                                    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): June 27, 2005
                             (Date of earliest event reported)


                                MORGAN STANLEY ABS CAPITAL I INC.
             (as Depositor under the Pooling and Servicing Agreement, dated as
                  May 1, 2005, providing for the issuance of Morgan Stanley
              Home Equity Loan Trust, Mortgage Pass-Through Certificates
                                      Series 2005-2)
                      (Exact name of registrant as specified in charter)


                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-121914-02                        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 Home Equity Loan Trust,
     Mortgage Pass-Through Certificates Series 2005-2, which was made on
     May 1, 2005


     Item 9.01 Financial Statements and Exhibits.

     (c) Exhibits

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     June 27, 2005.


                                  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:  Jun 30, 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 27, 2005.



Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution

				External Parties						Table of Contents

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

										7. Foreclosure Report					14
										8. Prepayment Report					15
										9. Prepayment Detail Report					18
										9. Prepayment Detail Report					18
										10. Realized Loss Report					20
										11. Realized Loss Detail Report					23
				Servicer(s)						11. Realized Loss Detail Report					23
				Servicer(s)						12. Triggers and Adj. Cert. Report					24
				J. P. Morgan						12. Triggers and Adj. Cert. Report					24
				J. P. Morgan						13. Other Related Information					25
				HomeQ Servicing Corp.						13. Other Related Information					25
				HomeQ Servicing Corp.
				Countrywide Home Loans Srvc LP


				Underwriter(s)
				Morgan Stanley
				Blaylock & Partners, L.P.
				Utendahl Capital Partners, L.P.

										Total Number of Pages					25
										Total Number of Pages

				Dates						Contacts

				Cut-Off Date:			May 01, 2005			Marion Hogan
				Close Date:			May 26, 2005			Administrator
				First Distribution Date:			June 27, 2005			(714) 247-6282
										marion.c.hogan@db.com
										marion.c.hogan@db.com
										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:			June 27, 2005
										Factor Information:			(800) 735-7777
				Record Date:			May 31, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							June 24, 2005
							June 24, 2005

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






Page 1 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
Certificate Payment Report
Current Period Distribution - REMIC II
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal
	Class		Original		Principal						Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance		Interest		Principal		Distribution		Loss		Interest		Balance


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

A-1ss	SR	$	209,431,000.00		209,431,000.00		617,123.35		4,204,615.13		4,821,738.48		0.00		0.00		205,226,384.87
A-1ss	SR	$	209,431,000.00		209,431,000.00		617,123.35		4,204,615.13		4,821,738.48		0.00		0.00		205,226,384.87
A-1mz	SR	$	52,358,000.00		52,358,000.00		155,910.49		1,051,158.80		1,207,069.29		0.00		0.00		51,306,841.20
A-2a	SR	$	288,963,000.00		288,963,000.00		816,802.08		6,157,941.93		6,974,744.01		0.00		0.00		282,805,058.07
A-2b	SR	$	100,000,000.00		100,000,000.00		294,222.22		0.00		294,222.22		0.00		0.00		100,000,000.00
A-2c	SR	$	80,000,000.00		80,000,000.00		242,488.89		0.00		242,488.89		0.00		0.00		80,000,000.00
M-1	MEZ,FLT	$	35,366,000.00		35,366,000.00		110,027.56		0.00		110,027.56		0.00		0.00		35,366,000.00
M-2	MEZ,FLT	$	25,721,000.00		25,721,000.00		80,478.15		0.00		80,478.15		0.00		0.00		25,721,000.00
M-3	MEZ,FLT	$	17,913,000.00		17,913,000.00		56,366.24		0.00		56,366.24		0.00		0.00		17,913,000.00
M-4	MEZ,FLT	$	16,535,000.00		16,535,000.00		54,675.73		0.00		54,675.73		0.00		0.00		16,535,000.00
M-5	MEZ,FLT	$	14,698,000.00		14,698,000.00		48,993.33		0.00		48,993.33		0.00		0.00		14,698,000.00
M-6	MEZ,FLT	$	14,698,000.00		14,698,000.00		49,646.58		0.00		49,646.58		0.00		0.00		14,698,000.00
B-1	SUB, FLT, S	$	12,400,000.00		12,400,000.00		47,285.33		0.00		47,285.33		0.00		0.00		12,400,000.00
B-2	SUB, FLT, S	$	11,942,000.00		11,942,000.00		46,388.04		0.00		46,388.04		0.00		0.00		11,942,000.00
B-3	SUB, FLT, S	$	10,105,000.00		10,105,000.00		42,755.38		0.00		42,755.38		0.00		0.00		10,105,000.00
X	EXE/WAC	$	28,477,345.00		28,477,345.00		2,504,329.18		517.30		2,504,846.48		0.00		0.00		28,476,827.70
P	NOF/EXE	$	0.00		0.00		231,035.63		0.00		231,035.63		0.00		0.00		0.00
R	RES/EXE	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total			918,607,345.00		918,607,345.00		5,398,528.18		11,414,233.16		16,812,761.34		0.00		0.00		907,193,111.84
Total




Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face-
									Orig. Principal		Prior							Current
									Orig. Principal		Prior							Current
	Period		Period						(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method		Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1ss	05/26/05		06/26/05		A-Act/360		61744CQV1		209,431,000.00		1,000.000000		2.946667		20.076374		23.023041	979.923626
A-1mz	05/26/05		06/26/05		A-Act/360		61744CQU3		52,358,000.00		1,000.000000		2.977778		20.076374		23.054152	979.923626
A-2a	05/26/05		06/26/05		A-Act/360		61744CQG4		288,963,000.00		1,000.000000		2.826667		21.310486		24.137153	978.689514
A-2b	05/26/05		06/26/05		A-Act/360		61744CQH2		100,000,000.00		1,000.000000		2.942222		0.000000		2.942222	1,000.000000
A-2c	05/26/05		06/26/05		A-Act/360		61744CQJ8		80,000,000.00		1,000.000000		3.031111		0.000000		3.031111	1,000.000000
M-1	05/26/05		06/26/05		A-Act/360		61744CQK5		35,366,000.00		1,000.000000		3.111111		0.000000		3.111111	1,000.000000
M-2	05/26/05		06/26/05		A-Act/360		61744CQL3		25,721,000.00		1,000.000000		3.128889		0.000000		3.128889	1,000.000000
M-3	05/26/05		06/26/05		A-Act/360		61744CQM1		17,913,000.00		1,000.000000		3.146667		0.000000		3.146667	1,000.000000
M-4	05/26/05		06/26/05		A-Act/360		61744CQN9		16,535,000.00		1,000.000000		3.306666		0.000000		3.306666	1,000.000000
M-5	05/26/05		06/26/05		A-Act/360		61744CQP4		14,698,000.00		1,000.000000		3.333333		0.000000		3.333333	1,000.000000
M-6	05/26/05		06/26/05		A-Act/360		61744CQQ2		14,698,000.00		1,000.000000		3.377778		0.000000		3.377778	1,000.000000
B-1	05/26/05		06/26/05		A-Act/360		61744CQR0		12,400,000.00		1,000.000000		3.813333		0.000000		3.813333	1,000.000000
B-2	05/26/05		06/26/05		A-Act/360		61744CQS8		11,942,000.00		1,000.000000		3.884445		0.000000		3.884445	1,000.000000
B-3	05/26/05		06/26/05		A-Act/360		61744CQT6		10,105,000.00		1,000.000000		4.231111		0.000000		4.231111	1,000.000000
X	05/26/05		06/26/05				28,477,345.00		1,000.000000		87.941105		0.018165		87.959270		999.981835
P	05/26/05		06/26/05				0.00		0.000000		0.000000		0.000000		0.000000		0.000000
R	05/26/05		06/26/05				0.00		0.000000		0.000000		0.000000		0.000000		0.000000



Page 2 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution

Distribution to Date - REMIC II
																	Current


	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1ss	209,431,000.00		617,123.35		4,034,829.10		169,786.03		4,204,615.13		4,821,738.48		0.00		0.00		205,226,384.87
A-1mz	52,358,000.00		155,910.49		1,008,712.09		42,446.71		1,051,158.80		1,207,069.29		0.00		0.00		51,306,841.20
A-2a	288,963,000.00		816,802.08		5,909,278.86		248,663.07		6,157,941.93		6,974,744.01		0.00		0.00		282,805,058.07
A-2b	100,000,000.00		294,222.22		0.00		0.00		0.00		294,222.22		0.00		0.00		100,000,000.00
A-2c	80,000,000.00		242,488.89		0.00		0.00		0.00		242,488.89		0.00		0.00		80,000,000.00
M-1	35,366,000.00		110,027.56		0.00		0.00		0.00		110,027.56		0.00		0.00		35,366,000.00
M-2	25,721,000.00		80,478.15		0.00		0.00		0.00		80,478.15		0.00		0.00		25,721,000.00
M-3	17,913,000.00		56,366.24		0.00		0.00		0.00		56,366.24		0.00		0.00		17,913,000.00
M-4	16,535,000.00		54,675.73		0.00		0.00		0.00		54,675.73		0.00		0.00		16,535,000.00
M-5	14,698,000.00		48,993.33		0.00		0.00		0.00		48,993.33		0.00		0.00		14,698,000.00
M-6	14,698,000.00		49,646.58		0.00		0.00		0.00		49,646.58		0.00		0.00		14,698,000.00
B-1	12,400,000.00		47,285.33		0.00		0.00		0.00		47,285.33		0.00		0.00		12,400,000.00
B-2	11,942,000.00		46,388.04		0.00		0.00		0.00		46,388.04		0.00		0.00		11,942,000.00
B-3	10,105,000.00		42,755.38		0.00		0.00		0.00		42,755.38		0.00		0.00		10,105,000.00
X	28,477,345.00		2,504,329.18		496.42		20.89		517.30		2,504,846.48		0.00		0.00		28,476,827.70
P	0.00		231,035.63		0.00		0.00		0.00		231,035.63		0.00		0.00		0.00
R	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total	918,607,345.00		5,398,528.18		10,953,316.47		460,916.70		11,414,233.16		16,812,761.34		0.00		0.00		907,193,111.84


