.49	Nov-02-04	6.250%	CA - 80.00%	Paid Off - 360	Nov-19-03
1193526 1			126,750.00	123,288.41	Aug-17-04	6.300%	OH - 75.00%	Paid Off - 180	Nov-19-03
1185764 1			168,150.00	166,613.80	Nov-18-04	7.200%	NV - 95.00%	Paid Off - 360	Nov-25-03
1194089 1			134,300.00	133,636.85	Aug-03-04	7.850%	NY - 85.00%	Paid Off - 360	Dec-29-03
1186645 1			262,000.00	259,126.64	Nov-09-04	6.600%	CA - 74.64%	Paid Off - 360	Nov-12-03
1194843 1			121,500.00	120,790.48	Aug-26-04	7.000%	FL - 90.00%	Paid Off - 360	Dec-29-03
1187560 1			161,250.00	160,156.99	Nov-24-04	8.950%	MN - 75.00%	Paid Off - 360	Nov-19-03
1196488 1			259,250.00	257,558.57	Aug-25-04	7.150%	CA - 89.40%	Paid Off - 360	Nov-20-03
1188133 1			168,000.00	165,887.92	Nov-22-04	8.500%	CA - 80.00%	Paid Off - 360	Nov-14-03
1198061 1			306,000.00	303,631.74	Aug-02-04	6.250%	CA - 86.20%	Paid Off - 360	Nov-21-03
1188267 1			185,500.00	183,675.24	Nov-23-04	6.700%	MD - 70.00%	Paid Off - 360	Nov-26-03
1199469 1			289,750.00	288,290.40	Aug-26-04	7.750%	CA - 95.00%	Paid Off - 360	Dec-03-03
1189052 1			123,000.00	122,059.34	Nov-03-04	7.990%	CA - 61.19%	Paid Off - 360	Nov-19-03
1200412 1			106,200.00	105,555.48	Aug-04-04	7.500%	CA - 90.00%	Paid Off - 360	Nov-26-03
1192933 1			315,000.00	312,017.01	Nov-03-04	6.990%	CA - 90.00%	Paid Off - 360	Nov-25-03
1200543 1			213,500.00	212,326.84	Aug-17-04	8.000%	MA - 100.00%	Paid Off - 360	Nov-26-03
1192952 1			58,400.00	57,978.11	Nov-17-04	8.900%	CT - 80.00%	Paid Off - 360	Nov-10-03
1201307 1			229,500.00	228,134.42	Aug-10-04	7.600%	CA - 85.00%	Paid Off - 360	Nov-13-03
1193332 1			300,599.00	297,498.16	Nov-12-04	6.450%	CA - 84.68%	Paid Off - 360	Nov-25-03
1201428 1			82,050.00	81,685.10	Aug-20-04	9.550%	OR - 75.00%	Paid Off - 360	Nov-13-03
1193706 1			152,000.00	150,708.31	Nov-24-04	6.950%	MD - 80.00%	Paid Off - 360	Dec-12-03
1201888 1			236,000.00	234,609.59	Aug-16-04	7.650%	CA - 80.00%	Paid Off - 360	Nov-24-03
1193895 1			133,000.00	131,681.98	Nov-12-04	6.800%	CA - 70.00%	Paid Off - 360	Nov-10-03
1202612 1			60,000.00	59,646.51	Aug-10-04	7.650%	OH - 80.00%	Paid Off - 360	Nov-24-03
1194984 1			168,800.00	167,485.91	Nov-19-04	7.900%	FL - 80.00%	Paid Off - 360	Nov-26-03
1203584 1			195,000.00	194,125.23	Aug-17-04	9.000%	MS - 84.78%	Paid Off - 360	Dec-30-03
1195419 1			166,600.00	165,022.28	Nov-01-04	6.900%	CA - 85.00%	Paid Off - 360	Nov-13-03
1203736 1			300,000.00	298,576.79	Aug-03-04	8.050%	CA - 57.69%	Paid Off - 360	Dec-09-03
1196241 1			193,000.00	191,374.18	Nov-05-04	7.500%	CA - 77.20%	Paid Off - 360	Nov-20-03
1203776 1			118,900.00	118,170.35	Aug-11-04	6.750%	WI - 69.53%	Paid Off - 360	Dec-12-03
1196327 1			287,000.00	284,874.08	Nov-11-04	8.150%	NY - 70.00%	Paid Off - 360	Nov-24-03
1203946 1			125,000.00	124,318.42	Aug-20-04	7.350%	CA - 65.79%	Paid Off - 360	Dec-30-03
1196729 1			276,250.00	273,922.86	Nov-10-04	7.500%	CA - 85.00%	Paid Off - 360	Nov-24-03
1204175 1			83,000.00	82,455.16	Aug-17-04	7.100%	IL - 46.11%	Paid Off - 360	Nov-24-03
1197068 1			154,850.00	153,557.82	Nov-03-04	7.550%	FL - 95.00%	Paid Off - 360	Nov-26-03
1204246 1			215,500.00	213,968.62	Aug-05-04	7.550%	MD - 68.20%	Paid Off - 360	Nov-25-03
1197199 1			228,000.00	226,454.53	Nov-05-04	8.100%	MA - 69.09%	Paid Off - 360	Dec-02-03
1205488 1			165,750.00	164,584.56	Aug-03-04	6.750%	CA - 85.00%	Paid Off - 360	Nov-20-03
1197780 1			108,000.00	107,159.21	Nov-23-04	7.900%	CT - 80.00%	Paid Off - 360	Nov-25-03
1206410 1			217,550.00	216,354.56	Aug-20-04	8.000%	CA - 95.00%	Paid Off - 360	Nov-25-03
1198065 1			74,000.00	71,565.04	Nov-08-04	7.550%	CA - 51.03%	Paid Off - 240	Nov-21-03
1206819 1			147,900.00	146,848.32	Aug-24-04	7.750%	CA - 85.00%	Paid Off - 360	Nov-24-03
1198348 1			98,010.00	97,246.93	Nov-17-04	7.900%	MD - 90.00%	Paid Off - 360	Nov-20-03
1207351 1			106,000.00	105,514.56	Aug-31-04	8.900%	MO - 100.00%	Paid Off - 360	Dec-03-03
1198925 1			90,000.00	89,156.25	Nov-17-04	6.950%	CA - 44.55%	Paid Off - 360	Nov-21-03
1207496 1			166,203.00	165,112.04	Aug-26-04	7.100%	CA - 94.97%	Paid Off - 360	Nov-21-03
1199856 1			277,400.00	274,371.62	Nov-16-04	6.150%	CA - 95.00%	Paid Off - 360	Nov-19-03
1207930 1			205,000.00	203,871.31	Aug-11-04	7.990%	CA - 100.00%	Paid Off - 360	Dec-03-03
1200267 1			220,000.00	220,000.00	Nov-30-04	5.250%	CA - 84.62%	Paid Off - 300	Nov-14-03
1208163 1			139,700.00	138,809.42	Aug-11-04	7.250%	CA - 84.16%	Paid Off - 360	Nov-17-03
1200902 1			279,200.00	279,170.79	Nov-24-04	5.250%	CA - 80.00%	Paid Off - 300	Nov-20-03
1208446 1			160,000.00	159,177.80	Aug-19-04	7.650%	FL - 50.00%	Paid Off - 360	Dec-17-03
1201905 1			65,000.00	64,718.35	Nov-30-04	10.750%	NE - 45.45%	Paid Off - 360	Nov-21-03
1208608 1			161,000.00	160,063.17	Aug-03-04	8.050%	CA - 83.42%	Paid Off - 360	Dec-05-03
1202382 1			92,500.00	91,517.77	Nov-05-04	6.350%	CA - 66.07%	Paid Off - 360	Nov-13-03
