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

                                      FORM 8-K /A

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

             Date of Report (Date of earliest event reported): June 25, 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
     June 25, 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:  Jan 12, 2005               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President



                                   EXHIBIT INDEX

         DOCUMENT

         99.1 Monthly Remittance Statement to the Certificateholders dated as of
              June 25, 2004.


	Morgan Stanley ABS Capital I Inc. 2004-NC3
	Mortgage Pass-Through Certificates


	June 25, 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				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				22
			12.	Realized Loss Detail Report				25
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				26




				Total Number of Pages				26



			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.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: June 25, 2004
	Underwriter(s):		Morgan Stanley Lead Underwriter					Record Date: May 28, 2004







						Page 1 of 26					© COPYRIGHT 2004 Deutsche Bank
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
	REMIC II Series 2004-NC3											27
	Certificate Payment Report for June 25, 2004 Distribution											57
												0
												0
	Distribution in Dollars - Current Period											40
					Prior						Current	12
	Class	Original			Principal			Total	Realized	Deferred	Principal	52
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance	76
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)	45
												0
A-1	FLT	822,069,000.00			805,865,342.12	1,040,909.40	20,523,739.66	21,564,649.06	-	-	785,341,602.46	76
A-2	FLT	75,000,000.00			73,157,375.04	85,675.41	2,449,766.18	2,535,441.59	-	-	70,707,608.87	74
A-3	FLT	187,000,000.00			180,707,779.73	191,399.66	8,365,494.20	8,556,893.86	-	-	172,342,285.53	78
A-4	FLT	69,111,000.00			69,111,000.00	90,458.62	-	90,458.62	-	-	69,111,000.00	49
M-1	MEZ	84,896,000.00			84,896,000.00	119,160.97	-	119,160.97	-	-	84,896,000.00	51
M-2	MEZ	74,285,000.00			74,285,000.00	140,728.81	-	140,728.81	-	-	74,285,000.00	51
M-3	MEZ	21,224,000.00			21,224,000.00	44,776.74	-	44,776.74	-	-	21,224,000.00	49
B-1	SUB	17,687,000.00			17,687,000.00	41,883.80	-	41,883.80	-	-	17,687,000.00	47
B-2	SUB	17,687,000.00			17,687,000.00	43,406.85	-	43,406.85	-	-	17,687,000.00	49
B-3	SUB	16,272,000.00			16,272,000.00	57,449.20	-	57,449.20	-	-	16,272,000.00	47
B-4	SUB	12,735,000.00			12,735,000.00	53,186.31	-	53,186.31	-	-	12,735,000.00	49
X	SUB	16,979,071.00			16,979,340.85	5,748,351.28	-	5,748,351.28	-	-	16,979,340.85	57
P	EXE	-			-	530,176.00	-	530,176.00	-	-	-	22
R	R	-			-	-	-	-	-	-	-	10
												0
												0
Total		1,414,945,071.00			1,390,606,837.75	8,187,563.05	31,339,000.04	39,526,563.09	-	-	1,359,267,837.71	75
												0
												0
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face							84
						Orig. Principal	Prior				Current	27
	Period	Period				(with Notional)	Principal			Total	Principal	50
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance	80
							(1)	(2)	(3)	(4)=(2)+(3)	(5)	23
												0
A-1	05/25/04	06/24/04		A-Act/360	61744CBS4	822,069,000.00	980.289175	1.266207	24.965957	26.232164	955.323218	120
A-2	05/25/04	06/24/04		A-Act/360	61744CBT2	75,000,000.00	975.431667	1.142339	32.663549	33.805888	942.768118	109
A-3	05/25/04	06/24/04		A-Act/360	61744CBU9	187,000,000.00	966.351763	1.023528	44.735263	45.758791	921.616500	118
A-4	05/25/04	06/24/04		A-Act/360	61744CBV7	69,111,000.00	1,000.000000	1.308889	-	1.308889	1,000.000000	80
M-1	05/25/04	06/24/04		A-Act/360	61744CBW5	84,896,000.00	1,000.000000	1.403611	-	1.403611	1,000.000000	80
M-2	05/25/04	06/24/04		A-Act/360	61744CBX3	74,285,000.00	1,000.000000	1.894445	-	1.894445	1,000.000000	80
M-3	05/25/04	06/24/04		A-Act/360	61744CBY1	21,224,000.00	1,000.000000	2.109722	-	2.109722	1,000.000000	80
B-1	05/25/04	06/24/04		A-Act/360	61744CBZ8	17,687,000.00	1,000.000000	2.368056	-	2.368056	1,000.000000	80
B-2	05/25/04	06/24/04		A-Act/360	61744CCA2	17,687,000.00	1,000.000000	2.454167	-	2.454167	1,000.000000	80
B-3	05/25/04	06/24/04		A-Act/360	61744CCB0	16,272,000.00	1,000.000000	3.530556	-	3.530556	1,000.000000	80
B-4	05/25/04	06/24/04		A-Act/360	61744CCC8	12,735,000.00	1,000.000000	4.176389	-	4.176389	1,000.000000	80
X	05/25/04	06/24/04		A-Act/360		16,979,071.00	1,000.015893	338.555112	-	338.555112	1,000.015893	93
P	05/25/04	06/24/04		-		-	-	-	-	-	-	18
R	05/25/04	06/24/04		-		-	-	-	-	-	-	18
												0
												0
							Page 2 of 26				© COPYRIGHT 2004 Deutsche Bank	43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
	REMIC II Series 2004-NC3											27
	Certificate Payment Report for June 25, 2004 Distribution											57
												0
												0
	Distribution in Dollars - to Date											33
											Current	7
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal	65
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance	83
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)	59
												0
A-1	822,069,000.00		2,376,771.53		35,105,388.47	1,622,009.07	36,727,397.54	39,104,169.07	-	-	785,341,602.46	93
A-2	75,000,000.00		196,175.41		4,103,433.56	188,957.57	4,292,391.13	4,488,566.54	-	-	70,707,608.87	88
A-3	187,000,000.00		440,577.16		14,012,459.64	645,254.83	14,657,714.47	15,098,291.63	-	-	172,342,285.53	95
A-4	69,111,000.00		204,261.40		-	-	-	204,261.40	-	-	69,111,000.00	40
M-1	84,896,000.00		269,073.16		-	-	-	269,073.16	-	-	84,896,000.00	42
M-2	74,285,000.00		317,774.73		-	-	-	317,774.73	-	-	74,285,000.00	42
M-3	21,224,000.00		101,108.77		-	-	-	101,108.77	-	-	21,224,000.00	42
B-1	17,687,000.00		94,576.32		-	-	-	94,576.32	-	-	17,687,000.00	40
B-2	17,687,000.00		98,015.46		-	-	-	98,015.46	-	-	17,687,000.00	40
B-3	16,272,000.00		129,724.00		-	-	-	129,724.00	-	-	16,272,000.00	36
B-4	12,735,000.00		120,098.12		-	-	-	120,098.12	-	-	12,735,000.00	42
X	16,979,071.00		11,114,514.61		-	-	-	11,114,514.61	-	269.85	16,979,340.85	52
P	-		963,390.65		-	-	-	963,390.65	-	-	-	26
R	-		-		-	-	-	-	-	-	-	10
												0
												0
Total	1,414,945,071.00		16,426,061.32		53,221,281.67	2,456,221.47	55,677,503.14	72,103,564.46	-	269.85	1,359,267,837.71	95
												0
												0
	Interest Detail											15
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current	54
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid	73