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

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

Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1ss	3.31500%		209,431,000.00		617,123.35		0.00		0.00		0.00		617,123.35		617,123.35		0.00
A-1mz	3.35000%		52,358,000.00		155,910.49		0.00		0.00		0.00		155,910.49		155,910.49		0.00
A-2a	3.18000%		288,963,000.00		816,802.08		0.00		0.00		0.00		816,802.08		816,802.08		0.00
A-2b	3.31000%		100,000,000.00		294,222.22		0.00		0.00		0.00		294,222.22		294,222.22		0.00
A-2c	3.41000%		80,000,000.00		242,488.89		0.00		0.00		0.00		242,488.89		242,488.89		0.00
M-1	3.50000%		35,366,000.00		110,027.56		0.00		0.00		0.00		110,027.56		110,027.56		0.00
M-2	3.52000%		25,721,000.00		80,478.15		0.00		0.00		0.00		80,478.15		80,478.15		0.00
M-3	3.54000%		17,913,000.00		56,366.24		0.00		0.00		0.00		56,366.24		56,366.24		0.00
M-4	3.72000%		16,535,000.00		54,675.73		0.00		0.00		0.00		54,675.73		54,675.73		0.00
M-5	3.75000%		14,698,000.00		48,993.33		0.00		0.00		0.00		48,993.33		48,993.33		0.00
M-6	3.80000%		14,698,000.00		49,646.58		0.00		0.00		0.00		49,646.58		49,646.58		0.00
B-1	4.29000%		12,400,000.00		47,285.33		0.00		0.00		0.00		47,285.33		47,285.33		0.00
B-2	4.37000%		11,942,000.00		46,388.04		0.00		0.00		0.00		46,388.04		46,388.04		0.00
B-3	4.76000%		10,105,000.00		42,755.38		0.00		0.00		0.00		42,755.38		42,755.38		0.00
X	98.93374%		28,477,345.00		0.00		0.00		0.00		0.00		0.00		2,504,329.18		0.00
P	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		231,035.63		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Total			918,607,345.00		2,663,163.37		0.00		0.00		0.00		2,663,163.37		5,398,528.18		0.00



Page 3 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										6,144,575.15		5,249,757.71		11,394,332.86
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										13,645.88		6,254.43		19,900.31
TOTAL NET PRINCIPAL										6,158,221.03		5,256,012.14		11,414,233.17
Interest Collections										3,321,191.26		1,930,112.70		5,251,303.96
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Other Accounts										103,618.44		127,417.19		231,035.63
Interest Fees										-49,860.85		-33,950.56		-83,811.41
TOTAL NET INTEREST										3,374,948.85		2,023,579.33		5,398,528.18
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										9,533,169.88		7,279,591.47		16,812,761.35



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											269,952.06		190,964.63		460,916.69
Prepayments In Full											5,836,703.13		5,033,940.87		10,870,644.00
Curtailments											37,919.96		24,852.21		62,772.17
Liquidations											0.00		0.00		0.00
Insurance Principal											0.00		0.00		0.00
Repurchased Principal Amounts											0.00		0.00		0.00
Other Principal											0.00		0.00		0.00
Total Realized Loss Of Principal											-0.00		-0.00		-0.00
Delinquent Principal											-218,939.53		-147,176.67		-366,116.20
Advanced Principal											218,939.53		147,176.67		366,116.20
TOTAL PRINCIPAL COLLECTED											6,144,575.15		5,249,757.71		11,394,332.86


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
										Group 2		Group 1		Total
Closing Deposit										13,645.88		6,254.43		19,900.31
TOTAL OTHER ACCOUNTS PRINCIPAL										13,645.88		6,254.43		19,900.31





Page 4 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										3,519,414.29		2,034,650.56		5,554,064.85
Liquidation Interest										0.00		0.00		0.00
Repurchased Interest										0.00		0.00		0.00
Insurance Interest										0.00		0.00		0.00
Other Interest										0.00		0.00		0.00
Relief Act Interest Shortfalls										-0.00		-0.00		-0.00
Prepayment Interest Shortfalls										#######		-9,291.84		-17,173.63
Compensating Interest										7,881.79		9,291.84		17,173.63
Delinquent Interest										-2,846,303.58		-1,555,327.11		-4,401,630.69
Interest Advanced										2,648,080.55		1,450,789.25		4,098,869.80
TOTAL INTEREST COLLECTED										3,321,191.26		1,930,112.70		5,251,303.96


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



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
										Group 2		Group 1		Total
Prepayment Charges										103,618.44		127,417.19		231,035.63
TOTAL INTEREST OTHER ACCOUNTS										103,618.44		127,417.19		231,035.63



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Current Servicing Fees										47,404.52		32,579.36		79,983.88
Current Trustee Fees										2,456.33		1,371.20		3,827.53
TOTAL INTEREST OTHER FEES										49,860.85		33,950.56		83,811.41




Page 5 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
Credit Enhancement Report
ACCOUNTS
ACCOUNTS
										Group 2		Group 1		Total
Excess Reserve Fund Account Balance														0.00



INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
										Group 2		Group 1		Total
Specified Subordinated Target Amount														28,476,827.70
Subordinated Amount														28,476,827.69
Subordinated Deficiency Amount														0.00
Subordinated Release Amount														517.31




Page 6 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										3,029		2,893		5,922
Prior										3,029		2,893		5,922
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-27		-38		-65
Repurchases										-0		-0		-0
Liquidations										-0		-0		-0
Current										3,002		2,855		5,857
Principal Balance:


Original										589,506,120.12		329,081,324.57		918,587,444.69
Prior										589,506,120.12		329,081,324.57		918,587,444.69
Prefunding										0.00		0.00		918,607,345.00
Scheduled Principal										-269,952.06		-190,964.63		-460,916.69
Partial Prepayments										-37,919.96		-24,852.21		-62,772.17
Full Voluntary Prepayments										-5,836,703.13		-5,033,940.87		-10,870,644.00
Repurchases										-0.00		-0.00		-0.00
Liquidations										-0.00		-0.00		-0.00
Current										583,361,544.97		323,831,566.86		907,193,111.83





PREFUNDING
PREFUNDING
										Group 2		Group 1		Total
Closing Date Deposit Amount										13,645.88		6,254.43		19,900.31
Total Original Principal Balance										0.00		0.00		918,607,345.00