1208961 1			148,000.00	147,178.59	Aug-13-04	7.950%	CA - 80.00%	Paid Off - 360	Nov-26-03
1202724 1			120,000.00	119,171.56	Nov-24-04	8.950%	CO - 66.67%	Paid Off - 360	Nov-26-03
1209261 1			292,500.00	290,538.45	Aug-31-04	6.990%	CA - 90.00%	Paid Off - 360	Nov-18-03
1202888 1			148,000.00	146,974.48	Nov-19-04	7.990%	CA - 63.52%	Paid Off - 360	Dec-19-03
1209350 1			225,000.00	223,598.47	Aug-12-04	7.450%	CA - 84.91%	Paid Off - 360	Nov-24-03
1203275 1			249,000.00	246,270.26	Nov-24-04	6.150%	CA - 79.05%	Paid Off - 360	Nov-17-03
1209710 1			324,000.00	322,053.05	Aug-31-04	7.550%	CA - 87.57%	Paid Off - 360	Nov-26-03
1203751 1			52,200.00	51,781.38	Nov-17-04	7.750%	FL - 90.00%	Paid Off - 360	Nov-21-03
1209790 1			132,000.00	130,991.32	Aug-13-04	6.400%	CA - 80.00%	Paid Off - 360	Dec-11-03
1203921 1			232,000.00	229,887.26	Nov-04-04	7.100%	CA - 69.88%	Paid Off - 360	Nov-21-03
1210018 1			103,500.00	102,853.02	Aug-24-04	7.350%	MI - 90.00%	Paid Off - 360	Nov-25-03
1205075 1			213,000.00	210,367.58	Nov-04-04	6.900%	MD - 89.87%	Paid Off - 360	Nov-24-03
1210152 1			228,000.00	226,747.14	Aug-02-04	8.000%	MA - 95.00%	Paid Off - 360	Nov-21-03
1205215 1		FCL	288,500.00	286,425.99	Nov-30-04	8.300%	CA - 74.94%	Paid Off - 360	Dec-05-03
1210781 1			154,800.00	153,395.24	Aug-23-04	6.990%	CA - 60.00%	Paid Off - 360	Nov-24-03
1206696 1			153,000.00	151,579.54	Nov-18-04	7.000%	CA - 85.00%	Paid Off - 360	Nov-20-03
1211336 1			212,500.00	211,454.87	Aug-18-04	8.550%	IL - 81.73%	Paid Off - 360	Nov-24-03
1207249 1			169,900.00	168,397.21	Nov-24-04	7.250%	RI - 94.44%	Paid Off - 360	Nov-21-03
					Page 20 of 28				© COPYRIGHT 2004 Deutsche Bank
					Page 22 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 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
1214622 1			110,000.00	109,458.98	Aug-09-04	8.550%	AZ - 69.18%	Paid Off - 360	Nov-21-03
1207713 1			117,900.00	117,068.44	Nov-01-04	8.700%	CA - 90.00%	Paid Off - 360	Nov-20-03
1216274 1			229,000.00	227,610.20	Aug-03-04	7.500%	CA - 78.16%	Paid Off - 360	Nov-19-03
1207993 1			157,250.00	155,643.21	Nov-17-04	6.500%	CA - 85.00%	Paid Off - 360	Nov-26-03
1217506 1			134,000.00	133,103.11	Aug-03-04	7.000%	IL - 80.00%	Paid Off - 360	Nov-24-03
1208177 1			243,000.00	241,212.42	Nov-30-04	8.300%	TX - 79.93%	Paid Off - 360	Nov-19-03
1217714 1			252,000.00	250,342.36	Aug-26-04	7.250%	CA - 90.00%	Paid Off - 360	Dec-30-03
1208198 1			119,000.00	117,838.57	Nov-26-04	7.350%	MD - 85.00%	Paid Off - 360	Nov-25-03
1218597 1			182,500.00	181,010.73	Aug-17-04	7.500%	CA - 60.83%	Paid Off - 360	Dec-18-03
1208262 1			235,000.00	232,666.45	Nov-16-04	6.650%	CA - 67.14%	Paid Off - 360	Nov-19-03
1218649 1			180,000.00	178,660.46	Aug-02-04	6.450%	CA - 80.00%	Paid Off - 360	Nov-26-03
1208420 1			62,000.00	61,497.81	Nov-24-04	7.700%	TN - 84.93%	Paid Off - 360	Nov-26-03
1218670 1			300,000.00	298,174.45	Aug-26-04	7.500%	CA - 77.92%	Paid Off - 360	Nov-26-03
1209041 1			234,500.00	232,110.86	Nov-18-04	6.650%	CA - 70.00%	Paid Off - 360	Nov-28-03
1220013 1			215,000.00	213,827.67	Aug-17-04	7.350%	IL - 57.18%	Paid Off - 360	Dec-19-03
1209749 1			157,030.00	155,440.61	Nov-02-04	6.550%	AZ - 80.00%	Paid Off - 360	Nov-19-03
1220045 1			264,000.00	261,856.26	Aug-11-04	5.990%	CA - 78.81%	Paid Off - 360	Nov-25-03
1209781 1			67,000.00	64,645.06	Nov-30-04	7.200%	TX - 40.48%	Paid Off - 180	Nov-26-03
1220198 1			151,900.00	151,025.69	Aug-11-04	7.850%	MD - 70.00%	Paid Off - 360	Nov-26-03
1209802 1			168,750.00	167,596.45	Nov-19-04	8.550%	CA - 75.00%	Paid Off - 360	Dec-05-03
1220217 1			104,000.00	103,324.61	Aug-18-04	6.450%	CA - 77.04%	Paid Off - 360	Dec-30-03
1210393 1			274,500.00	271,921.88	Nov-30-04	6.990%	NV - 90.00%	Paid Off - 360	Dec-10-03
1220231 1			315,000.00	313,251.75	Aug-11-04	7.950%	IL - 90.00%	Paid Off - 360	Dec-03-03
1210518 1			148,000.00	146,487.64	Nov-04-04	6.500%	CA - 80.00%	Paid Off - 360	Nov-24-03
1220338 1			321,600.00	319,430.28	Aug-23-04	6.250%	CA - 80.00%	Paid Off - 360	Dec-18-03
1210639 1			216,000.00	213,707.56	Nov-24-04	6.300%	IL - 80.00%	Paid Off - 360	Nov-24-03
1220999 1			103,600.00	102,716.01	Aug-18-04	4.990%	CA - 70.00%	Paid Off - 360	Dec-12-03
1210666 1			159,000.00	157,436.08	Nov-23-04	6.700%	NH - 87.85%	Paid Off - 360	Nov-26-03
1223709 1			36,800.00	36,607.06	Aug-05-04	7.550%	IA - 80.00%	Paid Off - 360	Jan-05-04
1211405 1			157,250.00	155,804.01	Nov-04-04	7.050%	IL - 85.00%	Paid Off - 360	Nov-26-03
1225054 1			250,000.00	248,497.68	Aug-02-04	7.550%	MA - 83.33%	Paid Off - 360	Nov-26-03
1211797 1			191,700.00	190,104.09	Nov-12-04	7.560%	CA - 90.00%	Paid Off - 360	Nov-19-03
1225530 1			280,500.00	279,048.81	Aug-17-04	8.300%	IL - 85.00%	Paid Off - 360	Nov-26-03
1213080 1			175,000.00	173,752.07	Nov-22-04	8.340%	NJ - 77.78%	Paid Off - 360	Nov-26-03
1225695 1			140,000.00	139,258.85	Aug-03-04	7.500%	TX - 71.79%	Paid Off - 360	Dec-30-03
