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

                                  FORM 10-K


  (Mark one)

  /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: 333-139817-17

      GSAMP Trust 2007-HSBC1
      (exact name of issuing entity as specified in its charter)

      GS Mortgage Securities Corp.
      (exact name of the registrant (depositor) as specified in its charter)

      Goldman Sachs Mortgage Company
      (exact name of the sponsor as specified in its charter)



  New York                                54-2200473
  (State or other jurisdiction of         54-2200474
  incorporation or organization           54-2200475
  of issuing entity)                      54-2200476
                                          54-2200477
                                          54-6756604
                                          (I.R.S. Employer
                                          Identification No.
                                          of issuing entity)


   c/o Wells Fargo Bank, N.A.
   9062 Old Annapolis Road
   Columbia, MD                                 21045
  (Address of principal executive               (Zip Code of
  offices of issuing entity)                    issuing entity)


 Telephone number, including area code, for issuing entity: (410) 884-2000




  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.

    Yes ___     No  X



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

    Yes ___     No  X




  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.

    Yes  X      No ___



  Indicate by check mark if disclosure of delinquent filers pursuant to Item
  405 of Regulation S-K (Section 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.

    Not applicable.



  Indicate by check mark whether the registrant is a large accelerated filer,
  an accelerated filer, a non-accelerated filer, or a smaller reporting
  company.  See the definitions of "large accelerated filer", "accelerated
  filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

   Large accelerated filer ___
   Accelerated filer ___
   Non-accelerated filer X (Do not check if a smaller reporting company)
   Smaller reporting company ___

  Indicate by check mark whether the registrant is a shell company (as defined
  in Rule 12b-2 of the Act).

    Yes ___     No  X



  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

  See Item 15 (a).



                                     PART I

  Item 1.      Business.

               Not applicable.


  Item 1A.     Risk Factors.

               Not applicable.


  Item 1B.     Unresolved Staff Comments.

               None.


  Item 2.      Properties.

               Not applicable.


  Item 3.      Legal Proceedings.

               Not applicable.


  Item 4.      Submission of Matters to a Vote of Security Holders.

               Not applicable.




                                     PART II

  Item 5.      Market for Registrant's Common Equity, Related Stockholder
               Matters and Issuer Purchases of Equity Securities.

               Not applicable.


  Item 6.      Selected Financial Data.

               Not applicable.


  Item 7.      Management's Discussion and Analysis of Financial Condition and
               Results of Operation.

               Not applicable.


  Item 7A.     Quantitative and Qualitative Disclosures About Market Risk.

               Not applicable.


  Item 8.      Financial Statements and Supplementary Data.

               Not applicable.


  Item 9.      Changes in and Disagreements With Accountants on Accounting and
               Financial Disclosure.

               Not applicable.


  Item 9A.     Controls and Procedures.

               Not applicable.


  Item 9A(T).  Controls and Procedures.

               Not applicable.


  Item 9B.     Other Information.

               None.




                                    PART III

  Item 10.     Directors, Executive Officers and Corporate Governance.

               Not applicable.


  Item 11.     Executive Compensation.

               Not applicable.


  Item 12.     Security Ownership of Certain Beneficial Owners and Management
               and Related Stockholder Matters.

               Not applicable.


  Item 13.     Certain Relationships and Related Transactions, and Director
               Independence.

               Not applicable.


  Item 14.     Principal Accountant Fees and Services.

               Not applicable.




              ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB


Item 1112(b) of Regulation AB, Significant Obligors of Pool Assets (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.

The consolidated balance sheets of the Financial Security Assurance Inc. and its
subsidiaries ("FSA") as of the most recent calendar year ended and the related
consolidated statements of income, changes in shareholder's equity and cash
flows for the calendar year then ended and the interim consolidated balance
sheet of FSA as of the most recent calendar quarter ended, and the related
statements of income, changes in shareholder's equity and cash flows for the
calendar quarter ended, included in the Annual Report on Form 10-K filed on
March 20, 2008 and the Quarterly Reports on Form 10-Q filed on May 14, 2007,
August 14, 2007 and November 14, 2007, respectively, which have been filed with
the Securities and Exchange Commission (the "Commission") by Financial Security
Assurance Holdings Ltd. (Commission File No. 001-12644, CIK No. 0000913357), are
hereby incorporated by reference into this Form 10-K and shall be deemed to be
part hereof. Any statement contained in a document incorporated herein by
reference shall be modified or superseded for the purposes of this Form 10-K to
the extent that a statement contained herein by reference also modifies or
supersedes such statement. Any statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this Form
10-K.



Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial
Information).

Goldman Sachs Mitsui Marine Derivative Products, L.P. provides an Interest Rate
Swap derivative instrument for the issuing entity.  No additional disclosure is
necessary because the significance percentage for the Interest Rate Swap is less
than 10%.



Item 1117 of Regulation AB, Legal Proceedings.

Pursuant  to a Form 10-K  filed on March  19,  2008  (the  "Announcement")  by
Financial Security  Assurance  Holdings Ltd. (the "Company")  (Commission File
No.: 001-12644, CIK: 0000913357),  parent of Financial Security Assurance Inc.
("FSA"),  the certificate  insurer,  the Company stated that in November 2006,
(i) it received a subpoena from the Antitrust Division of the U.S.  Department
of Justice issued in connection with an ongoing criminal  investigation of bid
rigging of awards of municipal GICs and (ii) FSA  received a subpoena from the
SEC related to an ongoing industry-wide  investigation  concerning the bidding
of municipal  GICs. The subpoenas  request that the Company furnish to the DOJ
and SEC records and other information with respect to the Company's  municipal
GIC business.

Additionally,  according to the Announcement, on February 4, 2008, the Company
received a "Wells Notice" from the staff of the  Philadelphia  Regional Office
of the SEC relating to the foregoing  matter.  The Wells Notice indicates that
the SEC staff is considering  recommending that the SEC authorize the staff to
bring a civil injunctive  action and/or institute  administrative  proceedings
against the Company,  alleging violations of Section 10(b) of the Exchange Act
and Rule 10b-5 thereunder and Section 17(a) of the Securities Act. The Company
stated that they understand that it will have an opportunity to respond to the
Wells   Notice  and  to  discuss  the  matter   with  the  staff   before  any
recommendation is made to the Commission.

The  Company  further  stated  in the  Announcement  that in March  2008,  two
purported  class action  lawsuits were commenced  seeking  damages for alleged
violations of antitrust laws in connection  with the bidding of municipal GICs
and derivatives:  (i) Hinds County,  Mississippi et al. v. Wachovia Bank, N.A.
et al. (filed on or about  March 12,  2008 in the U.S.  District Court for the
Southern District of New York, case No. 08 CV 2516), and (ii) Fairfax  County,
Virginia et al. v. Wachovia  Bank,  N.A. et al.  (filed on or about  March 12,
2008  in  the  U.S.  District  Court  for  the  District  of  Columbia,   case
No. 08-cv-00432).  In both lawsuits, a large number of financial institutions,
including  the Company and FSA, are named as  defendants.  The  lawsuits  make
reference to the on-going  investigations  by the DOJ Anti-trust  Division and
the SEC regarding such  activities,  with respect to which the Company and FSA
received  subpoenas in November  2006.  The Company stated that they intend to
vigorously contest these purported class action lawsuits.

In addition,  according to the  Announcement,  the Company  stated that it has
received  various  regulatory  inquiries and requests for  information.  These
include  subpoenas  duces  tecum  and   interrogatories   from  the  State  of
Connecticut Attorney General related to antitrust concerns associated with the
municipal  rating  scales  employed  by Moody's  and a proposal  by Moody's to
assign corporate equivalent ratings to municipal obligations.



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)
filed on August 31, 2007 (Commission File No. 333-139817-17).



Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria.

The reports on assessment of compliance with the servicing criteria for
asset-backed securities and the related attestation reports on such assessments
of compliance are attached hereto under Item 15 (a).

Assurant, Inc. disclosed the following material noncompliance with the
servicing criteria set forth in Item 1122(d)(4)(xii) of Regulation AB
applicable to the Company during the year ended December 31, 2007. As required
by Item 1122(d)(4)(xii) of Regulation AB, any late payment penalties in
connection with any payment to be made on behalf of an obligor are paid from
the servicer's funds are not charged to the obligor, unless the late payment
was due to the obligor's error or omission. Assurant, Inc. 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 1122(d)(4)(xii).

