CONFIRMATION

     

    TO: Wells
      Fargo Bank, N.A., not individually but solely as securities administrator on
      behalf of Carrington Mortgage Loan Trust, Series 2007-HE1 with respect to the
      Carrington Mortgage Loan Trust, Series 2007-HE1 Asset-Backed Pass-Through
      Certificates

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

     

    Attention:     Client
      Manager Carrington Mortgage Loan Trust, 2007 HE1

    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:            
      July
      12,
      2007

     

    Transaction
      Reference Number: 1590352 - 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 securities administrator on behalf of the Carrington Mortgage Loan
      Trust, Series 2007-HE1 with respect to the Carrington Mortgage Loan Trust,
      Series 2007-HE1 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-HE1, by Wells Fargo
      Bank, N.A., not individually but solely as securities administrator on behalf
      of
      the Carrington Mortgage Loan Trust, Series 2007-HE1 with respect to the
      Carrington Mortgage Loan Trust, Series 2007-HE1 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 June
      1,
      2007 (the “Pooling and Servicing Agreement”), among Stanwich Asset Acceptance
      Company, L.L.C., as Depositor, EMC Mortgage Corporation, as Interim Servicer
      Carrington Mortgage Services, LLC, as Servicer, Wells Fargo Bank, N.A. as Master
      Servicer and Securities Administrator and HSBC Bank USA, National Association,
      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 July 12, 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:

            	
              June 21,
                2007

            
	
              Effective
                Date:

            	
              July
                12, 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 July 25, 2007 and ending on the Termination
                Date, with No Adjustment.

            
	
              Fixed
                Rate:

            	
              5.46%

            
	
              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 July 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

            
	
              Business
                Days:

            	
              New
                York

            
	
              Additional
                Payment:

            	
              Party
                A will pay $165,000 to Party B on July 12, 2007.

            
	
              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 #: 53161901

                REF:
                  Client Manager - Carrington Mortgage Loan Trust
                  2007-HE1

              


      

    

     

    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/Joseph
      Gullo                       


    Name:
      Joseph Gullo

    Title:
      Assistant Vice-President

     

    Confirmed
      as of the date above:

     

    By:
      WELLS
      FARGO BANK, N.A., not individually but solely as securities administrator on
      behalf of Carrington Mortgage Loan Trust, Series 2007-HE1 with respect to the
      Carrington Mortgage Loan Trust, Series 2007-HE1 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 July 12, 2007,

       

      Re:
        Reference Number 1590352

       

      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)

              
	
                July
                  12, 2007

              	
                July
                  25, 2007

              	
                359,280,000.00

              
	
                July
                  25, 2007

              	
                August
                  25, 2007

              	
                356,323,282.43

              
	
                August
                  25, 2007

              	
                September
                  25, 2007

              	
                352,160,929.66

              
	
                September
                  25, 2007

              	
                October
                  25, 2007

              	
                346,782,653.58

              
	
                October
                  25, 2007

              	
                November
                  25, 2007

              	
                340,188,223.65

              
	
                November
                  25, 2007

              	
                December
                  25, 2007

              	
                332,388,231.06

              
	
                December
                  25, 2007

              	
                January
                  25, 2008

              	
                323,404,599.22

              
	
                January
                  25, 2008

              	
                February
                  25, 2008

              	
                313,270,989.20

              
	
                February
                  25, 2008

              	
                March
                  25, 2008

              	
                302,033,307.78

              
	
                March
                  25, 2008

              	
                April
                  25, 2008

              	
                289,750,783.92

              
	
                April
                  25, 2008

              	
                May
                  25, 2008

              	
                276,553,921.44

              
	
                May
                  25, 2008

              	
                June
                  25, 2008

              	
                262,846,931.46

              
	
                June
                  25, 2008

              	
                July
                  25, 2008

              	
                249,769,352.98

              
	
                July
                  25, 2008

              	
                August
                  25, 2008

              	
                237,291,875.94

              
	
                August
                  25, 2008

              	
                September
                  25, 2008

              	
                225,386,570.52

              
	
                September
                  25, 2008

              	
                October
                  25, 2008

              	
                214,026,821.57

              
	
                October
                  25, 2008

              	
                November
                  25, 2008

              	
                203,187,266.17

              
	
                November
                  25, 2008

              	
                December
                  25, 2008

              	
                192,843,734.22

              
	
                December
                  25, 2008

              	
                January
                  25, 2009

              	
                182,973,191.83

              
	
                January
                  25, 2009

              	
                February
                  25, 2009

              	
                173,546,515.25

              
	
                February
                  25, 2009

              	
                March
                  25, 2009

              	
                164,446,043.61

              
	
                March
                  25, 2009

              	
                April
                  25, 2009

              	
                154,951,551.18

              
	
                April
                  25, 2009

              	
                May
                  25, 2009

              	
                135,968,534.65

              
	
                May
                  25, 2009

              	
                June
                  25, 2009

              	
                119,475,950.99

              
	
                June
                  25, 2009

              	
                July
                  25, 2009

              	
                105,130,208.79

              
	
                July
                  25, 2009

              	
                August
                  25, 2009

              	
                92,658,898.88

              
	
                August
                  25, 2009

              	
                September
                  25, 2009

              	
                82,083,102.15

              
	
                September
                  25, 2009

              	
                October
                  25, 2009

              	
                76,802,135.10

              
	
                October
                  25, 2009

              	
                November
                  25, 2009

              	
                76,802,135.10

              
	
                November
                  25, 2009

              	
                December
                  25, 2009

              	
                76,802,135.10

              
	
                December
                  25, 2009

              	
                January
                  25, 2010

              	
                76,802,135.10

              
	
                January
                  25, 2010

              	
                February
                  25, 2010

              	
                73,347,579.00

              
	
                February
                  25, 2010

              	
                March
                  25, 2010

              	
                69,647,764.20

              
	
                March
                  25, 2010

              	
                April
                  25, 2010

              	
                65,695,854.61

              
	
                April
                  25, 2010

              	
                May
                  25, 2010

              	
                61,989,866.72

              
	
                May
                  25, 2010

              	
                June
                  25, 2010

              	
                58,557,137.31

              
	
                June
                  25, 2010

              	
                July
                  25, 2010

              	
                55,370,451.79

              
	
                July
                  25, 2010

              	
                August
                  25, 2010

              	
                52,487,945.84

              
	
                August
                  25, 2010

              	
                September
                  25, 2010

              	
                49,977,421.90

              


      

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
 

      
        	
                From
                  and including

              	
                To
                  but excluding

              	
                Notional
                  Amount (USD)

              
	
                September
                  25, 2010

              	
                October
                  25, 2010

              	
                47,616,191.70

              
	
                October
                  25, 2010

              	
                November
                  25, 2010

              	
                45,374,229.15

              
	
                November
                  25, 2010

              	
                December
                  25, 2010

              	
                43,245,227.26

              
	
                December
                  25, 2010

              	
                January
                  25, 2011

              	
                41,223,063.19

              
	
                January
                  25, 2011

              	
                February
                  25, 2011

              	
                39,302,050.03

              
	
                February
                  25, 2011

              	
                March
                  25, 2011

              	
                37,476,822.85

              
	
                March
                  25, 2011

              	
                April
                  25, 2011

              	
                35,742,314.31

              
	
                April
                  25, 2011

              	
                May
                  25, 2011

              	
                34,093,749.14