1213457 1			77,600.00	76,989.88	Nov-16-04	7.350%	GA - 80.00%	Paid Off - 360	Dec-19-03
1225933 1			322,500.00	320,616.44	Aug-06-04	7.000%	AZ - 88.60%	Paid Off - 360	Dec-24-03
1214712 1			321,000.00	317,822.35	Nov-17-04	6.150%	CA - 83.38%	Paid Off - 360	Dec-18-03
1226234 1			206,150.00	204,874.05	Aug-27-04	6.700%	CA - 95.00%	Paid Off - 360	Dec-18-03
1215226 1			65,000.00	64,528.00	Nov-19-04	8.250%	FL - 44.83%	Paid Off - 360	Nov-17-03
1226241 1			161,630.00	160,319.77	Aug-03-04	5.999%	CA - 78.84%	Paid Off - 360	Dec-05-03
1216059 1			64,400.00	64,207.18	Nov-11-04	12.000%	GA - 70.00%	Paid Off - 360	Dec-08-03
1227280 1			195,500.00	194,404.05	Aug-06-04	7.900%	CA - 85.00%	Paid Off - 360	Dec-04-03
1216538 1			164,500.00	163,521.81	Nov-30-04	8.750%	VA - 70.00%	Paid Off - 360	Dec-12-03
1228218 1			93,600.00	93,099.56	Aug-10-04	7.450%	OR - 60.00%	Paid Off - 360	Dec-15-03
1216726 1			163,800.00	162,178.51	Nov-10-04	6.150%	MI - 90.00%	Paid Off - 360	Dec-12-03
1228839 1			115,000.00	114,295.10	Aug-12-04	6.750%	CA - 54.50%	Paid Off - 360	Dec-10-03
1216768 1			191,250.00	189,386.81	Nov-03-04	6.750%	NH - 85.00%	Paid Off - 360	Dec-03-03
1229398 1			149,400.00	146,280.13	Aug-17-04	4.250%	SC - 90.00%	Paid Off - 300	Nov-26-03
1217154 1			241,000.00	238,537.42	Nov-10-04	6.500%	CA - 63.42%	Paid Off - 360	Nov-25-03
1229424 1			156,000.00	155,053.26	Aug-23-04	7.500%	CA - 80.00%	Paid Off - 360	Nov-26-03
1217359 1			75,650.00	74,993.77	Nov-12-04	7.350%	OH - 85.00%	Paid Off - 360	Nov-26-03
1229720 1			319,500.00	317,298.48	Aug-03-04	6.850%	CA - 90.00%	Paid Off - 360	Dec-04-03
1218830 1			131,750.00	130,744.21	Nov-18-04	7.500%	IL - 85.00%	Paid Off - 360	Dec-05-03
1229855 1			167,450.00	166,645.93	Aug-02-04	7.990%	CA - 85.00%	Paid Off - 360	Dec-09-03
1220659 1			175,500.00	172,410.88	Nov-10-04	7.950%	FL - 69.64%	Paid Off - 240	Dec-04-03
1231286 1			225,250.00	224,069.39	Aug-02-04	7.550%	CA - 85.00%	Paid Off - 360	Dec-31-03
1222655 1			106,100.00	105,066.31	Nov-17-04	6.750%	CA - 31.21%	Paid Off - 360	Nov-26-03
1231746 1			81,500.00	81,124.87	Aug-02-04	8.200%	OH - 69.07%	Paid Off - 360	Dec-12-03
1222738 1			87,550.00	86,881.59	Nov-02-04	7.500%	NM - 85.00%	Paid Off - 360	Dec-26-03
1232384 1			258,000.00	256,478.71	Aug-31-04	6.950%	CT - 57.98%	Paid Off - 360	Dec-18-03
1223175 1			271,920.00	269,609.43	Nov-29-04	6.950%	DE - 80.00%	Paid Off - 360	Dec-03-03
1232481 1			125,000.00	124,412.89	Aug-11-04	8.100%	CA - 74.63%	Paid Off - 360	Dec-19-03
1223749 1			211,500.00	209,884.46	Nov-10-04	7.500%	NY - 88.13%	Paid Off - 360	Dec-05-03
1232515 1			161,500.00	160,618.46	Aug-17-04	7.700%	MD - 85.00%	Paid Off - 360	Dec-08-03
1225073 1			250,000.00	247,361.75	Nov-24-04	5.900%	MA - 86.51%	Paid Off - 360	Dec-12-03
1233780 1			202,500.00	201,441.83	Aug-02-04	8.250%	CA - 90.00%	Paid Off - 360	Dec-05-03
1225102 1			229,500.00	227,270.57	Nov-05-04	6.250%	CA - 90.00%	Paid Off - 360	Dec-11-03
1233939 1			147,000.00	146,309.59	Aug-03-04	8.100%	CA - 63.91%	Paid Off - 360	Dec-31-03
1225144 1			76,500.00	75,943.19	Nov-30-04	7.800%	FL - 85.00%	Paid Off - 360	Dec-17-03
1235698 1			152,000.00	151,068.30	Aug-24-04	6.750%	PA - 95.00%	Paid Off - 360	Dec-12-03
1225808 1			124,800.00	123,418.18	Nov-19-04	5.550%	CA - 79.49%	Paid Off - 360	Dec-30-03
1235902 1			229,500.00	228,185.72	Aug-31-04	7.100%	CA - 90.00%	Paid Off - 360	Dec-08-03
1225881 1			152,250.00	151,095.60	Nov-11-04	7.750%	VA - 75.00%	Paid Off - 360	Dec-12-03
1236476 1			170,000.00	169,143.60	Aug-16-04	7.750%	CA - 80.95%	Paid Off - 360	Dec-30-03
1226304 1			188,000.00	185,885.06	Nov-24-04	5.990%	CA - 60.65%	Paid Off - 360	Dec-11-03
1236842 1			306,000.00	304,247.70	Aug-24-04	7.100%	CA - 85.00%	Paid Off - 360	Dec-17-03
1226407 1			114,400.00	112,667.96	Nov-23-04	6.800%	CA - 65.00%	Paid Off - 360	Nov-24-03
1237066 1			150,000.00	149,336.90	Aug-02-04	8.400%	CA - 33.26%	Paid Off - 360	Dec-09-03
1226838 1			52,700.00	52,301.75	Nov-22-04	8.100%	IL - 85.00%	Paid Off - 360	Dec-30-03
1237251 1			175,500.00	174,028.84	Aug-19-04	6.600%	IL - 90.00%	Paid Off - 360	Dec-10-03
1227271 1			201,500.00	199,137.93	Nov-10-04	6.800%	CA - 87.80%	Paid Off - 360	Dec-08-03
1237497 1			250,000.00	248,777.76	Aug-12-04	7.900%	NY - 67.57%	Paid Off - 360	Dec-08-03
1227311 1			103,700.00	102,861.27	Nov-15-04	7.750%	MN - 85.00%	Paid Off - 360	Nov-26-03
1238156 1			128,000.00	127,361.57	Aug-12-04	7.800%	CA - 77.58%	Paid Off - 360	Dec-11-03
1227777 1			255,000.00	252,375.09	Nov-26-04	6.850%	NJ - 77.27%	Paid Off - 360	Dec-19-03
1238181 1			183,000.00	182,037.00	Aug-06-04	7.530%	CA - 87.14%	Paid Off - 360	Dec-12-03
1229282 1			244,800.00	242,522.80	Nov-22-04	6.990%	IL - 80.00%	Paid Off - 360	Nov-26-03
1238619 1			200,000.00	199,012.43	Aug-25-04	7.850%	CA - 56.50%	Paid Off - 360	Dec-11-03
1231960 1			166,000.00	164,756.04	Nov-24-04	7.600%	MN - 89.54%	Paid Off - 360	Dec-19-03
