Document:

Unassociated Document

    
      

      

    

     

    IMPAC
      SECURED ASSETS CORP.,

    Depositor,

    
 

    

    IMPAC
      FUNDING CORPORATION

    Master
      Servicer,

    

    

    and

     

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY

    Trustee

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of April 1, 2007

     

    ________________________

     

    Mortgage
      Pass-Through Certificates

     

    Series
      2007-3

     

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    Page

    
      	
              ARTICLE
                I

            	
              DEFINITIONS

            	
              8

            
	
              Section
                1.01. 

            	
              Defined
                Terms.

            	
              8

            
	
              Accrual
                Period

            	
              8

            
	
              Addition
                Notice

            	
              8

            
	
              Adjustment
                Date

            	
              8

            
	
              Advance

            	
              8

            
	
              Affected
                Party

            	
              8

            
	
              Affiliate

            	
              8

            
	
              Aggregate
                Stated Principal Balance

            	
              8

            
	
              Agreement

            	
              9

            
	
              Allocated
                Realized Loss Amount

            	
              9

            
	
              Assessment
                of Compliance

            	
              9

            
	
              Assignment

            	
              9

            
	
              Attestation
                Report

            	
              9

            
	
              Available
                Distribution Amount

            	
              9

            
	
              Balloon
                Loan

            	
              9

            
	
              Balloon
                Payment

            	
              9

            
	
              Bankruptcy
                Code

            	
              10

            
	
              Basic
                Principal Distribution Amount

            	
              10

            
	
              Book-Entry
                Certificate

            	
              10

            
	
              Business
                Day

            	
              10

            
	
              Cap
                Contract I

            	
              10

            
	
              Cap
                Contract II

            	
              10

            
	
              Cap
                Contracts

            	
              10

            
	
              Cap
                Counterparty

            	
              10

            
	
              Cash
                Liquidation

            	
              10

            
	
              Certificate

            	
              10

            
	
              Certificate
                Account

            	
              10

            
	
              Certificate
                Account Deposit Date

            	
              11

            
	
              Certificate
                Guaranty Insurance Policy

            	
              11

            
	
              Certificate
                Insurer

            	
              11

            
	
              Certificate
                Margin

            	
              11

            
	
              Certificate
                Owner

            	
              11

            
	
              Certificate
                Principal Balance

            	
              12

            
	
              Certificate
                Register

            	
              12

            
	
              Certificateholder
                or Holder

            	
              12

            
	
              Class

            	
              12

            
	
              Class
                A Certificates

            	
              12

            
	
              Class
                A1-A Certificate

            	
              12

            
	
              Class
                A1-B Certificate

            	
              12

            
	
              Class
                A1-C Certificate

            	
              13

            
	
              Class
                AM Certificate

            	
              13

            
	
              Class
                A Principal Distribution Amount

            	
              13

            

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    

    
      	
              Class
                B Certificate

            	
              13

            
	
              Class
                C Certificates

            	
              13

            
	
              Class
                C Distribution Amount

            	
              13

            
	
              Class
                IO Interest

            	
              14

            
	
              Class
                IO Distribution Amount

            	
              14

            
	
              Class
                M Certificates

            	
              14

            
	
              Class
                M Interest Reserve Fund

            	
              14

            
	
              Class
                M Interest Reserve Fund Amount

            	
              14

            
	
              Class
                M-1 Certificate

            	
              14

            
	
              Class
                M-2 Certificate

            	
              14

            
	
              Class
                M-3 Certificate

            	
              14

            
	
              Class
                M-4 Certificate

            	
              14

            
	
              Class
                M-4 Interest Reserve Fund Amount

            	
              15

            
	
              Class
                M-5 Certificate

            	
              15

            
	
              Class
                M-5 Interest Reserve Fund Amount

            	
              15

            
	
              Class
                M-6 Certificate

            	
              15

            
	
              Class
                M-6 Interest Reserve Fund Amount

            	
              15

            
	
              Class
                M-7 Certificate

            	
              15

            
	
              Class
                M-7 Interest Reserve Fund Amount

            	
              15

            
	
              Class
                M-8 Certificate

            	
              16

            
	
              Class
                P Certificate

            	
              16

            
	
              Class
                R Certificate

            	
              16

            
	
              Class
                R-1 Interest

            	
              16

            
	
              Class
                R-2 Interest

            	
              16

            
	
              Class
                R-3 Interest

            	
              16

            
	
              Closing
                Date

            	
              16

            
	
              Code

            	
              16

            
	
              Collateral
                Account

            	
              16

            
	
              Collateral
                Value

            	
              16

            
	
              Commission

            	
              16

            
	
              Compensating
                Interest

            	
              17

            
	
              Corporate
                Trust Office

            	
              17

            
	
              Corresponding
                Certificate

            	
              17

            
	
              Countrywide

            	
              17

            
	
              Credit
                Enhancement Percentage

            	
              17

            
	
              Credit
                Support Annex One

            	
              17

            
	
              Credit
                Support Annex Two

            	
              17

            
	
              Current
                Report

            	
              17

            
	
              Curtailment

            	
              18

            
	
              Custodial
                Account

            	
              18

            
	
              Custodian

            	
              18

            
	
              Cut-off
                Date

            	
              18

            
	
              Cut-off
                Date Balance

            	
              18

            
	
              Defaulted
                Mortgage Loan

            	
              18

            
	
              Defaulting
                Party

            	
              18

            
	
              Deficiency
                Amount

            	
              18

            

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    

    
      	
              Deficient
                Valuation

            	
              18

            
	
              Definitive
                Certificate

            	
              19

            
	
              Deleted
                Mortgage Loan

            	
              19

            
	
              Delinquent

            	
              19

            
	
              Depositor
                Impac Secured Assets Corp., or its successor in interest.

            	
              19

            
	
              Depository

            	
              19

            
	
              Depository
                Participant

            	
              19

            
	
              Derivative
                Account

            	
              19

            
	
              Derivative
                Contract

            	
              19

            
	
              Derivative
                Termination Payment

            	
              19

            
	
              Determination
                Date

            	
              20

            
	
              Disqualified
                Organization

            	
              20

            
	
              Distribution
                Date

            	
              20

            
	
              Distribution
                Report

            	
              20

            
	
              Due
                Date

            	
              20

            
	
              Due
                Period

            	
              20

            
	
              Eligible
                Account

            	
              20

            
	
              Estimated
                Swap Termination Payment

            	
              21

            
	
              Event
                of Default

            	
              21

            
	
              Excess
                Proceeds

            	
              21

            
	
              Exchange
                Act

            	
              21

            
	
              Extra
                Principal Distribution Amount

            	
              21

            
	
              Fannie
                Mae

            	
              21

            
	
              FDIC

            	
              21

            
	
              Final
                Scheduled Distribution Date

            	
              21

            
	
              Freddie
                Mac

            	
              21

            
	
              Gross
                Margin

            	
              21

            
	
              Index

            	
              22

            
	
              Initial
                Certificate Principal Balance

            	
              22

            
	
              Initial
                Interest Coverage Deposit

            	
              22

            
	
              Initial
                Mortgage Loans

            	
              22

            
	
              Initial
                Notional Amount

            	
              22

            
	
              Insurance
                Account

            	
              22

            
	
              Insurance
                Agreement

            	
              22

            
	
              Insurance
                Policy

            	
              22

            
	
              Insurance
                Proceeds

            	
              22

            
	
              Insured
                Amounts

            	
              22

            
	
              Insurer
                Default

            	
              22

            
	
              Interest
                Coverage Account

            	
              23

            
	
              Interest
                Coverage Distribution Amount

            	
              23

            
	
              Interest
                Rate Swap Agreement

            	
              23

            
	
              Interest
                Remittance Amount

            	
              23

            
	
              Late
                Collections

            	
              23

            
	
              LIBOR

            	
              23

            
	
              LIBOR
                Business Day

            	
              23

            
	
              LIBOR
                Rate Adjustment Date

            	
              23

            

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    

    
      	
              Liquidated
                Mortgage Loan

            	
              23

            
	
              Liquidation
                Proceeds

            	
              24

            
	
              Loan-to-Value
                Ratio

            	
              24

            
	
              Lost
                Note Affidavit

            	
              24

            
	
              Majority
                Class C Certificateholder

            	
              24

            
	
              Marker
                Rate

            	
              24

            
	
              Master
                Servicer

            	
              24

            
	
              Master
                Servicer Prepayment Charge Payment Amount

            	
              24

            
	
              Master
                Servicing Fees

            	
              25

            
	
              Master
                Servicing Fee Rate

            	
              25

            
	
              Maximum
                Uncertificated Accrued Interest Deferral Amount

            	
              25

            
	
              MERS

            	
              25

            
	
              MERS®
                System

            	
              25

            
	
              MIN

            	
              26

            
	
              MOM
                Loan

            	
              26

            
	
              Monthly
                Interest Distributable Amount

            	
              26

            
	
              Monthly
                Payment

            	
              26

            
	
              Moody's

            	
              26

            
	
              Mortgage

            	
              26

            
	
              Mortgage
                File

            	
              26

            
	
              Mortgage
                Loan

            	
              26

            
	
              Mortgage
                Loan Purchase Agreement

            	
              26

            
	
              Mortgage
                Loan Schedule

            	
              27

            
	
              Mortgage
                Note

            	
              28

            
	
              Mortgage
                Rate

            	
              28

            
	
              Mortgaged
                Property

            	
              28

            
	
              Mortgagor

            	
              28

            
	
              Net
                Liquidation Proceeds

            	
              28

            
	
              Net
                Monthly Excess Cashflow

            	
              28

            
	
              Net
                Mortgage Rate

            	
              28

            
	
              Net
                Prepayment Interest Shortfall

            	
              29

            
	
              Net
                Swap Payment

            	
              29

            
	
              Net
                WAC Rate

            	
              29

            
	
              Net
                WAC Shortfall Amount

            	
              29

            
	
              Net
                WAC Shortfall Reserve Fund

            	
              30

            
	
              Net
                WAC Shortfall Reserve Fund Deposit

            	
              30

            
	
              Nonrecoverable
                Advance

            	
              30

            
	
              Non-United
                States Person

            	
              30

            
	
              Notional
                Balance

            	
              30

            
	
              Officers’
                Certificate

            	
              30

            
	
              One
                Month LIBOR

            	
              30

            
	
              Opinion
                of Counsel

            	
              30

            
	
              Optional
                Termination Date

            	
              31

            
	
              Original
                Pre-Funded Amount

            	
              31

            
	
              OTS

            	
              31

            
	
              Outstanding
                Mortgage Loan

            	
              31

            

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    

    
      	
              Overcollateralization
                Deficiency Amount

            	
              31

            
	
              Overcollateralization
                Floor

            	
              31

            
	
              Overcollateralization
                Release Amount

            	
              31

            
	
              Overcollateralization
                Target Amount

            	
              31

            
	
              Overcollateralized
                Amount

            	
              31

            
	
              Ownership
                Interest

            	
              32

            
	
              Pass-Through
                Rate

            	
              32

            
	
              Percentage
                Interest

            	
              32

            
	
              Permitted
                Investment

            	
              32

            
	
              Permitted
                Transferee

            	
              34

            
	
              Person

            	
              34

            
	
              PMI
                Insurer

            	
              34

            
	
              PMI
                Insurer Fee Rate

            	
              34

            
	
              PMI
                Insurer Policy

            	
              34

            
	
              PMI
                Mortgage Loan

            	
              34

            
	
              Policy
                Premium

            	
              34

            
	
              Policy
                Premium Rate

            	
              34

            
	
              Pre-Funded
                Amount

            	
              34

            
	
              Pre-Funding
                Account

            	
              34

            
	
              Pre-Funding
                Period

            	
              34

            
	
              Preference
                Amount

            	
              34

            
	
              Prepayment
                Assumption

            	
              35

            
	
              Prepayment
                Charge

            	
              35

            
	
              Prepayment
                Interest Excess

            	
              35

            
	
              Prepayment
                Interest Shortfall

            	
              35

            
	
              Prepayment
                Period

            	
              35

            
	
              Primary
                Hazard Insurance Policy

            	
              35

            
	
              Primary
                Insurance Policy

            	
              35

            
	
              Principal
                Distribution Amount

            	
              35

            
	
              Principal
                Prepayment

            	
              35

            
	
              Principal
                Prepayment in Full

            	
              36

            
	
              Principal
                Remittance Amount

            	
              36

            
	
              Prospectus
                Supplement

            	
              36

            
	
              Purchase
                Price

            	
              36

            
	
              Qualified
                Insurer

            	
              36

            
	
              Qualified
                Substitute Mortgage Loan

            	
              37

            
	
              Rating
                Agency

            	
              37

            
	
              Realized
                Loss

            	
              37

            
	
              Record
                Date

            	
              37

            
	
              Regular
                Certificate

            	
              38

            
	
              Regulation
                AB

            	
              38

            
	
              Relief
                Act

            	
              38

            
	
              Relief
                Act Interest Shortfall

            	
              38

            
	
              REMIC

            	
              38

            
	
              REMIC
                1

            	
              38

            
	
              REMIC
                1 Regular Interest

            	
              39

            

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    

    
      	
              REMIC
                2

            	
              39

            
	
              REMIC
                2 Interest Loss Allocation Amount

            	
              39

            
	
              REMIC
                2 Overcollateralized Amount

            	
              39

            
	
              REMIC
                2 Overcollateralization Target Amount

            	
              39

            
	
              REMIC
                2 Principal Loss Allocation Amount

            	
              39

            
	
              REMIC
                2 Regular Interest

            	
              40

            
	
              REMIC
                3

            	
              40

            
	
              REMIC
                3 Regular Interest

            	
              40

            
	
              REMIC
                Provisions

            	
              40

            
	
              REMIC
                Regular Interest

            	
              40

            
	
              Remittance
                Report

            	
              40

            
	
              REO
                Acquisition

            	
              40

            
	
              REO
                Disposition

            	
              40

            
	
              REO
                Imputed Interest

            	
              40

            
	
              REO
                Proceeds

            	
              41

            
	
              REO
                Property

            	
              41

            
	
              Request
                for Release

            	
              41

            
	
              Residual
                Certificate

            	
              41

            
	
              Residual
                Interest

            	
              41

            
	
              Responsible
                Officer

            	
              41

            
	
              Schedule

            	
              41

            
	
              Servicing
                Account

            	
              41

            
	
              Servicing
                Advances

            	
              41

            
	
              Servicing
                Criteria

            	
              41

            
	
              Servicing
                Guide

            	
              42

            
	
              Servicing
                Officer

            	
              42

            
	
              Single
                Certificate

            	
              42

            
	
              Sponsor

            	
              42

            
	
              Standard
                & Poor’s

            	
              42

            
	
              Startup
                Day

            	
              42

            
	
              Stated
                Principal Balance

            	
              42

            
	
              Step-Up
                Date

            	
              42

            
	
              Stepdown
                Date

            	
              42

            
	
              Stepdown
                Target Subordination Percentage

            	
              43

            
	
              Subordinate
                Certificates

            	
              43

            
	
              Subordinate
                Class Principal Distribution Amount

            	
              43

            
	
              Subsequent
                Cut-off Date

            	
              44

            
	
              Subsequent
                Recoveries

            	
              44

            
	
              Subsequent
                Transfer Date

            	
              44

            
	
              Subsequent
                Transfer Instrument

            	
              44

            
	
              Sub-Servicer

            	
              45

            
	
              Sub-Servicer
                Remittance Date

            	
              45

            
	
              Sub-Servicing
                Account

            	
              45

            
	
              Sub-Servicing
                Agreement

            	
              45

            
	
              Sub-Servicing
                Fees

            	
              45

            
	
              Sub-Servicing
                Fee Rate

            	
              45

            

    

    
      
        
        

      

      
        vi

        
          

        

      

      
        
        

      

    

    

    
      	
              Substitution
                Adjustment

            	
              45

            
	
              Supplemental
                Interest Trust

            	
              45

            
	
              Supplemental
                Interest Trust Trustee

            	
              45

            
	
              Swap
                LIBOR

            	
              45

            
	
              Swap
                Optional Termination Payment

            	
              45

            
	
              Swap
                Provider

            	
              46

            
	
              Swap
                Provider Trigger Event

            	
              46

            
	
              Swap
                Termination Payment

            	
              46

            
	
              Tax
                Matters Person

            	
              46

            
	
              Tax
                Returns

            	
              46

            
	
              Transfer

            	
              46

            
	
              Transferor

            	
              46

            
	
              Trigger
                Event

            	
              46

            
	
              Trust
                Fund

            	
              47

            
	
              Trustee

            	
              47

            
	
              Trustee
                Fee Rate

            	
              47

            
	
              Uncertificated
                Accrued Interest

            	
              47

            
	
              Uncertificated
                Notional Balance

            	
              48

            
	
              Uncertificated
                Pass-Through Rate

            	
              49

            
	
              Uncertificated
                Principal Balance

            	
              49

            
	
              Uncertificated
                REMIC 1 Pass-Through Rate

            	
              49

            
	
              Uncertificated
                REMIC 2 Pass-Through Rate

            	
              50

            
	
              Uninsured
                Cause

            	
              53

            
	
              United
                States Person

            	
              53

            
	
              Unpaid
                Interest Shortfall Amount

            	
              54

            
	
              Voting
                Rights

            	
              54

            
	
              Weighted
                Average Net Mortgage Rate

            	
              54

            
	
              Section
                1.02.

            	
              Determination
                of LIBOR.

            	
              54

            
	
              Section
                1.03.

            	
              Allocation
                of Certain Interest Shortfalls.

            	
              55

            
	 	 	 
	
              ARTICLE
                II

            	
              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

            	
              57

            
	
              Section
                2.01.

            	
              Conveyance
                of Mortgage Loans.

            	
              57

            
	
              Section
                2.02.

            	
              Acceptance
                of the Trust Fund by the Trustee.

            	
              61

            
	
              Section
                2.03.

            	
              Representations,
                Warranties and Covenants of the Master Servicer and the
                Depositor.

            	
              62

            
	
              Section
                2.04.

            	
              Representations
                and Warranties of the Sponsor.

            	
              64

            
	
              Section
                2.05.

            	
              Issuance
                of Certificates; Conveyance of REMIC Regular Interests and Acceptance
                of
                REMIC 2 and REMIC 3 by the Trustee.

            	
              66

            
	
              Section
                2.06.

            	
              Purposes
                and Powers of the Trust.

            	
              67

            
	
              Section
                2.07.

            	
              Conveyance
                of Subsequent Mortgage Loans.

            	
              68

            
	 	 	 
	
              ARTICLE
                III

            	
              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS

            	
              72

            
	
              Section
                3.01.

            	
              Master
                Servicer to Act as Master Servicer.

            	
              72

            
	
              Section
                3.02.

            	
              Sub-Servicing
                Agreements Between Master Servicer and Sub-Servicers.

            	
              74

            
	
              Section
                3.03.

            	
              Successor
                Sub-Servicers.

            	
              75

            

    

     

     

    
      
        
        

      

      
        vii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                3.04.

            	
              Liability
                of the Master Servicer.

            	
              75

            
	
              Section
                3.05.

            	
              No
                Contractual Relationship Between Sub-Servicers and Trustee or
                Certificateholders.

            	
              75

            
	
              Section
                3.06.

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Trustee.

            	
              76

            
	
              Section
                3.07.

            	
              Collection
                of Certain Mortgage Loan Payments.

            	
              76

            
	
              Section
                3.08.

            	
              Sub-Servicing
                Accounts.

            	
              77

            
	
              Section
                3.09.

            	
              Collection
                of Taxes, Assessments and Similar Items; Servicing
                Accounts.

            	
              78

            
	
              Section
                3.10.

            	
              Custodial
                Account.

            	
              78

            
	
              Section
                3.11.

            	
              Permitted
                Withdrawals From the Custodial Account.

            	
              79

            
	
              Section
                3.12.

            	
              Permitted
                Investments.

            	
              80

            
	
              Section
                3.13.

            	
              Maintenance
                of Primary Hazard Insurance.

            	
              81

            
	
              Section
                3.14.

            	
              Enforcement
                of Due-on-Sale Clauses; Assumption Agreements.

            	
              83

            
	
              Section
                3.15.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	
              84

            
	
              Section
                3.16.

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            	
              85

            
	
              Section
                3.17.

            	
              Servicing
                Compensation.

            	
              86

            
	
              Section
                3.18.

            	
              Maintenance
                of Certain Servicing Policies.

            	
              87

            
	
              Section
                3.19.

            	
              Annual
                Statement as to Compliance.

            	
              87

            
	
              Section
                3.20.

            	
              Assessments
                of Compliance and Attestation Reports.

            	
              88

            
	
              Section
                3.21.

            	
              Access
                to Certain Documentation.

            	
              90

            
	
              Section
                3.22.

            	
              Title,
                Conservation and Disposition of REO Property.

            	
              90

            
	
              Section
                3.23.

            	
              Additional
                Obligations of the Master Servicer.

            	
              92

            
	
              Section
                3.24.

            	
              Additional
                Obligations of the Depositor.

            	
              92

            
	
              Section
                3.25.

            	
              Exchange
                Act Reporting.

            	
              93

            
	
              Section
                3.26.

            	
              Intention
                of the Parties and Interpretation.

            	
              96

            
	
              Section
                3.27.

            	
              Optional
                Purchase of Certain Mortgage Loans.

            	
              96

            
	 	 	 
	
              ARTICLE
                IV

            	
              PAYMENTS
                TO CERTIFICATEHOLDERS

            	
              98

            
	
              Section
                4.01.

            	
              Distributions.

            	
              98

            
	
              Section
                4.02.

            	
              Statements
                to Certificateholders.

            	
              104

            
	
              Section
                4.03.

            	
              Remittance
                Reports; Advances by the Master Servicer.

            	
              107

            
	
              Section
                4.04.

            	
              Distributions
                on the REMIC Regular Interests.

            	
              109

            
	
              Section
                4.05.

            	
              Allocation
                of Realized Losses.

            	
              112

            
	
              Section
                4.06.

            	
              Information
                Reports to Be Filed by the Master Servicer.

            	
              114

            
	
              Section
                4.07.

            	
              Compliance
                with Withholding Requirements.

            	
              114

            
	
              Section
                4.08.

            	
              Net
                WAC Shortfall Reserve Fund.

            	
              114

            
	
              Section
                4.09.

            	
              Supplemental
                Interest Trust.

            	
              115

            
	
              Section
                4.10.

            	
              Tax
                Treatment of Class IO Distribution Amounts in the Event of
                Resecuritization of Class A, Class M or Class B
                Certificates.

            	
              118

            
	
              Section
                4.11.

            	
              Collateral
                Account.

            	
              118

            
	
              Section
                4.12.

            	
              The
                Certificate Guaranty Insurance Policy.

            	
              120

            
	
              Section
                4.13.

            	
              Class
                M Interest Reserve Fund.

            	
              122

            
	
              Section
                4.14.

            	
              Pre-Funding
                Account.

            	
              123

            
	
              Section
                4.15.

            	
              Interest
                Coverage Account.

            	
              124

            
	 	 	 
	
              ARTICLE
                V

            	
              THE
                CERTIFICATES

            	
              126

            

    

     

     

    
      
        
        

      

      
        viii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                5.01.

            	
              The
                Certificates.

            	
              126

            
	
              Section
                5.02.

            	
              Registration
                of Transfer and Exchange of Certificates.