Page 7 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										7.16413%		7.41938%		7.25557%
Weighted Average Coupon Prior										7.16413%		7.41938%		7.25557%
Weighted Average Coupon Current										7.16413%		7.41938%		7.25557%
Weighted Average Months to Maturity Original										351		343		348
Weighted Average Months to Maturity Prior										351		343		348
Weighted Average Months to Maturity Current										351		343		348
Weighted Avg Remaining Amortization Term Original										351		343		348
Weighted Avg Remaining Amortization Term Prior										351		343		348
Weighted Avg Remaining Amortization Term Current										351		343		348
Weighted Average Seasoning Original										4.05		4.37		4.17
Weighted Average Seasoning Prior										4.05		4.37		4.17
Weighted Average Seasoning Current										4.05		4.37		4.17









Page 8 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Margin Original										6.36639%		6.41298%		6.38286%
Weighted Average Margin Prior										6.36639%		6.41298%		6.38286%
Weighted Average Margin Current										6.36639%		6.41298%		6.38286%
Weighted Average Max Rate Original										13.80902%		13.76266%		13.79263%
Weighted Average Max Rate Prior										13.80902%		13.76266%		13.79263%
Weighted Average Max Rate Current										13.80902%		13.76266%		13.79263%
Weighted Average Min Rate Original										7.00401%		7.15877%		7.05872%
Weighted Average Min Rate Prior										7.00401%		7.15877%		7.05872%
Weighted Average Min Rate Current										7.00401%		7.15877%		7.05872%
Weighted Average Cap Up Original										1.15781%		1.24236%		1.18770%
Weighted Average Cap Up Prior										1.15781%		1.24236%		1.18770%
Weighted Average Cap Up Current										1.15781%		1.24236%		1.18770%
Weighted Average Cap Down Original										1.15781%		1.24236%		1.18770%
Weighted Average Cap Down Prior										1.15781%		1.24236%		1.18770%
Weighted Average Cap Down Current										1.15781%		1.24236%		1.18770%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										47,404.52		32,579.36		79,983.88
Delinquent Servicing Fees										198,223.03		104,537.86		302,760.89
TOTAL SERVICING FEES										245,627.56		137,117.23		382,744.79


Compensating Interest										-7,881.79		-9,291.84		-17,173.63
Delinquent Servicing Fees										-198,223.03		-104,537.86		-302,760.89
COLLECTED SERVICING FEES										-39,522.73		-23,287.53		-62,810.26


Aggregate Advances with respect to this Distribution										2,867,020.08		1,597,965.92		4,464,986.00





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Net Prepayment Interest Shortfall										0.00		0.00		0.00
Libor For Current Period														3.090000%
Libor For Next Period														3.314380%




Page 9 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				5,530,694.95		1,361,092.99		920,866.91		7,812,654.85
			% Balance				0.61%		0.15%		0.10%		0.86%
			# Loans				45		11		3		59
			% # Loans				0.77%		0.19%		0.05%		1.01%
	FORECLOSURE		Balance		0.00		0.00		306,040.51		202,948.00		508,988.51
			% Balance		0.00%		0.00%		0.03%		0.02%		0.06%
			# Loans		0		0		3		1		4
			% # Loans		0.00%		0.00%		0.05%		0.02%		0.07%
	BANKRUPTCY		Balance		880,748.75		0.00		0.00		0.00		880,748.75
			% Balance		0.10%		0.00%		0.00%		0.00%		0.10%
			# Loans		9		0		0		0		9
			% # Loans		0.15%		0.00%		0.00%		0.00%		0.15%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		880,748.75		5,530,694.95		1,667,133.50		1,123,814.91		9,202,392.11
			% Balance		0.10%		0.61%		0.18%		0.12%		1.01%
			# Loans		9		45		14		4		72
			% # Loans		0.15%		0.77%		0.24%		0.07%		1.23%









Page 10 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				2,068,190.64		1,105,855.17		0.00		3,174,045.81
			% Balance				0.64%		0.34%		0.00%		0.98%
			# Loans				22		8		0		30
			% # Loans				0.77%		0.28%		0.00%		1.05%
	FORECLOSURE		Balance		0.00		0.00		155,320.31		202,948.00		358,268.31
			% Balance		0.00%		0.00%		0.05%		0.06%		0.11%
			# Loans		0		0		2		1		3
			% # Loans		0.00%		0.00%		0.07%		0.04%		0.11%
	BANKRUPTCY		Balance		750,521.83		0.00		0.00		0.00		750,521.83
			% Balance		0.23%		0.00%		0.00%		0.00%		0.23%
			# Loans		7		0		0		0		7
			% # Loans		0.25%		0.00%		0.00%		0.00%		0.25%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		750,521.83		2,068,190.64		1,261,175.48		202,948.00		4,282,835.95
			% Balance		0.23%		0.64%		0.39%		0.06%		1.32%
			# Loans		7		22		10		1		40
			% # Loans		0.25%		0.77%		0.35%		0.04%		1.40%










Page 11 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				3,462,504.31		255,237.82		920,866.91		4,638,609.04
			% Balance				0.59%		0.04%		0.16%		0.80%
			# Loans				23		3		3		29
			% # Loans				0.77%		0.10%		0.10%		0.97%
	FORECLOSURE		Balance		0.00		0.00		150,720.20		0.00		150,720.20
			% Balance		0.00%		0.00%		0.03%		0.00%		0.03%
			# Loans		0		0		1		0		1
			% # Loans		0.00%		0.00%		0.03%		0.00%		0.03%
	BANKRUPTCY		Balance		130,226.92		0.00		0.00		0.00		130,226.92
			% Balance		0.02%		0.00%		0.00%		0.00%		0.02%
			# Loans		2		0		0		0		2
			% # Loans		0.07%		0.00%		0.00%		0.00%		0.07%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		130,226.92		3,462,504.31		405,958.02		920,866.91		4,919,556.16
			% Balance		0.02%		0.59%		0.07%		0.16%		0.84%
			# Loans		2		23		4		3		32
			% # Loans		0.07%		0.77%		0.13%		0.10%		1.07%