Avelo Mortgage, L.L.C. assessed its compliance with the Applicable Servicing
Criteria for the year ended December 31, 2007 and has identified the
following instances of non-compliance with the servicing criterion set forth
in Items 1122(d)(2)(vii)(D) and 1122(d)(4)(x)(C) of Regulation AB with
respect to the Platform. Specifically, account reconciling items were not
resolved within 90 calendar days of their original identification, or such
other number of days specified in the transaction agreements, as required by
Item 1122(d)(2)(vii)(D)and Avelo Mortgage, L.L.C. did not return to the
obligor funds held in trust for an obligor within 30 calendar days of full
repayment of the related pool asset, as required by Item 1122(d)(4)(x)(C).

Avelo Mortgage, L.L.C. acknowledges that for a period in 2007, bank accounts
were not reconciled in strict compliance with Reg. AB. To address this
issue, Avelo Mortgage, L.L.C. added additional staff to ensure timely
reconciliations and compliance with Reg AB. As of the date of the audit,
all bank account reconciliations were current. No issues were found or
arose from the delay in reconciling the bank accounts.

Avelo Mortgage, L.L.C. also acknowledges that for a period in 2007, escrow
funds were not returned to the obligor within 30 calendar days of full
repayment in compliance with Reg. AB due to a system issue. A system
enhancement erroneously affected the refund check process. Once the issue
was identified, the system was corrected.

As of the date of the audit, escrow fund refunds have been returned to the
obligor within 30 calendar days and no issues were found or arose from the
delay in returning the funds to the account holders.



Item 1123 of Regulation AB, Servicer Compliance Statement.

The servicer compliance statements are attached hereto under Item 15 (a).



                               Part IV

  Item 15. Exhibits and Financial Statement Schedules.

  (a) Exhibits.

  (1) Not applicable.

  (2) Not applicable.

  (3)

  (4) Pooling and Servicing Agreement, dated as of August 1, 2007, by and
  among GS Mortgage Securities Corp., as depositor, Avelo Mortgage, L.L.C., as
  servicer, HSBC Mortgage Services Inc., as responsible party, Deutsche Bank
  National Trust Company, as trustee, Clayton Fixed Income Services Inc., as
  Credit Risk Manager, and Wells Fargo Bank, N.A., as master servicer and
  securities administrator.  (Filed as Exhibit 4 to Form 8-K (Commission File
  No. 333-139817-17) filed on September 20, 2007 and incorporated by reference
  herein.)

  (31) Rule 13a-14(d)/15d-14(d) Certification.

  (33) Reports on assessment of compliance with servicing criteria for
  asset-backed securities.


    <TABLE>
    
      <c>

    33.1 Assurant, Inc. as Sub-Contractor for Avelo Mortgage, L.L.C.
    33.2 Avelo Mortgage, L.L.C. as Servicer
    33.3 Deutsche Bank National Trust Company as Custodian
    33.4 First American Real Estate Solutions of Texas, L.P. as Sub-Contractor for Avelo
    Mortgage, L.L.C.
    33.5 Wells Fargo Bank, N.A. as Master Servicer and Securities Administrator

    </TABLE>


  (34) Attestation reports on assessment of compliance with servicing criteria
  for asset-backed securities.


    <TABLE>
    
      <c>

    34.1 Assurant, Inc. as Sub-Contractor for Avelo Mortgage, L.L.C.
    34.2 Avelo Mortgage, L.L.C. as Servicer
    34.3 Deutsche Bank National Trust Company as Custodian
    34.4 First American Real Estate Solutions of Texas, L.P. as Sub-Contractor for Avelo
    Mortgage, L.L.C.
    34.5 Wells Fargo Bank, N.A. as Master Servicer and Securities Administrator

    </TABLE>


   (35) Servicer compliance statement.


    <TABLE>
    
       <c>

    35.1 Avelo Mortgage, L.L.C. as Servicer
    35.2 Wells Fargo Bank, N.A. as Master Servicer and Securities Administrator

    </TABLE>


   (99) The consolidated balance sheets of the Financial Security Assurance
   Inc. and its subsidiaries ("FSA") as of the most recent calendar year ended
   and the related consolidated statements of income, changes in shareholder's
   equity and cash flows for the calendar year then ended and the interim
   consolidated balance sheet of FSA as of the most recent calendar quarter
   ended, and the related statements of income, changes in shareholder's
   equity and cash flows for the calendar quarter ended, included in the
   Annual Report on Form 10-K filed on March 20, 2008 and the Quarterly
   Reports on Form 10-Q filed on May 14, 2007, August 14, 2007 and November 14,
   2007, respectively, which have been filed with the Securities and Exchange
   Commission (the "Commission") by Financial Security Assurance Holdings Ltd.
   (Commission File No. 001-12644, CIK No. 0000913357), are hereby incorporated
   by reference into this Form 10-K and shall be deemed to be part  hereof.
   Any statement contained in a document incorporated herein by reference shall
   be modified or superseded for the purposes of this Form 10-K to the extent
   that a statement contained herein by reference also modifies or supersedes
   such statement. Any statement so modified or superseded shall not be deemed,
   except as so modified or superseded, to constitute a part of this Form 10-K.