            	
              127

            
	
              Section
                5.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	
              133

            
	
              Section
                5.04.

            	
              Persons
                Deemed Owners.

            	
              133

            
	
              Section
                5.05.

            	
              Rule
                144A Information.

            	
              134

            
	 	 	 
	
              ARTICLE
                VI

            	
              THE
                DEPOSITOR AND THE MASTER SERVICER

            	
              135

            
	
              Section
                6.01.

            	
              Liability
                of the Depositor and the Master Servicer.

            	
              135

            
	
              Section
                6.02.

            	
              Merger,
                Consolidation or Conversion of the Depositor or the Master
                Servicer.

            	
              135

            
	
              Section
                6.03.

            	
              Limitation
                on Liability of the Depositor, the Master Servicer and
                Others.

            	
              135

            
	
              Section
                6.04.

            	
              Limitation
                on Resignation of the Master Servicer.

            	
              136

            
	
              Section
                6.05.

            	
              Sale
                and Assignment of Master Servicing.

            	
              136

            
	 	 	 
	
              ARTICLE
                VII

            	
              DEFAULT

            	
              138

            
	
              Section
                7.01.

            	
              Events
                of Default.

            	
              138

            
	
              Section
                7.02.

            	
              Trustee
                to Act; Appointment of Successor.

            	
              140

            
	
              Section
                7.03.

            	
              Notification
                to Certificateholders.

            	
              141

            
	
              Section
                7.04.

            	
              Waiver
                of Events of Default.

            	
              141

            
	
              Section
                7.05.

            	
              List
                of Certificateholders.

            	
              142

            
	 	 	 
	
              ARTICLE
                VIII

            	
              CONCERNING
                THE TRUSTEE

            	
              143

            
	
              Section
                8.01.

            	
              Duties
                of Trustee.

            	
              143

            
	
              Section
                8.02.

            	
              Certain
                Matters Affecting the Trustee.

            	
              144

            
	
              Section
                8.03.

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans.

            	
              146

            
	
              Section
                8.04.

            	
              Trustee
                May Own Certificates.

            	
              146

            
	
              Section
                8.05.

            	
              Trustee’s
                Fees.

            	
              146

            
	
              Section
                8.06.

            	
              Eligibility
                Requirements for Trustee.

            	
              147

            
	
              Section
                8.07.

            	
              Resignation
                and Removal of the Trustee.

            	
              147

            
	
              Section
                8.08.

            	
              Successor
                Trustee.

            	
              148

            
	
              Section
                8.09.

            	
              Merger
                or Consolidation of Trustee.

            	
              148

            
	
              Section
                8.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	
              148

            
	 	 	 
	
              ARTICLE
                IX

            	
              TERMINATION

            	
              150

            
	
              Section
                9.01.

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans or upon Purchase
                of
                Certificates.

            	
              150

            
	
              Section
                9.02.

            	
              Termination
                of REMIC 3 and Retirement of Class R Certificates.

            	
              153

            
	
              Section
                9.03.

            	
              Additional
                Termination Requirements.

            	
              154

            
	 	 	 
	
              ARTICLE
                X

            	
              REMIC
                PROVISIONS

            	
              155

            
	
              Section
                10.01.

            	
              REMIC
                Administration.

            	
              155

            
	
              Section
                10.02.

            	
              Prohibited
                Transactions and Activities.

            	
              157

            
	
              Section
                10.03.

            	
              Master
                Servicer and Trustee Indemnification.

            	
              158

            
	 	 	 
	
              ARTICLE
                XI

            	
              MISCELLANEOUS
                PROVISIONS

            	
              159

            
	
              Section
                11.01.

            	
              Amendment.

            	
              159

            

    

     

     

    
      
        
        

      

      
        ix

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                11.02.

            	
              Recordation
                of Agreement; Counterparts.

            	
              160

            
	
              Section
                11.03.

            	
              Limitation
                on Rights of Certificateholders.

            	
              161

            
	
              Section
                11.04.

            	
              Governing
                Law.

            	
              161

            
	
              Section
                11.05.

            	
              Notices.

            	
              161

            
	
              Section
                11.06.

            	
              Severability
                of Provisions.

            	
              162

            
	
              Section
                11.07.

            	
              Successors
                and Assigns.

            	
              162

            
	
              Section
                11.08.

            	
              Article
                and Section Headings.

            	
              162

            
	
              Section
                11.09.

            	
              Notice
                to Rating Agencies.

            	
              162

            
	
              Section
                11.10.

            	
              Rights
                of the Certificate Insurer.

            	
              163

            
	
              Section
                11.11.

            	
              Control
                by the Certificate Insurer.

            	
              163

            
	
              Section
                11.12.

            	
              Third
                Party Rights.

            	
              164

            

    

    

    Signatures

    Acknowledgments

     

    
      
        
        

      

      
        x

        
          

        

      

      
        
        

      

    

    

    
      	
              Exhibit
                A

            	
              Form
                of Class A Certificate

            
	
              Exhibit
                B-1

            	
              Form
                of Class M Certificate

            
	
              Exhibit
                B-2

            	
              Form
                of Class B Certificate 

            
	
              Exhibit
                B-3

            	
              Form
                of Class C Certificate

            
	
              Exhibit
                B-4

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                B-5

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                C

            	
              Form
                of Trustee Initial Certification

            
	
              Exhibit
                D

            	
              Form
                of Trustee Final Certification

            
	
              Exhibit
                E

            	
              Form
                of Remittance Report

            
	
              Exhibit
                F-1

            	
              Request
                for Release

            
	
              Exhibit
                F-2

            	
              Request
                for Release for Mortgage Loans Paid in Full

            
	
              Exhibit
                G-1

            	
              Form
                of Investor Representation Letter

            
	
              Exhibit
                G-2

            	
              Form
                of Transferor Representation Letter

            
	
              Exhibit
                G-3

            	
              Form
                of Rule 144A Investment Representation

            
	
              Exhibit
                G-4

            	
              Transferor
                Certificate for Transfers of Residual Certificates

            
	
              Exhibit
                G-5

            	
              Transfer
                Affidavit and Agreement for Transfers of Residual
                Certificates

            
	
              Exhibit
                H

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                I

            	
              Sponsor
                Representations and Warranties

            
	
              Exhibit
                J

            	
              Form
                for Information Under Section 3.24

            
	
              Exhibit
                K

            	
              Impac
                Funding Corporation Servicing Guide

            
	
              Exhibit
                L-1

            	
              Form
                10-K Certification

            
	
              Exhibit
                L-2

            	
              Form
                10-K Back-up Certification (Master Servicer)

            
	
              Exhibit
                L-3

            	
              Form
                10-K Back-up Certification (Trustee)

            
	
              Exhibit
                L-4

            	
              Form
                of Back-up Certification to Form 10-K Certificate

            
	
              Exhibit
                M

            	
              Form
                of Interest Rate Swap Agreement and Cap Contracts

            
	
              Exhibit
                N

            	
              Servicing
                Criteria to be Addressed in Assessment of Compliance

            
	
              Exhibit
                O

            	
              Form
                10-D, Form 8-K and Form 10-K Reporting Responsibility 

            
	
              Exhibit
                P

            	
              [reserved]

            
	
              Exhibit
                Q 

            	
              Form
                of Countrywide Servicing Agreement

            
	
              Exhibit
                R

            	
              Form
                of Item 1115 Agreement

            
	
              Exhibit
                S

            	
              Form
                of Subsequent Transfer Instrument

            
	
              Exhibit
                T

            	
              Form
                of Addition Notice

            

    

    

    
      
        
        

      

      
        xi

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement, dated and effective as of April 1, 2007, is
      entered into among Impac Secured Assets Corp., as depositor (the “Depositor”),
      Impac Funding Corporation, as master servicer (the “Master Servicer”), and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple classes, which in the
      aggregate will evidence the entire beneficial ownership interest in the Trust
      Fund created hereunder. The Certificates will consist of sixteen classes of
      certificates, designated as (i) the Class A1-A Certificates, (ii) the Class
      A1-B
      Certificates, (iii) the Class A1-C Certificates, (iv) the Class AM Certificates,
      (v) the Class M-1 Certificates, (vi) the Class M-2 Certificates, (vii) the
      Class
      M-3 Certificates, (viii) the Class M-4 Certificates, (ix) the Class M-5
      Certificates, (x) the Class M-6 Certificates, (xi) the Class M-7 Certificates,
      (xii) the Class M-8 Certificates, (xiii) the Class B Certificates, (xiv) the
      Class C Certificates, (xv) the Class P Certificates and (xvi) the Class R
      Certificates.

     

    REMIC
      1

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the Mortgage Loans and certain other related assets (other than
      the Net WAC Shortfall Reserve Fund, any Master Servicer Prepayment Charge
      Payment Amounts, the Pre-Funding Account, the Interest Coverage Account, the
      Class M Interest Reserve Fund and, for the avoidance of doubt, the Supplemental
      Interest Trust, the Derivative Account, the Cap Contracts, the Collateral
      Account and the Interest Rate Swap Agreement) subject to this Agreement as
      a
      REMIC for federal income tax purposes, and such segregated pool of assets will
      be designated as “REMIC 1.” The Class R-1 Interest will be the sole class of
      Residual Interests in REMIC 1 for purposes of the REMIC Provisions (as defined
      herein). The following table irrevocably sets forth the designation, the
      Uncertificated REMIC 1 Pass-Through Rate, the initial Uncertificated Principal
      Balance and, for purposes of satisfying Treasury Regulation
      Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each
      of the REMIC 1 Regular Interests (as defined herein). None of the REMIC 1
      Regular Interests will be certificated.

     

    
      	
              Designation

            	
              Uncertificated
                REMIC 1 

              Pass-Through
                Rate

            	
              Initial
                Uncertificated 

              Principal
                Balance

            	
              Latest
                Possible 

              Maturity
                Date (1)

            
	
              1-1-A

            	
              Variable(2)

            	
              $                              
                 1,291,504.09 

            	
              September
                25, 2037

            
	
              1-1-B

            	
              Variable(2)

            	
              $                                1,291,504.09
                

            	
              September
                25, 2037

            
	
              1-2-A

            	
              Variable(2)

            	
              $                                2,392,637.16
                

            	
              September
                25, 2037

            
	
              1-2-B

            	
              Variable(2)

            	
              $                                2,392,637.16
                

            	
              September
                25, 2037

            
	
              1-3-A

            	
              Variable(2)

            	
              $                                3,515,987.98
                

            	
              September
                25, 2037

            
	
              1-3-B

            	
              Variable(2)

            	
              $                                3,515,987.98
                

            	
              September
                25, 2037

            
	
              1-4-A

            	
              Variable(2)

            	
              $                                4,652,077.16
                

            	
              September
                25, 2037

            
	
              1-4-B

            	
              Variable(2)

            	
              $                                4,652,077.16
                

            	
              September
                25, 2037

            
	
              1-5-A

            	
              Variable(2)

            	
              $                                5,790,398.31
                

            	
              September
                25, 2037

            
	
              1-5-B

            	
              Variable(2)

            	
              $                                5,790,398.31
                

            	
              September
                25, 2037

            
	
              1-6-A

            	
              Variable(2)

            	
              $                                6,916,224.67
                

            	
              September
                25, 2037

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Designation

            	
              Uncertificated
                REMIC 1 

              Pass-Through
                Rate

            	
              Initial
                Uncertificated 

              Principal
                Balance

            	
              Latest
                Possible 

              Maturity
                Date (1)

            
	
              1-6-B

            	
              Variable(2)

            	
              $                                 6,916,224.67
                

            	
              September
                25, 2037

            
	
              1-7-A

            	
              Variable(2)

            	
              $                                 8,020,326.33
                

            	
              September
                25, 2037

            
	
              1-7-B

            	
              Variable(2)

            	
              $                                 8,020,326.33
                

            	
              September
                25, 2037

            
	
              1-8-A

            	
              Variable(2)

            	
              $                                 9,083,173.44
                

            	
              September
                25, 2037

            
	
              1-8-B

            	
              Variable(2)

            	
              $                                 9,083,173.44
                

            	
              September
                25, 2037

            
	
              1-9-A

            	
              Variable(2)

            	
              $                               10,058,672.05
                

            	
              September
                25, 2037

            
	
              1-9-B

            	
              Variable(2)

            	
              $                               10,058,672.05
                

            	
              September
                25, 2037

            
	
              1-10-A

            	
              Variable(2)

            	
              $                               10,765,542.83
                

            	
              September
                25, 2037

            
	
              1-10-B

            	
              Variable(2)

            	
              $                               10,765,542.83
                

            	
              September
                25, 2037

            
	
              1-11-A

            	
              Variable(2)

            	
              $                               11,463,933.03
                

            	
              September
                25, 2037

            
	
              1-11-B

            	
              Variable(2)

            	
              $                              
                11,463,933.03 

            	
              September
                25, 2037

            
	
              1-12-A

            	
              Variable(2)

            	
              $                               11,644,488.25
                

            	
              September
                25, 2037

            
	
              1-12-B

            	
              Variable(2)

            	
              $                               11,644,488.25
                

            	
              September
                25, 2037

            
	
              1-13-A

            	
              Variable(2)

            	
              $                               11,067,336.89
                

            	
              September
                25, 2037

            
	
              1-13-B

            	
              Variable(2)

            	
              $                               11,067,336.89
                

            	
              September
                25, 2037

            
	
              1-14-A

            	
              Variable(2)

            	
              $                               10,518,483.57
                

            	
              September
                25, 2037

            
	
              1-14-B

            	
              Variable(2)

            	
              $                               10,518,483.57
                

            	
              September
                25, 2037

            
	
              1-15-A

            	
              Variable(2)

            	
              $                               
                 9,996,426.10 

            	
              September
                25, 2037

            
	
              1-15-B

            	
              Variable(2)

            	
              $                                
                9,996,426.10 

            	
              September
                25, 2037

            
	
              1-16-A

            	
              Variable(2)

            	
              $                                
                9,499,998.27 

            	
              September
                25, 2037

            
	
              1-16-B

            	
              Variable(2)

            	
              $                                
                9,499,998.27 

            	
              September
                25, 2037

            
	
              1-17-A

            	
              Variable(2)

            	
              $                                
                9,027,876.59 

            	
              September
                25, 2037

            
	
              1-17-B

            	
              Variable(2)

            	
              $                                
                9,027,876.59 

            	
              September
                25, 2037

            
	
              1-18-A

            	
              Variable(2)

            	
              $                                
                8,578,837.10 

            	
              September
                25, 2037

            
	
              1-18-B

            	
              Variable(2)

            	
              $                                
                8,578,837.10 

            	
              September
                25, 2037

            
	
              1-19-A

            	
              Variable(2)

            	
              $                                
                8,151,847.46 

            	
              September
                25, 2037

            
	
              1-19-B

            	
              Variable(2)

            	
              $                                
                8,151,847.46 

            	
              September
                25, 2037

            
	
              1-20-A

            	
              Variable(2)

            	
              $                                
                7,798,892.21 

            	
              September
                25, 2037

            
	
              1-20-B

            	
              Variable(2)

            	
              $                                
                7,798,892.21 

            	
              September
                25, 2037

            
	
              1-21-A

            	
              Variable(2)

            	
              $                                
                7,396,029.40 

            	
              September
                25, 2037

            
	
              1-21-B

            	
              Variable(2)

            	
              $                                
                7,396,029.40 

            	
              September
                25, 2037

            
	
              1-22-A

            	
              Variable(2)

            	
              $                                
                7,016,763.42 

            	
              September
                25, 2037

            
	
              1-22-B

            	
              Variable(2)

            	
              $                                
                7,016,763.42 

            	
              September
                25, 2037

            
	
              1-23-A

            	
              Variable(2)

            	
              $                                
                6,425,008.72 

            	
              September
                25, 2037

            
	
              1-23-B

            	
              Variable(2)

            	
              $                                
                6,425,008.72 

            	
              September
                25, 2037

            
	
              1-24-A

            	
              Variable(2)

            	
              $                                
                3,611,587.50 

            	
              September
                25, 2037

            
	
              1-24-B

            	
              Variable(2)

            	
              $                                
                3,611,587.50 

            	
              September
                25, 2037

            
	
              1-25-A

            	
              Variable(2)

            	
              $                                
                3,502,440.00 

            	
              September
                25, 2037

            
	
              1-25-B

            	
              Variable(2)

            	
              $                                
                3,502,440.00 

            	
              September
                25, 2037

            
	
              1-26-A

            	
              Variable(2)

            	
              $                                
                3,396,127.50 

            	
              September
                25, 2037

            
	
              1-26-B

            	
              Variable(2)

            	
              $                                
                3,396,127.50 

            	
              September
                25, 2037

            
	
              1-27-A

            	
              Variable(2)

            	
              $                                
                3,293,460.00 

            	
              September
                25, 2037

            
	
              1-27-B

            	
              Variable(2)

            	
              $                                
                3,293,460.00 

            	
              September
                25, 2037

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	
              Designation

            	
              Uncertificated
                REMIC 1 

              Pass-Through
                Rate

            	
              Initial
                Uncertificated 

              Principal
                Balance

            	
              Latest
                Possible 

              Maturity
                Date (1)

            
	
              1-28-A

            	
              Variable(2)

            	
              $                                
                3,193,627.50 

            	
              September
                25, 2037

            
	
              1-28-B

            	
              Variable(2)

            	
              $                                
                3,193,627.50 

            	
              September
                25, 2037

            
	
              1-29-A

            	
              Variable(2)

            	
              $                                
                3,096,832.50 

            	
              September
                25, 2037

            
	
              1-29-B

            	
              Variable(2)

            	
              $                                
                3,096,832.50 

            	
              September
                25, 2037

            
	
              1-30-A

            	
              Variable(2)

            	
              $                                
                3,003,075.00 

            	
              September
                25, 2037

            
	
              1-30-B

            	
              Variable(2)

            	
              $                                
                3,003,075.00 

            	
              September
                25, 2037

            
	
              1-31-A

            	
              Variable(2)

            	
              $                                
                2,911,950.00 

            	
              September
                25, 2037

            
	
              1-31-B

            	
              Variable(2)

            	
              $                                
                2,911,950.00 

            	
              September
                25, 2037

            
	
              1-32-A

            	
              Variable(2)

            	
              $                                
                2,823,862.50 

            	
              September
                25, 2037

            
	
              1-32-B

            	
              Variable(2)

            	
              $                                
                2,823,862.50 

            	
              September
                25, 2037

            
	
              1-33-A

            	
              Variable(2)

            	
              $                                
                2,738,205.00 

            	
              September
                25, 2037

            
	
              1-33-B

            	
              Variable(2)

            	
              $                                
                2,738,205.00 

            	
              September
                25, 2037

            
	
              1-34-A

            	
              Variable(2)

            	
              $                                
                2,654,977.50 

            	
              September
                25, 2037

            
	
              1-34-B

            	
              Variable(2)

            	
              $                                
                2,654,977.50 

            	
              September
                25, 2037

            
	
              1-35-A

            	
              Variable(2)

            	
              $                                
                2,574,585.00 

            	
              September
                25, 2037

            
	
              1-35-B

            	
              Variable(2)

            	
              $                                
                2,574,585.00 

            	
              September
                25, 2037

            
	
              1-36-A

            	
              Variable(2)

            	
              $                               20,079,787.50
                

            	
              September
                25, 2037

            
	
              1-36-B

            	
              Variable(2)

            	
              $                               20,079,787.50
                

            	
              September
                25, 2037

            
	
              1-37-A

            	
              Variable(2)

            	
              $                                
                1,882,755.00 

            	
              September
                25, 2037

            
	
              1-37-B

            	
              Variable(2)

            	
              $                                
                1,882,755.00 

            	
              September
                25, 2037

            
	
              1-38-A

            	
              Variable(2)

            	
              $                                
                1,825,582.50 

            	
              September
                25, 2037

            
	
              1-38-B

            	
              Variable(2)

            	
              $                                
                1,825,582.50 

            	
              September
                25, 2037

            
	
              1-39-A

            	
              Variable(2)

            	
              $                                
                1,770,300.00 

            	
              September
                25, 2037

            
	
              1-39-B

            	
              Variable(2)

            	
              $                                
                1,770,300.00 

            	
              September
                25, 2037

            
	
              1-40-A

            	
              Variable(2)

            	
              $                                
                1,716,435.00 

            	
              September
                25, 2037

            
	
              1-40-B

            	
              Variable(2)

            	
              $                                
                1,716,435.00 

            	
              September
                25, 2037

            
	
              1-41-A

            	
              Variable(2)

            	
              $                                
                1,664,460.00 

            	
              September
                25, 2037

            
	
              1-41-B

            	
              Variable(2)

            	
              $                                
                1,664,460.00 

            	
              September
                25, 2037

            
	
              1-42-A

            	
              Variable(2)

            	
              $                                
                1,613,745.00 

            	
              September
                25, 2037

            
	
              1-42-B

            	
              Variable(2)

            	
              $                                
                1,613,745.00 

            	
              September
                25, 2037

            
	
              1-43-A

            	
              Variable(2)

            	
              $                                
                1,564,762.50 

            	
              September
                25, 2037

            
	
              1-43-B

            	
              Variable(2)

            	
              $                                
                1,564,762.50 

            	
              September
                25, 2037

            
	
              1-44-A

            	
              Variable(2)

            	
              $                                
                1,517,355.00 

            	
              September
                25, 2037

            
	
              1-44-B

            	
              Variable(2)

            	
              $                                
                1,517,355.00 

            	
              September
                25, 2037

            
	
              1-45-A

            	
              Variable(2)

            	
              $                                
                1,471,050.00 

            	
              September
                25, 2037

            
	
              1-45-B

            	
              Variable(2)

            	
              $                                
                1,471,050.00 

            	
              September
                25, 2037

            
	
              1-46-A

            	
              Variable(2)

            	
              $                                
                1,426,477.50 

            	
              September
                25, 2037

            
	
              1-46-B

            	
              Variable(2)

            	
              $                                
                1,426,477.50 

            	
              September
                25, 2037

            
	
              1-47-A

            	
              Variable(2)

            	
              $                                
                1,383,007.50 

            	
              September
                25, 2037

            
	
              1-47-B

            	
              Variable(2)

            	
              $                                
                1,383,007.50 

            	
              September
                25, 2037

            
	
              1-48-A

            	
              Variable(2)

            	
              $                                
                1,341,112.50 

            	
              September
                25, 2037

            
	
              1-48-B

            	
              Variable(2)

            	
              $                                
                1,341,112.50 

            	
              September
                25, 2037

            
	
              1-49-A

            	
              Variable(2)

            	
              $                                
                1,300,162.50 

            	
              September
                25, 2037

            

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      	
              Designation

            	
              Uncertificated
                REMIC 1 

              Pass-Through
                Rate

            	
              Initial
                Uncertificated 

              Principal
                Balance

            	
              Latest
                Possible Maturity Date (1)

            
	
              1-49-B

            	
              Variable(2)

            	
              $                                
                1,300,162.50 

            	
              September
                25, 2037

            
	
              1-50-A

            	
              Variable(2)

            	
              $                                
                1,260,630.00 

            	
              September
                25, 2037

            
	
              1-50-B

            	
              Variable(2)

            	
              $                                
                1,260,630.00 

            	
              September
                25, 2037

            
	
              1-51-A

            	
              Variable(2)

            	
              $                                
                1,222,357.50 

            	
              September
                25, 2037

            
	
              1-51-B

            	
              Variable(2)

            	
              $                                
                1,222,357.50 

            	
              September
                25, 2037

            
	
              1-52-A

            	
              Variable(2)

            	
              $                                
                1,185,030.00 

            	
              September
                25, 2037

            
	
              1-52-B

            	
              Variable(2)

            	
              $                                
                1,185,030.00 

            	
              September
                25, 2037

            
	
              1-53-A

            	
              Variable(2)

            	
              $                                
                1,148,962.50 

            	
              September
                25, 2037

            
	
              1-53-B

            	
              Variable(2)

            	
              $                                
                1,148,962.50 

            	
              September
                25, 2037

            
	
              1-54-A

            	
              Variable(2)

            	
              $                                
                1,113,997.50 

            	
              September
                25, 2037

            
	
              1-54-B

            	
              Variable(2)

            	
              $                                
                1,113,997.50 

            	
              September
                25, 2037

            
	
              1-55-A

            	
              Variable(2)

            	
              $                                
                1,080,135.00 

            	
              September
                25, 2037

            
	
              1-55-B

            	
              Variable(2)

            	
              $                                
                1,080,135.00 

            	
              September
                25, 2037

            
	
              1-56-A

            	
              Variable(2)

            	
              $                                
                1,047,217.50 

            	
              September
                25, 2037

            
	
              1-56-B

            	
              Variable(2)

            	
              $                                
                1,047,217.50 

            	
              September
                25, 2037

            
	
              1-57-A

            	
              Variable(2)

            	
              $                                
                1,015,245.00 

            	
              September
                25, 2037

            
	
              1-57-B

            	
              Variable(2)

            	
              $                                
                1,015,245.00 

            	
              September
                25, 2037

            
	
              1-58-A

            	
              Variable(2)

            	
              $                                  
                 984,375.00 

            	
              September
                25, 2037

            
	
              1-58-B

            	
              Variable(2)

            	
              $                                   
                984,375.00 

            	
              September
                25, 2037

            
	
              1-59-A

            	
              Variable(2)

            	
              $                                   
                954,292.50 

            	
              September
                25, 2037

            
	
              1-59-B

            	
              Variable(2)

            	
              $                                   
                954,292.50 

            	
              September
                25, 2037

            
	
              1-60-A

            	
              Variable(2)

            	
              $                               30,051,630.00
                

            	
              September
                25, 2037

            
	
              1-60-B

            	
              Variable(2)

            	
              $                               30,051,630.00
                

            	
              September
                25, 2037

            
	
              P

            	
              Variable(2)

            	
              $                                           100.00
                

            	
              September
                25, 2037

            
	
              OC

            	
              Variable(2)

            	
              $                             196,613,419.09

            	
              September
                25, 2037

            

    

    ________________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date in the month following the maturity date for the
                Mortgage Loan with the latest possible maturity date has been designated
                as the “latest possible maturity date” for each REMIC 1 Regular
                Interest.