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest	78
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)	45
												0
A-1	1.50000%	805,865,342.12			1,040,909.40	-	-	-	1,040,909.40	1,040,909.40	-	53
A-2	1.36000%	73,157,375.04			85,675.41	-	-	-	85,675.41	85,675.41	-	50
A-3	1.23000%	180,707,779.73			191,399.66	-	-	-	191,399.66	191,399.66	-	54
A-4	1.52000%	69,111,000.00			90,458.62	-	-	-	90,458.62	90,458.62	-	45
M-1	1.63000%	84,896,000.00			119,160.97	-	-	-	119,160.97	119,160.97	-	48
M-2	2.20000%	74,285,000.00			140,728.81	-	-	-	140,728.81	140,728.81	-	47
M-3	2.45000%	21,224,000.00			44,776.74	-	-	-	44,776.74	44,776.74	-	45
B-1	2.75000%	17,687,000.00			41,883.80	-	-	-	41,883.80	41,883.80	-	42
B-2	2.85000%	17,687,000.00			43,406.85	-	-	-	43,406.85	43,406.85	-	45
B-3	4.10000%	16,272,000.00			57,449.20	-	-	-	57,449.20	57,449.20	-	41
B-4	4.85000%	12,735,000.00			53,186.31	-	-	-	53,186.31	53,186.31	-	45
X	4.95977%	16,979,340.85			5,748,351.28	-	-	-	5,748,351.28	5,748,351.28	-	64
P		-			530,176.00	-	-	-	530,176.00	530,176.00	-	24
R		-			-	-	-	-	-	-	-	9
												0
												0
Total		1,390,606,837.75			8,187,563.05	-	-	-	8,187,563.05	8,187,563.05	-	52
												0
												0
							Page 3 of 26				© COPYRIGHT 2004 Deutsche Bank	43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Collection Account Report for June 25, 2004 Distribution											56
												0
												0
	Collection Account Report											25
												0
												0
SUMMARY						GROUP 2	GROUP 1	TOTAL				26
												0
	Principal Collections					10,815,260.38	20,523,739.66	31,339,000.04				63
	Principal Other Accounts					0.00	0.00	0.00				39
	TOTAL NET PRINCIPAL					10,815,260.38	20,523,739.66	31,339,000.04				61
												0
	Interest Collections					2,224,325.20	5,540,532.22	7,764,857.42				59
	Interest Withdrawals					0.00	0.00	0.00				35
	Interest Other Accounts					0.00	0.00	0.00				38
	Interest Fees					(30,873.77)	(76,596.60)	(107,470.37)				47
	TOTAL NET INTEREST					2,193,451.43	5,463,935.62	7,657,387.05				57
												0
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					13,008,711.81	25,987,675.28	38,996,387.09				82
												0
	Prepayment Premiums Collected					0.00	530,176.00	530,176.00				56
												0
	TOTAL FUNDS AVAILABLE FOR DISTRIBUTION						26,517,851.28	39,526,563.09				66
												0
												0
PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL				42
												0
	Scheduled Principal Received					335,594.55	883,660.64	1,219,255.19				63
	Prepayments In Full					10,451,162.93	19,450,247.07	29,901,410.00				61
	Curtailments					28,502.90	189,831.95	218,334.85				44
	Liquidations					0.00	0.00	0.00				27
	Insurance Principal					0.00	0.00	0.00				34
	Repurchased Principal Amounts					0.00	0.00	0.00				44
	Other Principal					0.00	0.00	0.00				30
	Total Realized Loss Of Principal					0.00	0.00	0.00				47
	Delinquent Principal					(281,266.57)	(736,245.92)	(1,017,512.49)				58
	Advanced Principal					281,266.57	736,245.92	1,017,512.49				53
												0
	TOTAL PRINCIPAL COLLECTED					10,815,260.38	20,523,739.66	31,339,000.04				67
												0
												0
				Page 4 of 26				© COPYRIGHT 2004 Deutsche Bank				42
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Collection Account Report for June 25, 2004 Distribution											56
												0
												0
	Collection Account Report											25
												0
												0
PRINCIPAL - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL				42
SPACE INTENTIONALLY LEFT BLANK												30
												0
												0
PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL				45
SPACE INTENTIONALLY LEFT BLANK												30
												0
												0
INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL				41
												0
	Scheduled Interest					2,360,403.80	5,881,185.64	8,241,589.44				57
	Liquidation Interest					0.00	0.00	0.00				35
	Repurchased Interest					0.00	0.00	0.00				35
	Insurance Interest					0.00	0.00	0.00				33
	Other Interest					0.00	(1,074.20)	(1,074.20)				39
	Relief Act Interest Shortfalls					0.00	0.00	0.00				45
	Net Prepayment Interest Shortfalls					0.00	0.00	0.00				49
	Delinquent Interest					(1,949,615.02)	(4,846,776.99)	(6,796,392.01)				61
	Interest Advanced					1,813,536.42	4,507,197.77	6,320,734.19				56
												0
	TOTAL INTEREST COLLECTED					2,224,325.20	5,540,532.22	7,764,857.42				63
												0
												0
				Page 5 of 26				© COPYRIGHT 2004 Deutsche Bank				42
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Collection Account Report for June 25, 2004 Distribution											56
												0
												0
	Collection Account Report											25
												0
												0
INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL				41
												0
	Trust Fund Expenses						0.00	0.00				29
	Nonrecoverable Advances						0.00	0.00				33
	Reimbursements to Master Servicer						0.00	0.00				43
												0
	TOTAL INTEREST WITHDRAWALS						0.00	0.00				36
												0
												0
INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL				44
												0
												0
												0
	Retained Interest Due to Unaffiliated Seller						0.00	0.00				54
												0
	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00				44
												0
												0
INTEREST - FEES						GROUP 2	GROUP 1	TOTAL				34
												0
	Current Servicing Fees					29,811.87	73,949.83	103,761.70				53
	Trustee Fee					1,061.90	2,646.77	3,708.67				38
	Certificate Insurance Fees					0.00	0.00	0.00				41
												0
	TOTAL INTEREST OTHER FEES					30,873.77	76,596.60	107,470.37				56
												0
												0
				Page 6 of 26				© COPYRIGHT 2004 Deutsche Bank				42
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Credit Enhancement Report for June 25, 2004 Distribution											56
												0
												0
	Credit Enhancement Report											25
												0
												0
ACCOUNTS						GROUP 2	GROUP 1	TOTAL				27
SPACE INTENTIONALLY LEFT BLANK												30
												0
												0
INSURANCE						GROUP 2	GROUP 1	TOTAL				28
SPACE INTENTIONALLY LEFT BLANK												30
												0
												0
STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL				38
												0
	Beginning Subordinated Amount							16,979,340.85				43
	Ending Subordinated Amount							16,979,340.85				40
	Specified Subordinated Amount							16,979,340.85				43
												0
												0
	Senior Enhancement Percentage							19.26%				35