1238902 1			157,500.00	156,625.83	Aug-30-04	7.950%	CA - 75.00%	Paid Off - 360	Dec-04-03
1232147 1			273,700.00	271,394.49	Nov-16-04	7.500%	MO - 85.00%	Paid Off - 360	Dec-04-03
1239740 1			252,000.00	250,484.94	Aug-23-04	6.850%	CA - 90.00%	Paid Off - 360	Dec-29-03
1232902 1			232,000.00	229,598.94	Nov-17-04	5.950%	HI - 77.33%	Paid Off - 360	Dec-31-03
1240083 1			270,750.00	268,648.85	Aug-31-04	6.500%	CA - 95.00%	Paid Off - 360	Dec-05-03
1232927 1			232,000.00	229,970.77	Nov-18-04	6.800%	CA - 80.00%	Paid Off - 360	Dec-16-03
1241029 1			265,500.00	263,792.27	Aug-30-04	6.500%	MA - 90.00%	Paid Off - 360	Dec-17-03
1233156 1			119,700.00	118,688.78	Nov-17-04	7.000%	PA - 95.00%	Paid Off - 360	Dec-30-03
1241069 1			138,400.00	137,734.14	Aug-10-04	7.990%	IL - 80.00%	Paid Off - 360	Dec-08-03
1233580 1			229,500.00	226,764.65	Nov-18-04	5.500%	CA - 90.00%	Paid Off - 360	Dec-17-03
1241562 1			227,250.00	225,910.04	Aug-18-04	6.950%	CA - 94.69%	Paid Off - 360	Dec-11-03
1233697 1			253,600.00	250,616.59	Nov-29-04	5.750%	CA - 80.00%	Paid Off - 360	Nov-25-03
1241767 1			120,000.00	119,264.44	Aug-02-04	6.750%	CA - 80.00%	Paid Off - 360	Dec-31-03
1234577 1			262,500.00	256,738.39	Nov-01-04	6.700%	CA - 72.92%	Paid Off - 240	Dec-12-03
					Page 21 of 28				© COPYRIGHT 2004 Deutsche Bank
					Page 23 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 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
1242048 1			162,000.00	161,265.68	Aug-31-04	8.950%	MD - 100.00%	Paid Off - 360	Dec-08-03
1234827 1			280,800.00	277,111.98	Nov-18-04	5.150%	CA - 90.00%	Paid Off - 360	Dec-16-03
1242197 1			117,600.00	116,812.87	Aug-17-04	7.000%	CO - 80.00%	Paid Off - 360	Nov-28-03
1235015 1			51,850.00	51,465.64	Nov-30-04	7.650%	NJ - 85.00%	Paid Off - 360	Dec-01-03
1246441 1			110,000.00	109,199.54	Aug-31-04	5.850%	CT - 57.59%	Paid Off - 360	Dec-12-03
1235201 1			160,000.00	158,594.54	Nov-26-04	8.350%	NY - 40.00%	Paid Off - 360	Dec-09-03
1246510 1			132,000.00	131,428.17	Aug-26-04	8.500%	CA - 80.00%	Paid Off - 360	Dec-11-03
1236632 1			150,000.00	148,736.37	Nov-15-04	7.500%	NJ - 53.57%	Paid Off - 360	Nov-25-03
1246906 1			280,500.00	279,029.70	Aug-13-04	7.600%	CA - 85.00%	Paid Off - 360	Dec-17-03
1236832 1			116,000.00	114,927.27	Nov-16-04	7.350%	CA - 79.45%	Paid Off - 360	Dec-17-03
1247802 1			155,000.00	154,077.06	Aug-16-04	6.900%	CA - 71.43%	Paid Off - 360	Dec-09-03
1237017 1			255,000.00	251,252.81	Nov-17-04	6.700%	NY - 85.00%	Paid Off - 360	Dec-15-03
1248367 1			220,000.00	219,051.83	Aug-13-04	8.525%	NY - 51.76%	Paid Off - 360	Dec-09-03
1237466 1			147,920.00	146,598.80	Nov-02-04	7.200%	IL - 80.00%	Paid Off - 360	Nov-26-03
1248870 1			41,600.00	41,369.45	Aug-25-04	7.400%	NY - 36.17%	Paid Off - 360	Dec-17-03
1237588 1			180,500.00	178,827.82	Nov-26-04	6.500%	RI - 95.00%	Paid Off - 360	Dec-09-03
1249089 1			296,000.00	293,906.12	Aug-30-04	6.000%	CA - 80.00%	Paid Off - 360	Dec-15-03
1237628 1			195,450.00	193,619.86	Nov-12-04	6.450%	NV - 85.00%	Paid Off - 360	Dec-11-03
1249320 1			320,000.00	318,404.02	Aug-25-04	7.800%	CA - 71.11%	Paid Off - 360	Dec-31-03
1237903 1			113,500.00	112,407.81	Nov-23-04	6.300%	CA - 70.94%	Paid Off - 360	Dec-12-03
1250340 1			195,000.00	194,197.25	Aug-25-04	8.750%	NH - 79.59%	Paid Off - 360	Dec-05-03
1238094 1			198,050.00	196,089.49	Nov-24-04	6.150%	CA - 85.00%	Paid Off - 360	Dec-03-03
1250615 1			209,950.00	208,662.85	Aug-06-04	6.750%	CA - 95.00%	Paid Off - 360	Dec-17-03
1238261 1			270,000.00	267,931.97	Nov-09-04	7.750%	CA - 88.52%	Paid Off - 360	Dec-19-03
1253119 1			250,750.00	249,341.86	Aug-26-04	7.200%	CA - 85.00%	Paid Off - 360	Dec-31-03
1240406 1			125,000.00	124,256.72	Nov-16-04	8.750%	IL - 100.00%	Paid Off - 360	Dec-15-03
1254552 1			186,000.00	184,704.10	Aug-05-04	6.500%	CA - 84.55%	Paid Off - 360	Dec-30-03
1240989 1			238,000.00	236,128.92	Nov-30-04	7.350%	CA - 70.00%	Paid Off - 360	Dec-11-03
1256751 1			83,650.00	83,349.85	Aug-04-04	8.650%	KY - 70.00%	Paid Off - 360	Jan-05-04
1240996 1			136,000.00	134,821.79	Nov-04-04	6.850%	CA - 85.00%	Paid Off - 360	Dec-10-03
1258996 1			66,750.00	66,505.93	Aug-25-04	9.400%	FL - 75.00%	Paid Off - 360	Dec-31-03
1241323 1			268,600.00	266,135.34	Nov-02-04	6.550%	CA - 85.00%	Paid Off - 360	Dec-08-03
1259990 1			232,500.00	231,318.33	Aug-13-04	7.750%	CA - 75.00%	Paid Off - 360	Dec-30-03
1241486 1			120,000.00	118,578.86	Nov-08-04	6.300%	CA - 80.00%	Paid Off - 360	Dec-30-03
1261678 1			86,250.00	85,860.86	Aug-25-04	8.300%	MI - 75.00%	Paid Off - 360	Dec-19-03
1242233 1			181,328.00	179,741.93	Nov-30-04	6.800%	FL - 80.00%	Paid Off - 360	Dec-12-03
1262435 1			151,200.00	150,474.01	Aug-20-04	7.990%	CA - 72.00%	Paid Off - 360	Dec-31-03
1243191 1			232,000.00	230,246.30	Nov-12-04	7.550%	MD - 80.00%	Paid Off - 360	Dec-31-03
1262574 1			324,900.00	323,002.81	Aug-05-04	7.000%	IL - 95.00%	Paid Off - 360	Dec-17-03