Page 12 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
REO Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date




TOTAL



Page 13 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
Foreclosure Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
19159318 1
19159318 1			204,250.00		202,948.00		01-Jan-2005		7.250%		IL - 95.00%		360		01-Nov-2004

322571092 1			82,900.00		82,277.21		01-Feb-2005		6.400%		IN - 66.32%		360		01-Nov-2004
322587064 1			73,600.00		73,043.10		01-Feb-2005		6.990%		AZ - 80.00%		360		01-Oct-2004
322563420 2			150,800.00		150,720.20		01-Feb-2005		7.350%		AZ - 80.00%		360		01-Oct-2004


TOTAL			511,550.00		508,988.51



Page 14 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										27		38		65
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										27		38		65
Curtailments Amount										37,919.96		24,852.21		62,772.17
Paid in Full Balance										5,836,703.13		5,033,940.87		10,870,644.00
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										5,874,623.09		5,058,793.08		10,933,416.17

Cumulative


Number of Paid in Full Loans										27		38		65
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										27		38		65
Paid in Full Balance										5,836,703.13		5,033,940.87		10,870,644.00
Repurchased Loans Balance										0.00		0.00		0.00
Curtailments Amount										37,919.96		24,852.21		62,772.17
Total Prepayment Amount										5,874,623.09		5,058,793.08		10,933,416.17










Page 15 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										1.00%		1.54%		1.19%
3 Months Avg SMM										1.00%		1.54%		1.19%
12 Months Avg SMM										1.00%		1.54%		1.19%
Avg SMM Since Cut-off										1.00%		1.54%		1.19%


CPR										11.33%		16.97%		13.39%
3 Months Avg CPR										11.33%		16.97%		13.39%
12 Months Avg CPR										11.33%		16.97%		13.39%
Avg CPR Since Cut-off										11.33%		16.97%		13.39%


PSA										1,398.03%		1,942.46%		1,607.45%
3 Months Avg PSA Approximation										1,398.03%		1,942.46%		1,607.45%
12 Months Avg PSA Approximation										1,398.03%		1,942.46%		1,607.45%
Avg PSA Since Cut-off Approximation										1,398.03%		1,942.46%		1,607.45%










Page 16 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution






PREPAYMENT CALCULATION METHODOLOGY

Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal) Conditional Prepayment Rate (CPR): 1-((1-SMM)^12) PSA Standard Prepayment Model: CPR/(0.002min(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) Conditional Prepayment Rate (CPR): 1-((1-SMM)^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) Dates correspond to distribution dates. Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.













Page 17 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

19161033 1			212,760.00		432.11			31-May-2005		8.250%		CA - 58.94%		Paid Off - 360		01-Nov-2004
			212,760.00