												0
												0
				Page 7 of 26				© COPYRIGHT 2004 Deutsche Bank				42
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Collateral Report for June 25, 2004 Distribution											48
												0
												0
	Collateral Report											17
												0
												0
COLLATERAL						GROUP 2	GROUP 1	TOTAL				29
	Loan Count:											11
	Original					1977	6310	8287				20
	Prior					1,949	6,226	8,175				17
	Prefunding					-	-	-				13
	Scheduled Paid Offs					-	-	-				22
	Full Voluntary Prepayments					(35)	(103)	(138)				37
	Repurchases					-	-	-				14
	Liquidations					-	-	-				15
	Current					1,914	6,123	8,037				19
												0
	Principal Balance:											18
	Original					406,197,703.28	1,008,605,737.65	1,414,803,440.93				46
	Prior					398,137,122.99	992,469,714.76	1,390,606,837.75				42
	Prefunding					-	-	-				13
	Scheduled Principal					(335,594.55)	(883,660.64)	(1,219,255.19)				50
	Partial and Full Voluntary Prepayments					(10,479,665.83)	(19,640,079.02)	(30,119,744.85)				74
	Repurchases					-	-	-				14
	Liquidations					-	-	-				15
	Current					387,321,862.61	971,945,975.10	1,359,267,837.71				43
												0
PREFUNDING						GROUP 2	GROUP 1	TOTAL				29
												0
	Prefunding Account - Initial Balance					74,174.81	67,455.48	141,630.29				67
	Prefunding Account - Beginning Balance					0.00	0.00	0.00				53
	Prefunding Account - Withdrawls for Subsequent Transfers					0.00	0.00	0.00				71
	Prefunding Account - Released as Principal					0.00	0.00	0.00				57
	Prefunding Account - Ending Balance					0.00	0.00	0.00				50
												0
	Capitalized Interest Account - Initial Balance							0.00				51
	Capitalized Interest Account - Beginning Balance							0.00				53
	Capitalized Interest Account - Withdrawls							0.00				46
	Capitalized Interest Account - Interest Earnings							0.00				53
	Capitalized Interest Account - Ending Balance							0.00				50
												0
												0
	Group 1											12
	Group 2											12
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)							111
												0
												0
				Page 8 of 26				© COPYRIGHT 2004 Deutsche Bank				42
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Collateral Report for June 25, 2004 Distribution											48
												0
												0
	Collateral Report											17
												0
												0
CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL				34
												0
	Weighted Average Coupon Original					7.136584%	7.118470%	7.123670%				85
	Weighted Average Coupon Prior					7.136584%	7.118470%	7.123670%				82
	Weighted Average Coupon Current					7.114344%	7.109672%	7.111009%				85
	Weighted Average Months to Maturity Original					346	349	348				64
	Weighted Average Months to Maturity Prior					346	349	348				61
	Weighted Average Months to Maturity Current					345	348	347				63
	Weighted Avg Remaining Amortization Term Original					346	349	348				89
	Weighted Avg Remaining Amortization Term Prior					346	349	348				86
	Weighted Avg Remaining Amortization Term Current					344	348	347				88
	Weighted Average Seasoning Original					4.70	4.54	4.59				71
	Weighted Average Seasoning Prior					4.70	4.54	4.59				68
	Weighted Average Seasoning Current					5.70	5.54	5.58				70
												0
Note: Original information refers to deal issue.												49
												0
												0
	Group 1											12
	Group 2											12
WAC by Groups					Total WAC							22
												0
												0
WARAT by Groups					Total WARAT							26
												0
												0
Note: Dates correspond to distribution dates.												45
				Page 9 of 26				© COPYRIGHT 2004 Deutsche Bank				42
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Collateral Report for June 25, 2004 Distribution											48
												0
												0
	Collateral Report											17
												0
												0
ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL				38
												0
	Weighted Average Margin Original					3.889%	4.329%					52
	Weighted Average Margin Prior					3.889%	4.329%					49
	Weighted Average Margin Current					3.873%	4.323%					51
	Weighted Average Max Rate Original					9.610%	10.626%					53
	Weighted Average Max Rate Prior					9.610%	10.626%					50
	Weighted Average Max Rate Current					9.555%	10.608%					53
	Weighted Average Min Rate Original					4.754%	5.375%					54
	Weighted Average Min Rate Prior					4.754%	5.375%					51
	Weighted Average Min Rate Current					4.722%	5.364%					52
	Weighted Average Cap Up Original					1.110%	1.138%					52
	Weighted Average Cap Up Prior					1.110%	1.138%					49
	Weighted Average Cap Up Current					1.104%	1.136%					51
	Weighted Average Cap Down Original					1.110%	1.138%					54
	Weighted Average Cap Down Prior					1.110%	1.138%					51
	Weighted Average Cap Down Current					1.104%	1.136%					53
												0
Note: Original information refers to deal issue.												49
												0
SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL				44
												0
	Current Servicing Fees					29,811.87	73,949.83	103,761.70				53
	Delinquent Servicing Fees					136,078.60	339,579.22	475,657.82				58
	TOTAL SERVICING FEES					165,890.47	413,529.05	579,419.52				53
												0
	Prepayment Interest Shortfall					31,904.99	50,949.13	82,854.12				59
	Compensating Interest					(31,904.99)	(50,949.13)	(82,854.12)				54
												0
	Delinquent Servicing Fees					(136,078.60)	(339,579.22)	(475,657.82)				61
												0
	COLLECTED SERVICING FEES					29,811.87	73,949.83	103,761.70				55
												0
	Aggregate Advances with respect to this Distribution					2,094,802.99	5,243,443.69	7,338,246.68				91
	Current Nonrecoverable Advances					0.00	0.00	0.00				46
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00				49
												0
												0
ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL				52
												0
	Net Prepayment Interest Shortfall						0.00	0.00				43
												0
	Net Monthly Excess Cash Flow							5,748,351.28				41
												0
	Ending Pool Stated Principal Balance					387,321,862.61	971,945,975.10	1,359,267,837.71				83
												0
												0
				Page 10 of 26				© COPYRIGHT 2004 Deutsche Bank				43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Delinquency Report for June 25, 2004 Distribution											49
												0
												0
	Delinquency Report - Total											27
												0
												0
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL				46
DELINQUENT		Balance			16,113,894.05	3,636,804.37	758,985.17	20,509,683.59				58