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “Uncertificated REMIC 1 Pass-Through
                Rate” in this Agreement.

            

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

    As
      provided in this Agreement, the Trustee will make an election to treat the
      segregated pool of assets consisting of the REMIC 1 Regular Interests as a
      REMIC
      for federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC 2”. The Class R-2 Interest will represent the sole class of
      Residual Interests in REMIC 2 for purposes of the REMIC Provisions. The
      following table irrevocably sets forth the designation, the Uncertificated
      REMIC
      2 Pass-Through Rate, the initial Uncertificated Principal Balance and, for
      purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
“latest possible maturity date” for each of the REMIC 2 Regular Interests (as
      defined herein). None of the REMIC 2 Regular Interests will be
      certificated.

     

    
      	
              Designation

            	
              Uncertificated
                REMIC 2 

              Pass-Through
                Rate

            	
              Initial
                Uncertificated

              Principal
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              AA

            	
              Variable(2)

            	
              $                               
                779,689,508.31 

            	
              September
                25, 2037

            
	
              A1-A

            	
              Variable(2)

            	
              $                                  
                 2,172,880.00 

            	
              September
                25, 2037

            
	
              A1-B

            	
              Variable(2)

            	
              $                                   
                2,611,410.00 

            	
              September
                25, 2037

            
	
              A1-C

            	
              Variable(2)

            	
              $                                   
                1,150,900.00 

            	
              September
                25, 2037

            
	
              AM

            	
              Variable(2)

            	
              $                                   
                1,483,800.00 

            	
              September
                25, 2037

            
	
              M-1

            	
              Variable(2)

            	
              $                                       
                 99,450.00 

            	
              September
                25, 2037

            
	
              M-2

            	
              Variable(2)

            	
              $                                        
                91,490.00 

            	
              September
                25, 2037

            
	
              M-3

            	
              Variable(2)

            	
              $                                        
                51,710.00 

            	
              September
                25, 2037

            
	
              M-4

            	
              Variable(2)

            	
              $                                        
                43,760.00 

            	
              September
                25, 2037

            
	
              M-5

            	
              Variable(2)

            	
              $                                        
                39,780.00 

            	
              September
                25, 2037

            
	
              M-6

            	
              Variable(2)

            	
              $                                        
                35,800.00 

            	
              September
                25, 2037

            
	
              M-7

            	
              Variable(2)

            	
              $                                        
                31,820.00 

            	
              September
                25, 2037

            
	
              M-8

            	
              Variable(2)

            	
              $                                        
                27,850.00 

            	
              September
                25, 2037

            
	
              B

            	
              Variable(2)

            	
              $                                        
                39,780.00 

            	
              September
                25, 2037

            
	
              ZZ

            	
              Variable(2)

            	
              $                                    8,031,600.78
                

            	
              September
                25, 2037

            
	
              IO

            	
              Variable(2)

            	
              (3)

            	
              September
                25, 2037

            
	
              P

            	
              Variable(2)

            	
              $                                            
                 100.00 

            	
              September
                25, 2037

            

    

    ________________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date in the month following the maturity date for the
                Mortgage Loan with the latest possible maturity date has been designated
                as the “latest possible maturity date” for each REMIC 2 Regular
                Interest.

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “Uncertificated REMIC 2 Pass-Through
                Rate” in this Agreement.

            

    

    
      	
              (3)

            	
              REMIC
                2 Regular Interest IO will not have an Uncertificated Principal Balance
                but will accrue interest on its uncertificated notional amount calculated
                in accordance with the related definition of “Uncertificated Notional
                Amount” herein.

            

    

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    REMIC
      3

     

    As
      provided in this Agreement, the Trustee will make an election to treat the
      segregated pool of assets consisting of the REMIC 2 Regular Interests as a
      REMIC
      for federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC 3”. The Class R-3 Interest will represent the sole class of
      Residual Interests in REMIC 3 for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the Initial Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for each class of Certificates and interests that represents
      ownership of one or more of the Regular Interests in REMIC 3 created
      hereunder.

     

    Each
      Certificate, other than the Class C Certificates and the Class R Certificates,
      represents ownership of a Regular Interest in REMIC 3 and also represents (i)
      the right to receive certain amounts specified herein in respect of Net
      WAC
      Shortfall Amounts
      (as
      defined herein) and (ii) the obligation to pay Class
      IO
      Distribution Amounts
      (as
      defined herein). The entitlement to principal of the Regular Interest which
      corresponds to each such Certificate shall be equal in amount and timing to
      the
      entitlement to principal of such Certificate. The Class C Certificates represent
      ownership of a Regular Interest in REMIC 3 and also represent (i) the obligation
      to pay certain amounts specified herein in respect of Net WAC Shortfall Amounts
      and (ii) the right to receive Class IO Distribution Amounts.

     

    
      	
              Designation

            	
              Initial
                Certificate 

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible 

              Maturity
                Date(1)

            
	
              A1-A(2)

            	
              $                                         217,288,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              A1-B(2)

            	
              $                                         261,141,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              A1-C(2)

            	
              $                                         115,090,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              AM(2)

            	
              $                                         148,380,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              M-1(2)

            	
              $                                           
                 9,945,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              M-2(2)

            	
              $                                             9,149,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              M-3(2)

            	
              $                                             5,171,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              M-4(2)

            	
              $                                             4,376,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              M-5(2)

            	
              $                                             3,978,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              M-6(2)

            	
              $                                             3,580,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              M-7(2)

            	
              $                                             3,182,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              M-8(2)

            	
              $                                             2,785,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              B(2)

            	
              $                                             3,978,000

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              C
                

            	
              $
                                                   
                7,558,539.09(4)

            	
              Variable(3)

            	
              September
                25, 2037

            
	
              P

            	
              $                                                  
                100.00

            	
              0.00%

            	
              September
                25, 2037

            
	
              Class
                IO Interest

            	
              (5)

            	
              (6)

            	
              September
                25, 2037

            

    

    ________________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date in the month following the maturity date for the
                Mortgage Loan with the latest possible maturity date has been designated
                as the “latest possible maturity date” for each Regular Interest in REMIC
                3 the ownership of which is represented by the Class A, Class B,
                Class M,
                Class C and Class P Certificates and the Class IO Interest.
                

            

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	
              (2)

            	
              This
                Class of Certificates represents ownership of a Regular Interest
                in REMIC
                3. Any amount distributed on this Class of Certificates on any
                Distribution Date in excess of the amount distributable on the related
                Regular Interest in REMIC 3 on such Distribution Date shall be treated
                for
                federal income tax purposes as having been paid from the Net WAC
                Shortfall
                Reserve Fund or the Supplemental Interest Trust, as applicable, and
                any
                amount distributable on the related Regular Interest in REMIC 3 on
                such
                Distribution Date in excess of the amount distributable on such Class
                of
                Certificates on such Distribution Date shall be treated for such
                purposes
                as having been distributed to the Holders of such Certificates and
                then
                paid by such Holders to the Supplemental Interest Trust, all pursuant
                to
                and as further provided in Section 4.09
                hereof.

            

    

    
      	
              (3)

            	
              Calculated
                in accordance with the definition of “Pass-Through Rate” in this
                Agreement. Each
                Regular Interest in REMIC 3 which corresponds to a Class A, Class
                M or
                Class B Certificate will have the same Pass-Through Rate as such
                Certificate, except with respect to the related Net WAC Rate. The
                Net WAC
                Rate for each such Regular Interest in REMIC 3 and Certificate is
                specified in the related definition of “Net WAC Rate
                .”

            

    

    
      	
              (4)

            	
              The
                Class C Certificates will not accrue interest on its Certificate
                Principal
                Balance, but will accrue interest at its variable Pass-Through Rates
                on
                its Notional Balance outstanding from time to time, which shall equal
                the
                aggregate Uncertificated Principal Balance of the REMIC 2 Regular
                Interests (other than REMIC 2 Regular Interest P).
                

            

    

    
      	
              (5)

            	
              The
                Class IO Interest will not have a principal balance, but will have
                a
                notional amount equal to the Uncertificated Notional Amount of REMIC
                2
                Regular Interest IO.

            

    

    
      	
              (6)

            	
              The
                Class IO Interest will not have a Pass-Through Rate, but will be
                entitled
                to 100% of the amounts distributed on REMIC 2 Regular Interest
                IO.

            

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Defined
      Terms.

     

    Whenever
      used in this Agreement, the following words and phrases, unless the context
      otherwise requires, shall have the meanings specified in this Article. Unless
      otherwise specified, all calculations in respect of interest on the Class A,
      Class M and Class B Certificates shall accrue on the basis of a 360-day year
      and
      the actual number of days in the related Accrual Period. All calculations of
      interest on the Class C Certificates will be made on the basis of a 360-day
      year
      consisting of twelve 30-day months. The Class P and Class R Certificates do
      not
      accrue interest.

     

    “Accrual
      Period”: With respect to each Class of Certificates (other than the Class C,
      Class P and Class R Certificates) and (i) with respect to the Distribution
      Date
      in May 2007, the period commencing on the Closing Date and ending on the day
      preceding the Distribution Date in May 2007, and (ii) with respect to any
      Distribution Date after the Distribution Date in May 2007, the period commencing
      on the Distribution Date in the month immediately preceding the month in which
      such Distribution Date occurs and ending on the day preceding such Distribution
      Date. With respect to the Class C Certificates and any Distribution Date, the
      calendar month immediately preceding such Distribution Date.

     

    “Addition
      Notice”: With respect to the transfer of Subsequent Mortgage Loans to the Trust
      Fund pursuant to Section 2.07, a notice of the Depositor’s designation of the
      Subsequent Mortgage Loans to be sold to the Trust Fund and the Aggregate Stated
      Principal Balance of such Subsequent Mortgage Loans as of the related Subsequent
      Cut-off Date. The Addition Notice shall be given not later than three Business
      Days prior to the related Subsequent Transfer Date and shall be substantially
      in
      the form of Exhibit T.

     

    “Adjustment
      Date”: As to each adjustable-rate Mortgage Loan, each date set forth in the
      related Mortgage Note on which an adjustment to the interest rate on such
      Mortgage Loan becomes effective.

     

    “AdvanceAdvance”:
      As to any Mortgage Loan, any advance made by the Sub-Servicer or Master Servicer
      on any Distribution Date pursuant to Section 4.03.

     

    “Affected
      Party”: As defined in the Interest Rate Swap Agreement.

     

    “AffiliateAffiliate”:
      With respect to any Person, any other Person controlling, controlled by or
      under
      common control with such Person. For purposes of this definition, “control”
means the power to direct the management and policies of a Person, directly
      or
      indirectly, whether through ownership of voting securities, by contract or
      otherwise and “controlling” and “controlled” shall have meanings correlative to
      the foregoing.

     

    “Aggregate
      Stated Principal Balance” Aggregate Stated Principal Balance: As of any date of
      determination, the aggregate Stated Principal Balance of the Mortgage
      Loans.

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    “Agreement”:
      This Pooling and Servicing Agreement and all amendments hereof.

     

    “Allocated
      Realized Loss Amount”: With respect to any Class of Class
      A,
      Class M and Class B Certificates and
      any
      Distribution Date, an amount equal to the sum of any Realized Loss allocated
      to
      that Class of Certificates on that Distribution Date and any Allocated Realized
      Loss Amount for that Class remaining unpaid from any previous Distribution
      Date
      (other than, with respect to the Class AM Certificates, a Realized Loss that
      was
      covered by the Certificate Guaranty Insurance Policy), minus any Subsequent
      Recoveries applied to such Allocated Realized Loss Amount.

     

    “Assessment
      of Compliance”: As defined in Section 3.20.

     

    “AssignmentAssignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form, which is sufficient under the laws of the jurisdiction wherein
      the related Mortgaged Property is located to reflect of record the sale of
      the
      Mortgage.

     

    “Attestation
      Report”: As defined in Section 3.20.

     

    “Available
      Distribution Amount”: With respect to any Distribution Date, an amount equal to
      the amount received by the Trustee and available in the Certificate Account
      on
      that Distribution Date. The Available Distribution Amount will be equal to
      (i)
      the sum of (1) the aggregate amount of scheduled payments on the Mortgage Loans
      received or advanced that were due during the related Due Period, (2) any
      unscheduled payments and receipts, including mortgagor prepayments on such
      Mortgage Loans, Insurance Proceeds, Liquidation Proceeds and Subsequent
      Recoveries, received during the related Prepayment Period and (3) any amounts
      transferred from the Pre-Funding Account pursuant to Section 4.14 after giving
      effect to any purchase of Subsequent Mortgage Loans and any amounts deposited
      into the Certificate Account from the Interest Coverage Account pursuant to
      Section 4.15 of this Agreement, in each case net of amounts reimbursable
      therefrom to the Trustee, the Master Servicer, the Supplemental Interest Trust
      Trustee and any Sub-Servicer, minus Master Servicing Fees, Subservicing Fees,
      Trustee Fees and any amounts needed to reimburse the Master Servicer for amounts
      due under this Agreement to the extent such amounts have not been retained
      by,
      or paid previously to the Master Servicer, and any amounts in respect of the
      premiums payable to the PMI Insurer under the PMI Insurer Policy.

     

    “Balloon
      Loan”: Each of the Mortgage Loans identified in the Mortgage Loan Schedule as
      having an original term to maturity that is shorter than the related
      amortization term.

     

    “Balloon
      Payment”: With respect to any Balloon Loan, the related Monthly Payment payable
      on the stated maturity date of such Balloon Loan. 

     

    “Bankruptcy
      Code”: The Bankruptcy Code of 1978, as amended.

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    “Basic
      Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Principal Remittance Amount for such Distribution Date over
      (ii) the Overcollateralization Release Amount, if any, for such Distribution
      Date.

     

    “Book-Entry
      Certificate”: Each class of the Class A, Class M and Class B Certificates for so
      long as they are issued, maintained and transferred at the
      Depository.

     

    “Business
      Day”: Any day other than a Saturday, a Sunday or a day on which banking
      institutions in California or New York (and such other state or states in which
      the Custodial Account or the Certificate Account are at the time located) or
      in
      the city in which the Corporate Trust Office of the Trustee is located are
      authorized or obligated by law or executive order to close.

     

    “Cap
      Contract I”: The letter of agreement dated April 30, 2007, between Lehman
      Brothers Special Financing Inc. and Deutsche Bank National Trust Company, not
      in
      its individual capacity, but solely as Supplemental Interest Trust Trustee,
      a
      form of which is attached hereto as Exhibit M.

     

    “Cap
      Contract II”: The letter of agreement dated April 30, 2007, between Bear Stearns
      Financial Products Inc. and Deutsche Bank National Trust Company, not in its
      individual capacity, but solely as Supplemental Interest Trust Trustee, a form
      of which is attached hereto as Exhibit M.

     

    “Cap
      Contracts”: Cap Contract I and Cap Contract II.

     

    “Cap
      Contract
      I Counterparty”:
      The
      cap provider under each of the Cap Contracts required to make payments to the
      Supplemental Interest Trust for payment to the Trust Fund pursuant to the terms
      of the Cap Contracts, and any successor in interest or assign. Initially, the
      Cap Counterparty for Cap Contract I shall be Lehman Brothers Special Financing
      Inc. and the Cap Counterparty for Cap Contract II shall be Bear Stearns
      Financial Products Inc.

     

    “Cash
      Liquidation”: As to any defaulted Mortgage Loan other than a Mortgage Loan as to
      which an REO Acquisition occurred, a determination by the Master Servicer that
      it has received all Insurance Proceeds, Liquidation Proceeds and other payments
      or cash recoveries which the Master Servicer reasonably and in good faith
      expects to be finally recoverable with respect to such Mortgage
      Loan.

     

    “Certificate”:
      Any Regular Certificate or Class R Certificate.

     

    “Certificate
      Account”: The trust account or accounts created and maintained pursuant to
      Section 4.01, which shall be entitled Deutsche Bank National Trust Company,
      in trust for registered holders of Impac Secured Assets Corp., Mortgage
      Pass-Through Certificates, Series 2007-3, and which account or accounts must
      each be an Eligible Account.

     

    “Certificate
      Account Deposit Date”: With respect to any Distribution Date, the Business Day
      immediately preceding such Distribution Date.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    “Certificate
      Guaranty Insurance Policy”: The certificate guaranty insurance policy issued by
      the Certificate Insurer for the benefit of the Class AM
      Certificateholders.

     

    “Certificate
      Insurer”: Ambac Assurance Corporation, a Wisconsin domiciled stock insurance
      corporation, or any successor thereto as provided in the Agreement.

     

    “Certificate
      Margin”: The Certificate Margin for the Class A, Class M and Class B
      Certificates shall be:

     

    
      	
              Certificate
                Margin

            
	
              Class
                

            	 	
                (1)  

            	 	
                (2)  

            
	
              A1-A

            	 	
              0.110%

            	 	
              0.220%

            
	
              A1-B

            	 	
              0.240%

            	 	
              0.480%

            
	
              A1-C

            	 	
              0.360%

            	 	
              0.720%

            
	
              AM

            	 	
              0.220%

            	 	
              0.440%

            
	
              M-1

            	 	
              0.400%

            	 	
              0.600%

            
	
              M-2

            	 	
              0.480%

            	 	
              0.720%

            
	
              M-3

            	 	
              0.650%

            	 	
              0.975%

            
	
              M-4

            	 	
              1.650%

            	 	
              2.475%

            
	
              M-5

            	 	
              1.800%

            	 	
              2.700%

            
	
              M-6

            	 	
              2.000%

            	 	
              3.000%

            
	
              M-7

            	 	
              2.000%

            	 	
              3.000%

            
	
              M-8

            	 	
              1.100%

            	 	
              1.650%

            
	
              B

            	 	
              1.100%

            	 	
              1.650%

            

    

    ____________

    (1) Prior
      to
      the Step-Up Date.

    (2) On
      and
      after the
      Step-Up Date.

    

    “Certificate
      Owner”: With respect to a Book-Entry Certificate, the Person who is the
      beneficial owner of such Certificate, as reflected on the books of an indirect
      participating brokerage firm for which a Depository Participant acts as agent,
      if any, and otherwise on the books of a Depository Participant, if any, and
      otherwise on the books of the Depository.

     

    “Certificate
      Principal Balance”: With respect to any Certificate (other than the Class C
      Certificates and Class R Certificates) as of any date of determination, the
      Initial Certificate Principal Balance thereof, increased by any Subsequent
      Recoveries allocated thereto, and reduced by the aggregate of (a) all amounts
      allocable to principal previously distributed with respect to such Certificate
      and (b) any reductions in the Certificate Principal Balance thereof deemed
      to
      have occurred in connection with allocations of Realized Losses in the manner
      described herein. With respect to the Class C Certificates as of any date of
      determination, an amount equal to the excess, if any, of (a) the then aggregate
      Uncertificated Principal Balance of the REMIC 2 Regular Interests over (b)
      the
      then aggregate Certificate Principal Balance of the Class A, Class M, Class
      B
      and Class P Certificates then outstanding. 

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    “Certificate
      Register”: The register maintained pursuant to Section 5.02.

     

    “Certificateholder”
      or “Holder”: The Person in whose name a Certificate is registered in the
      Certificate Register, except that only a Permitted Transferee shall be a holder
      of a Residual Certificate for any purposes hereof and, solely for the purposes
      of giving any consent pursuant to this Agreement, any Certificate registered
      in
      the name of the Depositor or the Master Servicer or any affiliate thereof shall
      be deemed not to be outstanding and the Voting Rights to which such Certificate
      is entitled shall not be taken into account in determining whether the requisite
      percentage of Voting Rights necessary to effect any such consent has been
      obtained, except as otherwise provided in Section 11.01. The Trustee shall
      be entitled to rely upon a certification of the Depositor or the Master Servicer
      in determining if any Certificates are registered in the name of the respective
      affiliate. All references in this Agreement to “Holders” or “Certificateholders”
shall reflect the rights of Certificate Owners as they may indirectly exercise
      such rights through the Depository and participating members thereof, except
      as
      otherwise specified in this Agreement; provided, however, that the Trustee
      shall
      be required to recognize as a “Holder” or “Certificateholder” only the Person in
      whose name a Certificate is registered in the Certificate Register.

     

    “Class”:
      Collectively, all of the Certificates bearing the same designation.

     

    “Class
      A
      Certificates”: The Class A1-A, Class A1-B, Class A1-C and Class AM
      Certificates.

     

    “Class
      A1-A Certificate”: Any one of the Class A1-A Certificates as designated on the
      face thereof substantially in the form annexed hereto as Exhibit A, executed
      by
      the Trustee and authenticated and delivered by the Trustee, representing the
      right to distributions as set forth herein and therein and evidencing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall Amounts
      and (iii) the obligation to pay Class IO Distribution Amounts.