19644285 2			42,000.00		41,886.15			31-May-2005		8.000%		CA - 64.62%		Paid Off - 360		01-Feb-2005
19644285 2					41,886.15			31-May-2005		8.000%		CA - 64.62%		Paid Off - 360		01-Feb-2005
19645449 2			#######		262,966.05			31-May-2005		8.000%		IL - 80.58%		Paid Off - 360		01-Mar-2005
19645449 2					262,966.05			31-May-2005		8.000%		IL - 80.58%		Paid Off - 360		01-Mar-2005
19646165 2			220,000.00		220,000.00			27-May-2005		7.750%		FL - 80.00%		Paid Off - 360		01-Mar-2005
19646165 2					220,000.00			27-May-2005		7.750%		FL - 80.00%		Paid Off - 360		01-Mar-2005
19646173 1			55,000.00		54,938.99			27-May-2005		10.875%		FL - 20.00%		Paid Off - 180		01-Mar-2005
19646173 1					54,938.99			27-May-2005		10.875%		FL - 20.00%		Paid Off - 180		01-Mar-2005
322569823 1			150,000.00		148,987.88			11-May-2005		7.750%		PA - 75.00%		Paid Off - 360		01-Oct-2004
322569823 1					148,987.88			11-May-2005		7.750%		PA - 75.00%		Paid Off - 360		01-Oct-2004
322571431 1			140,000.00		139,099.51			31-May-2005		6.500%		CA - 57.14%		Paid Off - 360		01-Nov-2004
322571431 1					139,099.51			31-May-2005		6.500%		CA - 57.14%		Paid Off - 360		01-Nov-2004
322573056 1			68,000.00		67,510.99			31-May-2005		6.350%		IL - 85.00%		Paid Off - 360		01-Nov-2004
322573056 1					67,510.99			31-May-2005		6.350%		IL - 85.00%		Paid Off - 360		01-Nov-2004
322593922 2			181,800.00		180,685.81			09-Jun-2005		7.450%		OH - 90.00%		Paid Off - 360		01-Oct-2004
322593922 2					180,685.81			09-Jun-2005		7.450%		OH - 90.00%		Paid Off - 360		01-Oct-2004
322962911 1			44,400.00		44,321.53			26-May-2005		11.125%		OR - 20.00%		Paid Off - 180		01-Jan-2005
322962911 1					44,321.53			26-May-2005		11.125%		OR - 20.00%		Paid Off - 180		01-Jan-2005
322962937 2			177,600.00		176,706.93			26-May-2005		5.999%		OR - 80.00%		Paid Off - 360		01-Jan-2005
322962937 2					176,706.93			26-May-2005		5.999%		OR - 80.00%		Paid Off - 360		01-Jan-2005
322963067 1			24,000.00		23,944.53			06-Jun-2005		10.750%		IA - 20.00%		Paid Off - 180		01-Dec-2004
322963067 1					23,944.53			06-Jun-2005		10.750%		IA - 20.00%		Paid Off - 180		01-Dec-2004
322963224 2			328,310.00		328,310.00			10-Jun-2005		8.500%		CA - 85.00%		Paid Off - 360		01-Jan-2005
322963224 2					328,310.00			10-Jun-2005		8.500%		CA - 85.00%		Paid Off - 360		01-Jan-2005
322963323 1			105,600.00		105,167.64			15-Jun-2005		7.999%		CA - 80.00%		Paid Off - 360		01-Dec-2004
322963323 1					105,167.64			15-Jun-2005		7.999%		CA - 80.00%		Paid Off - 360		01-Dec-2004
322963398 1			220,772.00		220,772.00			09-May-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Jan-2005
322963398 1					220,772.00			09-May-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Jan-2005
322964081 2			155,950.00		155,445.89			09-Jun-2005		8.250%		AZ - 59.99%		Paid Off - 360		01-Jan-2005
322964081 2					155,445.89			09-Jun-2005		8.250%		AZ - 59.99%		Paid Off - 360		01-Jan-2005
322964230 1			36,000.00		35,856.12			03-Jun-2005		7.749%		MO - 100.00%		Paid Off - 360		01-Jan-2005
322964230 1					35,856.12			03-Jun-2005		7.749%		MO - 100.00%		Paid Off - 360		01-Jan-2005
322965526 1			32,000.00		31,788.75			13-Jun-2005		7.375%		MD - 80.00%		Paid Off - 360		01-Jan-2005
322965526 1					31,788.75			13-Jun-2005		7.375%		MD - 80.00%		Paid Off - 360		01-Jan-2005
322967357 1			24,000.00		23,985.88			23-May-2005		15.990%		AZ - 20.00%		Paid Off - 180		01-Jan-2005
322967357 1					23,985.88			23-May-2005		15.990%		AZ - 20.00%		Paid Off - 180		01-Jan-2005
322967365 1			96,000.00		95,753.78			23-May-2005		9.375%		AZ - 80.00%		Paid Off - 360		01-Jan-2005
322967365 1					95,753.78			23-May-2005		9.375%		AZ - 80.00%		Paid Off - 360		01-Jan-2005
323066779 1			129,200.00		129,200.00			25-May-2005		7.000%		AZ - 95.00%		Paid Off - 360		01-Jan-2005
323066779 1					129,200.00			25-May-2005		7.000%		AZ - 95.00%		Paid Off - 360		01-Jan-2005
323067660 1			50,320.00		50,183.28			07-Jun-2005		9.125%		MO - 80.00%		Paid Off - 360		01-Feb-2005
323067660 1					50,183.28			07-Jun-2005		9.125%		MO - 80.00%		Paid Off - 360		01-Feb-2005
323069138 1			60,400.00		60,213.79			15-Jun-2005		7.999%		IA - 80.00%		Paid Off - 360		01-Feb-2005
323069138 1					60,213.79			15-Jun-2005		7.999%		IA - 80.00%		Paid Off - 360		01-Feb-2005
323069641 1			96,000.00		95,798.61			17-May-2005		9.250%		IL - 80.00%		Paid Off - 360		01-Feb-2005
323069641 1					95,798.61			17-May-2005		9.250%		IL - 80.00%		Paid Off - 360		01-Feb-2005
323071837 2			75,000.00		74,763.53			18-May-2005		7.490%		MD - 69.77%		Paid Off - 360		01-Feb-2005
323071837 2					74,763.53			18-May-2005		7.490%		MD - 69.77%		Paid Off - 360		01-Feb-2005
323073429 2			330,000.00		330,000.00			19-May-2005		8.350%		FL - 100.00%		Paid Off - 360		01-Feb-2005
323073429 2					330,000.00			19-May-2005		8.350%		FL - 100.00%		Paid Off - 360		01-Feb-2005
323073858 2			500,000.00		500,000.00			26-May-2005		5.990%		CA - 83.33%		Paid Off - 360		01-Feb-2005
323073858 2					500,000.00			26-May-2005		5.990%		CA - 83.33%		Paid Off - 360		01-Feb-2005
323074161 1			201,500.00		200,633.00			01-Jun-2005		5.750%		CA - 65.00%		Paid Off - 360		01-Feb-2005
323074161 1					200,633.00			01-Jun-2005		5.750%		CA - 65.00%		Paid Off - 360		01-Feb-2005
323074484 1			195,000.00		195,000.00			26-May-2005		8.670%		CT - 84.78%		Paid Off - 360		01-Feb-2005
323074484 1					195,000.00			26-May-2005		8.670%		CT - 84.78%		Paid Off - 360		01-Feb-2005
323074773 1			209,500.00		208,679.27			10-May-2005		6.125%		MA - 83.47%		Paid Off - 360		01-Feb-2005
323074773 1					208,679.27			10-May-2005		6.125%		MA - 83.47%		Paid Off - 360		01-Feb-2005
323075903 2			75,000.00		74,892.89			23-May-2005		9.750%		FL - 20.00%		Paid Off - 180		01-Mar-2005
323075903 2					74,892.89			23-May-2005		9.750%		FL - 20.00%		Paid Off - 180		01-Mar-2005
323076687 1			276,250.00		276,250.00			04-May-2005		7.500%		NV - 85.00%		Paid Off - 360		01-Feb-2005
323076687 1					276,250.00			04-May-2005		7.500%		NV - 85.00%		Paid Off - 360		01-Feb-2005
323076737 2			616,000.00		616,000.00			01-Jun-2005		6.550%		AZ - 80.00%		Paid Off - 360		01-Feb-2005
323076737 2					616,000.00			01-Jun-2005		6.550%		AZ - 80.00%		Paid Off - 360		01-Feb-2005
323077420 1			151,300.00		150,798.57			04-May-2005		6.990%		CA - 85.00%		Paid Off - 360		01-Feb-2005
323077420 1					150,798.57			04-May-2005		6.990%		CA - 85.00%		Paid Off - 360		01-Feb-2005
323195941 1			53,000.00		52,924.83			16-May-2005		9.875%		AL - 20.00%		Paid Off - 180		01-Mar-2005
323195941 1					52,924.83			16-May-2005		9.875%		AL - 20.00%		Paid Off - 180		01-Mar-2005
323197186 2			193,600.00		193,263.41			01-Jun-2005		8.750%		GA - 80.00%		Paid Off - 360		01-Mar-2005
323197186 2					193,263.41			01-Jun-2005		8.750%		GA - 80.00%		Paid Off - 360		01-Mar-2005
323197483 1			156,750.00		156,305.42			09-Jun-2005		8.500%		AZ - 95.00%		Paid Off - 360		01-Feb-2005
323197483 1					156,305.42					8.500%		AZ - 95.00%		Paid Off - 360