		% Balance			1.19%	0.27%	0.06%	1.51%				84
		# Loans			105	18	3	126				16
		% # Loans			1.31%	0.22%	0.04%	1.57%				84
FORECLOSURE		Balance		-	-	2,087,138.52	150,381.09	2,237,519.61				49
		% Balance		0.00%	0.00%	0.15%	0.01%	0.16%				68
		# Loans		-	-	14	1	15				14
		% # Loans		0.00%	0.00%	0.17%	0.01%	0.19%				69
BANKRUPTCY		Balance		1,131,897.53	-	-	-	1,131,897.53				40
		% Balance		0.08%	0.00%	0.00%	0.00%	0.08%				52
		# Loans		8	-	-	-	8				12
		% # Loans		0.10%	0.00%	0.00%	0.00%	0.10%				52
REO		Balance		-	-	-	-	-				15
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%				14
		# Loans		-	-	-	-	-				12
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%				14
												0
TOTAL		Balance		1,131,897.53	16,113,894.05	5,723,942.89	909,366.26	23,879,100.73				63
		% Balance		0.08%	1.19%	0.42%	0.07%	1.76%				104
		# Loans		8	105	32	4	149				17
		% # Loans		0.10%	1.31%	0.40%	0.05%	1.85%				104
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+												94
								6 Months Moving Average				24
1 or 2 Payments Delinquent					3 or More Payments Delinquent							55
												0
												0
Total Foreclosure					Total Bankruptcy and REO							41
												0
												0
Note: Dates correspond to distribution dates.												45
				Page 11 of 26				© COPYRIGHT 2004 Deutsche Bank				43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Delinquency Report for June 25, 2004 Distribution											49
												0
												0
	Delinquency Report - Group 1 Group											36
												0
												0
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL				46
DELINQUENT		Balance			10,266,151.56	1,796,860.63	298,629.18	12,361,641.37				58
		% Balance			1.06%	0.18%	0.03%	1.27%				84
		# Loans			74	12	1	87				14
		% # Loans			1.21%	0.20%	0.02%	1.42%				84
FORECLOSURE		Balance		-	-	1,347,824.12	150,381.09	1,498,205.21				49
		% Balance		0.00%	0.00%	0.14%	0.02%	0.15%				69
		# Loans		-	-	9	1	10				13
		% # Loans		0.00%	0.00%	0.15%	0.02%	0.16%				69
BANKRUPTCY		Balance		993,634.42	-	-	-	993,634.42				38
		% Balance		0.10%	0.00%	0.00%	0.00%	0.10%				50
		# Loans		6	-	-	-	6				12
		% # Loans		0.10%	0.00%	0.00%	0.00%	0.10%				52
REO		Balance		-	-	-	-	-				15
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%				14
		# Loans		-	-	-	-	-				12
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%				14
												0
TOTAL		Balance		993,634.42	10,266,151.56	3,144,684.75	449,010.27	14,853,481.00				59
		% Balance		0.10%	1.06%	0.32%	0.05%	1.53%				102
		# Loans		6	74	21	2	103				16
		% # Loans		0.10%	1.21%	0.34%	0.03%	1.68%				103
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+												94
								6 Months Moving Average				24
1 or 2 Payments Delinquent					3 or More Payments Delinquent							55
												0
												0
Total Foreclosure					Total Bankruptcy and REO							41
												0
												0
Note: Dates correspond to distribution dates.												45
				Page 12 of 26				© COPYRIGHT 2004 Deutsche Bank				43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Delinquency Report for June 25, 2004 Distribution											49
												0
												0
	Delinquency Report - Group 2 Group											36
												0
												0
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL				46
DELINQUENT		Balance			5,847,742.49	1,839,943.74	460,355.99	8,148,042.22				56
		% Balance			1.51%	0.48%	0.12%	2.10%				83
		# Loans			31	6	2	39				13
		% # Loans			1.62%	0.31%	0.10%	2.04%				81
FORECLOSURE		Balance		-	-	739,314.40	-	739,314.40				37
		% Balance		0.00%	0.00%	0.19%	0.00%	0.19%				50
		# Loans		-	-	5	-	5				12
		% # Loans		0.00%	0.00%	0.26%	0.00%	0.26%				48
BANKRUPTCY		Balance		138,263.11	-	-	-	138,263.11				38
		% Balance		0.04%	0.00%	0.00%	0.00%	0.04%				52
		# Loans		2	-	-	-	2				12
		% # Loans		0.10%	0.00%	0.00%	0.00%	0.10%				50
REO		Balance		-	-	-	-	-				15
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%				14
		# Loans		-	-	-	-	-				12
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%				14
												0
TOTAL		Balance		138,263.11	5,847,742.49	2,579,258.14	460,355.99	9,025,619.73				60
		% Balance		0.04%	1.51%	0.67%	0.12%	2.33%				102
		# Loans		2	31	11	2	46				15
		% # Loans		0.10%	1.62%	0.57%	0.10%	2.40%				100
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+												94
								6 Months Moving Average				24
1 or 2 Payments Delinquent					3 or More Payments Delinquent							55
												0
												0
Total Foreclosure					Total Bankruptcy and REO							41
												0
												0
Note: Dates correspond to distribution dates.												45
				Page 13 of 26				© COPYRIGHT 2004 Deutsche Bank				43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	REO Report for June 25, 2004 Distribution											41
												0
												0
	REO Report - Mortgage Loans that Become REO During Current Distribution											73
												0
												0
SUMMARY				LOAN GROUP								21
												0
Total Loan Count = 0				Loan Group 1 = Group 1; REO Book Value = 000.00								80
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2; REO Book Value = 000.00								105
Total Current Balance = 000.00												32
REO Book Value = 000.00												25
												0
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.												116
												0
Loan Number		Original	Stated		Current	State &						39
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination				55
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date				51
SPACE INTENTIONALLY LEFT BLANK												30
												0
												0
				Page 14 of 26				© COPYRIGHT 2004 Deutsche Bank				43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Foreclosure Report for June 25, 2004 Distribution											49
												0
												0
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution											89
												0
												0
SUMMARY				LOAN GROUP								21
												0
Total Loan Count = 15				Loan Group 1 = Group 1								52
Total Original Principal Balance = 2,245,067.00				Loan Group 2 = Group 2								82
Total Current Balance = 2,237,519.61												38
												0
												0
Loan Number		Original	Stated		Current	State &						39
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination				55
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date				51
												0
1163162 1		101,250.00	100,925.56	Feb-01-04	9.250%	MD - 75.00%	360	Nov-12-03				57
1165088 1		300,000.00	298,695.91	Feb-01-04	7.700%	CA - 73.17%	360	Nov-12-03				56