     

    “Class
      A1-B Certificate”: Any one of the Class A1-B Certificates as designated on the
      face thereof substantially in the form annexed hereto as Exhibit A, executed
      by
      the Trustee and authenticated and delivered by the Trustee, representing the
      right to distributions as set forth herein and therein and evidencing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall Amounts
      and (iii) the obligation to pay Class IO Distribution Amounts.

     

    “Class
      A1-C Certificate”: Any one of the Class A1-C Certificates as designated on the
      face thereof substantially in the form annexed hereto as Exhibit A, executed
      by
      the Trustee and authenticated and delivered by the Trustee, representing the
      right to distributions as set forth herein and therein and evidencing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall Amounts
      and (iii) the obligation to pay Class IO Distribution Amounts.

     

    “Class
      AM
      Certificate”: Any one of the Class AM Certificates as designated on the face
      thereof substantially in the form annexed hereto as Exhibit A, executed by
      the
      Trustee and authenticated and delivered by the Trustee, representing the right
      to distributions as set forth herein and therein and evidencing (i) a Regular
      Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall Amounts and
      (iii) the obligation to pay Class IO Distribution Amounts.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    “Class
      A
      Principal Distribution Amount”: For any Distribution Date, the excess of (1) the
      aggregate Certificate Principal Balance of the Class A Certificates immediately
      prior to such Distribution Date, over (2) the lesser of (x) 86.50% of the
      Aggregate Stated Principal Balance of the Mortgage Loans for such Distribution
      Date after giving effect to distributions made on that Distribution Date and
      (y)
      the Aggregate Stated Principal Balance of the Mortgage Loans for such
      Distribution Date after giving effect to distributions to be made on that
      Distribution Date minus the Overcollateralization Floor.

     

    “Class
      B
      Certificate”: Any one of the Class B Certificates as designated on the face
      thereof substantially in the form annexed hereto as Exhibit B-2, executed by
      the
      Trustee and authenticated and delivered by the Trustee, representing the right
      to distributions as set forth herein and therein and evidencing (i) a Regular
      Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall Amounts and
      (iii) the obligation to pay Class IO Distribution Amounts.

     

    “Class
      C
      Certificates”: Any one of the Class C Certificates as designated on the face
      thereof substantially in the form annexed hereto as Exhibit B-3, executed by
      the
      Trustee and authenticated and delivered by the Trustee, representing the right
      to distributions as set forth herein and therein and evidencing (i) a Regular
      Interest in REMIC 3, (ii) the obligation to pay Net WAC Shortfall Amounts and
      (iii) the right to receive Class IO Distribution Amounts.

     

    “Class
      C
      Distribution Amount”: With respect to any Distribution Date, the sum of (i) the
      Monthly Interest Distributable Amount for the Class C Certificates for such
      Distribution Date, (ii) any Overcollateralization Release Amount for such
      Distribution Date and (iii) without duplication, any Subsequent Recoveries
      not
      distributed to the Class A, Class M and Class B Certificates on such
      Distribution Date; provided, however that on any Distribution Date after the
      Distribution Date on which the Certificate Principal Balances of the Class
      A,
      Class M and Class B Certificates have been reduced to zero, the Class C
      Distribution Amount shall include the Overcollateralized Amount.

     

    “Class
      IO
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Supplemental Interest Trust, evidencing a Regular Interest in
      REMIC 3 for purposes of the REMIC Provisions.

     

    “Class
      IO
      Distribution Amount”: As defined in Section 4.09 hereof. For purposes of
      clarity, the Class IO Distribution Amount for any Distribution Date shall equal
      the amount payable to the Supplemental Interest Trust with respect to the
      Interest Rate Swap Agreement pursuant to the sixth paragraph of
      Section 4.01(a) (except for the last sentence thereof) on such Distribution
      Date in excess of the amount payable on the Class IO Interest on such
      Distribution Date, all as further provided in Section 4.09
      hereof. 

     

    “Class
      M
      Certificates”: The Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class
      M-6, Class M-7 and Class M-8 Certificates.

     

    “Class
      M
      Interest Reserve Fund”: A reserve fund to cover Net WAC Shortfall Amounts on the
      Class M-4, Class M-5, Class M-6 and Class M-7 Certificates as described in
      Section 4.13.

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    “Class
      M
      Interest Reserve Fund Amount”: The Class M-4 Interest Reserve Fund Amount, Class
      M-5 Interest Reserve Fund Amount, Class M-6 Interest Reserve Fund Amount and
      Class M-7 Interest Reserve Fund Amount, as applicable.

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates as designated on the
      face thereof substantially in the form annexed hereto as Exhibit B-1, executed
      by the Trustee and authenticated and delivered by the Trustee, representing
      the
      right to distributions as set forth herein and therein and evidencing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall Amounts
      and (iii) the obligation to pay Class IO Distribution Amounts.

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates as designated on the
      face thereof substantially in the form annexed hereto as Exhibit B-1, executed
      by the Trustee and authenticated and delivered by the Trustee, representing
      the
      right to distributions as set forth herein and therein and evidencing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall Amounts
      and (iii) the obligation to pay Class IO Distribution Amounts.

     

    “Class
      M-3 Certificate”: Any one of the Class M-3 Certificates as designated on the
      face thereof substantially in the form annexed hereto as Exhibit B-1, executed
      by the Trustee and authenticated and delivered by the Trustee, representing
      the
      right to distributions as set forth herein and therein and evidencing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall Amounts
      and (iii) the obligation to pay Class IO Distribution Amounts.

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates as designated on the
      face thereof substantially in the form annexed hereto as Exhibit B-1, executed
      by the Trustee and authenticated and delivered by the Trustee, representing
      the
      right to distributions as set forth herein and therein and evidencing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall Amounts
      and (iii) the obligation to pay Class IO Distribution Amounts.

     

    “Class
      M-4 Interest Reserve Fund Amount”: The amount deposited in the Class M Interest
      Reserve Fund on the Closing Date by the Depositor to cover Net WAC Shortfall
      Amounts on the Class M-4 Certificates, reduced by any distributions to the
      Class
      M-4 Certificates pursuant to Section 4.13 on previous Distribution Dates.
      Initially, $80,900.

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates as designated on the
      face thereof substantially in the form annexed hereto as Exhibit B-1, executed
      by the Trustee and authenticated and delivered by the Trustee, representing
      the
      right to distributions as set forth herein and therein and evidencing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall Amounts
      and (iii) the obligation to pay Class IO Distribution Amounts.

     

    “Class
      M-5 Interest Reserve Fund Amount”: The amount deposited in the Class M Interest
      Reserve Fund on the Closing Date by the Depositor to cover Net WAC Shortfall
      Amounts on the Class M-5 Certificates, reduced by any distributions to the
      Class
      M-5 Certificates pursuant to Section 4.13 on previous Distribution Dates.
      Initially, $97,700.

     

    “Class
      M-6 Certificate”: Any one of the Class M-6 Certificates as designated on the
      face thereof substantially in the form annexed hereto as Exhibit B-1, executed
      by the Trustee and authenticated and delivered by the Trustee, representing
      the
      right to distributions as set forth herein and therein and evidencing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall Amounts
      and (iii) the obligation to pay Class IO Distribution Amounts.

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    “Class
      M-6 Interest Reserve Fund Amount”: The amount deposited in the Class M Interest
      Reserve Fund on the Closing Date by the Depositor to cover Net WAC Shortfall
      Amounts on the Class M-6 Certificates, reduced by any distributions to the
      Class
      M-6 Certificates pursuant to Section 4.13 on previous Distribution Dates.
      Initially, $118,000.

     

    “Class
      M-7 Certificate”: Any one of the Class M-7 Certificates as designated on the
      face thereof substantially in the form annexed hereto as Exhibit B-1, executed
      by the Trustee and authenticated and delivered by the Trustee, representing
      the
      right to distributions as set forth herein and therein and evidencing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall Amounts
      and (iii) the obligation to pay Class IO Distribution Amounts.

     

    “Class
      M-7 Interest Reserve Fund Amount”: The amount deposited in the Class M Interest
      Reserve Fund on the Closing Date by the Depositor to cover Net WAC Shortfall
      Amounts on the Class M-7 Certificates, reduced by any distributions to the
      Class
      M-7 Certificates pursuant to Section 4.13 on previous Distribution Dates.
      Initially, $104,900.

     

    “Class
      M-8 Certificate”: Any
      one
      of the Class M-8 Certificates as designated on the face thereof substantially
      in
      the form annexed hereto as Exhibit B-1, executed by the Trustee and
      authenticated and delivered by the Trustee, representing the right to
      distributions as set forth herein and therein and evidencing
      (i) a Regular Interest in REMIC 3, (ii) the right to receive Net WAC Shortfall
      Amounts and (iii) the obligation to pay Class IO Distribution
      Amounts.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates as designated on the face
      thereof substantially in the form annexed hereto as Exhibit B-4, executed by
      the
      Trustee and authenticated and delivered by the Trustee, representing the right
      to distributions as set forth herein and therein and evidencing (i) a Regular
      Interest in REMIC 3 and (ii) the right to receive any Master Servicer Prepayment
      Charge Payment Amounts.

     

    “Class
      R
      Certificate”: Any one of the Class R Certificates as designated on the face
      thereof substantially in the form annexed hereto as Exhibit B-5, evidencing
      the
      ownership of the Class R-1 Interest, Class R-2 Interest and Class R-3
      Interest.

     

    “Class
      R-1 Interest”: The uncertificated Residual Interest in REMIC 1.

     

    “Class
      R-2 Interest”: The uncertificated Residual Interest in REMIC 2.

     

    “Class
      R-3 Interest”: The uncertificated Residual Interest in REMIC 3.

     

    “Closing
      Date”: April 30, 2007.

     

    “Code”:
      The Internal Revenue Code of 1986.

     

    “Collateral
      Account”: Shall mean the segregated trust account created and maintained by the
      Custodian pursuant to Section 4.11 hereof.

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    “Collateral
      Value”: The appraised value of a Mortgaged Property based upon the lesser of (i)
      the appraisal (as reviewed and approved by the Sponsor) made at the time of
      the
      origination of the related Mortgage Loan, or (ii) the sales price of such
      Mortgaged Property at such time of origination. With respect to a Mortgage
      Loan
      the proceeds of which were used to refinance an existing mortgage loan, the
      appraised value of the Mortgaged Property based upon the appraisal (as reviewed
      and approved by the Sponsor) obtained at the time of refinancing.

     

    “Commission”:
      The Securities and Exchange Commission.

     

    “Compensating
      Interest”: With respect to any Distribution Date, any payments made by the
      Sub-Servicer or the Master Servicer from its own funds to cover Prepayment
      Interest Shortfalls, which shall be equal to the lesser of the sum of the Master
      Servicing and Subservicing Fees for the related Distribution Date, and the
      Prepayment Interest Shortfall for such Distribution Date.

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee at which at
      any particular time its corporate trust business related to this Agreement
      shall
      be administered, which office at the date of the execution of this Agreement
      is
      located at 1761 East St. Andrew Place, Santa Ana, California 92705, Attention:
      Corporate Trust, Impac Secured Assets Corp. Series 2007-3 (IM07S3).

     

    “Corresponding
      Certificate”: With respect to each REMIC 2 Regular Interest (other than REMIC 2
      Regular Interests AA, IO and ZZ), the Certificate with the corresponding
      designation. With respect to each REMIC 3 Regular Interest (other than the
      Class
      IO Interest), the related Certificate representing an ownership
      therein.

     

    “Countrywide”:
      Countrywide Home Loans Servicing LP, or its successor in interest.

     

    “Credit
      Enhancement Percentage”: For any Distribution Date after the Stepdown Date, the
      percentage equivalent of a fraction, the numerator of which is equal to (a)
      the
      excess of (i) the Aggregate Stated Principal Balance of the Mortgage Loans
      for
      such Distribution Date (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) over (ii) (1) before the aggregate Certificate Principal Balance of
      the
      Class A Certificates have been reduced to zero, the aggregate Certificate
      Principal Balance of the Class A Certificates (after taking into account
      distribution of the Principal Distribution Amount for such Distribution Date),
      or (2) after such time, the Certificate Principal Balance of the most senior
      class of Subordinate Certificates outstanding (after taking into account
      distribution of the Principal Distribution Amount for such Distribution Date)
      and the denominator of which is equal to (b) the Aggregate Stated Principal
      Balance of the Mortgage Loans for such Distribution Date (after giving effect
      to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period).

     

    “Credit
      Support Annex One”: The credit support annex, dated as of April 30, 2007,
      between the Supplemental Interest Trust Trustee and Lehman Brothers Special
      Financing Inc.

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    “Credit
      Support Annex Two”: The credit support annex, dated as of April 30, 2007,
      between the Supplemental Interest Trust Trustee and Bear Stearns Financial
      Products Inc.

     

    “Current
      Report”: The Current Report pursuant to Section 13 or 15(d) of the Exchange
      Act.

     

    “Curtailment”:
      Any Principal Prepayment made by a Mortgagor which is not a Principal Prepayment
      in Full. 

     

    “Custodial
      Account”: The custodial account or accounts created and maintained pursuant to
      Section 3.10 in the name of a depository institution, as custodian for the
      Holders of the Certificates. Any such account or accounts shall be an Eligible
      Account.

     

    “Custodian”:
      As defined in Section 4.11.

     

    “Cut-off
      Date”: With respect to the Initial Mortgage Loans, April 1, 2007. With respect
      to the Subsequent Mortgage Loans, the applicable Subsequent Cut-off Date.
      References herein to the “Cut-off Date,” when used with respect to more than one
      Mortgage Loan, shall be to the respective Cut-off Dates for such Mortgage
      Loans.

     

    “Cut-off
      Date Balance”: The sum of (a) the Aggregate Stated Principal Balance of the
      Initial Mortgage Loans as of the Cut-off Date and (b) the Original Pre-Funded
      Amount.

     

    “Defaulted
      Mortgage Loan”: means any Mortgage Loan as to which the Mortgagor has failed to
      make unexcused three or more consecutive scheduled Monthly
      Payments.

     

    “Defaulting
      Party”: As defined in the Interest Rate Swap Agreement.

     

    “Deficiency
      Amount” : As applied to the Class AM Certificates, (A) with respect to each
      Distribution Date prior to the Final Scheduled Distribution Date, an amount
      equal to the sum of (i) the excess, if any, of (a) the aggregate amount of
      the
      Monthly Interest Distributable Amount on the Class AM Certificates for that
      Distribution Date over (b) the funds available to make payment thereof pursuant
      to Article IV of this Agreement for that Distribution Date and (ii) the amount
      of any Realized Losses allocated to the Class AM Certificates for such
      Distribution Date; and (B) with respect to the Final Scheduled Distribution
      Date
      and the Class AM Certificates, an amount equal to the sum of (i) the excess,
      if
      any, of (a) the amount of the Monthly Interest Distributable Amount on the
      Class
      AM Certificates for the Final Scheduled Distribution Date over (b) the funds
      available to make payment thereof pursuant to Article IV of this Agreement
      for
      the Final Scheduled Distribution Date and (ii) the outstanding Certificate
      Principal Balance of the Class AM Certificates due on the Final Scheduled
      Distribution Date to the extent not paid from the related Available Distribution
      Amount on the Final Scheduled Distribution Date. Any Deficiency Amount shall
      not
      include any Prepayment Interest Shortfalls, any Relief Act Shortfalls or any
      Net
      WAC Shortfall Amounts.

     

    “Deficient
      Valuation”: With respect to any Mortgage Loan, a valuation by a court of
      competent jurisdiction of the Mortgaged Property in an amount less than the
      then
      outstanding indebtedness under the Mortgage Loan, or any reduction in the amount
      of principal to be paid in connection with any scheduled Monthly Payment that
      constitutes a permanent forgiveness of principal, which valuation or reduction
      results from a proceeding under the Bankruptcy Code.

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    “Definitive
      Certificate”: Any definitive, fully registered Certificate.

     

    “Deleted
      Mortgage Loan”: A Mortgage Loan replaced or to be replaced with a Qualified
      Substitute Mortgage Loan.

     

    “Delinquent”:
      The delinquency method used for calculations with respect to the mortgage loans
      will be in accordance with the methodology used by lenders regulated by the
      Office of Thrift Supervision. Under this method, a mortgage loan is considered
      “30 days or more Delinquent” if, as of the date of determination, the borrower
      fails to make the scheduled payment for the second immediately preceding Due
      Date of the mortgage loan prior to the close of business on such due date.
      A
      mortgage loan would be considered “60 days or more delinquent” with respect to
      such scheduled payment if, as of the date of determination, the borrower fails
      to make the scheduled payment for the third immediately preceding Due Date
      of
      the mortgage loan prior to the close of business on such due date. Similarly
      for
“90 days or more delinquent” and so on. Unless otherwise specified, with respect
      to any date of determination, determinations of delinquency are made as of
      the
      last day of the calendar month immediately preceding the related Distribution
      Date. Mortgage Loans with Due Dates which are not the first of the month are
      treated as if the Due Date were the first of the following month.

     

    “Depositor”
      Impac Secured Assets Corp., or its successor in interest.

     

    “Depository”:
      The Depository Trust Company, or any successor Depository hereafter named.
      The
      nominee of the initial Depository for purposes of registering those Certificates
      that are to be Book-Entry Certificates is Cede & Co. The Depository shall at
      all times be a “clearing corporation” as defined in Section 8-102(5) of the
      Uniform Commercial Code of the State of New York and a “clearing agency”
registered pursuant to the provisions of Section 17A of the Securities
      Exchange Act of 1934, as amended.

     

    “Depository
      Participant”: A broker, dealer, bank or other financial institutions or other
      Person for whom from time to time a Depository effects book-entry transfers
      and
      pledges of securities deposited with the Depository.

     

    “Derivative
      Account”: As defined in Section 4.09(i).

     

    “Derivative
      Contract”: Any of the Cap Contracts or Interest Rate Swap Agreement, as
      applicable.

     

    “Derivative
      Termination Payment”: Any termination payment due under a Derivative Contract
      upon the early termination of such Derivative Contract.

     

    “Determination
      Date”: With respect to any Distribution Date, the 15th day of the month in which
      such Distribution Date occurs or, if such day is not a Business Day, on the
      immediately preceding Business Day.

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    “Disqualified
      Organization”: Any organization defined as a “disqualified organization” under
      Section 860E(e)(5) of the Code, which includes any of the following: (i)
      the United States, any State or political subdivision thereof, any possession
      of
      the United States, or any agency or instrumentality of any of the foregoing
      (other than an instrumentality which is a corporation if all of its activities
      are subject to tax and, except for the Freddie Mac, a majority of its board
      of
      directors is not selected by such governmental unit), (ii) a foreign government,
      any international organization, or any agency or instrumentality of any of
      the
      foregoing, (iii) any organization (other than certain farmers' cooperatives
      described in Section 521 of the Code) which is exempt from the tax imposed
      by Chapter 1 of the Code (including the tax imposed by Section 511 of the
      Code on unrelated business taxable income), (iv) rural electric and telephone
      cooperatives described in Section 1381(a)(2)(C) of the Code and (v) any
      other Person so designated by the Trustee based upon an Opinion of Counsel
      that
      the holding of an Ownership Interest in a Class R Certificate by such Person
      may
      cause REMIC 1, REMIC 2 or REMIC 3 or any Person having an Ownership Interest
      in
      any Class of Certificates (other than such Person) to incur a liability for
      any
      federal tax imposed under the Code that would not otherwise be imposed but
      for
      the Transfer of an Ownership Interest in a Class R Certificate to such Person.
      The terms “United States”, “State” and “international organization” shall have
      the meanings set forth in Section 7701 of the Code or successor
      provisions.

     

    “Distribution
      Date”: The 25th day of any month, or if such 25th day is not a Business Day, the
      Business Day immediately following such 25th day, commencing in May
      2007.

     

    “Distribution
      Report”: The Asset-Backed Issuer Distribution Report pursuant to Section 13
      or 15(d) of the Exchange Act. 

     

    “Due
      Date”: With respect to each Mortgage Loan, the first day of the month of the
      related Distribution Date.

     

    “Due
      Period”: With respect to any Distribution Date, the period commencing on the
      second day of the month preceding the month in which such Distribution Date
      occurs (or, with respect to the first Due Period, the day following the Cut-off
      Date) and ending on the first day of the month in which such Distribution Date
      occurs.

     

    “Eligible
      Account”: Any of (i) a segregated account maintained with a federal or state
      chartered depository institution (A) the short-term obligations of which are
      rated A-1+ or better by Standard & Poor's and P-1 by Moody's at the time of
      any deposit therein or if such account is maintained with PNC Bank, National
      Association, rated no less than A-1 by Standard & Poor’s and no less than
      P-1 by Moody’s or (B) insured by the FDIC (to the limits established by such
      Corporation), the uninsured deposits in which account are otherwise secured
      such
      that, as evidenced by an Opinion of Counsel (obtained by the Person requesting
      that the account be held pursuant to this clause (ii)) delivered to the Trustee
      prior to the establishment of such account, the Certificateholders will have
      a
      claim with respect to the funds in such account and a perfected first priority
      security interest against any collateral (which shall be limited to Permitted
      Investments, each of which shall mature not later than the Business Day
      immediately preceding the Distribution Date next following the date of
      investment in such collateral or the Distribution Date if such Permitted
      Investment is an obligation of the institution that maintains the Certificate
      Account, Insurance Account or Custodial Account) securing such funds that is
      superior to claims of any other depositors or general creditors of the
      depository institution with which such account is maintained, (ii) a segregated
      trust account or accounts maintained with a federal or state chartered
      depository institution or trust company subject to regulations regarding
      fiduciary funds on deposit similar to Title 12 of the Code of Federal
      Regulations Section 9.10(b), which, in either case, has corporate trust
      powers, acting in its fiduciary capacity or (iii) a segregated account or
      accounts of a depository institution acceptable to the Rating Agencies (as
      evidenced in writing by the Rating Agencies that use of any such account as
      the
      Custodial Account or the Certificate Account will not have an adverse effect
      on
      the then-current ratings assigned to the Classes of the Certificates then rated
      by the Rating Agencies). Eligible Accounts may bear interest.

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    “Estimated
      Swap Termination Payment”: As defined in the Interest Rate Swap
      Agreement.

     

    “Event
      of
      Default”: One or more of the events described in Section 7.01.

     

    “Excess
      Proceeds”: As defined in Section 3.22.

     

    “Exchange
      Act”: The Securities Exchange Act of 1934, as amended, and the rules and
      regulations promulgated thereunder.

     

    “Extra
      Principal Distribution Amount”: With respect to any Distribution Date, the
      lesser of (x) the Overcollateralization Deficiency Amount for such Distribution
      Date and (y) the sum of (1) the Net Monthly Excess Cashflow Amount for such
      Distribution Date and (2) amounts available from the Supplemental Interest
      Trust
      to pay principal as provided in Section 4.01(f)(iii) hereof. 

     

    “Fannie
      Mae”: Fannie Mae (formerly, Federal National Mortgage Association) or any
      successor thereto.

     

    “FDIC”:
      Federal Deposit Insurance Corporation or any successor.

     

    “Final
      Scheduled Distribution Date”: The Distribution Date occurring in September
      2037.