Page 18 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution

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

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

323199448 2			343,920.00		343,069.15			09-May-2005		6.999%		FL - 80.00%		Paid Off - 360		01-Mar-2005
			343,920.00

323201145 1			95,000.00		94,740.97			09-Jun-2005		6.500%		VA - 47.50%		Paid Off - 360		01-Mar-2005
323201145 1					94,740.97			09-Jun-2005		6.500%		VA - 47.50%		Paid Off - 360		01-Mar-2005
323201673 1			82,800.00		82,670.43			24-May-2005		7.250%		MD - 87.34%		Paid Off - 360		01-Apr-2005
323201673 1					82,670.43			24-May-2005		7.250%		MD - 87.34%		Paid Off - 360		01-Apr-2005
323201780 2			180,000.00		179,256.57			14-Jun-2005		7.610%		VA - 90.00%		Paid Off - 240		01-Apr-2005
323201780 2					179,256.57			14-Jun-2005		7.610%		VA - 90.00%		Paid Off - 240		01-Apr-2005
323203281 1			283,500.00		282,932.87			10-Jun-2005		5.990%		VA - 90.00%		Paid Off - 360		01-Apr-2005
323203281 1					282,932.87			10-Jun-2005		5.990%		VA - 90.00%		Paid Off - 360		01-Apr-2005
323203620 2			89,988.00		89,812.89			09-Jun-2005		8.200%		NE - 90.00%		Paid Off - 360		01-Mar-2005
323203620 2					89,812.89			09-Jun-2005		8.200%		NE - 90.00%		Paid Off - 360		01-Mar-2005
323207795 1			200,000.00		199,774.93			01-Jun-2005		8.875%		CA - 80.00%		Paid Off - 360		01-Apr-2005
323207795 1					199,774.93			01-Jun-2005		8.875%		CA - 80.00%		Paid Off - 360		01-Apr-2005
323213363 1			272,610.00		272,610.00			03-Jun-2005		6.375%		CA - 85.00%		Paid Off - 360		01-Apr-2005
323213363 1					272,610.00			03-Jun-2005		6.375%		CA - 85.00%		Paid Off - 360		01-Apr-2005
323213462 2			160,200.00		159,970.83			18-May-2005		8.250%		MO - 90.00%		Paid Off - 360		01-Apr-2005
323213462 2					159,970.83			18-May-2005		8.250%		MO - 90.00%		Paid Off - 360		01-Apr-2005
323256545 1			67,500.00		67,406.32			08-Jun-2005		7.850%		VA - 90.00%		Paid Off - 360		01-Apr-2005
323256545 1					67,406.32			08-Jun-2005		7.850%		VA - 90.00%		Paid Off - 360		01-Apr-2005
323256560 1			225,000.00		225,000.00			01-Jun-2005		7.250%		CA - 75.00%		Paid Off - 360		01-Apr-2005
323256560 1					225,000.00			01-Jun-2005		7.250%		CA - 75.00%		Paid Off - 360		01-Apr-2005
323258285 2			334,400.00		334,400.00			31-May-2005		5.350%		MN - 80.00%		Paid Off - 360		01-Mar-2005
323258285 2					334,400.00			31-May-2005		5.350%		MN - 80.00%		Paid Off - 360		01-Mar-2005
323260505 2			83,600.00		83,474.33			31-May-2005		9.450%		MN - 20.00%		Paid Off - 180		01-Mar-2005
323260505 2					83,474.33			31-May-2005		9.450%		MN - 20.00%		Paid Off - 180		01-Mar-2005
323268276 2			108,300.00		108,081.76			18-May-2005		5.950%		FL - 95.00%		Paid Off - 360		01-Apr-2005
323268276 2					108,081.76			18-May-2005		5.950%		FL - 95.00%		Paid Off - 360		01-Apr-2005
323269019 2			63,200.00		63,113.17			08-Jun-2005		7.900%		NC - 80.00%		Paid Off - 360		01-Apr-2005
323269019 2					63,113.17			08-Jun-2005		7.900%		NC - 80.00%		Paid Off - 360		01-Apr-2005
323272187 1			158,100.00		157,807.78			09-Jun-2005		6.400%		MI - 85.00%		Paid Off - 360		01-Apr-2005
323272187 1					157,807.78			09-Jun-2005		6.400%		MI - 85.00%		Paid Off - 360		01-Apr-2005
323276816 2			327,250.00		327,250.00			17-May-2005		6.500%		CA - 85.00%		Paid Off - 360		01-Apr-2005
323276816 2					327,250.00			17-May-2005		6.500%		CA - 85.00%		Paid Off - 360		01-Apr-2005
323277491 2			112,500.00		112,403.14			09-May-2005		6.750%		AZ - 90.00%		Paid Off - 360		01-May-2005
323277491 2					112,403.14			09-May-2005		6.750%		AZ - 90.00%		Paid Off - 360		01-May-2005
323278937 2			190,000.00		189,879.83			06-Jun-2005		8.290%		WI - 100.00%		Paid Off - 360		01-May-2005
323278937 2					189,879.83			06-Jun-2005		8.290%		WI - 100.00%		Paid Off - 360		01-May-2005
323281055 1			149,000.00		149,000.00			12-May-2005		6.125%		CA - 28.54%		Paid Off - 360		01-Apr-2005
323281055 1					149,000.00			12-May-2005		6.125%		CA - 28.54%		Paid Off - 360		01-Apr-2005
410154750 2			170,000.00		169,065.30			27-May-2005		6.500%		CA - 85.00%		Paid Off - 360		01-Dec-2004
410154750 2					169,065.30			27-May-2005		6.500%		CA - 85.00%		Paid Off - 360		01-Dec-2004
411026486 1			116,000.00		115,743.14			10-May-2005		8.990%		MA - 80.00%		Paid Off - 360		01-Feb-2005
411026486 1					115,743.14			10-May-2005		8.990%		MA - 80.00%		Paid Off - 360		01-Feb-2005
411176054 1			110,000.00		109,542.95			04-May-2005		6.990%		WV - 80.00%		Paid Off - 360		01-Jan-2005
411176054 1					109,542.95			04-May-2005		6.990%		WV - 80.00%		Paid Off - 360		01-Jan-2005
412033967 1			275,000.00		274,067.88			24-May-2005		6.875%		MA - 78.13%		Paid Off - 360		01-Feb-2005
412033967 1					274,067.88			24-May-2005		6.875%		MA - 78.13%		Paid Off - 360		01-Feb-2005
412145733 2			252,000.00		251,471.32			02-May-2005		9.250%		IL - 90.00%		Paid Off - 360		01-Feb-2005
412145733 2					251,471.32			02-May-2005		9.250%		IL - 90.00%		Paid Off - 360		01-Feb-2005
412145842 2			271,150.00		270,534.18			17-May-2005		8.875%		NM - 85.00%		Paid Off - 360		01-Feb-2005
412145842 2					270,534.18			17-May-2005		8.875%		NM - 85.00%		Paid Off - 360		01-Feb-2005
412157368 1			291,500.00		290,528.75			04-May-2005		7.125%		NV - 84.99%		Paid Off - 360		01-Feb-2005
412157368 1					290,528.75			04-May-2005		7.125%		NV - 84.99%		Paid Off - 360		01-Feb-2005
412225534 1			144,000.00		143,568.37			18-May-2005		7.499%		AZ - 80.00%		Paid Off - 360		01-Feb-2005
412225534 1					143,568.37			18-May-2005		7.499%		AZ - 80.00%		Paid Off - 360		01-Feb-2005