1166907 1		150,750.00	150,381.09	Jan-01-04	9.600%	MI - 75.00%	360	Dec-19-03				56
1175418 1		300,000.00	298,945.27	Feb-01-04	8.750%	CA - 61.22%	360	Nov-12-03				57
1176159 1		100,000.00	99,783.41	Feb-01-04	11.050%	TX - 80.00%	360	Nov-10-03				56
1190916 1		81,600.00	81,208.37	Feb-01-04	7.200%	TX - 80.00%	360	Nov-26-03				54
1209860 1		192,750.00	192,058.37	Feb-01-04	8.650%	CA - 75.00%	360	Dec-10-03				57
1211267 1		55,000.00	54,717.53	Feb-01-04	7.300%	AL - 74.32%	360	Nov-26-03				54
1226560 1		172,287.00	171,581.67	Feb-01-04	8.000%	TX - 90.00%	360	Nov-26-03				55
1233858 1		50,000.00	49,908.03	Feb-01-04	10.960%	GA - 42.74%	360	Dec-29-03				55
1127142 2		58,730.00	58,496.71	Feb-01-04	8.150%	NC - 70.00%	360	Nov-19-03				55
1166850 2		335,000.00	333,970.75	Feb-01-04	8.500%	TX - 100.00%	360	Dec-29-03				57
1184245 2		53,000.00	52,824.81	Feb-01-04	9.050%	OK - 70.67%	360	Nov-24-03				55
1185571 2		161,100.00	160,644.56	Feb-01-04	9.800%	NM - 90.00%	360	Nov-21-03				56
1286692 2		133,600.00	133,377.57	Feb-01-04	11.400%	TX - 80.00%	360	Dec-30-03				56
												0
												0
				Page 15 of 26				© COPYRIGHT 2004 Deutsche Bank				43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Prepayment Report for June 25, 2004 Distribution											48
												0
												0
	Prepayment Report - Voluntary Prepayments											43
												0
												0
VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL				40
												0
	Current											7
	Number of Paid in Full Loans					35	103	138				36
	Number of Repurchased Loans					-	-	-				30
	Total Number of Loans Prepaid in Full					35	103	138				45
												0
	Paid in Full Balance					10,451,162.93	19,450,247.07	29,901,410.00				50
	Repurchased Loans Balance					-	-	-				28
	Curtailments Amount					28,502.90	189,831.95	218,334.85				44
	Total Prepayment Amount					10,479,665.83	19,640,079.02	30,119,744.85				56
												0
	Cumulative											10
	Number of Paid in Full Loans					63	187	250				36
	Number of Repurchased Loans					-	-	-				30
	Total Number of Loans Prepaid in Full					63	187	250				45
												0
	Paid in Full Balance					18,159,805.76	34,581,127.75	52,740,933.51				53
	Repurchased Loans Balance					-	-	-				28
	Curtailments Amount					38,608.66	299,839.58	338,448.24				45
	Total Prepayment Amount					18,198,414.42	34,880,967.33	53,079,381.75				56
												0
SPACE INTENTIONALLY LEFT BLANK												30
												0
												0
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)							97
												0
												0
				Page 16 of 26				© COPYRIGHT 2004 Deutsche Bank				43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Prepayment Report for June 25, 2004 Distribution											48
												0
												0
	Prepayment Report - Voluntary Prepayments											43
												0
												0
VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL				45
												0
	SMM					2.63%	1.98%	2.17%				57
	3 Months Avg SMM											16
	12 Months Avg SMM											17
	Avg SMM Since Cut-off					2.27%	1.75%	1.90%				75
												0
	CPR					27.41%	21.34%	23.13%				54
	3 Months Avg CPR											16
	12 Months Avg CPR											17
	Avg CPR Since Cut-off					24.07%	19.06%	20.53%				72
												0
	PSA					2406.20%	1926.12%	2070.49%				51
	3 Months Avg PSA Approximation											31
	12 Months Avg PSA Approximation											31
	Avg PSA Since Cut-off Approximation					2316.43%	1890.33%	2018.10%				83
												0
												0
												0
	Group 1											12
	Group 2											12
												0
												0
CPR by Groups					Total CPR							22
												0
												0
PSA by Groups					Total PSA							22
												0
												0
				Page 17 of 26				© COPYRIGHT 2004 Deutsche Bank				43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Prepayment Report for June 25, 2004 Distribution											48
												0
												0
	Prepayment Report - Voluntary Prepayments											43
												0
	Group 1											12
	Group 2											12
												0
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off							58
												0
												0
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off							59
												0
												0
PREPAYMENT CALCULATION METHODOLOGY												34
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)												131
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)												52
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))												56
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)												134
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)												96
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))												107
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+…….+min(30,WASm)/(number of months in the period n,m)												101
Weighted Average Seasoning (WAS)												32
												0
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.												128
Dates correspond to distribution dates.												50
												0
				Page 18 of 26				© COPYRIGHT 2004 Deutsche Bank				43
												0
												0
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Prepayment Detail Report for June 25, 2004 Distribution											55
												0
												0
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution											78
												0
												0
SUMMARY						LOAN GROUP						17
												0
Total Loan Count = 138						Loan Group 1 = Group 1						52
Total Original Principal Balance = 30,056,791.00						Loan Group 2 = Group 2						78
Total Prepayment Amount = 29,901,410.00												41
												0
												0
Loan Number			Original			Current	State &	Type Prepayment				48
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination			56
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date			65
												0
949531 1			298,500.00	297,510.72	May-25-04	6.990%	CA - 74.63%	Paid Off - 360	Dec-08-03			69
989649 1			152,100.00	113,830.29	May-13-04	7.500%	MD - 90.00%	Paid Off - 360	Nov-07-03			68
1021628 1			87,000.00	86,689.94	May-25-04	7.900%	IL - 58.00%	Paid Off - 360	Nov-19-03			67
1077406 1			250,750.00	249,710.23	May-28-04	7.000%	NY - 85.00%	Paid Off - 360	Nov-06-03			68
1095871 1			90,000.00	89,795.39	May-07-04	9.950%	RI - 50.28%	Paid Off - 360	Nov-17-03			68
1096268 1			111,500.00	111,097.36	May-13-04	7.700%	NM - 69.69%	Paid Off - 360	Nov-14-03			69
1096914 1			67,650.00	66,975.13	May-25-04	6.775%	TX - 55.00%	Paid Off - 240	Nov-24-03			69
1102514 1			133,600.00	133,237.15	May-14-04	9.100%	FL - 80.00%	Paid Off - 360	Nov-18-03			69