     

    “Freddie
      Mac”: Federal Home Loan Mortgage Corporation or any successor.

     

    “Gross
      Margin”: With respect to any Mortgage Loan, the percentage set forth as the
“Gross Margin” for such Mortgage Loan on the Mortgage Loan Schedule, as adjusted
      from time to time in accordance with the terms of this Agreement.

     

    “Index”:
      With respect to any Mortgage Loan, the index for the adjustment of the Mortgage
      Rate set forth as such on the related Mortgage Note.

     

    “Initial
      Certificate Principal Balance”: With respect to each Class of Regular
      Certificates, the Initial Certificate Principal Balance of such Class of
      Certificates as set forth in the Preliminary Statement hereto, or with respect
      to any single Certificate, the Initial Certificate Principal Balance as stated
      on the face thereof.

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    “Initial
      Interest Coverage Deposit”: $898,160.00.

     

    “Initial
      Mortgage Loans“: Any of the Mortgage Loans included in the Trust Fund as of the
      Closing Date as indicated on the Mortgage Loan Schedule attached
      hereto.

     

    “Initial
      Notional Amount”: With respect to the Class C Certificates, an amount equal to
      the Notional Balance of the Class C Certificates, or with respect to any single
      Certificate, the Initial Notional Amount as stated on the face
      thereof. 

     

    “Insurance
      Account”: The segregated, non-interest bearing trust account created and
      maintained pursuant to Section 4.12(ii) of this Agreement. The Insurance
      Account shall be an Eligible Account. 

     

    “Insurance
      Agreement”: The Insurance and Indemnity Agreement, dated as of April 30, 2007,
      among the Certificate Insurer, the Depositor, the Sponsor, the Master Servicer,
      the Trustee and Impac Mortgage Holdings, Inc., in regard to the Class AM
      Certificates, as such agreement may be amended, modified or supplemented from
      time to time.

     

    “Insurance
      Policy”: With respect to any Mortgage Loan, any insurance policy (including a
      PMI Insurer Policy) which is required to be maintained from time to time under
      this Agreement in respect of such Mortgage Loan.

     

    “Insurance
      Proceeds”: Proceeds paid in respect of the Mortgage Loans pursuant to any
      Primary Hazard Insurance Policy, any title insurance policy or any other
      insurance policy covering a Mortgage Loan, to the extent such proceeds are
      not
      applied to the restoration of the related Mortgaged Property or released to
      the
      Mortgagor in accordance with the procedures that the Master Servicer would
      follow in servicing mortgage loans held for its own account.

     

    “Insured
      Amounts”: Shall mean (1) with respect to any Distribution Date, any Deficiency
      Amount plus any Preference Amount and (2) with respect to the Final Scheduled
      Distribution Date, the Deficiency Amount for the Final Scheduled Distribution
      Date.

     

    “Insurer
      Default”: An insurer default will occur in the event the Certificate Insurer
      fails to make a payment under the Certificate Guaranty Insurance Policy or
      if
      certain events of bankruptcy or insolvency occur with respect to the Certificate
      Insurer.

     

    “Interest
      Coverage Account”: A trust account that the Trustee will establish for the
      benefit of the Certificateholders.

     

    “Interest
      Coverage Distribution Amount": With respect to each Distribution Date, an amount
      equal to (x) the weighted average of the Net Mortgage Rates on the then
      outstanding Mortgage Loans as of the first day of the month preceding the month
      in which such Distribution Date occurs, weighted based on the Stated Principal
      Balances of such Mortgage Loans as of the beginning of the related Due Period,
      multiplied by (y) the sum of (A) the remaining Pre-Funded Amount outstanding
      as
      of the beginning of the related Due Period and (B) the aggregate Stated
      Principal Balance of the Subsequent Mortgage Loans transferred to the Trust
      during the related Due Period that do not have a Subsequent Cut-off Date prior
      to the beginning of the related Due Period, divided by (z) 12.

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    “Interest
      Rate Swap Agreement”: An interest rate swap agreement, dated as of April 30,
      2007, between the Supplemental Interest Trust, by Deutsche Bank National Trust
      Company, as Supplemental Interest Trust Trustee on behalf of the Supplemental
      Interest Trust, and the Swap Provider for the benefit of the Class A, Class
      M
      and Class B Certificates, together with any schedules, confirmations or other
      agreements relating thereto, a form of which is attached hereto as Exhibit
      M.

     

    “Interest
      Remittance Amount”: With respect to any Distribution Date, that portion of the
      Available Distribution Amount for such Distribution Date that represents
      interest received or advanced with respect to the Mortgage Loans or amounts
      received from the Interest Coverage Account.

     

    “Late
      Collections”: With respect to any Mortgage Loan, all amounts received during any
      Due Period, whether as late payments of Monthly Payments or as Insurance
      Proceeds, Liquidation Proceeds or otherwise, which represent late payments
      or
      collections of Monthly Payments due but Delinquent for a previous Due Period
      and
      not previously recovered.

     

    “LIBOR”:
      With respect to any Distribution Date and the Pass-Through Rates on the Class
      A
      Certificates and Subordinate Certificates, the arithmetic mean of the London
      interbank offered rate quotations of reference banks (which will be selected
      by
      the Trustee after consultation with the Master Servicer) for one-month U.S.
      dollar deposits, expressed on a per annum basis, determined in accordance with
      Section 1.02.

     

    “LIBOR
      Business Day”: Any day other than (i) Saturday or Sunday or (ii) a day on which
      banking institutions in the city of London, England and New York City are
      required or authorized by law to be closed.

     

    “LIBOR
      Rate Adjustment Date”: With respect to each Distribution Date, the second LIBOR
      Business Day immediately preceding the commencement of the related Accrual
      Period.

     

    “Liquidated
      Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of
      which the Master Servicer has determined, in accordance with the servicing
      procedures specified herein, as of the end of the related Prepayment Period,
      that all Liquidation Proceeds which it expects to recover with respect to the
      liquidation of the Mortgage Loan or disposition of the related REO Property
      have
      been recovered.

     

    “Liquidation
      Proceeds”: Amounts (other than Insurance Proceeds) received by the Master
      Servicer in connection with the taking of an entire Mortgaged Property by
      exercise of the power of eminent domain or condemnation or in connection with
      the liquidation of a defaulted Mortgage Loan through trustee’s sale, foreclosure
      sale or otherwise, other than amounts received in respect of any REO
      Property.

     

    “Loan-to-Value
      Ratio”: As of any date, the fraction, expressed as a percentage, the numerator
      of which is the current principal balance of the related Mortgage Loan at the
      date of determination and the denominator of which is the Collateral Value
      of
      the related Mortgaged Property.

     

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    “Lost
      Note Affidavit”: With respect to any Mortgage Note, an original lost note
      affidavit from the Sponsor stating that the original Mortgage Note was lost,
      misplaced or destroyed, together with a copy of the related Mortgage
      Note.

     

    “Majority
      Class C Certificateholder”: The holder of a 50.01% or greater Percentage
      Interest of the Class C Certificates.

     

    “Marker
      Rate”: With respect to the Class C Certificates and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the Uncertificated
      REMIC 2 Pass-Through Rates for each REMIC 2 Regular Interest for which a Class

      A, Class M or Class B Certificate is the Corresponding Certificate and REMIC
      2
      Regular Interest ZZ, with the rate on each such REMIC 2 Regular Interest (other
      than REMIC 2 Regular Interests AM and ZZ) subject to a cap equal to the lesser
      of (i) the Pass-Through Rate for the Corresponding Certificate determined
      without regard to the Net WAC Rate for such Distribution Date, and (ii) the
      Net
      WAC Rate for the REMIC 3 Regular Interest the ownership of which is represented
      by the Corresponding Certificate for such Distribution Date for the purpose
      of
      this calculation,
      with
      the rate on REMIC 2 Regular Interest AM subject to a cap equal to the lesser
      of
      (i) the Pass-Through Rate for the Corresponding Certificate determined without
      regard to the Net WAC Rate for such Distribution Date, and (ii) the Net WAC
      Rate
      for the REMIC 3 Regular Interest the ownership of which is represented by the
      Corresponding Certificate, in each case plus the Policy Premium Rate, for such
      Distribution Date for the purpose of this calculation,
      and with
      the rate on REMIC 2 Regular Interest ZZ subject to a cap of zero for the purpose
      of this calculation; provided, however, that solely for this purpose, the
      related cap with respect to each such REMIC 3 Regular Interest (other than
      REMIC
      3 Regular Interest ZZ) shall be multiplied by a fraction, the numerator of
      which
      is 30 and the denominator of which is the actual number of days in the related
      Accrual Period.

     

    “Master
      Servicer”: Impac Funding Corporation, or any successor master servicer appointed
      as herein provided.

     

    “Master
      Servicer Prepayment Charge Payment Amount”:
      The
      amounts payable by the Master Servicer in respect of any waived Prepayment
      Charges pursuant to Section 3.01, and any amount paid to the Trust Fund by
      any Person to remedy any breach of any representation, warranty or covenant
      made
      with respect to the Prepayment Charges to the extent the Trust Fund, as
      assignee, is the beneficiary of such representation, warranty or
      covenant.

     

    “Master
      Servicing Fees”: With respect to each Mortgage Loan, an amount, payable out of
      any payment of interest on the Mortgage Loan, equal to interest at the Master
      Servicing Fee Rate on the Stated Principal Balance of such Mortgage Loan as
      of
      the Due Date in the calendar month preceding the month in which the payment
      of
      the Master Servicing Fee is due (alternatively, in the event such payment of
      interest accompanies a Principal Prepayment in part or in full made by the
      Mortgagor, interest for the number of days covered by such payment of interest).
      The Master Servicing Fee consists of servicing compensation payable to the
      Master Servicer in respect of its master servicing
      responsibilities.

     

    “Master
      Servicing Fee Rate”: With respect to each Mortgage Loan, the per annum rate of
      0.030%.

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    “Maximum
      Uncertificated Accrued Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (i) the sum of (x) the accrued interest at
      the
      Uncertificated REMIC 2 Pass-Through Rate applicable to REMIC 2 Regular Interest
      ZZ for such Distribution Date on a balance equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest ZZ minus the REMIC 2 Overcollateralized
      Amount, in each case for such Distribution Date and (y) 1.00% of the accrued
      interest on REMIC 2 Regular Interest P at the applicable Uncertificated REMIC
      2
      Pass-Through Rate for such Distribution Date, over (ii) the aggregate amount
      of
      Uncertificated Accrued Interest for such Distribution Date on the REMIC 2
      Regular Interests for which the Class A, Class B and Class M Certificates are
      the Corresponding Certificates, with the rate on each such REMIC 2 Regular
      Interest (other than REMIC 2 Regular Interest AM) subject to a cap equal to
      the
      lesser of (1) the Pass-Through Rate for the Corresponding Certificate determined
      without regard to the Net WAC Rate for such Distribution Date, and (2) the
      Net
      WAC Rate for the REMIC 3 Regular Interest the ownership of which is represented
      by the Corresponding Certificate for such Distribution Date for the purpose
      of
      this calculation, and with the rate on REMIC 2 Regular Interest AM subject
      to a
      cap equal to the lesser of (i) the Pass-Through Rate for the Corresponding
      Certificate determined without regard to the Net WAC Rate for such Distribution
      Date, and (ii) the Net WAC Rate for the REMIC 3 Regular Interest the ownership
      of which is represented by the Corresponding Certificate, in each case plus
      the
      Policy Premium Rate, for such Distribution Date for the purpose of this
      calculation; provided, however, that solely for this purpose, the related cap
      with respect to each such REMIC 2 Regular Interest shall be multiplied by a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the related Accrual Period.

     

    “MERS”:
      Mortgage Electronic Registration Systems, Inc., a corporation organized and
      existing under the laws of the State of Delaware, or any successor
      thereto.

     

    “MERS®
      System”: The system of recording transfers of Mortgages electronically
      maintained by MERS.

     

    “MINMIN”:
      The Mortgage Identification Number for Mortgage Loans registered with MERS
      on
      the MERS® System.

     

    “MOM
      Loan”: With respect to any Mortgage Loan, MERS acting as the mortgagee of such
      Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and
      its successors and assigns, at the origination thereof.

     

    “Monthly
      Interest Distributable Amount”: For any Distribution Date and each Class of
      Class A, Class M, Class B and Class C Certificates and Class IO Interest, the
      amount of interest accrued during the related Accrual Period at the related
      Pass-Through Rate on the Certificate Principal Balances or Notional Balances
      or
      Uncertificated Notional Amounts of such Certificates or interests immediately
      prior to such Distribution Date, in each case, reduced by any Prepayment
      Interest Shortfalls to the extent not covered by Compensating Interest payable
      by the Sub-Servicer or Master Servicer and any shortfalls resulting from the
      application of the Relief Act (in each case to the extent allocated to such
      Class of Certificates or interests as set forth in Section 1.03). The
      Monthly Interest Distributable Amount on the Class
      A,
      Class M and Class B Certificates will
      be
      calculated on the basis of the actual number of days in the related Accrual
      Period and a 360 day-year. 

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    “Monthly
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal and interest on such Mortgage Loan which is payable by a Mortgagor
      from time to time under the related Mortgage Note as originally executed (after
      adjustment, if any, for Deficient Valuations occurring prior to such Due Date,
      and after any adjustment by reason of any bankruptcy or similar proceeding
      or
      any moratorium or similar waiver or grace period).

     

    “Moody's”:
      Moody's Investors Service, Inc., or its successor in interest.

     

    “Mortgage”:
      The mortgage, deed of trust or any other instrument securing the Mortgage
      Loan.

     

    “Mortgage
      File”: The mortgage documents listed in Section 2.01 pertaining to a
      particular Mortgage Loan and any additional documents required to be added
      to
      the Mortgage File pursuant to this Agreement and the Custodial Agreement;
      provided, that whenever the term “Mortgage File” is used to refer to documents
      actually received by the Trustee, such term shall not be deemed to include
      such
      additional documents required to be added unless they are actually so
      added.

     

    “Mortgage
      Loan”: Each of the mortgage loans, transferred and assigned to the Trustee
      pursuant to Section 2.01, 2.04, 2.06 or 2.07 and from time to time held in
      the Trust Fund (including any Qualified Substitute Mortgage Loans), the mortgage
      loans so transferred, assigned and held being identified in the Mortgage Loan
      Schedule. As used herein, the term “Mortgage Loan” includes the related Mortgage
      Note and Mortgage.

     

    “Mortgage
      Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement dated as of April
      30, 2007, among Impac Funding Corporation, as sponsor, Impac Mortgage Holdings,
      Inc. and the Depositor, as purchaser, and all amendments thereof and supplements
      thereto.

     

    “Mortgage
      Loan Schedule”: As of any date of determination, the schedule of Mortgage Loans
      included in the Trust Fund. The schedule of Mortgage Loans with accompanying
      information transferred on the Closing Date or Subsequent Transfer Date to
      the
      Trustee as part of the Trust Fund for the Certificates, attached hereto as
      Exhibit H, which list shall set forth the following information with respect
      to
      each Mortgage Loan:

     

    
      	 	
              (i)

            	
              [reserved];

            

    

     

    
      	 	
              (ii)

            	
              the
                city, state and zip code of the Mortgaged
                Property;

            

    

     

    
      	 	
              (iii)

            	
              the
                original term to maturity;

            

    

     

    
      	 	
              (iv)

            	
              the
                original principal balance and the original Mortgage
                Rate;

            

    

     

    
      	 	
              (v)

            	
              the
                first payment date;

            

    

     

    
      	 	
              (vi)

            	
              [reserved];

            

    

     

    
      	 	
              (vii)

            	
              the
                type of Mortgaged Property;

            

    

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    
      	 	
              (viii)

            	
              the
                Monthly Payment in effect as of the Cut-off Date (or the related
                Subsequent Cut-off Date with respect to a Subsequent Mortgage
                Loan);

            

    

     

    
      	 	
              (ix)

            	
              the
                principal balance as of the Cut-off Date (or the related Subsequent
                Cut-off Date with respect to a Subsequent Mortgage
                Loan);

            

    

     

    
      	 	
              (x)

            	
              the
                Mortgage Rate as of the Cut-off Date (or the related Subsequent Cut-off
                Date with respect to a Subsequent Mortgage
                Loan);

            

    

     

    
      	 	
              (xi)

            	
              the
                occupancy status;

            

    

     

    
      	 	
              (xii)

            	
              the
                purpose of the Mortgage Loan;

            

    

     

    
      	 	
              (xiii)

            	
              the
                Collateral Value of the Mortgaged
                Property;

            

    

     

    
      	 	
              (xiv)

            	
              the
                remaining term to maturity;

            

    

     

    
      	 	
              (xv)

            	
              the
                paid-through date of the Mortgage
                Loan;

            

    

     

    
      	 	
              (xvi)

            	
              the
                Master Servicing Fee Rate;

            

    

     

    
      	 	
              (xvii)

            	
              the
                Sub-Servicing Fee Rate;

            

    

     

    
      	 	
              (xviii)

            	
              the
                Net Mortgage Rate for the Mortgage
                Loan;

            

    

     

    
      	 	
              (xix)

            	
              whether
                such Mortgage Loan is a PMI Mortgage Loan and, if so, the related
                PMI
                Insurer Fee Rate;

            

    

     

    
      	 	
              (xx)

            	
              whether
                the Mortgage Loan is covered by a private mortgage insurance policy
                or an
                original certificate of private mortgage
                insurance;

            

    

     

    
      	 	
              (xxi)

            	
              the
                documentation type;

            

    

     

    
      	 	
              (xxii)

            	
              the
                type and term of the related Prepayment Charge, if
                any;

            

    

     

    
      	 	
              (xxiii)

            	
              the
                Index and the Gross Margin; and

            

    

     

    
      	 	
              (xxiv)

            	
              the
                Adjustment Date frequency and Distribution Date
                frequency.

            

    

     

    The
      Mortgage Loan Schedule may be in the form of more than one schedule,
      collectively setting forth all of the information required.

     

    “Mortgage
      Note”: The note or other evidence of the indebtedness of a Mortgagor under a
      Mortgage Loan.

     

    “Mortgage
      Rate”: With respect to any Mortgage Loan, the annual rate at which interest
      accrues on such Mortgage Loan in the absence of default, as adjusted from time
      to time in accordance with the provisions of the Mortgage Note.

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    “Mortgaged
      Property”: The underlying property securing a Mortgage Loan.

     

    “Mortgagor”:
      The obligor or obligors on a Mortgage Note.

     

    “Net
      Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other
      disposition of related Mortgaged Property (including REO Property) the related
      Liquidation Proceeds net of Advances, Servicing Advances, Master Servicing
      Fees,
      Sub-Servicing Fees and any other accrued and unpaid servicing fees received
      and
      retained in connection with the liquidation of such Mortgage Loan or Mortgaged
      Property.

     

    “Net
      Monthly Excess Cashflow”: With respect to each Distribution Date, the sum of (a)
      any Overcollateralization Release Amount and (b) the excess of (x) the Interest
      Remittance Amount for such Distribution Date over (y) the aggregate Monthly
      Interest Distributable Amount for the Class A, Class M and Class B Certificates
      for such Distribution Date and any Unpaid Interest Shortfall Amount payable
      to
      the Class A Certificateholder for such Distribution Date.

     

    “Net
      Mortgage Rate”: With respect to each Mortgage Loan Due Date, the then applicable
      Mortgage Rate thereon minus the sum of (1) the Master Servicing Fee Rate, (2)
      the Subservicing Fee Rate, (3) the Trustee Fee and (4) the related PMI Insurer
      Fee Rate, if such Mortgage Loan is a PMI Mortgage Loan.

     

    “Net
      Prepayment Interest Shortfall”: With respect to any Distribution Date, the
      excess, if any, of any Prepayment Interest Shortfalls for such date over the
      related Compensating Interest.

     

    “Net
      Swap
      Payment”: With respect to each Distribution Date, the net payment required to be
      made pursuant to the terms of the Interest Rate Swap Agreement by either the
      Swap Provider or the Supplemental Interest Trust, which net payment shall not
      take into account any Swap Termination Payment.

     

    “Net
      WAC
      Rate”: With
      respect to the Class A, Class M and Class B Certificates and any Distribution
      Date, a per annum rate equal to the excess, if any, of (A) the weighted average
      of (x) a per annum rate equal to the weighted average of the Net Mortgage Rates
      of the Mortgage Loans as of the first day of the month preceding the month
      in
      which such Distribution Date occurs and (y) the amount of interest withdrawn
      from the Interest Coverage Account with respect to that distribution date
      expressed as a per annum rate based on the amount on deposit in the Pre-Funding
      Account, in the case of (x), weighted on the basis of the aggregate Stated
      Principal Balance of the mortgage loans as of the beginning of the related
      Due
      Period, and in the case of (y), weighted on the basis of the Pre-Funded Amount
      as of the beginning of the related Due Period, over (B) the sum of (I) the
      sum
      of (1) a per annum rate equal to the Net Swap Payment payable to the Swap
      Provider on such Distribution Date, divided by the outstanding Stated Principal
      Balance of the Mortgage Loans as of the first day of the calendar month
      preceding the month in which the Distribution Date occurs plus the Pre-Funded
      Amount for such Distribution Date, multiplied by 12, and (2) a per annum rate
      equal to any Swap Termination Payment not due to a Swap Provider Trigger Event
      payable to the Swap Provider on such Distribution Date, divided by the
      outstanding Stated Principal Balance of the Mortgage Loans as of the first
      day
      of the calendar month preceding the month in which the Distribution Date occurs
      plus the Pre-Funded Amount for such Distribution Date, multiplied by 12, and
      (II) in the case of the Class AM Certificates only, the Policy Premium
      Rate.
      The Net
      WAC Rate will be adjusted to an effective rate reflecting the accrual of
      interest on an actual/360 basis. With respect to any Distribution Date and
      the
      REMIC 3 Regular Interests the ownership of which is represented by the Class
      A,
      Class M and Class B Certificates, a per annum rate equal to the weighted average
      (adjusted for the actual number of days elapsed in the related Accrual Period)
      of the Uncertificated REMIC 2 Pass-Through Rates on the REMIC 2 Regular
      Interests (other than REMIC 2 Regular Interest IO), weighted on the basis of
      the
      Uncertificated Principal Balances of each such REMIC 2 Regular Interest
      immediately prior to such Distribution Date, minus, in the case of the REMIC
      3
      Regular Interests the ownership of which is represented by the Class AM
      Certificates, the Policy Premium Rate.

     

     

    
      
        
        

      

      
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    “Net
      WAC
      Shortfall Amount”: With respect to any Distribution Date, the sum of (i) if the
      Pass-Through Rate for any of the Class A, Class M and Class B Certificates
      is
      limited to the Net WAC Rate, the excess, if any, of (a) the amount of interest
      such Class A, Class M and Class B Certificates would have been entitled to
      receive on such Distribution Date if such Net WAC Rate would not have been
      applicable to such Certificates, over (b) the amount of interest accrued on
      such
      Certificates at such Net WAC Rate, and (ii) the Net WAC Shortfall Amount from
      the prior Distribution Date not previously distributed together with interest
      thereon at the related Pass-Through Rate for the most recently ended Accrual
      Period.