1243249 1			289,580.00	287,047.11	Nov-19-04	6.800%	VA - 80.00%	Paid Off - 360	Dec-09-03
1262742 1			184,500.00	183,416.29	Aug-10-04	7.050%	CA - 90.00%	Paid Off - 360	Dec-31-03
1243528 1			284,400.00	282,006.54	Nov-03-04	7.000%	HI - 90.00%	Paid Off - 360	Dec-29-03
1263726 1			194,750.00	193,436.09	Aug-16-04	6.250%	CA - 95.00%	Paid Off - 360	Dec-18-03
1243863 1			317,000.00	314,280.16	Nov-17-04	6.900%	CA - 79.25%	Paid Off - 360	Dec-18-03
1265738 1			46,200.00	46,100.36	Aug-10-04	11.800%	IN - 70.00%	Paid Off - 360	Dec-17-03
1245242 1			83,125.00	82,437.47	Nov-16-04	7.100%	CA - 95.00%	Paid Off - 360	Dec-09-03
1266117 1			241,600.00	240,202.87	Aug-13-04	7.050%	CA - 80.00%	Paid Off - 360	Dec-30-03
1246108 1			100,800.00	99,991.88	Nov-24-04	7.250%	OH - 90.00%	Paid Off - 360	Dec-10-03
1266987 1			156,000.00	154,723.97	Aug-02-04	7.250%	CA - 60.00%	Paid Off - 360	Dec-29-03
1246323 1			121,000.00	119,889.99	Nov-11-04	6.950%	OR - 74.69%	Paid Off - 360	Dec-12-03
1267614 1			90,000.00	89,578.29	Aug-02-04	8.550%	FL - 75.00%	Paid Off - 360	Dec-23-03
1247035 1			196,000.00	194,474.18	Nov-02-04	7.400%	CA - 76.86%	Paid Off - 360	Dec-09-03
1267961 1			65,500.00	65,169.98	Aug-11-04	7.750%	NJ - 94.93%	Paid Off - 360	Dec-19-03
1247916 1			124,000.00	122,977.06	Nov-30-04	7.150%	CA - 82.67%	Paid Off - 360	Dec-31-03
1268447 1			40,000.00	39,814.01	Aug-31-04	8.150%	KY - 62.02%	Paid Off - 360	Dec-31-03
1248859 1			192,100.00	190,574.89	Nov-19-04	7.300%	IL - 85.00%	Paid Off - 360	Dec-31-03
1269094 1			263,250.00	261,411.37	Aug-12-04	7.350%	NH - 65.00%	Paid Off - 360	Dec-31-03
1251098 1			99,450.00	98,870.56	Nov-11-04	8.850%	FL - 90.00%	Paid Off - 360	Dec-31-03
1269551 1			92,000.00	91,512.98	Aug-03-04	7.500%	TX - 80.00%	Paid Off - 360	Dec-30-03
1253158 1			328,000.00	325,185.85	Nov-08-04	6.900%	VA - 80.00%	Paid Off - 360	Dec-30-03
1269860 1			147,600.00	146,695.42	Aug-17-04	8.100%	MA - 90.00%	Paid Off - 360	Dec-24-03
1253851 1			247,500.00	245,271.93	Nov-05-04	6.650%	CA - 84.76%	Paid Off - 360	Dec-31-03
1270317 1			324,320.00	322,173.23	Aug-02-04	6.350%	CA - 80.00%	Paid Off - 360	Dec-18-03
1254933 1			311,000.00	308,035.59	Nov-01-04	6.350%	CA - 89.88%	Paid Off - 360	Dec-24-03
1272702 1			184,000.00	182,168.13	Aug-10-04	6.950%	CA - 80.00%	Paid Off - 360	Dec-30-03
1256123 1			154,500.00	153,359.78	Nov-22-04	7.750%	WA - 88.29%	Paid Off - 360	Dec-15-03
1273214 1			240,000.00	238,872.77	Aug-06-04	8.100%	VA - 56.47%	Paid Off - 360	Dec-30-03
1256558 1			244,000.00	241,865.81	Nov-22-04	6.800%	CA - 80.00%	Paid Off - 360	Dec-30-03
1276110 1			256,000.00	254,239.71	Aug-25-04	6.150%	IL - 73.99%	Paid Off - 360	Dec-30-03
1257173 1			136,500.00	135,178.52	Nov-24-04	6.350%	CO - 63.49%	Paid Off - 360	Dec-24-03
1276936 1			232,000.00	230,709.92	Aug-26-04	7.250%	CA - 80.00%	Paid Off - 360	Dec-30-03
1259126 1			294,300.00	291,371.78	Nov-01-04	6.250%	CA - 90.00%	Paid Off - 360	Dec-10-03
1278045 1			242,250.00	240,967.64	Aug-03-04	7.500%	CA - 95.00%	Paid Off - 360	Dec-30-03
1259145 1			117,000.00	115,808.63	Nov-18-04	6.000%	CT - 46.06%	Paid Off - 360	Dec-30-03
1278491 1			182,750.00	181,843.93	Aug-02-04	7.830%	IL - 85.00%	Paid Off - 360	Dec-29-03
1259428 1			112,800.00	111,895.69	Nov-05-04	7.250%	IL - 80.00%	Paid Off - 360	Dec-30-03
1283074 1			181,600.00	180,315.22	Aug-30-04	6.000%	CA - 80.00%	Paid Off - 360	Jan-02-04
1261137 1			264,350.00	262,015.50	Nov-08-04	6.750%	CA - 85.00%	Paid Off - 360	Dec-30-03
1283163 1			279,920.00	277,943.93	Aug-24-04	6.250%	CA - 80.00%	Paid Off - 360	Dec-23-03
1264102 1			161,250.00	160,054.80	Nov-09-04	7.650%	FL - 68.62%	Paid Off - 360	Dec-31-03
1283314 1			125,600.00	124,736.31	Aug-23-04	6.150%	NV - 80.00%	Paid Off - 360	Dec-31-03
1264189 1			143,000.00	141,597.64	Nov-24-04	6.200%	CA - 65.00%	Paid Off - 360	Dec-30-03
1284949 1			186,150.00	184,948.84	Aug-24-04	6.490%	CA - 85.00%	Paid Off - 360	Dec-31-03
1264683 1			199,250.00	197,507.14	Nov-22-04	6.800%	CA - 69.91%	Paid Off - 360	Dec-12-03
1285990 1			136,400.00	135,641.40	Aug-09-04	7.250%	VA - 62.00%	Paid Off - 360	Dec-31-03
1265077 1			159,800.00	158,375.14	Nov-30-04	6.700%	CA - 85.00%	Paid Off - 360	Dec-31-03
1290459 1			134,000.00	133,240.09	Aug-13-04	7.150%	CA - 72.43%	Paid Off - 360	Dec-31-03
1266285 1			180,000.00	177,781.77	Nov-03-04	7.600%	CA - 90.00%	Paid Off - 360	Dec-18-03
1293371 1			300,000.00	298,678.28	Aug-27-04	8.450%	CA - 74.07%	Paid Off - 360	Dec-31-03
1266714 1			230,000.00	228,226.91	Nov-04-04	7.450%	DC - 100.00%	Paid Off - 360	Dec-18-03
1029275 2			67,150.00	66,287.68	Aug-26-04	8.650%	MI - 74.61%	Paid Off - 240	Nov-12-03
1267083 1			144,000.00	143,148.30	Nov-05-04	9.550%	CA - 72.00%	Paid Off - 360	Dec-31-03
1125443 2			35,200.00	35,072.97	Aug-26-04	10.050%	OH - 78.22%	Paid Off - 360	Nov-24-03
1267087 1			246,500.00	244,364.66	Nov-03-04	6.850%	WA - 85.00%	Paid Off - 360	Jan-02-04
