CONFIRMATION

     

    
      	
              TO:

            	
              Wells
                Fargo Bank, N.A., not individually but solely as trustee for Carrington
                Mortgage Loan Trust, Series 2007-FRE1 with respect to the Carrington
                Mortgage Loan Trust, Series 2007-FRE1 Asset-Backed Pass-Through
                Certificates

            
	 	
              9062
                Old Annapolis Road

            
	 	
              Columbia,
                Maryland 21045

            
	 	 
	
              Attention:

            	
              Client
                Manager-Carrington Mortgage Loan Trust, 2007-FRE1

            
	
              Telephone:

            	
              (410)
                884-2000

            
	
              Facsimile:

            	
              (410)
                715-2380

            
	 	 
	
              FROM:

            	
              Swiss
                Re Financial Products Corporation

            
	
            	
              55
                East 52nd Street

            
	
            	
              New
                York, New York 10055

            
	
              Attention:

            	
              Head
                of Operations

            
	
              Telephone:

            	
              (212)
                407-7322

            
	
              Facsimile.
                

            	
              (917)
                322-7201

            
	 	 
	
              CC:

            	 
	
              Attention:

            	
              Head
                of Legal

            
	
              Facsimile:

            	
              (212)
                317-5474

            
	 	 
	
              DATE:

            	
              April
                5, 2007

            
	 	 
	
              Transaction
                Reference Number: 1365683
                - Class A Certificates

            


    

     

    Dear
      Sir/Madam,

     

    The
      purpose of this letter agreement is to confirm the terms and conditions of
      the
      transaction entered into between Wells Fargo Bank, N.A., not individually but
      solely as trustee for Carrington Mortgage Loan Trust, Series 2007-FRE1 with
      respect to the Carrington Mortgage Loan Trust, Series 2007-FRE1 Asset-Backed
      Pass-Through Certificates, and Swiss Re Financial Products Corporation, a
      corporation organized under the laws of the State of Delaware (each a “party”
and together “the parties”) on the Trade Date specified below (the
“Transaction”). This letter agreement constitutes a “Confirmation” as referred
      to in the ISDA Master Agreement specified in paragraph 1 below. In this
      Confirmation, “Party A” means Swiss Re Financial Products Corporation, and
“Party B” means Carrington Mortgage Loan Trust, Series 2007-FRE1, by Wells Fargo
      Bank, N.A., not individually but solely as trustee for Carrington Mortgage
      Loan
      Trust, Series 2007-FRE1 with respect to the Carrington Mortgage Loan Trust,
      Series 2007-FRE1 Asset-Backed Pass-Through Certificates.

     

    The
      definitions and provisions contained in the 2000 ISDA Definitions, as published
      by the International Swaps and Derivatives Association, Inc. (the
“Definitions”), are incorporated into this Confirmation. In the event of any
      inconsistency between the Definitions and this Confirmation, this Confirmation
      will govern.

     

    Other
      capitalized terms used herein (but not otherwise defined) shall have the meaning
      specified in that certain Pooling and Servicing Agreement, dated as of April
      1,
      2007 (the “Pooling and Servicing Agreement”), among Stanwich Asset Acceptance
      Company, L.L.C., as Depositor, EMC Mortgage Corporation, as Servicer, and Wells
      Fargo Bank, N.A., as Trustee (the “Trustee”).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    1. This
      Confirmation evidences a complete binding agreement between the parties as
      to
      the terms of the Transaction to which this Confirmation relates. In addition,
      the parties agree that for the purposes of this Transaction, this Confirmation
      will supplement, form a part of, and be subject to that 1992 ISDA Master
      Agreement (the “Master Agreement”) dated as of April 5, 2007, between the
      parties. In the event of any inconsistency between the provisions of the Master
      Agreement and this Confirmation, this Confirmation will prevail for the purpose
      of this Transaction.

     

    2. The
      terms
      of the particular Transaction to which this Confirmation relates are as
      follows:

     

    
      	
              Notional
                Amount:

            	
              As
                set forth in Schedule A attached hereto

            
	
              Trade
                Date:

            	
              March
                20, 2007

            
	
              Effective
                Date:

            	
              April
                5, 2007

            
	
              Termination
                Date:

            	
              May
                25, 2011, subject to adjustment in accordance with the Following
                Business
                Day Convention with respect to Floating Amounts and subject to No
                Adjustment with respect to Fixed Amounts.

            
	
              Fixed
                Amounts:

            	
               

            
	
              Fixed
                Rate Payer:

            	
              Party
                B

            
	
              Fixed
                Rate Payer Payment Dates:

            	
              The
                business day prior to the 25th
                of
                each month subject to adjustment in accordance with the Following
                Business
                Day Convention.