     

    “Net
      WAC
      Shortfall Reserve Fund”: A reserve fund established by the Trustee for the
      benefit of the Holders of the Class A, Class M, Class B and Class C
      Certificates, and funded on the Closing Date by or on behalf of the Depositor
      with an amount equal to the Net WAC Shortfall Reserve Fund Deposit. The Net
      WAC
      Shortfall Reserve Fund is an “outside reserve fund” within the meaning of
      Treasury regulation Section 1.860G-2(h), which is not an asset of any
      REMIC, the ownership of which is evidenced by the Class C Certificates and
      which
      is established and maintained pursuant to Section 4.08.

     

    “Net
      WAC
      Shortfall Reserve Fund Deposit”: With respect to the Net WAC Shortfall Reserve
      Fund, an amount equal to $5,000, which the Depositor shall fund initially
      pursuant to Section 4.08 hereof. 

     

    “Nonrecoverable
      Advance”: Any Advance or Servicing Advance previously made or proposed to be
      made in respect of a Mortgage Loan which, in the reasonable good faith judgment
      of the Master Servicer, will not or, in the case of a proposed Advance or
      Servicing Advance, would not be ultimately recoverable from Late Collections,
      Insurance Proceeds, Liquidation Proceeds or REO Proceeds. The determination
      by
      the Master Servicer that it has made a Nonrecoverable Advance or that any
      proposed Advance or Servicing Advance would constitute a Nonrecoverable Advance,
      shall be evidenced by a certificate of a Servicing Officer delivered to the
      Depositor and the Trustee.

     

    “Non-United
      States Person”: Any Person other than a United States Person.

     

    “Notional
      Balance”: With
      respect to the Class C Certificates and any Distribution Date, an amount equal
      to the Stated Principal Balance of the Mortgage Loans as of the related Due
      Date, minus the Certificate Principal Balance of the Class P Certificates.
      For
      federal income tax purposes, the Notional Balance of the Class C Certificates
      for any Distribution Date shall be an amount equal to the aggregate
      Uncertificated Principal Balance of the REMIC 2 Regular Interests, other than
      REMIC 2 Regular Interest P, for such Distribution Date. 

     

     

    
      
        
        

      

      
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    “Officers’
      Certificate”: A certificate signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President or a vice president and by the Treasurer,
      the Secretary, or one of the assistant treasurers or assistant secretaries
      of
      the Depositor, the Sponsor, the Master Servicer or of any Sub-Servicer and
      delivered to the Depositor and Trustee.

     

    “One
      Month LIBOR”: The London interbank offered rate for one-month United States
      dollar deposits, determined as described in Section 1.02 of this
      Agreement.

     

    “Opinion
      of Counsel”: A written opinion of counsel, who may be counsel for the Depositor,
      the Sponsor, or the Master Servicer, reasonably acceptable to the Trustee;
      except that any opinion of counsel relating to (a) the qualification of any
      account required to be maintained pursuant to this Agreement as an Eligible
      Account, (b) the qualification of REMIC 1, REMIC 2, or REMIC 3 as REMICs, (c)
      compliance with the REMIC Provisions or (d) resignation of the Master Servicer
      pursuant to Section 6.04 must be an opinion of counsel who (i) is in fact
      independent of the Depositor and the Master Servicer, (ii) does not have any
      direct financial interest or any material indirect financial interest in the
      Depositor or the Master Servicer or in an affiliate of either and (iii) is
      not
      connected with the Depositor or the Master Servicer as an officer, employee,
      director or person performing similar functions.

     

    “Optional
      Termination Date”: The first Distribution Date on which the Master Servicer may
      opt to terminate the Trust Fund pursuant to Section 9.01.

     

    “Original
      Pre-Funded Amount”: $76,186,815.65.

     

    “OTSOTS”:
      Office of Thrift Supervision or any successor.

     

    “Outstanding
      Mortgage Loan”: As to any Due Date, a Mortgage Loan (including an REO Property)
      which was not the subject of a Principal Prepayment in Full, Cash Liquidation
      or
      REO Disposition and which was not purchased prior to such Due Date pursuant
      to
      Sections 2.02, 2.04 or 3.14.

     

    “Overcollateralization
      Deficiency Amount”: With respect to any Distribution Date, the amount, if any,
      by which the Overcollateralization Target Amount exceeds the Overcollateralized
      Amount on such Distribution Date (after giving effect to distributions in
      respect of the Basic Principal Distribution Amount on such Distribution
      Date).

     

    “Overcollateralization
      Floor”: With respect to any Distribution Date, 0.50% of the Cut-off Date
      Balance.

     

    “Overcollateralization
      Release Amount”: With respect to any Distribution Date, the lesser of (x) the
      Principal Remittance Amount for such Distribution Date and (y) the excess,
      if
      any, of (i) the Overcollateralized Amount for such Distribution Date (assuming
      that 100% of the Principal Remittance Amount is applied as a principal payment
      on such Distribution Date) over (ii) the Overcollateralization Target Amount
      for
      such Distribution Date.

     

     

    
      
        
        

      

      
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    “Overcollateralization
      Target Amount”: With respect to any Distribution Date prior to the Stepdown
      Date, 0.95% of the Cut-off Date Balance. With respect to any Distribution Date
      on or after the Stepdown Date, the greater of (x) 1.90% of the aggregate Stated
      Principal Balance of the Mortgage Loans and (y) the Overcollateralization Floor;
      provided, however, that if a Trigger Event is in effect on any Distribution
      Date, the Overcollateralization Target Amount will be equal to the
      Overcollateralization Target Amount on the prior Distribution Date.

     

    “Overcollateralized
      Amount”: For any Distribution Date, the amount, if any, by which (i) the
      aggregate Stated Principal Balance of the Mortgage Loans (after giving effect
      to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, unscheduled collections of principal received during
      the
      related Prepayment Period and any Realized Losses on the Mortgage Loans during
      the related Prepayment Period) plus the Pre-Funded Amount for such Distribution
      Date, exceeds (ii) the aggregate Certificate Principal Balance of the Class
      A,
      Class M, Class B and Class P Certificates as of such Distribution Date (after
      giving effect to distributions to be made on such Distribution
      Date).

     

    “Ownership
      Interest”: As to any Certificate, any ownership or security interest in such
      Certificate, including any interest in such Certificate as the Holder thereof
      and any other interest therein, whether direct or indirect, legal or beneficial,
      as owner or as pledgee.

     

    “Pass-Through
      Rate”: With respect to any Distribution Date and the Class A, Class M and Class
      B Certificates, the least of (x) One-Month LIBOR plus the related Certificate
      Margin, (y) 11.50% and (z) the Net WAC Rate. 

     

    With
      respect to the Class C Certificates and any Distribution Date, the sum of (x)
      a
      per annum rate equal to the percentage equivalent of a fraction, the numerator
      of which is the sum of the amount determined for each REMIC 2 Regular Interest
      (other than REMIC 2 Regular Interests IO and P) equal to the product of (a)
      the
      excess, if any, of the Uncertificated REMIC 2 Pass-Through Rate for such REMIC
      2
      Regular Interest over the Marker Rate and (b) a notional amount equal to the
      Uncertificated Principal Balance of such REMIC 2 Regular Interest, and the
      denominator of which is the aggregate Uncertificated Principal Balance of such
      REMIC 2 Regular Interests, and (y) 100% of the interest distributable in respect
      of REMIC 2 Regular Interest P.

     

    With
      respect to each of the Class P Certificates and any Distribution Date, 0.00%
      per
      annum.

     

    With
      respect to the Class IO Interest and any Distribution Date, 100% of the amounts
      distributable to REMIC 2 Regular Interest IO for such Distribution
      Date.

     

    “Percentage
      Interest”: With respect to any Regular Certificate, the undivided percentage
      ownership interest in the related Class evidenced by such Certificate, which
      percentage ownership interest shall be equal to the Initial Certificate
      Principal Balance thereof divided by the aggregate Initial Certificate Principal
      Balance of all of the Certificates of the same Class. With respect to any Class
      R Certificate, the interest in distributions to be made with respect to such
      Class evidenced thereby, expressed as a percentage, as stated on the face of
      each such Certificate.

     

     

    
      
        
        

      

      
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    “Permitted
      Investment”: One or more of the following:

     

    (i) obligations
      of or guaranteed as to principal and interest by the United States or any agency
      or instrumentality thereof when such obligations are backed by the full faith
      and credit of the United States;

     

    (ii) repurchase
      agreements on obligations specified in clause (i) maturing not more than one
      month from the date of acquisition thereof, provided that the unsecured
      obligations of the party agreeing to repurchase such obligations are at the
      time
      rated by each Rating Agency in its highest short-term rating available,
      provided, however, that such repurchase agreements are treated as financings
      under generally accepted accounting principles (“GAAP”);

     

    (iii) federal
      funds, certificates of deposit, demand deposits, time deposits and bankers'
      acceptances (which shall each have an original maturity of not more than 90
      days
      and, in the case of bankers' acceptances, shall in no event have an original
      maturity of more than 365 days or a remaining maturity of more than 30 days)
      denominated in United States dollars of any U.S. depository institution or
      trust
      company incorporated under the laws of the United States or any state thereof
      or
      of any domestic branch of a foreign depository institution or trust company;
      provided that the debt obligations of such depository institution or trust
      company (or, if the only Rating Agency is Standard & Poor's, in the case of
      the principal depository institution in a depository institution holding
      company, debt obligations of the depository institution holding company) at
      the
      date of acquisition thereof have been rated by each Rating Agency in its highest
      short-term rating available; and provided further that, if the only Rating
      Agency is Standard & Poor's and if the depository or trust company is a
      principal subsidiary of a bank holding company and the debt obligations of
      such
      subsidiary are not separately rated, the applicable rating shall be that of
      the
      bank holding company; and, provided further that, if the original maturity
      of
      such short-term obligations of a domestic branch of a foreign depository
      institution or trust company shall exceed 30 days, the short-term rating of
      such
      institution shall be A-1+ in the case of Standard & Poor's if Standard &
Poor's is the Rating Agency;

     

    (iv) commercial
      paper (having original maturities of not more than 365 days) of any corporation
      incorporated under the laws of the United States or any state thereof which
      on
      the date of acquisition has been rated by Moody's and Standard & Poor's in
      their highest short-term ratings available; provided that such commercial paper
      shall have a remaining maturity of not more than 30 days;

     

    (v) a
      money
      market fund or a qualified investment fund rated by Moody's in its highest
      long-term ratings available or rated AAAm or AAAm-G by Standard & Poor's,
      including any such funds for which Deutsche Bank National Trust Company or
      any
      affiliate thereof serves as an investment advisor, manager, administrator,
      shareholder, servicing agent, and/or custodian or sub-custodian;
      and

     

    (vi) other
      obligations or securities that are acceptable to each Rating Agency as a
      Permitted Investment hereunder and will not reduce the rating assigned to any
      Class of Certificates by such Rating Agency below the lower of the then-current
      rating or the rating assigned to such Certificates as of the Closing Date by
      such Rating Agency, as evidenced in writing;

    
      
        
        

      

      
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    provided,
      however,
      that no
      instrument shall be a Permitted Investment if it represents, either (1) the
      right to receive only interest payments with respect to the underlying debt
      instrument or (2) the right to receive both principal and interest payments
      derived from obligations underlying such instrument and the principal and
      interest payments with respect to such instrument provide a yield to maturity
      greater than 120% of the yield to maturity at par of such underlying
      obligations.

     

    To
      the
      extent that the Trustee receives any materials in connection with the holding
      of
      any Permitted Investment which require the holder to vote, the Trustee shall
      not
      exercise its voting rights. 

     

    Permitted
      Investments shall not be sold prior to maturity, except that a money market
      fund
      or qualified investment fund may be liquidated at any time.

     

    “Permitted
      Transferee”: Any transferee of a Residual Certificate other than a Disqualified
      Organization, a Non-United States Person or an “electing large partnership” (as
      defined in Section 775 of the Code).

     

    “PersonPerson”:
      Any individual, corporation, partnership, limited liability company, joint
      venture, association, joint-stock company, trust, unincorporated organization
      or
      government or any agency or political subdivision thereof.

     

    “PMI
      Insurer”: Any provider of primary mortgage insurance under a PMI Insurer
      Policy.

     

    “PMI
      Insurer Fee Rate”: With respect to each PMI Mortgage Loan, the per annum rate
      payable to the applicable PMI Insurer under the related PMI Insurer
      Policy. 

     

    “PMI
      Insurer Policy”: The lender-paid primary mortgage insurance policy issued by the
      PMI Insurer in accordance with a letter between the Sponsor and any PMI
      Insurer.

     

    “PMI
      Mortgage Loan”: Any mortgage loan covered by the PMI Insurer
      Policy.

     

    “Policy
      Premium”: The premium set forth in the Certificate Guaranty Insurance
      Policy.

     

    “Policy
      Premium Rate”: The rate per annum set forth in the Insurance
      Agreement. 

     

    “Pre-Funded
      Amount”: The amount on deposit in the Pre-Funding Account on any date of
      determination.

     

    “Pre-Funding
      Account”: An account established by the Trustee for the benefit of the
      Certificateholders and funded on the Closing Date by the Depositor with the
      Original Pre-Funded Amount.

     

    “Pre-Funding
      Period”: The period from the Closing Date until the earlier of (i) the date on
      which the amount on deposit in the Pre-Funding Account is reduced to less than
      $50,000 or (ii) June 29, 2007.

     

     

    
      
        
        

      

      
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    “Preference
      Amount”: Any amount previously distributed to a Class AM Certificateholder by or
      on behalf of the Trust Estate that is recoverable and sought to be recovered
      as
      a voidable preference by a trustee in bankruptcy pursuant to the United States
      Bankruptcy Code (11 U.S.C.), as amended from time to time, in accordance with
      a
      final nonappealable order of a court having competent jurisdiction.

     

    “Prepayment
      Assumption”: As defined in the Prospectus Supplement.

     

    “Prepayment
      Charge”: With respect to any Mortgage Loan, the charges or premiums, if any, due
      in connection with a full or partial prepayment of such Mortgage Loan in
      accordance with the terms thereof (other than any Master Servicer Prepayment
      Charge Payment Amount).

     

    “Prepayment
      Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
      that was the subject of a Principal Prepayment during the portion of the
      Prepayment Period from the related Due Date to the end of such Prepayment
      Period, any payment of interest received in connection therewith (net of any
      applicable Servicing Fee) representing interest accrued for any portion of
      such
      month of receipt.

     

    “Prepayment
      Interest Shortfall”: As to any Distribution Date and any Mortgage Loan (other
      than a Mortgage Loan relating to an REO Property) that was the subject of (a)
      a
      Principal Prepayment in Full during the related Prepayment Period, an amount
      equal to the excess of one month’s interest at the Net Mortgage Rate on the
      Stated Principal Balance of such Mortgage Loan over the amount of interest
      (adjusted to the Net Mortgage Rate) paid by the Mortgagor for such Prepayment
      Period to the date of such Principal Prepayment in Full or (b) a Curtailment
      during the prior calendar month, an amount equal to one month’s interest at the
      Net Mortgage Rate on the amount of such Curtailment.

     

    “Prepayment
      Period”: With respect to any Distribution Date, the period between the 16th of
      the month prior to such Distribution Date and the 15th of the current month,
      except the initial Prepayment Period will run from April 1, 2007 through May
      15,
      2007. 

     

    “Primary
      Hazard Insurance Policy”: Each primary hazard insurance policy required to be
      maintained pursuant to Section 3.13.

     

    “Primary
      Insurance Policy”: Any primary policy of mortgage guaranty insurance including
      the PMI Insurer Policy, or any replacement policy therefor.

     

    “Principal
      Distribution Amount”: With respect to any Distribution Date, an amount equal to
      the sum of the Basic Principal Distribution Amount plus the Extra Principal
      Distribution Amount.

     

    “Principal
      Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan
      which is received in advance of its scheduled Due Date and which is not
      accompanied by an amount of interest representing scheduled interest due on
      any
      date or dates in any month or months subsequent to the month of
      prepayment.

     

    “Principal
      Prepayment in Full”: Any Principal Prepayment made by a Mortgagor of the entire
      unpaid principal balance of the Mortgage Loan.

     

     

    
      
        
        

      

      
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    “Principal
      Remittance Amount”: With respect to any Distribution Date, the sum of the
      following from the Available Distribution Amount: (i) each scheduled payment
      of
      principal collected or advanced on the Mortgage Loans by the Master Servicer
      that were due during the related Due Period, (ii) the principal portion of
      all
      partial and full Principal Prepayments of the Mortgage Loans applied by the
      Master Servicer during the related Prepayment Period, (iii) the principal
      portion of all Net Liquidation Proceeds, REO Proceeds, Insurance Proceeds,
      and
      Subsequent Recoveries received during the related Prepayment Period, (iv) the
      principal portion of proceeds of Mortgage Loan purchases made pursuant to
      Section 2.02, 2.04, 3.14 or 3.27, in each case received or made during the
      related Prepayment Period, (v) the principal portion of any related Substitution
      Adjustments deposited in the Custodial Account during the related Prepayment
      Period, (vi) any amount attributable to the Pre-Funded Amount received at the
      end of the Pre-Funding Period and (vii) on the Distribution Date on which the
      Trust Fund is to be terminated pursuant to Section 9.01, the principal
      portion of the termination price received from the Master Servicer in connection
      with a termination of the Trust Fund to occur on such Distribution
      Date.

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated April 27, 2007 relating to
      the public offering of the Class A Certificates and Class M
      Certificates.

     

    “Purchase
      Price”: With respect to any Mortgage Loan (or REO Property) required to be
      purchased pursuant to Section 2.02, 2.04, 3.14 or 3.27, an amount equal to
      the sum of (i) 100% of the Stated Principal Balance thereof, (ii) unpaid accrued
      interest (or REO Imputed Interest) at the applicable Net Mortgage Rate on the
      Stated Principal Balance thereof outstanding during each Due Period that such
      interest was not paid or advanced, from the date through which interest was
      last
      paid by the Mortgagor or advanced and distributed to Certificateholders together
      with unpaid Master Servicing Fees, Sub-Servicing Fees and, if such Mortgage
      Loan
      is a PMI Mortgage Loan, fees due the PMI Insurer at the PMI Insurer Fee Rate,
      from the date through which interest was last paid by the Mortgagor, in each
      case to the first day of the month in which such Purchase Price is to be
      distributed, (iii) the aggregate of all Advances and Servicing Advances made
      in
      respect thereof that were not previously reimbursed and (iv)
      costs and damages incurred by the Trust Fund in connection with a repurchase
      pursuant to Section 2.04 hereof that arises out of a violation of any
      anti-predatory lending law which also constitutes an actual breach of
      representations (xii), (xxxiii), (xxxv), (xxxviii), (xxxix) or (xliii) of
      Section 3.1(b) of the Mortgage Loan Purchase Agreement.

     

    “Qualified
      Insurer”: Any insurance company duly qualified as such under the laws of the
      state or states in which the related Mortgaged Property or Mortgaged Properties
      is or are located, duly authorized and licensed in such state or states to
      transact the type of insurance business in which it is engaged and approved
      as
      an insurer by the Master Servicer, so long as the claims paying ability of
      which
      is acceptable to the Rating Agencies for pass-through certificates having the
      same rating as the Certificates rated by the Rating Agencies as of the Closing
      Date.

     

    “Qualified
      Substitute Mortgage Loan”: A Mortgage Loan substituted by the Depositor for a
      Deleted Mortgage Loan which must, on the date of such substitution, as confirmed
      in an Officers’
      Certificate of the Sponsor delivered to the Trustee, (i) have an outstanding
      principal balance, after deduction of the principal portion of the monthly
      payment due in the month of substitution (or in the case of a substitution
      of
      more than one Mortgage Loan for a Deleted Mortgage Loan, an aggregate
      outstanding principal balance, after such deduction), not in excess of the
      Stated Principal Balance of the Deleted Mortgage Loan (the amount of any
      shortfall to be paid to the Master Servicer for deposit in the Custodial Account
      in the month of substitution); (ii) have a Mortgage Rate and a Net Mortgage
      Rate
      no lower than and not more than 1% per annum higher than the Mortgage Rate
      and
      Net Mortgage Rate, respectively, of the Deleted Mortgage Loan as of the date
      of
      substitution; (iii) have a Loan-to-Value Ratio at the time of substitution
      no
      higher than that of the Deleted Mortgage Loan at the time of substitution;
      (iv)
      have a remaining term to stated maturity not greater than (and not more than
      one
      year less than) that of the Deleted Mortgage Loan; (v) comply with each
      representation and warranty set forth in Section 2.04 hereof; and, (vi)
      comply with each non-statistical representation and warranty set forth in the
      Mortgage Loan Purchase Agreement.

     

     

    
      
        
        

      

      
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    “Rating
      Agency”: Standard & Poor's or Moody's and each of their successors. If such
      agencies and their successors are no longer in existence, “Rating Agency” shall
      be such nationally recognized statistical rating agency, or other comparable
      Person, designated by the Depositor, notice of which designation shall be given
      to the Trustee and Master Servicer. References herein to the two highest long
      term debt rating of a Rating Agency shall mean “AA” or better in the case of
      Standard & Poor's and “Aa2” or better in the case of Moody's and references
      herein to the highest short-term debt rating of a Rating Agency shall mean
      “A-1+” in the case of Standard & Poor's and “P-1” in the case of Moody's,
      and in the case of any other Rating Agency such references shall mean such
      rating categories without regard to any plus or minus.

     

    “Realized
      Loss”: With respect to each Mortgage Loan or REO Property as to which a Cash
      Liquidation or REO Disposition has occurred, an amount (not less than zero)
      equal to (i) the Stated Principal Balance of the Mortgage Loan as of the date
      of
      Cash Liquidation or REO Disposition, plus (ii) interest (and REO Imputed
      Interest, if any) at the Net Mortgage Rate from the Due Date as to which
      interest was last paid or advanced to Certificateholders up to the date of
      the
      Cash Liquidation or REO Disposition on the Stated Principal Balance of such
      Mortgage Loan outstanding during each Due Period that such interest was not
      paid
      or advanced, minus (iii) the proceeds, if any, received during the month in
      which such Cash Liquidation or REO Disposition occurred, to the extent applied
      as recoveries of interest at the Net Mortgage Rate and to principal of the
      Mortgage Loan, net of the portion thereof reimbursable to the Master Servicer
      or
      any Sub-Servicer with respect to Advances or Servicing Advances not previously
      reimbursed. With respect to each Mortgage Loan which has become the subject
      of a
      Deficient Valuation, the difference between the principal balance of the
      Mortgage Loan outstanding immediately prior to such Deficient Valuation and
      the
      principal balance of the Mortgage Loan as reduced by the Deficient
      Valuation.

     

    “Record
      Date”: With respect to each Distribution Date and the Class A, Class M and Class
      B Certificates, so long as such Certificates are Book-Entry Certificates, the
      Business Day prior to such Distribution Date. With respect to any Class A,
      Class
      M and Class B Certificates which are not Book-Entry Certificates, the close
      of
      business on the last Business Day of the month preceding the month in which
      such
      Distribution Date occurs.

     

    “Regular
      Certificate”: Any of the Certificates other than the Class R
      Certificates.

     

     

    
      
        
        

      

      
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    “Regulation
      AB”: Subpart 229,1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the Commission
      in
      the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may be provided by the Commission or its staff from time
      to
      time. 

     

    “Relief
      Act”: The Servicemembers Relief Act, as amended, and similar legislation or
      regulations.