1149378 2			199,000.00	198,125.40	Aug-23-04	9.100%	IL - 72.36%	Paid Off - 360	Nov-10-03
1267362 1			210,500.00	208,662.49	Nov-26-04	6.875%	OR - 84.20%	Paid Off - 360	Dec-31-03
1158612 2			384,000.00	381,214.56	Aug-12-04	7.400%	CA - 93.66%	Paid Off - 360	Nov-07-03
1268707 1			240,000.00	238,149.79	Nov-16-04	7.450%	CA - 80.00%	Paid Off - 360	Dec-29-03
1169816 2			155,800.00	154,747.00	Aug-26-04	6.950%	MO - 95.00%	Paid Off - 360	Nov-17-03
1269072 1			142,200.00	141,226.42	Nov-30-04	8.050%	MI - 79.00%	Paid Off - 360	Dec-24-03
1170324 2			168,000.00	167,222.72	Aug-13-04	8.850%	MD - 80.00%	Paid Off - 360	Nov-21-03
1272822 1			285,600.00	281,370.71	Nov-19-04	6.050%	CA - 80.00%	Paid Off - 360	Dec-30-03
1176984 2			375,000.00	372,609.56	Aug-17-04	7.250%	CA - 62.50%	Paid Off - 360	Nov-17-03
1273386 1			240,000.00	237,880.50	Nov-22-04	6.750%	CA - 100.00%	Paid Off - 360	Dec-24-03
					Page 22 of 28				© COPYRIGHT 2004 Deutsche Bank
					Page 24 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 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
1177390 2			92,000.00	91,556.56	Aug-18-04	8.650%	IL - 46.00%	Paid Off - 360	Nov-19-03
1273761 1			126,000.00	124,989.94	Nov-18-04	7.250%	CA - 88.73%	Paid Off - 360	Dec-31-03
1178498 2			232,750.00	231,266.35	Aug-23-04	7.250%	CA - 95.00%	Paid Off - 360	Nov-17-03
1274352 1			199,000.00	197,510.46	Nov-17-04	7.600%	RI - 84.68%	Paid Off - 360	Dec-30-03
1187731 2			482,000.00	480,491.11	Aug-31-04	4.750%	CA - 75.91%	Paid Off - 300	Nov-26-03
1276038 1			84,000.00	83,279.32	Nov-01-04	6.950%	PA - 80.00%	Paid Off - 360	Dec-31-03
1188551 2			100,000.00	99,393.09	Aug-10-04	7.500%	FL - 80.00%	Paid Off - 360	Nov-17-03
1280254 1			246,930.00	244,227.81	Nov-08-04	5.650%	CA - 75.05%	Paid Off - 360	Dec-30-03
1192258 2			198,000.00	196,762.36	Aug-31-04	7.350%	IL - 45.00%	Paid Off - 360	Nov-12-03
1280276 1			200,001.00	197,701.68	Nov-16-04	6.500%	CA - 80.00%	Paid Off - 360	Dec-30-03
1192427 2			110,000.00	107,836.92	Aug-05-04	10.000%	FL - 84.62%	Paid Off - 240	Nov-26-03
1281081 1			285,000.00	282,987.66	Nov-09-04	7.895%	TX - 95.00%	Paid Off - 360	Dec-31-03
1193176 2			227,500.00	225,625.28	Aug-30-04	5.950%	NY - 65.00%	Paid Off - 360	Nov-25-03
1281634 1			159,000.00	157,455.40	Nov-26-04	6.250%	CA - 100.00%	Paid Off - 360	Dec-30-03
1194689 2			249,000.00	247,296.11	Aug-16-04	6.950%	VA - 65.53%	Paid Off - 360	Nov-17-03
1282736 1			173,500.00	171,507.05	Nov-16-04	5.350%	CA - 54.22%	Paid Off - 360	Dec-30-03
1195256 2			511,000.00	506,974.07	Aug-05-04	6.150%	NY - 79.84%	Paid Off - 360	Nov-17-03
1288024 1			264,800.00	262,592.97	Nov-04-04	7.050%	CA - 80.00%	Paid Off - 360	Dec-31-03
1195394 2			67,000.00	66,721.74	Aug-10-04	9.375%	OR - 34.54%	Paid Off - 360	Nov-13-03
1289574 1			160,000.00	158,860.11	Nov-01-04	7.850%	CA - 51.45%	Paid Off - 360	Dec-30-03
1196307 2			293,850.00	291,579.22	Aug-04-04	6.750%	CA - 90.00%	Paid Off - 360	Nov-25-03
1297406 1			87,200.00	86,566.27	Nov-26-04	7.750%	NM - 80.00%	Paid Off - 360	Dec-30-03
1196581 2			130,060.00	129,286.06	Aug-11-04	7.600%	PA - 63.44%	Paid Off - 360	Nov-19-03
1041132 2			348,000.00	343,799.87	Nov-17-04	6.150%	NY - 80.00%	Paid Off - 360	Nov-05-03
1197713 2			476,000.00	472,973.97	Aug-10-04	7.500%	CA - 70.00%	Paid Off - 360	Nov-18-03
1099990 2			91,000.00	90,402.60	Nov-01-04	8.750%	CA - 70.00%	Paid Off - 360	Dec-02-03
1197914 2			190,000.00	188,517.14	Aug-17-04	6.200%	MA - 79.17%	Paid Off - 360	Nov-17-03
1116120 2			197,000.00	194,798.01	Nov-26-04	6.500%	VA - 82.08%	Paid Off - 360	Nov-07-03
1200547 2			76,000.00	75,602.78	Aug-13-04	8.250%	FL - 61.79%	Paid Off - 360	Nov-25-03
1121999 2			315,000.00	313,014.55	Nov-04-04	8.950%	FL - 78.75%	Paid Off - 360	Nov-05-03
1202159 2			109,650.00	109,070.98	Aug-20-04	8.200%	GA - 70.74%	Paid Off - 360	Nov-26-03
1134759 2			40,300.00	40,113.89	Nov-04-04	10.450%	NC - 65.00%	Paid Off - 360	Nov-19-03
1203979 2			400,000.00	397,317.63	Aug-23-04	6.990%	CA - 64.52%	Paid Off - 360	Nov-20-03
1139231 2			150,000.00	148,538.71	Nov-01-04	6.750%	IL - 69.77%	Paid Off - 360	Nov-17-03
1204134 2			69,000.00	68,639.37	Aug-02-04	8.250%	MI - 75.00%	Paid Off - 360	Nov-19-03
1140189 2			165,600.00	164,014.76	Nov-30-04	6.850%	MN - 90.00%	Paid Off - 360	Nov-19-03
1205186 2			104,000.00	103,561.37	Aug-06-04	9.300%	FL - 71.72%	Paid Off - 360	Nov-24-03
1149188 2			366,350.00	364,265.98	Nov-16-04	9.450%	MI - 85.00%	Paid Off - 360	Nov-20-03
1206244 2			65,500.00	64,058.61	Aug-23-04	8.850%	KS - 77.06%	Paid Off - 180	Nov-24-03
1151862 2			351,200.00	351,200.00	Nov-16-04	5.250%	CA - 80.00%	Paid Off - 300	Oct-28-03
1207072 2			180,000.00	178,841.33	Aug-30-04	7.200%	NY - 62.07%	Paid Off - 360	Nov-17-03
1158363 2			150,000.00	149,064.18	Nov-18-04	9.000%	FL - 65.22%	Paid Off - 360	Nov-25-03
1209519 2			189,550.00	188,263.54	Aug-02-04	7.500%	MA - 85.00%	Paid Off - 360	Nov-25-03