            
	
              Fixed
                Rate Payer Period End Dates:

            	
              The
                25th
                of
                each month, commencing on May 25, 2007 and ending on the Termination
                Date,
                with No Adjustment.

            
	
              Fixed
                Rate:

            	
              4.970%

            
	
              Fixed
                Rate Day Count Fraction:

            	
              30/360

            
	
              Floating
                Amounts:

            	
               

            
	
              Floating
                Rate Payer:

            	
              Party
                A

            
	
              Floating
                Rate Payer Payment Dates:

            	
              The
                business day prior to the 25th
                of
                each month subject to adjustment in accordance with the Following
                Business
                Day Convention.

            
	
              Floating
                Rate Payer Period End Dates:

            	
              The
                25th
                of
                each month, commencing on May 25, 2007 in accordance with the Following
                Business Day Convention.

            
	
              Floating
                Rate for initial Calculation Period:

            	
              To
                be determined

            
	
              Floating
                Rate Option:

            	
              USD-LIBOR-BBA

            
	
              Designated
                Maturity:

            	
              One
                month

            
	
              Spread:

            	
              None

            
	
              Floating
                Rate Day Count Fraction:

            	
              Actual/360

            
	
              Reset
                Date:

            	
              First
                day of each Calculation Period

            
	
              Compounding:

            	
              Inapplicable

            
	
              Floating
                Rate Payer Upfront Payment:

            	
              $142,000.
                Party B shall pay the Floating Rate Payer Upfront Payment on or prior
                to
                April 5, 2007, subject to adjustment in accordance with the Following
                Business Day Convention.

            
	
              Business
                Days:

            	
              New
                York

            


    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              Calculation
                Agent:

            	
              Party
                A; provided,
                however,
                if an Event of Default has occurred with respect to Party A, a Reference
                Market-maker, as designated by Party B, shall be the Calculation
                Agent.

            


    

     

    3. Account
      Details.

     

    Account
      for payments to Party A:

    

      
        	 	
                PAYMENT
                  INSTRUCTION:

              	
                JP
                  Morgan Chase Bank

              
	 	 	
                ABA#:
                  021-000-021

              
	 	 	
                Swift:
                  CHASUS33

              
	 	 	
                For
                  the Account of Swiss Re Financial Products

              
	 	 	
                ACCT
                  #: 066-911184

              


      

    

     

    Account
      for payments to Party B:

    

      
        	 	
                PAYMENT
                  INSTRUCTION:

              	
                Wells
                  Fargo Bank, National Association

              
	 	 	
                ABA#:
                  121-000-248

              
	 	 	
                ACCT
                  #: 3970771416

              
	 	 	
                ACCT
                  NAME: Corporate Trust Clearing

              
	 	 	
                For
                  further credit to ACCT #: 50978601

              
	 	
              	
                REF:
                  Client Manager - Carrington Mortgage Loan Trust
                  2007-FRE1

              


      

    

     

    4. Please
      confirm that the foregoing correctly sets forth the terms and conditions of
      our
      agreement by returning within three (3) Business Days via telecopier an executed
      copy of this Confirmation. Failure to respond within such period shall not
      affect the validity or enforceability of this Transaction.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    


    Yours
      sincerely,

     

    SWISS
      RE
      FINANCIAL PRODUCTS CORPORATION

     

    By:   
      /s/
      David
      Starr

     ___________________________

     Name:
      David Starr

     Title:
      Director

     

    Confirmed
      as of the date above:

     

    By:
      WELLS
      FARGO BANK, N.A., not individually but solely as trustee for Carrington Mortgage
      Loan Trust, Series 2007-FRE1 with respect to the Carrington Mortgage Loan Trust,
      Series 2007-FRE1 Asset-Backed Pass-Through Certificates

     

    By:   
      /s/
      Darron C. Woodus

    
       ___________________________

       Name:
        Darron C. Woodus

       Title:
        Assistant Vice President

    

     

    


    
      
         

      

      
         

        
          

        

      

      
         

      

    


    SCHEDULE
      A
      to the
      Confirmation dated as of April 5, 2007,

     

    Re:
      Reference Number 1365683

     

    Amortization
      Schedule.
      Floating Rate Payer Period
      End Dates shall be subject
      to adjustment in accordance with the Following Business Day Convention, however,
      Fixed
      Rate Payer Period End Dates will use No Adjustment.