1154022 1			150,000.00	149,327.69	May-06-04	6.600%	CA - 75.00%	Paid Off - 360	Nov-20-03			69
1158419 1			140,000.00	139,414.80	May-28-04	7.900%	CA - 54.05%	Paid Off - 360	Nov-05-03			68
1159782 1			108,000.00	107,565.14	May-21-04	7.150%	WA - 80.00%	Paid Off - 360	Nov-25-03			70
1161491 1			85,000.00	84,761.84	May-19-04	8.950%	NJ - 85.00%	Paid Off - 360	Dec-01-03			68
1162961 1			216,000.00	214,868.30	May-27-04	6.750%	CA - 80.00%	Paid Off - 360	Nov-05-03			69
1164081 1			264,800.00	263,862.80	May-04-04	7.800%	CA - 72.15%	Paid Off - 360	Nov-17-03			68
1165342 1			199,750.00	199,070.84	May-04-04	8.000%	MI - 85.00%	Paid Off - 360	Nov-10-03			68
1167131 1			128,807.00	128,308.39	May-04-04	7.350%	CA - 66.05%	Paid Off - 360	Nov-20-03			70
1169578 1			185,000.00	183,359.14	May-12-04	7.750%	NJ - 59.68%	Paid Off - 240	Nov-18-03			70
1170178 1			297,500.00	296,404.15	May-25-04	7.600%	CA - 85.00%	Paid Off - 360	Nov-20-03			69
1171907 1			246,500.00	245,601.85	May-05-04	7.800%	IL - 80.00%	Paid Off - 360	Nov-14-03			69
1172720 1			241,400.00	240,411.79	May-18-04	8.000%	FL - 85.00%	Paid Off - 360	Nov-13-03			68
1174594 1			210,700.00	207,455.33	May-26-04	7.950%	PA - 56.95%	Paid Off - 180	Dec-02-03			70
1176109 1			223,000.00	221,824.66	May-20-04	5.750%	MA - 69.04%	Paid Off - 360	Nov-10-03			70
1176366 1			225,000.00	224,419.91	May-21-04	9.350%	NJ - 69.23%	Paid Off - 360	Nov-26-03			70
1176376 1			178,500.00	177,996.14	May-24-04	7.800%	NH - 89.25%	Paid Off - 360	Dec-09-03			69
1177609 1			176,000.00	175,338.68	May-26-04	7.500%	MN - 80.00%	Paid Off - 360	Nov-20-03			69
1178056 1			289,000.00	288,088.59	May-28-04	7.350%	CA - 85.00%	Paid Off - 360	Dec-17-03			70
1178825 1			68,600.00	68,395.58	May-14-04	8.650%	AR - 70.00%	Paid Off - 360	Nov-10-03			68
1181647 1			125,400.00	125,033.94	May-12-04	8.750%	NJ - 95.00%	Paid Off - 360	Nov-18-03			70
1184098 1			90,000.00	89,800.73	May-18-04	8.990%	WI - 75.00%	Paid Off - 360	Dec-31-03			68
1184158 1			255,000.00	253,940.56	May-20-04	6.990%	CA - 85.00%	Paid Off - 360	Nov-13-03			70
1184991 1			269,800.00	268,488.27	May-28-04	6.300%	CA - 95.00%	Paid Off - 360	Nov-21-03			69
1185182 1			135,150.00	134,514.40	May-18-04	6.350%	CA - 85.00%	Paid Off - 360	Nov-19-03			69
1185725 1			243,750.00	242,688.79	May-28-04	6.750%	CA - 65.00%	Paid Off - 360	Nov-12-03			70
1185730 1			61,200.00	60,987.48	May-03-04	7.900%	MI - 85.00%	Paid Off - 360	Nov-19-03			67
1186546 1			237,000.00	235,968.16	May-19-04	6.750%	CA - 68.30%	Paid Off - 360	Dec-08-03			70
1186783 1			247,000.00	246,043.88	May-19-04	7.350%	CA - 67.67%	Paid Off - 360	Nov-13-03			70
1187609 1			236,000.00	235,019.49	May-05-04	6.990%	CA - 78.67%	Paid Off - 360	Nov-26-03			70
1188674 1			130,500.00	130,014.49	May-03-04	7.550%	NV - 89.38%	Paid Off - 360	Nov-13-03			70
1191598 1			231,750.00	230,954.09	May-17-04	7.950%	CA - 79.91%	Paid Off - 360	Nov-14-03			70
1191648 1			290,000.00	288,674.89	May-14-04	6.500%	CA - 77.33%	Paid Off - 360	Nov-18-03			69
1191671 1			172,000.00	171,482.23	May-28-04	8.600%	MD - 80.00%	Paid Off - 360	Nov-14-03			69
1192816 1			202,000.00	201,277.84	May-06-04	7.750%	CA - 67.33%	Paid Off - 360	Nov-14-03			70
1193827 1			60,000.00	59,693.99	May-11-04	5.930%	AZ - 57.14%	Paid Off - 360	Nov-13-03			68
1197861 1			102,400.00	102,080.87	May-28-04	8.450%	FL - 80.00%	Paid Off - 360	Nov-21-03			70
												0
					Page 19 of 26				© COPYRIGHT 2004 Deutsche Bank			43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Prepayment Detail Report for June 25, 2004 Distribution											55
												0
												0
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution											78
												0
												0
												0
Loan Number			Original			Current	State &					33
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination			63
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date			56
												0
1201434 1			261,250.00	260,053.97	May-21-04	7.150%	CA - 95.00%	Paid Off - 360	Nov-18-03			70
1202402 1			139,000.00	138,333.64	May-11-04	6.250%	RI - 72.02%	Paid Off - 360	Nov-24-03			70
1202495 1			179,800.00	179,188.69	May-04-04	8.000%	CA - 53.99%	Paid Off - 360	Nov-26-03			68
1202829 1			224,000.00	222,960.39	May-28-04	6.450%	CA - 80.00%	Paid Off - 360	Nov-12-03			70
1205492 1			261,000.00	260,019.32	May-17-04	7.500%	CA - 90.00%	Paid Off - 360	Nov-25-03			69
1205496 1			255,000.00	254,150.31	May-27-04	8.100%	IL - 79.69%	Paid Off - 360	Nov-25-03			69
1205659 1			117,000.00	116,513.91	May-17-04	6.990%	WA - 90.00%	Paid Off - 360	Nov-21-03			70
1205880 1			230,000.00	229,246.67	May-21-04	7.050%	CA - 70.77%	Paid Off - 360	Dec-30-03			70
1206853 1			306,000.00	304,615.20	May-28-04	6.550%	CA - 90.00%	Paid Off - 360	Dec-31-03			69
1207953 1			198,000.00	197,096.99	May-27-04	6.750%	CA - 72.00%	Paid Off - 360	Nov-26-03			70
1207963 1			150,000.00	149,244.39	May-12-04	5.990%	CA - 83.33%	Paid Off - 360	Nov-18-03			70
1209436 1			133,950.00	133,570.88	May-24-04	8.900%	AZ - 95.00%	Paid Off - 360	Nov-25-03			69
1209661 1			206,250.00	205,576.54	May-05-04	8.200%	CA - 75.00%	Paid Off - 360	Nov-18-03			69
1209941 1			74,000.00	72,892.61	May-06-04	7.750%	FL - 61.67%	Paid Off - 180	Nov-17-03			68
1210215 1			315,000.00	313,873.93	May-03-04	7.750%	CA - 70.00%	Paid Off - 360	Nov-14-03			70
1210601 1			316,000.00	315,185.30	May-17-04	9.350%	IL - 80.00%	Paid Off - 360	Nov-19-03			69
1211646 1			115,000.00	114,715.46	May-12-04	8.450%	FL - 100.00%	Paid Off - 360	Dec-12-03			71
1211818 1			200,750.00	199,819.33	May-04-04	6.430%	TX - 51.47%	Paid Off - 360	Nov-26-03			70
1212326 1			192,950.00	192,188.25	May-12-04	7.250%	CA - 85.00%	Paid Off - 360	Nov-21-03			70
1212834 1			170,000.00	169,410.27	May-25-04	7.900%	WI - 85.00%	Paid Off - 360	Nov-18-03			69
1213364 1			155,550.00	155,110.44	May-25-04	7.850%	CA - 85.00%	Paid Off - 360	Dec-16-03			70
1213711 1			207,000.00	206,391.94	May-25-04	7.600%	IL - 90.00%	Paid Off - 360	Dec-10-03			69
1216196 1			157,500.00	156,907.26	May-18-04	7.500%	CA - 90.00%	Paid Off - 360	Nov-24-03			69
1216624 1			131,999.00	131,482.97	May-28-04	7.300%	WA - 80.00%	Paid Off - 360	Nov-19-03			69
1216666 1			179,000.00	178,256.32	May-24-04	6.990%	IL - 69.92%	Paid Off - 360	Nov-24-03			70
1216818 1			165,600.00	164,983.89	May-05-04	7.550%	NJ - 90.00%	Paid Off - 360	Nov-13-03			70
1218789 1			125,000.00	124,543.78	May-06-04	8.200%	CA - 61.88%	Paid Off - 360	Dec-05-03			69
1219584 1			269,000.00	267,916.87	May-28-04	7.150%	CA - 85.40%	Paid Off - 360	Nov-25-03			70