1169112 2			105,000.00	104,371.15	Nov-24-04	9.200%	CA - 70.00%	Paid Off - 360	Nov-17-03
1211993 2			465,000.00	465,000.00	Aug-03-04	4.750%	CA - 82.30%	Paid Off - 300	Nov-26-03
1169417 2			292,500.00	289,306.68	Nov-03-04	6.150%	MA - 65.00%	Paid Off - 360	Nov-18-03
1221267 2			497,250.00	494,346.43	Aug-16-04	7.000%	MD - 85.00%	Paid Off - 360	Dec-11-03
1169493 2			136,000.00	134,962.08	Nov-11-04	8.000%	MI - 93.79%	Paid Off - 360	Nov-18-03
1222934 2			180,000.00	179,225.04	Aug-05-04	9.200%	CA - 60.00%	Paid Off - 360	Dec-03-03
1174717 2			140,000.00	138,242.58	Nov-16-04	5.400%	ME - 86.96%	Paid Off - 360	Nov-17-03
1224049 2			98,500.00	97,957.50	Aug-10-04	7.990%	MI - 100.00%	Paid Off - 360	Nov-20-03
1175410 2			372,200.00	372,200.00	Nov-23-04	5.250%	CA - 80.00%	Paid Off - 300	Nov-17-03
1226410 2			389,600.00	386,559.46	Aug-31-04	6.200%	CA - 80.00%	Paid Off - 360	Nov-26-03
1176443 2			42,000.00	41,783.25	Nov-02-04	10.500%	KS - 33.07%	Paid Off - 360	Nov-13-03
1227352 2			240,000.00	238,874.72	Aug-02-04	8.800%	CA - 65.75%	Paid Off - 360	Nov-26-03
1176606 2			186,000.00	183,372.63	Nov-22-04	5.250%	IL - 77.50%	Paid Off - 360	Nov-26-03
1232920 2			351,000.00	348,742.41	Aug-11-04	6.500%	CA - 90.00%	Paid Off - 360	Dec-19-03
1179382 2			408,000.00	403,127.43	Nov-18-04	6.250%	CA - 80.00%	Paid Off - 360	Nov-12-03
1235983 2			360,000.00	357,815.22	Aug-03-04	7.500%	CA - 79.12%	Paid Off - 360	Nov-25-03
1179974 2			199,000.00	197,239.73	Nov-26-04	7.250%	FL - 100.00%	Paid Off - 360	Nov-10-03
1238822 2			35,000.00	34,888.81	Aug-10-04	10.000%	AL - 35.00%	Paid Off - 360	Dec-12-03
1182837 2			245,000.00	242,658.60	Nov-26-04	6.850%	MA - 70.00%	Paid Off - 360	Nov-25-03
1239835 2			371,200.00	369,174.34	Aug-31-04	7.350%	CA - 80.00%	Paid Off - 360	Dec-08-03
1183923 2			106,250.00	105,337.24	Nov-30-04	7.400%	PA - 85.00%	Paid Off - 360	Nov-17-03
1241743 2			445,000.00	441,559.85	Aug-26-04	6.250%	CA - 89.00%	Paid Off - 360	Dec-05-03
1184646 2			405,000.00	401,554.83	Nov-16-04	7.450%	MD - 90.00%	Paid Off - 360	Nov-10-03
1242314 2			500,000.00	496,993.98	Aug-30-04	6.850%	CA - 79.37%	Paid Off - 360	Dec-12-03
1186022 2			127,500.00	125,571.81	Nov-23-04	8.800%	OR - 75.00%	Paid Off - 360	Nov-12-03
1242447 2			360,000.00	357,448.57	Aug-19-04	5.990%	CA - 80.00%	Paid Off - 360	Dec-30-03
1186957 2			370,500.00	366,729.15	Nov-16-04	6.990%	CA - 95.00%	Paid Off - 360	Nov-10-03
1243136 2			394,250.00	392,036.07	Aug-05-04	7.200%	IL - 94.71%	Paid Off - 360	Dec-19-03
1188479 2			414,000.00	410,148.81	Nov-10-04	6.990%	CA - 90.00%	Paid Off - 360	Nov-14-03
1254678 2			450,000.00	448,089.91	Aug-12-04	8.600%	CA - 54.55%	Paid Off - 360	Dec-19-03
1190570 2			42,000.00	41,581.10	Nov-10-04	7.000%	MI - 61.76%	Paid Off - 360	Nov-17-03
1256931 2			68,850.00	68,526.59	Aug-05-04	8.100%	MI - 85.00%	Paid Off - 360	Jan-05-04
1190615 2			364,650.00	364,649.83	Nov-24-04	5.250%	CA - 85.00%	Paid Off - 300	Nov-13-03
1260188 2			522,000.00	517,603.52	Aug-25-04	5.900%	CA - 90.00%	Paid Off - 360	Dec-23-03
1192560 2			481,500.00	477,136.39	Nov-23-04	7.125%	CA - 90.00%	Paid Off - 360	Nov-18-03
1262917 2			434,000.00	431,452.70	Aug-31-04	7.000%	CA - 100.00%	Paid Off - 360	Dec-15-03
1193088 2			100,000.00	99,281.13	Nov-26-04	8.300%	IL - 78.13%	Paid Off - 360	Nov-13-03
1263328 2			155,000.00	154,374.83	Aug-11-04	8.850%	MA - 50.00%	Paid Off - 360	Dec-31-03
1196380 2			360,000.00	353,114.93	Nov-19-04	6.050%	CA - 80.00%	Paid Off - 360	Nov-13-03
1267564 2			65,650.00	65,440.67	Aug-10-04	10.200%	FL - 65.00%	Paid Off - 360	Dec-31-03
1198688 2			344,400.00	341,383.25	Nov-16-04	7.300%	NJ - 82.00%	Paid Off - 360	Nov-21-03
1269327 2			387,600.00	384,805.96	Aug-31-04	5.900%	CA - 85.00%	Paid Off - 360	Dec-30-03
1198770 2			85,000.00	84,424.81	Nov-29-04	8.600%	LA - 79.44%	Paid Off - 360	Nov-17-03
1272748 2			93,500.00	91,611.46	Aug-27-04	8.250%	NY - 85.00%	Paid Off - 180	Dec-31-03
1199446 2			160,500.00	158,162.27	Nov-04-04	8.150%	CA - 76.43%	Paid Off - 360	Nov-17-03
1290998 2			189,600.00	188,506.44	Aug-31-04	6.250%	MI - 80.00%	Paid Off - 360	Jan-05-04
1200750 2			45,000.00	44,713.44	Nov-30-04	8.900%	MI - 87.38%	Paid Off - 360	Nov-25-03
					Page 23 of 28				© COPYRIGHT 2004 Deutsche Bank
1201664 2			343,074.00	339,389.11	Nov-16-04	6.250%	CA - 95.00%	Paid Off - 360	Nov-12-03
1202454 2			208,000.00	206,984.34	Nov-02-04	10.200%	CA - 65.00%	Paid Off - 360	Nov-17-03
1202909 2			427,500.00	423,131.68	Nov-26-04	6.500%	CA - 90.00%	Paid Off - 360	Nov-19-03
1206110 2			422,750.00	418,263.48	Nov-11-04	6.300%	CA - 95.00%	Paid Off - 360	Nov-20-03
1206653 2			112,000.00	110,958.11	Nov-23-04	6.990%	NV - 80.00%	Paid Off - 360	Nov-20-03
1207420 2			265,000.00	262,524.27	Nov-04-04	7.250%	WA - 82.81%	Paid Off - 360	Nov-26-03
1211545 2			343,200.00	339,859.61	Nov-01-04	6.750%	CA - 80.00%	Paid Off - 360	Dec-15-03
					Page 25 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 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