   (b) See (a) above.

   (c) Not applicable.



                          SIGNATURES


  Pursuant to the requirements of Section 13 or 15(d) of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be
  signed on its behalf by the undersigned, thereunto duly authorized.


   GS Mortgage Securities Corp.
   (Depositor)


   /s/ Michelle Gill
   Michelle Gill, Vice President
   (senior officer in charge of securitization of the depositor)


    Date:   March 28, 2008



  Exhibit Index

  Exhibit No.


   (4) Pooling and Servicing Agreement, dated as of August 1, 2007, by and
   among GS Mortgage Securities Corp., as depositor, Avelo Mortgage, L.L.C.,
   as servicer, HSBC Mortgage Services Inc., as responsible party, Deutsche
   Bank National Trust Company, as trustee, Clayton Fixed Income Services Inc.,
   as Credit Risk Manager, and Wells Fargo Bank, N.A., as master servicer and
   securities administrator.  (Filed as Exhibit 4 to Form 8-K (Commission File
   No. 333-139817-17) filed on September 20, 2007 and incorporated by
   reference herein.)

   (31) Rule 13a-14(d)/15d-14(d) Certification.

   (33) Reports on assessment of compliance with servicing criteria for
   asset-backed securities.


    <TABLE>

    
      <c>
    33.1 Assurant, Inc. as Sub-Contractor for Avelo Mortgage, L.L.C.
    33.2 Avelo Mortgage, L.L.C. as Servicer
    33.3 Deutsche Bank National Trust Company as Custodian
    33.4 First American Real Estate Solutions of Texas, L.P. as Sub-Contractor for Avelo
    Mortgage, L.L.C.
    33.5 Wells Fargo Bank, N.A. as Master Servicer and Securities Administrator

    </TABLE>

   (34) Attestation reports on assessment of compliance with servicing
   criteria for asset-backed securities.


    <TABLE>

    
      <c>
    34.1 Assurant, Inc. as Sub-Contractor for Avelo Mortgage, L.L.C.
    34.2 Avelo Mortgage, L.L.C. as Servicer
    34.3 Deutsche Bank National Trust Company as Custodian
    34.4 First American Real Estate Solutions of Texas, L.P. as Sub-Contractor for Avelo
    Mortgage, L.L.C.
    34.5 Wells Fargo Bank, N.A. as Master Servicer and Securities Administrator

    </TABLE>

   (35) Servicer compliance statement.


    <TABLE>

    
       <c>
    35.1 Avelo Mortgage, L.L.C. as Servicer
    35.2 Wells Fargo Bank, N.A. as Master Servicer and Securities Administrator

    </TABLE>

   (99) The consolidated balance sheets of the Financial Security Assurance
   Inc. and its subsidiaries ("FSA") as of the most recent calendar year ended
   and the related consolidated statements of income, changes in shareholder's
   equity and cash flows for the calendar year then ended and the interim
   consolidated balance sheet of FSA as of the most recent calendar quarter
   ended, and the related statements of income, changes in shareholder's
   equity and cash flows for the calendar quarter ended, included in the
   Annual Report on Form 10-K filed on March 20, 2008 and the Quarterly
   Reports on Form 10-Q filed on May 14, 2007, August 14, 2007 and November 14,
   2007, respectively, which have been filed with the Securities and Exchange
   Commission (the "Commission") by Financial Security Assurance Holdings Ltd.
   (Commission File No. 001-12644, CIK No. 0000913357), are hereby incorporated
   by reference into this Form 10-K and shall be deemed to be part hereof.
   Any statement contained in a document incorporated herein by reference shall
   be modified or superseded for the purposes of this Form 10-K to the extent
   that a statement contained herein by reference also modifies or supersedes
   such statement. Any statement so modified or superseded shall not be deemed,
   except as so modified or superseded, to constitute a part of this Form 10-K.