UNITED STATES


SECURITIES AND EXCHANGE
COMMISSION


Washington, D.C.
20549








FORM 10-K








[X] ANNUAL REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934





For the
fiscal year ended December 31,
2007


or





[   ] TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934





For the
transition period from ________to _______





Commission
file number of issuing entity: 333-140436-25


Merrill Lynch First Franklin
Mortgage Loan Trust, Series 2007-5
 (Exact name of issuing entity as specified in its
charter)




Commission
file number of depositor: 333-140436




Merrill Lynch Mortgage
Investors, Inc.


(Exact
name of registrant/depositor as specified in its charter)




First Franklin Financial
Corporation


(Exact
name of sponsor as specified in its charter)


New
      York
              
              35-2313724
                  35-2313722
                  35-6779541
                  35-6779536
                  35-2313729(State
      or other jurisdiction of
                incorporation
      or organization)
              
              (I.R.S.
      Employer
                Identification
      No.)
 
 c/o LaSalle Bank National
Association, 135 South LaSalle Street, Chicago, Illinois
60603
 (Address
of issuing entity’s principal executive offices)
  (312)
904-7323
 (Issuing
entity's telephone number, including area code)


Securities
registered pursuant to Section 12(b) of the Act:




None




Securities
registered pursuant to Section 12(g) of the Act:




None




Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act.





oYes
            
            xNo





Indicate
by check mark if the registrant is not required to file pursuant to Section 13
or Section 15(d) of the Act.





oYes
            
            xNo





Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.





xYes
            
            oNo





Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K (§229.405 of this
chapter) is not contained herein, and will not be contained, to the best of
registrant’s knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.





x





Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non- accelerated filer, or a small reporting
company.  See the definitions of “large accelerated filer,”
“accelerated filer” and “small reporting company” in Rule 12b-2 of the Exchange
Act.
 
 Large
      accelerated filer
              o
              Accelerated
      filer
              oNon-accelerated
      filer
              x
              (Do
      not check if a smaller reporting company)
              Smaller
      reporting company
              o
 
 Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Act).   oYes  xNo




State the
aggregate market value of the voting and non-voting common equity held by
non-affiliates computed by reference to the price at which the common equity was
last sold, or the average bid and asked price of such common equity, as of the
last business day of the registrant’s most recently completed second fiscal
quarter.





Not
Applicable




DOCUMENTS INCORPORATED BY
REFERENCE




None.






PART I


Item 1. Business.
 Omitted.
 
 Item 1A. Risk
Factors.
 Omitted.
 
 Item 1B. Unresolved Staff
Comments.
 None.
 
 Item 2.
Properties.
 Omitted.
 
 Item 3. Legal Proceedings.
 Omitted.
 
 Item 4. Submission of Matters to a
Vote of Security Holders.
 Omitted.


PART II


Item 5. Market for Registrant’s
Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities.
 Omitted.
 
 Item 6. Selected Financial
Data.
 Omitted.
 
 Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations.
 Omitted.
 
 Item 7A. Quantitative and Qualitative
Disclosures About Market Risk.
 Omitted.
 
 Item 8. Financial Statements and
Supplementary Data.
 Omitted.
 Item 9. Changes in and Disagreements
With Accountants on Accounting and Financial Disclosure.
 Omitted.
 
 Item 9A. Controls and
Procedures.
 Omitted.
  Item 9A(T). Controls and
Procedures.
 Omitted.
  Item 9B. Other
Information.
 None.





PART III


Item 10. Directors, Executive
Officers and Corporate Governance.
 Omitted.
 
 Item 11. Executive
Compensation.
 Omitted.
 
 Item 12. Security Ownership of
Certain Beneficial Owners and Management and Related Stockholder
Matters.
 Omitted.
 
 Item 13. Certain Relationships and Related
Transactions, and Director Independence.
 Omitted.
 
 Item 14. Principal Accounting Fees
and Services.
 Omitted.
  ADDITIONAL
DISCLOSURE ITEMS UNDER REGULATION AB
  Item 1112(b) of Regulation AB.
Significant Obligors Financial Information.
 No single
obligor represents 10% or more of the pool assets held by the issuing
entity.
 
