Morgan Stanley Preliminary Offering Summary for IXIS 2005-HE2 Mortgage-Backed Securities

Summary

Morgan Stanley has prepared this informational summary for sophisticated investors regarding the proposed IXIS 2005-HE2 mortgage-backed securities offering. The document outlines key characteristics of the underlying loan pool, including loan types, balances, borrower credit scores, property types, and other relevant data. It is not an offer to buy or sell securities, and any investment decision should be based on the final Prospectus or Private Placement Memorandum. Morgan Stanley is acting as lead underwriter for this transaction, and all information is subject to change.

EX-10.11 12 v17049_ex99-11.txt Exhibit 99.11 This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated ("Morgan Stanley") considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities would be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed.Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transaction in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. - ------------------------------------------------------------------------------- Deal Name IXIS 2005-HE2 - ------------------------------------------------------------------------------- ARM FRM Total/Avg. - -------------------------------------------------------------------------------- Percentage Bal. 89.38% 10.62% Deal Balance 594,627,373.01 70,625,985.38 665,253,358 All-in Severity WAM 357 298 351 WALA 3 3 3 WAC 7.401 8.169 7.483 Lag CLTV 80.78 81.87 80.90 Loan Balance 191,691.61 95,959.22 173,333.34 Non-Full Doc % 56.71 49.09 55.90 DTI 41.30 40.19 41.18 IO % 32.52 4.29 29.53 Second Lien % 0.00 28.20 2.99 Silent Seconds % 34.85 11.97 34.42 FICO 627 645 629 - --------------------- 1st Quartile 541 566 543 2nd Quartile 604 628 607 3rd Quartile 650 663 651 4th Quartile 712 721 713 Property Type - --------------------- Single Family % 75.10 75.94 75.19 PUD % 12.80 7.79 12.27 2-4 Unit % 5.44 10.03 5.93 CO% 6.57 6.16 6.53 MH % 0.08 0.09 0.08 Occupancy Type - --------------------- Owner Occupied 95.57 95.71 95.58 2nd Home 0.56 0.57 0.56 Investor Prop. 3.87 3.72 3.85 Loan Purpose - --------------------- Purchase 42.75 36.27 42.06 Cash-Out 54.02 56.43 54.28 Rate-Reduction 3.23 7.30 3.66 - --------------------------------------------------------------------------------