1220604 1			335,900.00	334,507.13	May-27-04	7.000%	IL - 100.00%	Paid Off - 360	Nov-26-03			69
1221271 1			250,000.00	249,204.96	May-19-04	7.200%	CA - 71.43%	Paid Off - 360	Dec-31-03			69
1223203 1			208,000.00	207,031.08	May-25-04	6.400%	MD - 80.00%	Paid Off - 360	Nov-26-03			69
1227029 1			266,000.00	264,660.11	May-25-04	5.990%	CA - 67.34%	Paid Off - 360	Nov-25-03			70
1228187 1			195,500.00	194,805.64	May-04-04	6.650%	CA - 85.00%	Paid Off - 360	Dec-29-03			70
1230309 1			142,000.00	141,487.27	May-04-04	6.550%	RI - 43.03%	Paid Off - 360	Dec-30-03			70
1232087 1			153,600.00	152,835.55	May-03-04	6.800%	MD - 80.00%	Paid Off - 360	Nov-26-03			69
1234041 1			128,975.00	128,513.78	May-28-04	6.600%	TX - 73.70%	Paid Off - 360	Dec-17-03			69
1234182 1			161,000.00	160,487.86	May-27-04	7.200%	CA - 92.00%	Paid Off - 360	Dec-17-03			69
1235648 1			193,000.00	192,329.68	May-21-04	6.750%	CA - 87.73%	Paid Off - 360	Dec-18-03			70
1238100 1			193,300.00	190,812.28	May-19-04	6.880%	IL - 69.04%	Paid Off - 180	Dec-09-03			70
1238155 1			306,000.00	305,003.24	May-18-04	7.150%	CA - 85.00%	Paid Off - 360	Dec-31-03			70
1240930 1			190,500.00	190,042.87	May-10-04	8.600%	MD - 75.00%	Paid Off - 360	Dec-29-03			69
1245050 1			217,000.00	216,468.51	May-28-04	8.500%	CA - 100.00%	Paid Off - 360	Dec-30-03			70
1247030 1			194,750.00	194,033.14	May-24-04	6.450%	CA - 95.00%	Paid Off - 360	Dec-31-03			70
1248712 1			327,250.00	325,904.27	May-21-04	5.870%	CA - 85.00%	Paid Off - 360	Dec-17-03			70
1249163 1			208,800.00	208,267.31	May-07-04	8.300%	CA - 80.00%	Paid Off - 360	Dec-29-03			69
1251735 1			136,500.00	135,972.81	May-26-04	6.200%	IL - 84.26%	Paid Off - 360	Dec-16-03			69
1257588 1			273,600.00	272,738.47	May-14-04	7.250%	CA - 90.00%	Paid Off - 360	Dec-10-03			70
1265563 1			184,000.00	183,728.09	May-27-04	10.900%	FL - 80.00%	Paid Off - 360	Dec-29-03			69
1266194 1			175,100.00	174,619.12	May-27-04	7.950%	MD - 85.00%	Paid Off - 360	Dec-17-03			70
1269143 1			98,000.00	97,682.13	May-21-04	7.100%	MN - 70.00%	Paid Off - 360	Dec-29-03			67
1269347 1			152,000.00	151,445.29	May-04-04	7.000%	WA - 80.00%	Paid Off - 360	Dec-17-03			68
1270350 1			229,500.00	228,788.31	May-07-04	7.600%	CA - 86.60%	Paid Off - 360	Dec-30-03			69
												0
					Page 20 of 26				© COPYRIGHT 2004 Deutsche Bank			43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Prepayment Detail Report for June 25, 2004 Distribution											55
												0
												0
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution											78
												0
												0
												0
Loan Number			Original			Current	State &					33
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination			63
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date			56
												0
1275167 1			306,000.00	304,829.50	May-25-04	6.250%	CA - 85.00%	Paid Off - 360	Dec-24-03			69
1275201 1			303,200.00	302,051.27	May-25-04	6.300%	CA - 80.00%	Paid Off - 360	Dec-18-03			69
1277841 1			37,500.00	37,454.46	May-13-04	11.800%	WI - 22.06%	Paid Off - 360	Dec-31-03			67
1281958 1			140,800.00	140,131.43	May-28-04	5.100%	WA - 80.00%	Paid Off - 360	Dec-31-03			69
1285613 1			160,000.00	159,382.06	May-12-04	6.200%	CA - 76.92%	Paid Off - 360	Dec-31-03			69
1289290 1			206,250.00	205,374.67	May-28-04	6.100%	HI - 75.00%	Paid Off - 360	Dec-31-03			69
1290520 1			143,900.00	143,419.33	May-03-04	6.950%	CA - 79.94%	Paid Off - 360	Dec-31-03			70
1092370 2			467,500.00	464,803.60	May-21-04	6.250%	MI - 64.31%	Paid Off - 360	Nov-04-03			69
1148673 2			35,000.00	34,443.74	May-26-04	9.350%	PA - 50.72%	Paid Off - 180	Nov-17-03			68
1149566 2			147,000.00	146,500.17	May-18-04	8.000%	PA - 54.44%	Paid Off - 360	Nov-12-03			68
1160782 2			108,000.00	107,557.87	May-13-04	8.000%	MI - 45.76%	Paid Off - 360	Nov-19-03			68
1166020 2			87,750.00	87,519.01	May-12-04	9.250%	MD - 75.00%	Paid Off - 360	Nov-26-03			68
1169674 2			302,000.00	300,536.47	May-27-04	7.150%	NY - 82.74%	Paid Off - 360	Nov-13-03			70
1173646 2			402,750.00	401,206.40	May-13-04	7.400%	FL - 75.00%	Paid Off - 360	Nov-21-03			68
1175003 2			246,000.00	245,057.14	May-24-04	7.400%	MA - 82.00%	Paid Off - 360	Nov-12-03			69
1183960 2			248,000.00	247,130.96	May-05-04	7.850%	IL - 58.35%	Paid Off - 360	Nov-17-03			70
1186395 2			317,700.00	316,445.72	May-03-04	7.250%	WA - 90.00%	Paid Off - 360	Nov-17-03			70
1186657 2			83,300.00	83,027.99	May-19-04	8.200%	MO - 85.00%	Paid Off - 360	Nov-14-03			67
1189192 2			394,250.00	392,678.11	May-06-04	7.200%	NY - 95.00%	Paid Off - 360	Nov-19-03			69
1190474 2			500,000.00	498,333.96	May-25-04	8.100%	CA - 71.12%	Paid Off - 360	Nov-21-03			69
1194241 2			367,000.00	365,402.21	May-03-04	6.750%	CA - 87.38%	Paid Off - 360	Nov-25-03			70
1198002 2			320,000.00	318,670.50	May-10-04	6.990%	MA - 80.00%	Paid Off - 360	Nov-14-03			69
1206228 2			431,580.00	429,701.08	May-12-04	6.750%	CA - 100.00%	Paid Off - 360	Nov-19-03			71
1206940 2			349,000.00	347,594.79	May-17-04	7.150%	CA - 79.86%	Paid Off - 360	Nov-20-03			70
1210184 2			400,000.00	398,420.82	May-20-04	7.250%	MA - 80.00%	Paid Off - 360	Nov-25-03			70
1212961 2			50,000.00	49,836.72	May-17-04	8.200%	FL - 66.67%	Paid Off - 360	Nov-25-03			67
1213292 2			499,950.00	497,665.54	May-04-04	6.500%	CA - 87.19%	Paid Off - 360	Nov-26-03			69
1223083 2			392,350.00	390,947.39	May-25-04	7.750%	CA - 95.00%	Paid Off - 360	Nov-25-03			70
1231628 2			108,750.00	108,500.86	May-05-04	8.830%	FL - 75.00%	Paid Off - 360	Dec-12-03			70
1232365 2			370,000.00	368,800.00	May-04-04	7.100%	MD - 76.29%	Paid Off - 360	Dec-19-03			66
1233934 2			350,000.00	349,210.45	May-12-04	8.900%	CA - 67.31%	Paid Off - 360	Dec-12-03			69
1234730 2			365,600.00	365,600.00	May-28-04	4.625%	CA - 80.06%	Paid Off - 300	Nov-26-03			68
1234880 2			526,500.00	524,580.62	May-14-04	6.500%	CA - 90.00%	Paid Off - 360	Dec-29-03			69
1237167 2			73,680.00	73,484.22	May-03-04	8.100%	AL - 80.00%	Paid Off - 360	Dec-10-03			67
1238028 2			103,500.00	103,167.60	May-21-04	7.150%	PA - 77.24%	Paid Off - 360	Dec-19-03			69
1240993 2			374,000.00	372,566.01	May-14-04	6.250%	CA - 83.11%	Paid Off - 360	Dec-12-03			70
1246867 2			499,000.00	497,647.26	May-11-04	8.000%	CA - 100.00%	Paid Off - 360	Dec-11-03			69
1253557 2			370,000.00	368,869.02	May-27-04	7.400%	CA - 57.45%	Paid Off - 360	Dec-30-03			69
1255291 2			467,500.00	465,860.45	May-20-04	6.700%	MA - 85.00%	Paid Off - 360	Dec-12-03			69
1273621 2			363,000.00	361,611.47	May-28-04	6.250%	CA - 84.42%	Paid Off - 360	Dec-31-03			70