 Item
1114(b)2 of Regulation AB, Significant Enhancement Provider Financial
Information.
 No entity
or group of affiliated entities provides any external credit enhancement or
other support for the certificates within this transaction as described under
Item 1114(a) of Regulation AB.
 
 Item
1115(b) of Regulation AB, Certain Derivatives Instruments (Financial
Information).
 The
significance percentages of the derivative transactions entered into on behalf
of the issuing entity are less than 10%.
  Item 1117 of Regulation AB. Legal
Proceedings.
 The
registrant knows of no material pending legal proceedings involving the Trust
and all parties related to such Trust, other than routine litigation incidental
to the duties of those respective parties.
  
 Item 1119 of Regulation AB.
Affiliations and Certain Relationships and Related
Transactions.
 The
information regarding this Item has been previously filed in a 424(b)(5) filing
dated October 10, 2007.
 Item 1122 of Regulation AB.
Compliance with Applicable Servicing Criteria.
 See Item
15, exhibits (33) and (34).
  The
following information regarding LaSalle Bank National Association's material
instances of noncompliance and related remedial action was provided by LaSalle
Bank National Association.
  LaSalle
Bank National Association’s (“LaSalle”) Report on Assessment of Compliance with
Servicing Criteria for 2007 (the “2007 Assessment”) attached to this Report on
Form 10-K describes in Appendix B the following material instance of
noncompliance related to investor reporting:
 
 “1122(d)(3)(i)(A)
and (B) – During the Reporting Period, certain monthly investor or remittance
reports were not prepared in accordance with the terms set forth in the
transaction agreements and certain investor reports did not provide the
information calculated in accordance with the terms specified in the transaction
agreements for which certain individual errors may or may not have been
material.”
 
 The
investor reporting errors identified on LaSalle’s 2007 Assessment as material
instances of noncompliance (the “Investor Reporting Errors”) included, for
example, revised delinquency, REO, foreclosure, repurchase, payoff or modified
loan counts, category indicators and/or balances.  The conclusion that
the Investor Reporting Errors amounted to a material instance of noncompliance
was based primarily on the aggregate number of errors as opposed to the
materiality of any one error.
 
 The
Investor Reporting Errors were generally caused by human error resulting
primarily from high volume monthly data processing demands that had to be
addressed within constricted time frames with less than a full complement of
operational staff.  Between the fourth quarter of the Reporting Period
and the date of the 2007 Assessment, LaSalle has employed additional operational
staff to accommodate the high volume of monthly investor reporting requirements
and minimize the risk of the Investor Reporting Errors
recurring.  Other necessary controls are in place to minimize the risk
of such errors.
 
 With
respect to the specific pool assets and asset-backed securities related to the
Investor Reporting Errors, the errors did not have, and are not reasonable
likely in the future to have, any material impact or effect on pool asset
performance, servicing of the pool assets and payments or expected payments on
the mortgage-backed securities.




The
Certification Regarding Compliance with Applicable Servicing Criteria of Home
Loan Services, Inc. (the “HLS Certification”) identified material instances of
noncompliance with respect to the following servicing criteria:
 
 Item 1122
(d)(1)(i) – Policies and procedures instituted to monitor any performance or
other triggers and events of default in accordance with the transaction
agreements.
 
 Item
1122(d)(2)(vii) – Monthly reconciliations for all asset-backed securities
related bank accounts, including custodial accounts and related bank clearing
accounts. Such reconciliations are prepared within 30 calendar days after the
bank statement cutoff date, or such other number of days specified in the
transaction agreements.
 
 Item
1122(d)(4)(x)(c) – Funds held in trust for an obligor (such as escrow accounts),
which are returned to the obligor within 30 calendar days of full repayment of
the related pool asset, or such other number of days specified in the
transaction agreements.
 
 The HLS
Certification stated that the following remediation efforts have been made with
respect to such material instances of noncompliance:
 
 Item 1122
(d)(1)(i) – “Monthly reporting and quarterly review processes were established
in April 2007 and maintained throughout the remainder of the year. No subsequent
exceptions were noted.”
 
 Item
1122(d)(2)(vii) – “Bank reconciliations were completed within the 30 day period;
however, preparers sign-off did no occur until the 31st day.
This exception was noted in the first six months of 2007. Processes were revised
with no subsequent findings in the second half of 2007.”
 