     

    
      	
              From
                and including

            	
              To
                but excluding

            	
              Notional
                Amount (USD)

            
	
              April
                5, 2007

            	
              May
                25, 2007

            	
              969,907,000.00

            
	
              May
                25, 2007

            	
              June
                25, 2007

            	
              954,580,763.95

            
	
              June
                25, 2007

            	
              July
                25, 2007

            	
              936,187,536.34

            
	
              July
                25, 2007

            	
              August
                25, 2007

            	
              914,768,871.65

            
	
              August
                25, 2007

            	
              September
                25, 2007

            	
              890,393,596.42

            
	
              September
                25, 2007

            	
              October
                25, 2007

            	
              863,158,266.69

            
	
              October
                25, 2007

            	
              November
                25, 2007

            	
              833,187,525.75

            
	
              November
                25, 2007

            	
              December
                25, 2007

            	
              800,634,196.28

            
	
              December
                25, 2007

            	
              January
                25, 2008

            	
              765,692,485.81

            
	
              January
                25, 2008

            	
              February
                25, 2008

            	
              732,092,097.17

            
	
              February
                25, 2008

            	
              March
                25, 2008

            	
              699,866,221.68

            
	
              March
                25, 2008

            	
              April
                25, 2008

            	
              668,958,134.91

            
	
              April
                25, 2008

            	
              May
                25, 2008

            	
              639,313,469.52

            
	
              May
                25, 2008

            	
              June
                25, 2008

            	
              610,880,116.81

            
	
              June
                25, 2008

            	
              July
                25, 2008

            	
              583,608,132.35

            
	
              July
                25, 2008

            	
              August
                25, 2008

            	
              557,449,645.67

            
	
              August
                25, 2008

            	
              September
                25, 2008

            	
              532,358,773.61

            
	
              September
                25, 2008

            	
              October
                25, 2008

            	
              508,291,537.40

            
	
              October
                25, 2008

            	
              November
                25, 2008

            	
              485,043,437.60

            
	
              November
                25, 2008

            	
              December
                25, 2008

            	
              438,516,950.35

            
	
              December
                25, 2008

            	
              January
                25, 2009

            	
              396,995,117.78

            
	
              January
                25, 2009

            	
              February
                25, 2009

            	
              359,982,534.32

            
	
              February
                25, 2009

            	
              March
                25, 2009

            	
              326,909,624.38

            
	
              March
                25, 2009

            	
              April
                25, 2009

            	
              297,371,232.39

            
	
              April
                25, 2009

            	
              May
                25, 2009

            	
              281,655,072.18

            
	
              May
                25, 2009

            	
              June
                25, 2009

            	
              266,692,888.93

            
	
              June
                25, 2009

            	
              July
                25, 2009

            	
              252,400,493.77

            
	
              July
                25, 2009

            	
              August
                25, 2009

            	
              238,753,082.20

            
	
              August
                25, 2009

            	
              September
                25, 2009

            	
              225,714,475.28

            
	
              September
                25, 2009

            	
              October
                25, 2009

            	
              213,256,668.79

            
	
              October
                25, 2009

            	
              November
                25, 2009

            	
              213,256,668.79

            
	
              November
                25, 2009

            	
              December
                25, 2009

            	
              213,256,668.79

            
	
              December
                25, 2009

            	
              January
                25, 2010

            	
              200,717,553.09

            
	
              January
                25, 2010

            	
              February
                25, 2010

            	
              186,868,649.19

            
	
              February
                25, 2010

            	
              March
                25, 2010

            	
              174,310,554.26

            
	
              March
                25, 2010

            	
              April
                25, 2010

            	
              162,898,349.95

            
	
              April
                25, 2010

            	
              May
                25, 2010

            	
              155,521,301.37

            
	
              May
                25, 2010

            	
              June
                25, 2010

            	
              148,584,448.15

            
	
              June
                25, 2010

            	
              July
                25, 2010

            	
              141,972,230.13

            


    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              July
                25, 2010

            	
              August
                25, 2010

            	
              135,671,232.14

            
	
              August
                25, 2010

            	
              September
                25, 2010

            	
              129,663,969.98

            
	
              September
                25, 2010

            	
              October
                25, 2010

            	
              123,936,165.76

            
	
              October
                25, 2010

            	
              November
                25, 2010

            	
              118,474,315.84

            
	
              November
                25, 2010

            	
              December
                25, 2010

            	
              113,265,586.77

            
	
              December
                25, 2010

            	
              January
                25, 2011

            	
              108,297,781.40

            
	
              January
                25, 2011

            	
              February
                25, 2011

            	
              103,559,316.25

            
	
              February
                25, 2011

            	
              March
                25, 2011

            	
              99,039,161.70

            
	
              March
                25, 2011

            	
              April
                25, 2011

            	
              94,726,843.37

            
	
              April
                25, 2011

            	
              May
                25, 2011

            	
              90,612,404.25