1291229 2			63,000.00	62,868.39	May-20-04	7.850%	TN - 62.13%	Paid Off - 360	Jan-05-04			68
1291983 2			306,000.00	304,916.39	May-25-04	6.650%	NY - 85.00%	Paid Off - 360	Jan-02-04			70
												0
												0
					Page 21 of 26				© COPYRIGHT 2004 Deutsche Bank			43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Realized Loss Report for June 25, 2004 Distribution											51
												0
												0
	Realized Loss Report - Collateral											35
												0
												0
COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL				45
												0
	Current											7
	Number of Loans Liquidated					-	-	-				29
	Collateral Realized Loss/(Gain) Amount					-	-	-				41
	Net Liquidation Proceeds					-	-	-				27
												0
	Cumulative											10
	Number of Loans Liquidated					-	-	-				29
	Collateral Realized Loss/(Gain) Amount					-	-	-				41
	Net Liquidation Proceeds					-	-	-				27
												0
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.											99
												0
												0
	Cumulative Loss Percentage						0.00%	0.00%				36
												0
												0
	Group 1						3 Months Moving Average					54
	Group 2											12
												0
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation							87
												0
												0
				Page 22 of 26				© COPYRIGHT 2004 Deutsche Bank				43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Realized Loss Report for June 25, 2004 Distribution											51
												0
												0
	Realized Loss Report - Collateral											35
												0
												0
DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL				33
												0
	MDR					0.00%	0.00%	0.00%				6
	3 Months Avg MDR											16
	12 Months Avg MDR											17
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%				24
												0
	CDR					0.00%	0.00%	0.00%				6
	3 Months Avg CDR											16
	12 Months Avg CDR											17
	Avg CDR Since Cut-off					0.00%	0.00%	0.00%				24
												0
	SDA					0.00%	0.00%	0.00%				6
	3 Months Avg SDA Approximation											31
	12 Months Avg SDA Approximation											31
	Avg SDA Since Cut-off Approximation					0.00%	0.00%	0.00%				38
												0
	Loss Severity Approximation for Current Period											46
	3 Months Avg Loss Severity Approximation											40
	12 Months Avg Loss Severity Approximation											41
	Avg Loss Severity Approximation Since Cut-off											46
												0
	Group 1											12
	Group 2											12
CDR by Groups					Total CDR							22
												0
												0
SDA by Groups					Total SDA							22
												0
												0
				Page 23 of 26				© COPYRIGHT 2004 Deutsche Bank				43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Realized Loss Report for June 25, 2004 Distribution											51
												0
												0
	Realized Loss Report - Collateral											35
												0
	Group 1											12
	Group 2											12
												0
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off							58
												0
												0
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off							59
												0
												0
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY												49
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)												104
Conditional Default Rate (CDR): 1-((1-MDR)^12)												49
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)))												110
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)												134
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)												96
Average SDA Approximation over period between the nth month and mth month:												74
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)))												118
Average WASn,m: (WASn + WASn+1 +…….+ WASm )/(number of months in the period n,m)												83
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)												120
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)												102
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.												145
Dates correspond to distribution dates.												50
												0
				Page 24 of 26				© COPYRIGHT 2004 Deutsche Bank				43
												0
												0
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Realized Loss Detail Report for June 25, 2004 Distribution											58
												0
												0
	Realized Loss Detail Report - Loans Liquidated During Current Distribution											76
												0
SUMMARY							LOAN GROUP					17
Total Loan Count Current Losses = 0												37
Total Loan Count Revisions = 0						Loan Group 1 = Group 1						60
Total Prior Principal Balance = 0.00						Loan Group 2 = Group 2						66
Total Current Realized Loss Amount = 0.00												43
Total Revisions Amount = 0.00												31
Total Realized Loss Amount = 0.00												35
Total Net Liquidation Proceeds = 0.00												39
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.												94
												0
Loan Number			Current	State &		Prior	Realized		Cumulative			48
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized			59
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)			73
SPACE INTENTIONALLY LEFT BLANK												30
												0
												0
					Page 25 of 26				© COPYRIGHT 2004 Deutsche Bank			43
	Morgan Stanley ABS Capital I Inc. 2004-NC3											44
	Mortgage Pass-Through Certificates											34
												0
	Triggers, Adj. Rate Cert. and Miscellaneous Report for June 25, 2004 Distribution											81
												0
												0
	Triggers, Adj. Rate Cert. and Miscellaneous Report											50
												0
												0
TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL				33
												0
	Has a Stepdown Date occurred?							No				31
												0
	Does Trigger Event exist?							No				27
	(60+ Day Delq % is > = to 40% of Senior Enhancement %)											57
	(x) Rolling 3-month avg. of 60+ Day Delq loans							2,610,342.49				59
	(y) Stated Principal Balance							0.00				33
	60+ Day Delq % ( quotient of (x) over (y) )							0.19%				48
	Trigger Event 40% of Sr Enhancement Percentage							7.53%				51
												0
	Senior Enhancement Percentage							19.26%				35
												0
												0
ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL				58
SPACE INTENTIONALLY LEFT BLANK												30
												0
												0
ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL				41
												0
	Basis Risk Carry Forward Amount						0.00	0.00				41
												0
												0
				Page 26 of 26				© COPYRIGHT 2004 Deutsche Bank				43

MORGAN STANLEY ABS CAPITAL I INC TRUST 2004-NC3 8-K/A