TOTAL			11,103,030.00		10,870,644.00
TOTAL


Page 19 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


Current
Current



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

Cumulative
Cumulative



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










Page 20 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution


DEFAULT SPEEDS



											Group 2		Group 1		Total



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


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


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


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












Page 21 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution





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



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

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

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

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

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

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

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




Page 22 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative
															Cumulative
&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized

Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)




TOTAL



Page 23 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
										Group 2		Group 1		Total
						Trigger Event in effect (0=No , 1=Yes)								0
						Stepdown Date has occurred (0 = No, 1=Yes)								0
						3M Rolling Avg.Bal 60+ days includes BK,FC,REO								2,790,948.41
						Ending Balance								907,193,111.83
						Prior Period Senior Enhancement Percentage								20.4505%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
Basis Risk CarryForward Amount paid														0.00
Basis Risk CarryForward Amount unpaid														0.00




Page 24 of 25
Morgan Stanley ABS Capital I Inc. 2005-HEL2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-HEL2

June 27, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
Current Scheduled Payments														6,014,981.54
Current Scheduled Payments 1 Month Prior														0.00
Current Scheduled Payments 2 Month Prior														0.00
Current Scheduled Payments 3 Month Prior														0.00
Current Scheduled Payments 4 Month Prior														0.00
Current Scheduled Payments 5 Month Prior														0.00
Current Scheduled Payments 6 Month Prior														0.00
Current Scheduled Payments 7 Month Prior														0.00
Current Scheduled Payments 8 Month Prior														0.00
Current Scheduled Payments 9 Month Prior														0.00
Current Scheduled Payments 10 Month Prior														0.00
Current Scheduled Payments 11 Month Prior														0.00





Sched. Payments for 60+Day Delinquent Loans										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 1 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 2 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 3 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 4 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 5 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 6 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 7 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 8 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 9 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 10 Month Prior										0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 11 Month Prior										0.00		0.00		0.00




Page 25 of 25

Filing Compare · Morgan Stanley Home Equity Loan Trust 2005-2