1211689 2			263,900.00	261,201.53	Nov-30-04	6.500%	WA - 91.00%	Paid Off - 360	Nov-24-03
1214698 2			628,125.00	621,583.87	Nov-30-04	6.400%	CO - 75.00%	Paid Off - 360	Nov-20-03
1216502 2			94,400.00	93,925.96	Nov-02-04	10.050%	TX - 80.00%	Paid Off - 360	Nov-24-03
1217591 2			150,000.00	148,580.12	Nov-23-04	6.900%	NY - 71.43%	Paid Off - 360	Nov-26-03
1219813 2			60,000.00	59,593.27	Nov-16-04	8.450%	IN - 69.77%	Paid Off - 360	Dec-12-03
1221806 2			57,000.00	55,086.09	Nov-17-04	7.785%	CA - 42.86%	Paid Off - 180	Nov-26-03
1222481 2			362,500.00	358,768.44	Nov-01-04	6.750%	CA - 100.00%	Paid Off - 360	Nov-25-03
1222968 2			108,000.00	107,357.81	Nov-01-04	8.750%	FL - 80.00%	Paid Off - 360	Dec-12-03
1227815 2			123,000.00	122,434.93	Nov-30-04	10.000%	CT - 68.33%	Paid Off - 360	Dec-09-03
1228968 2			360,000.00	356,187.45	Nov-17-04	7.000%	CA - 100.00%	Paid Off - 360	Dec-02-03
1230182 2			344,000.00	340,799.93	Nov-30-04	6.990%	CA - 80.00%	Paid Off - 360	Nov-26-03
1230884 2			336,000.00	332,605.91	Nov-01-04	6.050%	CA - 80.00%	Paid Off - 360	Dec-31-03
1234710 2			154,000.00	153,238.93	Nov-03-04	9.650%	NY - 70.00%	Paid Off - 360	Dec-30-03
1236966 2			486,000.00	479,754.33	Nov-29-04	6.950%	NY - 90.00%	Paid Off - 360	Dec-10-03
1256725 2			92,150.00	91,452.72	Nov-29-04	7.850%	OH - 95.00%	Paid Off - 360	Jan-05-04
1263305 2			341,950.00	338,930.13	Nov-01-04	6.750%	MD - 89.99%	Paid Off - 360	Dec-19-03
1268573 2			170,206.00	168,841.50	Nov-23-04	7.250%	TX - 100.00%	Paid Off - 360	Dec-16-03
1274839 2			151,000.00	150,172.57	Nov-01-04	9.150%	MA - 54.91%	Paid Off - 360	Dec-30-03
1289637 2			98,000.00	97,236.90	Nov-04-04	7.400%	CA - 63.64%	Paid Off - 360	Jan-02-04
					Page 26 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Loans Liquidated					-	-1	-1
	Collateral Realized Loss/(Gain) Amount					-	-(1,559.22)	-(1,559.22)
	Net Liquidation Proceeds					-	-96,163.70	-96,163.70
	Cumulative
	Number of Loans Liquidated					-	-2	-2
	Collateral Realized Loss/(Gain) Amount					-	-70,821.20	-70,821.20
	Net Liquidation Proceeds					-	-158,056.12	-158,056.12
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Cumulative Loss Percentage						0.0001%	0.0001%
	Group 1						3 Months Moving Average
	Group 2
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 24 of 28				© COPYRIGHT 2004 Deutsche Bank
				Page 27 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL
	MDR					0.00%	0.0001%	0.0001%
	3 Months Avg MDR					0.00%	0.0001%	0.0001%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%
	CDR					0.00%	0.0014%	0.0010%
	3 Months Avg CDR					0.00%	0.0011%	0.0008%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.0004%	0.0003%
	SDA					0.00%	0.0061%	0.0043%
	3 Months Avg SDA Approximation					0.00%	0.0052%	0.0037%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.0026%	0.0018%
	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 25 of 28				© COPYRIGHT 2004 Deutsche Bank
				Page 28 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 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 26 of 28				© COPYRIGHT 2004 Deutsche Bank
				Page 29 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for September 27, 2004 Distribution
	Realized Loss Detail Report for December 27, 2004 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Current Losses = 1
Total Loan Count Revisions = 0						Loan Group 1 = Group 1
Total Loan Count Revisions = 1						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00						Loan Group 2 = Group 2
Total Prior Principal Balance = 94,604.48						Loan Group 2 = Group 2
Total Current Realized Loss Amount = 0.00
Total Current Realized Loss Amount = 940.78
Total Revisions Amount = 0.00
Total Revisions Amount = -2,500.00
Total Realized Loss Amount = 0.00
Total Realized Loss Amount = -1,559.22
Total Net Liquidation Proceeds = 0.00
Total Net Liquidation Proceeds = 96,163.70
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
1262448 1		REO	8.500%	LA - 70.00%	360	94,604.48		940.78	940.78
					Page 27 of 28				© COPYRIGHT 2004 Deutsche Bank
1235994 1				MO - 100.00%	360		Revision	(2,500.00)	(2,500.00)
					Page 30 of 31				© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 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
	(60+ Day Delq % is > = to 40% of Senior Enhancement %)
	(x) Rolling 3-month avg. of 60+ Day Delq loans							1727,~~679~~937,~~219~~205.1030
	(y) Stated Principal Balance							0.00
	60+ Day Delq % ( quotient of (x) over (y) )							12.3745%
	Trigger Event 40% of Sr Enhancement Percentage							89.1319%
	Senior Enhancement Percentage							2124.1411%
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	0.00
				Page 28 of 28				© COPYRIGHT 2004 Deutsche Bank
				Page 31 of 31				© COPYRIGHT 2004 Deutsche Bank

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