     

    “Relief
      Act Interest Shortfall”: With respect to any Distribution Date, for any Mortgage
      Loan with respect to which there has been a reduction in the amount of interest
      collectible thereon for the most recently ended Due Period as a result of the
      application of the Relief Act, the amount by which (i) interest collectible
      on
      such Mortgage Loan during such Due Period is less than (ii) one month's interest
      on the Stated Principal Balance of such Mortgage Loan at the Loan Rate for
      such
      Mortgage Loan before giving effect to the application of the Relief
      Act.

     

    “REMIC”:
      A “real estate mortgage investment conduit” within the meaning of
      Section 860D of the Code.

     

    “REMIC
      1”: The segregated pool of assets subject hereto (exclusive of any Net WAC
      Shortfall Reserve Fund, any Master Servicer Prepayment Charge Payment Amounts,
      the Pre-Funding Account, the Interest Coverage Account, the Class M Interest
      Reserve Fund and, for the avoidance of doubt, any Supplemental Interest Trust,
      the Derivative Account, the Cap Contracts, the Collateral Account and the
      Interest Rate Swap Agreement) with respect to which a REMIC election is to
      be
      made, conveyed in trust to the Trustee, for the benefit of the holders of the
      REMIC 1 Regular Interests and the Holders of the Class R Certificates (in
      respect of the Class R-1 Interest), consisting of: (i) each Mortgage Loan
      (exclusive of payments of principal and interest due on or before the Cut-off
      Date, if any, received by the Master Servicer, which shall not constitute an
      asset of the Trust Fund) as from time to time are subject to this Agreement
      and
      all payments under and proceeds of such Mortgage Loans (exclusive of any late
      payment charges received on the Mortgage Loans), together with all documents
      included in the related Mortgage File, subject to Section 2.01; (ii) such
      funds or assets as from time to time are deposited in the Custodial Account
      or
      the Certificate Account and belonging to the Trust Fund; (iii) any REO Property;
      (iv) the Primary Hazard Insurance Policies, if any, the Primary Insurance
      Policies, if any, and all other Insurance Policies with respect to such Mortgage
      Loans; and (v) the Depositor’s interest in respect of the representations and
      warranties made by the Sponsor in the Mortgage Loan Purchase Agreement as
      assigned to the Trustee pursuant to Section 2.04 hereof.

     

    “REMIC
      1
      Regular Interest”: Any of the separate non-certificated beneficial ownership
      interests in REMIC 1 issued hereunder and designated as a Regular Interest
      in
      REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Principal
      Balance as set forth in the Preliminary Statement hereto. The designations
      for
      the respective REMIC 1 Regular Interests are set forth in the Preliminary
      Statement hereto. The REMIC 1 Regular Interests consist of REMIC 1 Regular
      Interests 1-1-A through REMIC 1 Regular Interest 1-60-B, REMIC 1 Regular
      Interest OC and REMIC 1 Regular Interest P, each as designated in the
      Preliminary Statement hereto.

     

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    “REMIC
      2”: The segregated pool of assets consisting of all of the REMIC 1 Regular
      Interests conveyed in trust to the Trustee, for the benefit of the holders
      of
      the REMIC 2 Regular Interests and the Holders of the Class R Certificates (in
      respect of the Class R-2 Interest), pursuant to Article II hereunder, with
      respect to which a separate REMIC election is to be made.

     

    “REMIC
      2
      Interest Loss Allocation Amount”: With respect to any Distribution Date, an
      amount (subject to adjustment based on the actual number of days elapsed in
      the
      respective Accrual Period) equal to (a) the sum of (x) the product of (i) the
      aggregate Stated Principal Balance of the Mortgage Loans and the REO Properties
      then outstanding, minus the Certificate Principal Balance of the Class P
      Certificates, and (ii) the Uncertificated REMIC 2 Pass-Through Rate for REMIC
      2
      Regular Interest AA minus the Marker Rate, and (y) the accrued interest on
      REMIC
      2 Regular Interest P, divided by (b) 12.

     

    “REMIC
      2
      Overcollateralized Amount”: With respect to any date of determination, (i) 1.00%
      of the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
      Interests, other than REMIC 2 Regular Interest P, minus (ii) the aggregate
      Uncertificated Principal Balance of each REMIC 2 Regular Interest for which
      a
      Class A, Class M or Class B Certificate is a Corresponding Certificate, in
      each
      case, as of such date of determination.

     

    “REMIC
      2
      Overcollateralization Target Amount”: 1.00% of the Overcollateralization Target
      Amount.

     

    “REMIC
      2
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to the product of (i) the aggregate Stated Principal Balance of
      the
      Mortgage Loans and the REO Properties then outstanding, minus the Certificate
      Principal Balance of the Class P Certificates, and (ii) 1 minus a fraction,
      the
      numerator of which is two (2) times the aggregate Uncertificated Principal
      Balance of each REMIC 2 Regular Interest for which a Class A, Class M or Class
      B
      Certificate is a Corresponding Certificate and the denominator of which is
      the
      aggregate Uncertificated Principal Balance of each REMIC 2 Regular Interest
      for
      which a Class A, Class M or Class B Certificate is a Corresponding Certificate
      and REMIC 2 Regular Interest ZZ.

     

    “REMIC
      2
      Regular Interest”: Any of the separate non-certificated beneficial ownership
      interests in REMIC 2 issued hereunder and designated as a Regular Interest
      in
      REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and
      (except for the REMIC 2 Regular Interests IO) shall be entitled to distributions
      of principal, subject to the terms and conditions hereof, in an aggregate amount
      equal to its initial Uncertificated Principal Balance as set forth in the
      Preliminary Statement hereto. The designations for the respective REMIC 2
      Regular Interests are set forth in the Preliminary Statement hereto. 

     

    “REMIC
      3”: The segregated pool of assets consisting of all of the REMIC 2 Regular
      Interests conveyed in trust to the Trustee, for the benefit of the holders
      of
      the Regular 3 Regular Interests and the Holders of the Class R Certificates
      (in
      respect of the Class R-3 Interest), pursuant to Article II hereunder, and all
      amounts deposited therein, with respect to which a separate REMIC election
      is to
      be made.

     

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    “REMIC
      3
      Regular Interest”: The Class IO Interest or any Regular Interest in REMIC 3 the
      ownership of which is represented by any of the Regular
      Certificates.

     

    “REMIC
      Provisions”: Provisions of the federal income tax law relating to real estate
      mortgage investment conduits, which appear at Sections 860A through 860G of
      Subchapter M of Chapter 1 of the Code, and related provisions, and proposed,
      temporary and final regulations and published rulings, notices and announcements
      promulgated thereunder, as the foregoing may be in effect from time to
      time. 

     

    “REMIC
      Regular Interest”: A REMIC 1 Regular Interest or REMIC 2 Regular
      Interest.

     

    “Remittance
      Report”: A report prepared by the Master Servicer providing the information set
      forth in Exhibit E attached hereto.

     

    “REO
      Acquisition”: The acquisition by the Master Servicer on behalf of the Trustee
      for the benefit of the Certificateholders of any REO Property pursuant to
      Section 3.15.

     

    “REO
      Disposition”: The receipt by the Master Servicer of Insurance Proceeds,
      Liquidation Proceeds and other payments and recoveries (including proceeds
      of a
      final sale) which the Master Servicer expects to be finally recoverable from
      the
      sale or other disposition of the REO Property.

     

    “REO
      Imputed Interest”: As to any REO Property, for any period, an amount equivalent
      to interest (at the Mortgage Rate that would have been applicable to the related
      Mortgage Loan had it been outstanding) on the unpaid principal balance of the
      Mortgage Loan as of the date of acquisition thereof (as such balance is reduced
      pursuant to Section 3.15 by any income from the REO Property treated as a
      recovery of principal).

     

    “REO
      Proceeds”: Proceeds, net of directly related expenses, received in respect of
      any REO Property (including, without limitation, proceeds from the rental of
      the
      related Mortgaged Property and of any REO Disposition), which proceeds are
      required to be deposited into the Custodial Account as and when
      received.

     

    “REO
      Property”: A Mortgaged Property acquired by the Master Servicer on behalf of the
      Trust Fund through foreclosure or deed-in-lieu of foreclosure in connection
      with
      a defaulted Mortgage Loan.

     

    “Request
      for Release”: A release signed by a Servicing Officer, in the form of Exhibits
      F-1 or F-2 attached hereto.

     

    “Residual
      Certificate”: Any of the Class R Certificates.

     

    “Residual
      Interest”: The sole class of “residual interests” in a REMIC within the meaning
      of Section 860G(a)(2) of the Code.

     

     

    
      
        
        

      

      
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    “Responsible
      Officer”: When used with respect to the Trustee, the Chairman or Vice Chairman
      of the Board of Directors or Trustees, the Chairman or Vice Chairman of the
      Executive or Standing Committee of the Board of Directors or Trustees, the
      President, the Chairman of the Committee on Trust Matters, any vice president,
      any assistant vice president, the Secretary, any assistant secretary, the
      Treasurer, any assistant treasurer, any trust officer or assistant trust officer
      or any other officer of the Trustee customarily performing functions similar
      to
      those performed by any of the above designated officers and also, with respect
      to a particular matter, any other officer to whom such matter is referred
      because of such officer's knowledge of and familiarity with the particular
      subject.

     

    “Schedule”:
      The ISDA schedule, dated as of April 30, 2007, between the Supplemental Interest
      Trust Trustee and the Swap Provider.

     

    “Servicing
      Account”: The account or accounts created and maintained pursuant to
      Section 3.09.

     

    “Servicing
      Advances”: All customary, reasonable and necessary “out of pocket” costs and
      expenses incurred in connection with a default, delinquency or other
      unanticipated event in the performance by the Master Servicer or any
      Sub-Servicer of its servicing obligations, including, but not limited to, the
      cost of (i) the preservation, restoration and protection of a Mortgaged
      Property, (ii) any enforcement or judicial proceedings, including foreclosures,
      including any expenses incurred in relation to any such proceedings that result
      from the Mortgage Loan being registered on the MERS System, (iii) the management
      and liquidation of any REO Property, including reasonable fees paid to any
      independent contractor in connection therewith, and (iv) compliance with the
      obligations under the fourth paragraph of Section 3.01, Section 3.09
      and Section 3.13 (other than any deductible described in the last paragraph
      thereof).

     

    “Servicing
      Criteria”: The “servicing criteria” set forth in Item 1122(d) of Regulation AB,
      as such may be amended from time to time, or those Servicing Criteria otherwise
      mutually agreed to by Sponsor, the Master Servicer and the applicable
      Sub-Servicer in response to evolving interpretations of Regulation AB and
      incorporated into a revised Exhibit N.

     

    “Servicing
      Guide”: The Impac Funding Corporation Servicing Guide attached hereto as Exhibit
      K.

     

    “Servicing
      Officer”: Any officer of the Master Servicer involved in, or responsible for,
      the administration and servicing of the Mortgage Loans, whose name and specimen
      signature appear on a list of servicing officers furnished to the Trustee by
      the
      Master Servicer, as such list may from time to time be amended.

     

    “Single
      Certificate”: A Regular Certificate of any Class (other than a Class P
      Certificate) evidencing an Initial Certificate Principal Balance of $1,000,
      or,
      in the case of a Class P Certificate, a Certificate of such Class evidencing
      an
      Initial Certificate Principal Balance of $100.

     

    “Sponsor”:
      Impac Funding Corporation, or its successor in interest, in its capacity as
      seller under the Mortgage Loan Purchase Agreement. 

     

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    “Standard
      & Poor’s”: Standard & Poor's Ratings Services, a division of The McGraw
      Hill Companies, Inc., or its successor in interest.

     

    “Startup
      Day”: The day designated as such pursuant to Article X hereof.

     

    “Stated
      Principal Balance”: With respect to any Mortgage Loan or related REO Property at
      any given time, (i) the principal balance of the Mortgage Loan outstanding
      as of
      the Cut-off Date (or the related Subsequent Cut-off Date with respect to a
      Subsequent Mortgage Loan), after application of principal payments due on or
      before such date, whether or not received, minus (ii) the sum of (a) the
      principal portion of the Monthly Payments due with respect to such Mortgage
      Loan
      or REO Property during each Due Period ending prior to the most recent
      Distribution Date which were received or with respect to which an Advance was
      made, and (b) all Principal Prepayments with respect to such Mortgage Loan
      or
      REO Property, and all Insurance Proceeds, Liquidation Proceeds and REO Proceeds
      to the extent applied by the Master Servicer as recoveries of principal in
      accordance with Section 3.15 with respect to such Mortgage Loan or REO
      Property, which were distributed pursuant to Section 4.01 on any previous
      Distribution Date, and (c) any Realized Loss with respect thereto allocated
      pursuant to Section 4.05 for any previous Distribution Date.

     

    “Step-Up
      Date”: The Distribution Date immediately following the first Distribution Date
      in which the aggregate unpaid principal balance of the Mortgage Loans, and
      properties acquired in respect thereof, remaining in the Trust has been reduced
      to less than or equal to 10% of the Cut-off Date Balance.

     

    “Stepdown
      Date”: The earlier of (i) the first Distribution Date immediately following the
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Class A Certificates has been reduced to zero and (ii) the later to occur of
      (x)
      the Distribution Date occurring in May 2010 and (y) the first Distribution
      Date
      on which the aggregate Certificate Principal Balance of the Class A Certificates
      (calculated for this purpose only, prior to any distribution of the Principal
      Distribution Amount to the holders of the Certificates) is less than or equal
      to
      approximately 86.50% of the aggregate principal balance of the Mortgage Loans,
      calculated after giving effect to scheduled payments of principal due during
      the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment
      Period.

     

    “Stepdown
      Target Subordination Percentage”: For each class of Subordinate Certificates,
      the respective percentages indicated in the following table:

     

    
      	 	
              Stepdown
                Target 

              Subordination
                Percentage

            
	
              Class
                M-1

            	
              11.00%

            
	
              Class
                M-2

            	
              8.70%

            
	
              Class
                M-3

            	
              7.40%

            
	
              Class
                M-4

            	
              6.30%

            
	
              Class
                M-5

            	
              5.30%

            
	
              Class
                M-6

            	
              4.40%

            
	
              Class
                M-7

            	
              3.60%

            
	
              Class
                M-8

            	
              2.90%

            
	
              Class
                B

            	
              1.90%

            

    

    

     

    
      
        
        

      

      
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    “Subordinate
      Certificates”: The Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class
      M-6, Class M-7, Class M-8 and Class B Certificates. 

     

    “Subordinate
      Class Principal Distribution Amount”: For any class of Subordinate
      Certificates
      and any
      Distribution Date, the excess of (1) the sum of (a) the aggregate Certificate
      Principal Balance of the Class A Certificates (after taking into account
      distribution of the Class A Principal Distribution Amount for such Distribution
      Date), (b) the aggregate Certificate Principal Balance of any class(es) of
      Subordinate Certificates that are senior to the subject class (in each case,
      after taking into account distribution of the Subordinate Class Principal
      Distribution Amount(s) for such senior class(es) of Certificates for such
      Distribution Date) and (c) the Certificate Principal Balance of the subject
      class of Subordinate Certificates immediately prior to such Distribution Date
      over (2) the lesser of (a) the product of (x) 100% minus the Stepdown Target
      Subordination Percentage for the subject class of Certificates and (y) the
      aggregate Stated Principal Balance of the Mortgage Loans for such Distribution
      Date and (b) the aggregate Stated Principal Balance of the Mortgage Loans for
      such Distribution Date minus the Overcollateralization Floor; provided, however,
      that if such class of Subordinate Certificates is the only class of Subordinate
      Certificates outstanding on such Distribution Date, that class will be entitled
      to receive the entire remaining Principal Distribution Amount until the
      Certificate Principal Balance thereof is reduced to zero.

     

    “Subsequent
      Cut-off Date”: With respect to any Subsequent Mortgage Loan, the date, as
      designated by the Depositor, that is the later of (i) the first day of the
      month
      in which the related Subsequent Transfer Date occurs and (ii) the origination
      date of such subsequent Mortgage Loan.

     

    “Subsequent
      Mortgage Loan”: A Mortgage Loan sold by the Depositor to the Trust pursuant to
      Section 2.07 of this Agreement, such Mortgage Loan being identified on the
      Mortgage Loan Schedule attached to a Subsequent Transfer
      Instrument.

     

    “Subsequent
      Mortgage Loan Purchase Agreement”: Any Mortgage Loan Purchase Agreement dated as
      of the Subsequent Cut-off Date, among Impac Funding Corporation, as seller,
      Impac Mortgage Holdings, Inc., as guarantor, and the Depositor as purchaser,
      and
      all amendments thereof and supplements thereto.

     

    “Subsequent
      Recoveries”: Any Liquidation Proceeds (net of amounts owed to the Master
      Servicer or any Sub-Servicer with respect to the related Mortgage Loan) received
      after the final liquidation of a Mortgage Loan. If Subsequent Recoveries are
      received, they will be included as part of the Principal Remittance Amount
      for
      the following Distribution Date and distributed in accordance with the
      priorities described in Section 4.01 of this Agreement. In addition, after
      giving effect to all distributions on a Distribution Date, if any Allocated
      Realized Loss Amounts are outstanding, the Allocated Realized Loss Amount for
      the class of Class A, Class M and Class B Certificates then outstanding with
      the
      highest distribution priority will be decreased by the amount of such Subsequent
      Recoveries until reduced to zero (with any remaining Subsequent Recoveries
      applied to reduce the Allocated Realized Loss Amount of the class with the
      next
      highest distribution priority), and the Certificate Principal Balance of such
      class or classes of Class A, Class M and Class B Certificates will be increased
      by the same amount. Thereafter, such class or classes of Class A, Class M and
      Class B Certificates will accrue interest on the increased Certificate Principal
      Balance.

     

     

    
      
        
        

      

      
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    “Subsequent
      Transfer Date”: With respect to any Subsequent Mortgage Loan, the applicable
      date upon which such mortgage loan was purchased from the Sponsor with amounts
      on deposit in the Pre-Funding Account or other date as designated by the
      Sponsor.

     

    “Subsequent
      Transfer Instrument”: With respect to the Subsequent Mortgage Loans, the
      Subsequent Transfer Instrument, dated as of the applicable Subsequent Transfer
      Date, between the Depositor and the Trustee, or such other instrument as agreed
      upon by the Depositor and the Trustee, a form of which is attached hereto as
      Exhibit S.

     

    “Sub-Servicer”:
      Any Person with which the Master Servicer has entered into a Sub-Servicing
      Agreement and which meets the qualifications of a Sub-Servicer pursuant to
      Section 3.02.

     

    “Sub-Servicer
      Remittance Date”: With respect to any Mortgage Loan subserviced by Countrywide,
      the 21st day of each month, or if such day is not a Business Day, the
      immediately preceding Business Day.

     

    “Sub-Servicing
      Account”: An account established by a Sub-Servicer which meets the requirements
      set forth in Section 3.08 and is otherwise acceptable to the Master
      Servicer.

     

    “Sub-Servicing
      Agreement”: The written contract between the Master Servicer and a Sub-Servicer
      and any successor Sub-Servicer relating to servicing and administration of
      certain Mortgage Loans as provided in Section 3.02.

     

    “Sub-Servicing
      Fees”: With respect to each Mortgage Loan, accrued interest at the Sub-Servicing
      Fee Rate with respect to the Mortgage Loan on the same principal balance on
      which interest on the Mortgage Loan accrues for the calendar month. The
      Sub-Servicing Fees consist of subservicing and other related compensation
      payable to the related Sub-Servicer or to the Master Servicer if the Master
      Servicer is directly servicing the loan.

     

    “Sub-Servicing
      Fee Rate”: On each adjustable rate Mortgage Loan, a rate equal to 0.375% per
      annum. On each fixed rate first lien Mortgage Loan, a rate equal to 0.250%
      per
      annum. On each fixed rate second lien Mortgage Loan, a rate equal to 0.500%
      per
      annum. 

     

    “Substitution
      Adjustment”: As defined in Section 2.04 hereof.

     

     

    
      
        
        

      

      
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    “Supplemental
      Interest Trust”: The corpus of a trust created pursuant to Section 4.09 of
      this Agreement and designated as the “Supplemental Interest Trust,” consisting
      of the Interest Rate Swap Agreement, the Cap Contracts, the Class IO Interest,
      the Collateral Account and the Derivative Account. For the avoidance of doubt,
      the Supplemental Interest Trust does not constitute a part of the Trust
      Fund.

     

    “Supplemental
      Interest Trust Trustee”: Deutsche Bank National Trust Company, or its successor
      in interest, or any successor trustee appointed as herein provided.

     

    “Swap
      LIBOR”: LIBOR as determined pursuant to each Interest Rate Swap
      Agreement.

     

    “Swap
      Optional Termination Payment”: As defined in Section 9.01(b)
      hereof.

     

    “Swap
      Provider”: The swap provider under the Interest Rate Swap Agreement, and any
      successor in interest or assign. Initially, the Swap Provider shall be Lehman
      Brothers Special Financing Inc.

     

    “Swap
      Provider Trigger Event”: With respect to any Distribution Date, (i) an Event of
      Default under the Interest Rate Swap Agreement with respect to which the Swap
      Provider is a Defaulting Party, (ii) a Termination Event under the related
      Interest Rate Swap Agreement with respect to which the Swap Provider is the
      sole
      Affected Party, or (iii) an Additional Termination Event under the Interest
      Rate
      Swap Agreement with respect to which the Swap Provider is the sole Affected
      Party.

     

    “Swap
      Termination Payment”: Upon the designation of an “Early Termination Date” as
      defined in the Interest Rate Swap Agreement, the payment to be made by the
      Supplemental Interest Trust to the Swap Provider or by the Swap Provider to
      the
      Supplemental Interest Trust, as applicable, pursuant to the terms of the
      Interest Rate Swap Agreement.

     

    “Tax
      Matters Person”: The person designated as “tax matters person” in the manner
      provided under Treasury Regulation Sections 1.860F-4(d) and 301.6231(a)(7)-1T.
      The Holder of the greatest Percentage Interest in a class of Residual Interests
      in a REMIC shall be the Tax Matters Person for the related REMIC. The Trustee,
      or any successor thereto or assignee thereof, shall serve as tax administrator
      hereunder and as agent for the related Tax Matters Person.

     

    “Tax
      ReturnsTax Returns”: The federal income tax return on Internal Revenue Service
      Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
      including Schedule Q thereto, Quarterly Notice to Residual Interest Holders
      of
      REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be
      filed
      on behalf of REMIC 1, REMIC 2 and REMIC 3 due to their classification as REMICs
      under the REMIC Provisions, together with any and all other information, reports
      or returns that may be required to be furnished to the Certificateholders or
      filed with the Internal Revenue Service or any other governmental taxing
      authority under any applicable provisions of federal, state or local tax
      laws.

     

    “Transfer”:
      Any direct or indirect transfer, sale, pledge, hypothecation or other form
      of
      assignment of any Ownership Interest in a Certificate.

     

    “Transferee
      Affidavit and Agreement”: As defined in Section 5.02(e)(i)(B).

     

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    “Transferor”:
      Any Person who is disposing by Transfer of any Ownership Interest in a
      Certificate.

     

    “Transferor
      Affidavit”: As defined in Section 5.02(e)(i)(B).