 Item
1122(d)(4)(x)(c) – “Funds held in escrow on two accounts were not returned
within 30 days of loan payoff. Processes have been revised to ensure for future
compliance.”
 
 The
Report on Assessment of Compliance of American Security Insurance Company,
Standard Guaranty Insurance Company and TrackSure Insurance Agency, Inc. (the
relevant Vendor cited in the HLS Certification) indicated a material instance of
noncompliance with Item 1122(d)(4)(xii), and stated that the company “did not
have, during the Reporting Period, sufficient policies and procedures to capture
the information with respect to the Platform Transactions necessary to determine
compliance with Item 1122(d)(4)(xii).”
 
 The HLS
Certification stated that the Vendor has made the following remediation efforts
with respect to such material instance of noncompliance:
 
 Item
1122(d)(4)(xii) – “Practices and procedures to capture information necessary to
assess compliance were implemented as of January 1, 2008 by Assurant Specialty
Property.”
 
 The HLS
Certification did not report any material deficiencies with respect to policies
and procedures in place to monitor Vendors.
 Item 1123 of Regulation AB. Servicer
Compliance Statement.
 See Item
15, exhibit (35).
  Although
the above-referenced material instances of noncompliance with respect to Items
1122(d)(1)(i), 1122(d)(2)(vii) and 1122(d)(4)(x)(c) in the HLS Certification
were material to the activities of Home Loan Services, Inc. ("HLS") on a
platform level, HLS indicated that such instances of noncompliance had no
material effect on the performance of HLS in its capacity as servicer under the
pooling and servicing agreement related to the securities issued by the Issuing
Entity. Accordingly, the servicer compliance statement of HLS was appropriately
unqualified.
 PART IV


Item 15. Exhibits, Financial
Statement Schedules.
 
 (a) The
following is a list of documents filed as part of this Annual Report on Form
10-K:
 (1) Not
Applicable.
 (2) Not
Applicable.
 (3)
 Exhibit
      Number
                    Description4.1
                    Pooling
      and Servicing Agreement (filed as an exhibit to Form 8-K on
      2007-10-25)10.1
                    Mortgage
      Loan Purchase Agreement (filed as an exhibit to Form 8-K on
      2007-10-25)31
                    Sarbanes-Oxley
      Certification33(a)
                    Report
      on assessment of compliance with servicing criteria for asset-backed
      securities, Home Loan Services, Inc., as Servicer33(b)
                    Report
      on assessment of compliance with servicing criteria for asset-backed
      securities, LaSalle Bank National Association, as Trustee and
      Custodian33(c)
                    Report
      on assessment of compliance with servicing criteria for asset-backed
      securities, First American Real Estate Solutions of Texas, L.P. as
      Servicing Function Participant33(d)
                    Report
      on assessment of compliance with servicing criteria for asset-backed
      securities, Regulus Group LLC, as Servicing Function
      Participant33(e)
                    Report
      on assessment of compliance with servicing criteria for asset-backed
      securities, Assurant Inc., as Servicing Function
    Participant34(a)
                    Attestation
      report on assessment of compliance with servicing criteria for
      asset-backed securities, Home Loan Services, Inc, as
    Servicer34(b)
                    Attestation
      report on assessment of compliance with servicing criteria for
      asset-backed securities, LaSalle Bank National Association, as
      Trustee and Custodian34(c)
                    Attestation
      report on assessment of compliance with servicing criteria for
      asset-backed securities, First American Real Estate Solutions of Texas,
      L.P. as Servicing Function Participant34(d)
                    Attestation
      report on assessment of compliance with servicing criteria for
      asset-backed securities, Regulus Group LLC, as Servicing Function
      Participant34(e)
                    Attestation
      report on assessment of compliance with servicing criteria for
      asset-backed securities, Assurant Inc., as Servicing Function
      Participant35(a)
                    Servicer
      compliance statement, Home Loan Services, Inc., as
  Servicer35(b)
                    Servicer
      compliance statement, LaSalle Bank National Association, as
      Trustee35(c)
                    Servicer
      compliance statement, First American Real Estate Solutions of Texas, L.P.
      as Servicing Function Participant35(d)
                    Servicer
      compliance statement, Regulus Group LLC, as Servicing Function
      Participant
  (b) The
exhibits required to be filed by Registrant pursuant to Item 601 of Regulation
S-K are listed above and in the Exhibit Index that immediately follows the
signature page hereof. 
 (31)
                Rule
      13a-14(d)/15d-14(d) Certifications.(33)
                Reports
      on assessment of compliance with servicing criteria for asset-backed
      securities:Home
      Loan Services, Inc., as ServicerLaSalle
      Bank National Association, as Trustee and CustodianFirst
      American Real Estate Solutions of Texas, L.P. as Servicing Function
      ParticipantRegulus
      Group LLC, as Servicing Function ParticipantAssurant
      Inc., as Servicing Function Participant(34)
                Attestation
      reports on assessment of compliance with servicing criteria for
      asset-backed securities:Home
      Loan Services, Inc., as ServicerLaSalle
      Bank National Association, as Trustee and CustodianFirst
      American Real Estate Solutions of Texas, L.P. as Servicing Function
      ParticipantRegulus
      Group LLC, as Servicing Function ParticipantAssurant
      Inc., as Servicing Function Participant(35)
                Servicer
      Compliance Statements:Home
      Loan Services, Inc., as ServicerLaSalle
      Bank National Association, as TrusteeFirst
      American Real Estate Solutions of Texas, L.P. as Servicing Function
      ParticipantRegulus
      Group LLC, as Servicing Function
Participant


(c) Not
Applicable.










SIGNATURES




Home
      Loan Services, Inc., as ServicerMarch
      28, 2008
              /s/
      Steven A. BaranetBy: Steven
      A. BaranetTitle: Vice
      President(Senior
      Officer in charge of the servicing function of the
  servicer)








EXHIBIT INDEX


Exhibit
      Number
                                              Description4.1
                                              Pooling
      and Servicing Agreement (filed as an exhibit to Form 8-K on
      2007-10-25)10.1
                                              Mortgage
      Loan Purchase Agreement (filed as an exhibit to Form 8-K on
      2007-10-25)31
                                              Sarbanes-Oxley
      Certification33(a)
                                              Report
      on assessment of compliance with servicing criteria for asset-backed
      securities, Home Loan Services, Inc., as Servicer33(b)
                                              Report
      on assessment of compliance with servicing criteria for asset-backed
      securities, LaSalle Bank National Association, as Trustee and
      Custodian33(c)
                                              Report
      on assessment of compliance with servicing criteria for asset-backed
      securities, First American Real Estate Solutions of Texas, L.P. as
      Servicing Function Participant33(d)
                                              Report
      on assessment of compliance with servicing criteria for asset-backed
      securities, Regulus Group LLC, as Servicing Function
      Participant33(e)
                                              Report
      on assessment of compliance with servicing criteria for asset-backed
      securities, Assurant Inc., as Servicing Function
    Participant34(a)
                                              Attestation
      report on assessment of compliance with servicing criteria for
      asset-backed securities, Home Loan Services, Inc, as
    Servicer34(b)
                                              Attestation
      report on assessment of compliance with servicing criteria for
      asset-backed securities, LaSalle Bank National Association, as
      Trustee and Custodian34(c)
                                              Attestation
      report on assessment of compliance with servicing criteria for
      asset-backed securities, First American Real Estate Solutions of Texas,
      L.P. as Servicing Function Participant34(d)
                                              Attestation
      report on assessment of compliance with servicing criteria for
      asset-backed securities, Regulus Group LLC, as Servicing Function
      Participant34(e)
                                              Attestation
      report on assessment of compliance with servicing criteria for
      asset-backed securities, Assurant Inc., as Servicing Function
      Participant35(a)
                                              Servicer
      compliance statement, Home Loan Services, Inc., as
  Servicer35(b)
                                              Servicer
      compliance statement, LaSalle Bank National Association, as
      Trustee35(c)
                                              Servicer
      compliance statement, First American Real Estate Solutions of Texas, L.P.
      as Servicing Function Participant35(d)
                                              Servicer
      compliance statement, Regulus Group LLC, as Servicing Function
      Participant