     

    “Trigger
      Event”: A Trigger Event is in effect with respect to any Distribution Date with
      respect to the Mortgage Loans if:

     

    (1) the
      average three-month rolling percentage obtained by dividing (x) Aggregate Stated
      Principal Balance of Mortgage Loans that are 60 or more days delinquent
      (including for this purpose any such Mortgage Loans in foreclosure, Mortgage
      Loans with respect to which the related Mortgaged Property has been acquired
      by
      the trust, and Mortgage Loans discharged due to bankruptcy) by (y) the Aggregate
      Stated Principal Balance of the Mortgage Loans, in each case, as of the last
      day
      of the previous calendar month, exceeds 42.00% multiplied by the Credit
      Enhancement Percentage; or

     

    (2) the
      cumulative amount of Realized Losses incurred on the mortgage loans from the
      Cut-off Date through the end of the calendar month immediately preceding such
      Distribution Date divided by the Cut-off Date Balance of the mortgage loans
      exceeds (i) 0.25%
      with
      respect to the Distribution Date occurring in May 2009, plus an additional
      1/12th of 0.45% for each month thereafter up to and including the Distribution
      Date in April 2010, (ii) 0.70% with respect to the Distribution Date occurring
      in May 2010, plus an additional 1/12th of 0.55% for each month thereafter up
      to
      and including the Distribution Date in April 2011, (iii) 1.25% with respect
      to
      the Distribution Date occurring in May 2011, plus an additional 1/12th of 0.50%
      for each month thereafter up to and including the Distribution Date in April
      2012, (iv) 1.75% with respect to the Distribution Date occurring in May 2012,
      plus an additional 1/12th of 0.30% for each month thereafter up to and including
      the Distribution Date in April 2013 and (v) 2.05% with respect to the
      Distribution Date occurring in May 2013 and thereafter

     

    For
      purposes of the foregoing calculation, a Mortgage Loan is considered “60 days”
delinquent if a payment due on the first day of a month has not been received
      by
      the second day of the second following month.

     

    “Trust
      Fund”: REMIC 1, REMIC 2, REMIC 3, the Net WAC Shortfall Reserve Fund, the
      Pre-Funding Account, the Interest Coverage Account, the Class M Interest Reserve
      Fund and Master
      Servicer Prepayment Charge Payment Amounts.

     

    “Trustee”:
      Deutsche Bank National Trust Company, or its successor in interest, or any
      successor trustee appointed as herein provided.

     

    “Trustee
      Fee”: The fee payable to the Trustee on each Distribution Date for its
      services as Trustee hereunder, in an  amount equal to one-twefth
      of the Trustee Fee Rate multiplied by the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Due Date in the month preceding the
      month of such Distribution Date (after giving effect to Principal Prepayments
      in
      the Prepayment Period related to that prior Due Date).

     

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    “Trustee
      Fee Rate”: 0.0025% per annum.

     

    “Uncertificated
      Accrued Interest”: With respect to each REMIC Regular Interest on each
      Distribution Date, an amount equal to one month's interest at the related
      Uncertificated Pass-Through Rate on the Uncertificated Principal Balance or
      Uncertificated Notional Amount of such REMIC Regular Interest. In each case,
      Uncertificated Accrued Interest will be reduced by any Net Prepayment Interest
      Shortfalls and Relief Act Interest Shortfalls (allocated to such REMIC Regular
      Interests as set forth in Section 1.03).

     

    “Uncertificated
      Notional Balance”: With respect to REMIC 2 Regular Interest IO and each
      Distribution Date listed below, the aggregate Uncertificated Principal Balance
      of the REMIC 1 Regular Interests ending with the designation “A” listed
      below:

     

    
      	
              Distribution
                

              Date

            	
              REMIC
                1 Regular Interests

            
	
              1

            	
              1-1-A
                through 1-60-A

            
	
              2

            	
              1-2-A
                through 1-60-A

            
	
              3

            	
              1-3-A
                through 1-60-A

            
	
              4

            	
              1-4-A
                through 1-60-A

            
	
              5

            	
              1-5-A
                through 1-60-A

            
	
              6

            	
              1-6-A
                through 1-60-A

            
	
              7

            	
              1-7-A
                through 1-60-A

            
	
              8

            	
              1-8-A
                through 1-60-A

            
	
              9

            	
              1-9-A
                through 1-60-A

            
	
              10

            	
              1-10-A
                through 1-60-A

            
	
              11

            	
              1-11-A
                through 1-60-A

            
	
              12

            	
              1-12-A
                through 1-60-A

            
	
              13

            	
              1-13-A
                through 1-60-A

            
	
              14

            	
              1-14-A
                through 1-60-A

            
	
              15

            	
              1-15-A
                through 1-60-A

            
	
              16

            	
              1-16-A
                through 1-60-A

            
	
              17

            	
              1-17-A
                through 1-60-A

            
	
              18

            	
              1-18-A
                through 1-60-A

            
	
              19

            	
              1-19-A
                through 1-60-A

            
	
              20

            	
              1-20-A
                through 1-60-A

            
	
              21

            	
              1-21-A
                through 1-60-A

            
	
              22

            	
              1-22-A
                through 1-60-A

            
	
              23

            	
              1-23-A
                through 1-60-A

            
	
              24

            	
              1-24-A
                through 1-60-A

            
	
              25

            	
              1-25-A
                through 1-60-A

            
	
              26

            	
              1-26-A
                through 1-60-A

            
	
              27

            	
              1-27-A
                through 1-60-A

            
	
              28

            	
              1-28-A
                through 1-60-A

            
	
              29

            	
              1-29-A
                through 1-60-A

            
	
              30

            	
              1-30-A
                through 1-60-A

            
	
              31

            	
              1-31-A
                through 1-60-A

            
	
              32

            	
              1-32-A
                through 1-60-A

            
	
              33

            	
              1-33-A
                through 1-60-A

            
	
              34

            	
              1-34-A
                through 1-60-A

            
	
              35

            	
              1-35-A
                through 1-60-A

            
	
              36

            	
              1-36-A
                through 1-60-A

            
	
              37

            	
              1-37-A
                through 1-60-A

            
	
              38

            	
              1-38-A
                through 1-60-A

            
	
              39

            	
              1-39-A
                through 1-60-A

            

    

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                

              Date

            	
              REMIC
                1 Regular Interests

            
	
              40

            	
              1-40-A
                through 1-60-A

            
	
              41

            	
              1-41-A
                through 1-60-A

            
	
              42

            	
              1-42-A
                through 1-60-A

            
	
              43

            	
              1-43-A
                through 1-60-A

            
	
              44

            	
              1-44-A
                through 1-60-A

            
	
              45

            	
              1-45-A
                through 1-60-A

            
	
              46

            	
              1-46-A
                through 1-60-A

            
	
              47

            	
              1-47-A
                through 1-60-A

            
	
              48

            	
              1-48-A
                through 1-60-A

            
	
              49

            	
              1-49-A
                through 1-60-A

            
	
              50

            	
              1-50-A
                through 1-60-A

            
	
              51

            	
              1-51-A
                through 1-60-A

            
	
              52

            	
              1-52-A
                through 1-60-A

            
	
              53

            	
              1-53-A
                through 1-60-A

            
	
              54

            	
              1-54-A
                through 1-60-A

            
	
              55

            	
              1-55-A
                through 1-60-A

            
	
              56

            	
              1-56-A
                through 1-60-A

            
	
              57

            	
              1-57-A
                through 1-60-A

            
	
              58

            	
              1-58-A
                through 1-60-A

            
	
              59

            	
              1-59-A
                through 1-60-A

            
	
              60

            	
              1-60-A

            
	
              thereafter

            	
              $0.00

            

    

    

    With
      respect to the Class IO Interest and any Distribution Date, an amount equal
      to
      the Uncertificated Notional Amount of the REMIC 2 Regular Interest
      IO.

     

    “Uncertificated
      Pass-Through Rate”: The Uncertificated REMIC 1 Pass-Through Rate or
      Uncertificated REMIC 2 Pass-Through Rate. 

     

    “Uncertificated
      Principal BalanceUncertificated Principal Balance”: With respect to each REMIC
      Regular Interest, the principal amount of such REMIC Regular Interest
      outstanding as of any date of determination. As of the Closing Date, the
      Uncertificated Principal Balance of each REMIC Regular Interest shall equal
      the
      amount set forth in the Preliminary Statement hereto as its initial
      Uncertificated Principal Balance. On each Distribution Date, the Uncertificated
      Principal Balance of each such REMIC Regular Interest shall be reduced by all
      distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 4.04 and, if and to the extent
      necessary and appropriate, shall be further reduced on such Distribution Date
      by
      Realized Losses as provided in Section 4.05. The Uncertificated Principal
      Balance of REMIC 2 Regular Interest ZZ shall be increased by interest deferrals
      as provided in Section 4.04(b)(ii). The Uncertificated Principal Balance of
      each REMIC Regular Interest shall never be less than zero. 

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interests P and OC
      and any Distribution Date, a per annum rate equal to the weighted average of
      the
      Net Mortgage Rates of the Mortgage Loans as of the first day of the month
      preceding the month in which such Distribution Date occurs.

     

    With
      respect to each REMIC 1 Regular Interest ending with the designation “A” and any
      Distribution Date, a per annum rate equal to the weighted average of the Net
      Mortgage Rates of the Mortgage Loans as of the first day of the month preceding
      the month in which such Distribution Date occurs multiplied by 2, subject to
      a
      maximum rate equal to 2 multiplied by the per annum fixed rate set forth in
      the
      Interest Rate Swap Agreement to be used in determining the Net Swap Payment
      under such agreement for such Distribution Date.

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    With
      respect to each REMIC 1 Regular Interest ending with the designation “B” and any
      Distribution Date, a per annum rate equal to the greater of (x) the excess
      of
      (1) 2 multiplied by the weighted average of the Net Mortgage Rates of the
      Mortgage Loans as of the first day of the month preceding the month in which
      such Distribution Date occurs, over (2) 2 multiplied by the per annum fixed
      rate
      set forth in the Interest Rate Swap Agreement to be used in determining the
      Net
      Swap Payment under such agreement for such Distribution Date, and (y)
      0.00%.

     

    “Uncertificated
      REMIC 2 Pass-Through Rate”: With respect to each REMIC 2 Regular Interest (other
      than REMIC 2 Regular Interest IO) and any Distribution Date, a per annum rate
      equal to the weighted average of (i) the Uncertificated REMIC 1 Pass-Through
      Rates for the REMIC 1 Regular Interests ending with the designation “B”, REMIC 1
      Regular Interest P and REMIC 1 Regular Interest OC for such Distribution Date,
      and (ii) the rates listed below for the REMIC 1 Regular Interests ending with
      the designation “A” for such Distribution Date, in each case weighted on the
      basis of the Uncertificated Principal Balances of each such REMIC 1 Regular
      Interest for such Distribution Date:

     

    
      	
              Distribution
                

              Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	
              1

            	
              1-1-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              2

            	
              1-2-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              3

            	
              1-3-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-2-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              4

            	
              1-4-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-3-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              5

            	
              1-5-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-4-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              6

            	
              1-6-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-5-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              7

            	
              1-7-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-6-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              8

            	
              1-8-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-7-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              9

            	
              1-9-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-8-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              10

            	
              1-10-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-9-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              11

            	
              1-11-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-10-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	
              1-12-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                

              Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	 	
              1-1-A
                through 1-11-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              13

            	
              1-13-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-12-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              14

            	
              1-14-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-13-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              15

            	
              1-15-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-14-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              16

            	
              1-16-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-15-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              17

            	
              1-17-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-16-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              18

            	
              1-18-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-17-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              19

            	
              1-19-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-18-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              20

            	
              1-20-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-19-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              21

            	
              1-21-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-20-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              22

            	
              1-22-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-21-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              23

            	
              1-23-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-22-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              24

            	
              1-24-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-23-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              25

            	
              1-25-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-24-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              26

            	
              1-26-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-25-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              27

            	
              1-27-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-26-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              28

            	
              1-28-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-27-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              29

            	
              1-29-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-28-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              30

            	
              1-30-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-29-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              31

            	
              1-31-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-30-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              32

            	
              1-32-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                

              Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	 	
              1-1-A
                through 1-31-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              33

            	
              1-33-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-32-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              34

            	
              1-34-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-33-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              35

            	
              1-35-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-34-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              36

            	
              1-36-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-35-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              37

            	
              1-37-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-36-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              38

            	
              1-38-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-37-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	
              1-39-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-38-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	
              1-40-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-39-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	
              1-41-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-40-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	
              1-42-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-41-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	
              1-43-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-42-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	
              1-44-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-43-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	
              1-45-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-44-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              46

            	
              1-46-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-45-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              47

            	
              1-47-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-46-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              48

            	
              1-48-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-47-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              49

            	
              1-49-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-48-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              50

            	
              1-50-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-49-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              51

            	
              1-51-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-50-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              52

            	
              1-52-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                

              Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	 	
              1-1-A
                through 1-51-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              53

            	
              1-53-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-52-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              54

            	
              1-54-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-53-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              55

            	
              1-55-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-54-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              56

            	
              1-56-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-55-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              57

            	
              1-57-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-56-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              58

            	
              1-58-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-57-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              59

            	
              1-59-A
                through 1-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-58-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              60

            	
              1-60-A
                

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              1-1-A
                through 1-59-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	
              1-1-A
                through 1-60-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    

    With
      respect to REMIC 2 Regular Interest IO and any Distribution Date, a per annum
      rate equal to the excess of (i) the weighted average of the Uncertificated
      REMIC
      1 Pass-Through Rates for the REMIC 1 Regular Interests ending with the
      designation “A” for such Distribution Date over (ii) the weighted average of 2
      multiplied by Swap LIBOR on the REMIC 1 Regular Interests ending with the
      designation “A”, subject to a maximum rate of the Uncertificated REMIC 1
      Pass-Through Rate for each such REMIC 1 Regular Interest for such Distribution
      Date, in each case, weighted on the basis of the Uncertificated Principal
      Balances of each such REMIC 1 Regular Interest for such Distribution
      Date.

     

    “Uninsured
      CauseUninsured Cause”: Any cause of damage to property subject to a Mortgage
      such that the complete restoration of such property is not fully reimbursable
      by
      the hazard insurance policies or flood insurance policies required to be
      maintained pursuant to Section 3.13.

     

    “United
      States PersonUnited States Person”: A citizen or resident of the United States,
      a corporation or a partnership (including an entity treated as a corporation
      or
      partnership for United States federal income tax purposes) created or organized
      in, or under the laws of, the United States or any State thereof or the District
      of Columbia (except, in the case of a partnership, to the extent provided in
      regulations) provided that, for purposes solely of the restrictions on the
      transfer of Class R Certificates, no partnership or other entity treated as
      a
      partnership for United States federal income tax purposes shall be treated
      as a
      United States Person unless all persons that own an interest in such partnership
      either directly or through any entity that is not a corporation for United
      States federal income tax purposes are required by the applicable operative
      agreement to be United States Persons or an estate whose income is subject
      to
      United States federal income tax regardless of its source, or a trust if a
      court
      within the United States is able to exercise primary supervision over the
      administration of the trust and one or more such United States Persons have
      the
      authority to control all substantial decisions of the trust. To the extent
      prescribed in regulations by the Secretary of the Treasury, which have not
      yet
      been issued, a trust which was in existence on August 20, 1996 (other than
      a
      trust treated as owned by the grantor under subpart E of part I of subchapter
      J
      of chapter 1 of the Code), and which was treated as a United States person
      on
      August 20, 1996 may elect to continue to be treated as a United States person
      notwithstanding the previous sentence.

     

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

    “Unpaid
      Interest Shortfall AmountUnpaid Interest Shortfall Amount”: For each Class of
      Class A, Class M and Class B Certificates and any Distribution Date, the amount,
      if any, by which (a) the sum of (1) the Monthly Interest Distributable Amount
      for such Class for such Distribution Date and (2) the outstanding Unpaid
      Interest Shortfall Amount, if any, for such Class for the immediately preceding
      Distribution Date exceeds (b) the aggregate amount distributed on such Class
      in
      respect of interest pursuant to clause (a) of this definition on such
      Distribution Date, plus interest on the amount of Unpaid Interest Shortfall
      Amount due but not paid on such Class on the immediately preceding Distribution
      Date, to the extent permitted by law, at the Pass-Through Rate for such Class
      for the related Accrual Period.

     

    “Voting
      RightsVoting Rights”: The portion of the voting rights of all of the
      Certificates which is allocated to any Certificate. At all times during the
      term
      of this Agreement, (i) 98% of all Voting Rights will be allocated among the
      Holders of the Class A Certificates, the Subordinate Certificates and the Class
      C Certificates in proportion to the then outstanding Certificate Principal
      Balances of their respective Certificates, (ii) 1% of all Voting Rights will
      be
      allocated to the Holders of the Class P Certificates and (iii) 1% of all Voting
      Rights will be allocated to the Holders of the Class R Certificates. The Voting
      Rights allocated to any Class of Certificates shall be allocated among all
      Holders of the Certificates of such Class in proportion to the outstanding
      Percentage Interests in such Class represented thereby.

     

    “Weighted
      Average Net Mortgage RateWeighted Average Net Mortgage Rate”: The weighted
      average of the Net Mortgage Rates of the Mortgage Loans, weighted on the basis
      of the Stated Principal Balances thereof as of the close of business on the
      first day of the calendar month preceding the month in which such Distribution
      Date occurs.

     

    Section
      1.02. Determination
      of LIBOR.

     

    LIBOR
      applicable to the calculation of the Pass-Through Rate on the Class A
      Certificates and Subordinate Certificates for any Accrual Period will be
      determined on each LIBOR Rate Adjustment Date.

     

    On
      each
      LIBOR Rate Adjustment Date, LIBOR shall be established by the Trustee and,
      as to
      any Accrual Period, will equal the rate for one month United States dollar
      deposits that appears on the Reuters Screen LIBOR01 as of 11:00 a.m., London
      time, on such LIBOR Rate Adjustment Date. “Reuters Screen LIBOR01” means the
      display designated as such by Reuters Monitor Money Rates Services. If such
      rate
      does not appear on such page (or such other page as may replace that page on
      that service, or if such service is no longer offered, LIBOR shall be so
      established by use of such other service for displaying LIBOR or comparable
      rates as may be selected by the Trustee after consultation with the Master
      Servicer), the rate will be the Reference Bank Rate. The “Reference Bank Rate”
will be determined on the basis of the rates at which deposits in U.S. Dollars
      are offered by the reference banks (which shall be any three major banks that
      are engaged in transactions in the London interbank market, selected by the
      Trustee after consultation with the Master Servicer) as of 11:00 a.m., London
      time, on the LIBOR Rate Adjustment Date to prime banks in the London interbank
      market for a period of one month in amounts approximately equal to the aggregate
      Certificate Principal Balance of the Class A Certificates and Subordinate
      Certificates then outstanding. The Trustee will request the principal London
      office of each of the reference banks to provide a quotation of its rate. If
      at
      least two such quotations are provided, the rate will be the arithmetic mean
      of
      the quotations rounded up to the next multiple of 1/16%. If on such date fewer
      than two quotations are provided as requested, the rate will be the arithmetic
      mean of the rates quoted by one or more major banks in New York City, selected
      by the Trustee after consultation with the Master Servicer, as of 11:00 a.m.,
      New York City time, on such date for loans in U.S. Dollars to leading European
      banks for a period of one month. If no such quotations can be obtained, the
      rate
      will be LIBOR for the prior Distribution Date; provided however, if, under
      the
      priorities described above, LIBOR for a Distribution Date would be based on
      LIBOR for the previous Distribution Date for the third consecutive Distribution
      Date, the Trustee shall select an alternative comparable index after
      consultation with the Master Servicer (over which the Trustee has no control),
      used for determining one-month Eurodollar lending rates that is calculated
      and
      published (or otherwise made available) by an independent party.

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

    The
      establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date and
      the
      Trustee’s subsequent calculation of the Pass-Through Rate applicable to the
      Class A Certificates and Subordinate Certificates for the relevant Accrual
      Period, in the absence of manifest error, will be final and
      binding.

     

    Promptly
      following each LIBOR Rate Adjustment Date the Trustee shall supply the Master
      Servicer with the results of its determination of LIBOR on such date.
      Furthermore, the Trustee will supply to any Certificateholder so requesting
      by
      telephone the Pass-Through Rate on the Class A Certificates and Subordinate
      Certificates for the current and the immediately preceding Accrual
      Period.

     

    Section
      1.03. Allocation
      of Certain Interest Shortfalls.

     

    For
      purposes of calculating the amount of the Monthly Interest Distributable Amount
      for the Class A Certificates, the Subordinate Certificates and the Class C
      Certificates for any Distribution Date, the aggregate amount of any Net
      Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred
      in respect of the Mortgage Loans for any Distribution Date shall be allocated
      first, to the Class C Certificates, based on, and to the extent of, one month's
      interest at the then applicable Pass-Through Rate on the Notional Balance of
      such Certificates and, thereafter, among the Class A, Class M and Class B
      Certificates on a pro
      rata
      basis,
      based on, and to the extent of, one month's interest at the then applicable
      respective Pass-Through Rates on the respective Certificate Principal Balances
      of each such Certificate.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 1 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans shall be allocated first, to REMIC
      1
      Regular Interests ending with the designation “B” and REMIC 1 Regular Interests
      P and OC, pro
      rata,
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC 1 Regular Interest, and then, to REMIC
      1
      Regular Interests ending with the designation “A”, pro
      rata,
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC 1 Regular Interest.

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 2 Regular Interests (other than REMIC 2 Regular Interest IO) for any
      Distribution Date, the aggregate amount of any Net Prepayment Interest
      Shortfalls and any Relief Act Interest Shortfalls incurred in respect of the
      Mortgage Loans for any Distribution Date shall be allocated first, to
      Uncertificated Accrued Interest payable to REMIC 2 Regular Interest AA and
      REMIC
      2 Regular Interest ZZ up to an aggregate amount equal to the REMIC 2 Interest
      Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC
      2
      Regular Interest AA, each REMIC 2 Regular Interest for which a Class A, Class
      B,
      Class M or Class P Certificate is the Corresponding Certificate and REMIC 2
      Regular Interest ZZ, pro
      rata,
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 2 Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC 2 Regular Interest.

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    Section
      2.01. Conveyance
      of Mortgage Loans.

     

    The
      Depositor, as of the Closing Date, and concurrently with the execution and
      delivery hereof, does hereby assign, transfer, sell, set over and otherwise
      convey to the Trustee without recourse all the right, title and interest of
      the
      Depositor in and to the Mortgage Loans identified on the Mortgage Loan Schedule
      (exclusive of any prepayment fees and late payment charges received thereon)
      and
      all other assets included or to be included in the Trust Fund for the benefit
      of
      the Certificateholders, including the amount to be deposited by or on behalf
      of
      the Depositor into the Net WAC Shortfall Reserve Fund. Such assignment includes
      all principal and interest received by the Master Servicer on or with respect
      to
      the Mortgage Loans (other than payment of principal and interest due on or
      before the Cut-off Date).

     

    In
      connection with such transfer and assignment, the Depositor has caused the
      Sponsor to deliver to, and deposit with the Trustee, as described in the
      Mortgage Loan Purchase Agreement, with respect to each Mortgage Loan, and the
      Depositor has caused the Sponsor to deliver to, and deposit with the Trustee,
      as
      described in accordance with Section 2.07, with respect to each Subsequent
      Mortgage Loan, the following documents or instruments:

     

    (i) the
      original Mortgage Note endorsed without recourse, “Deutsche Bank National Trust
      Company, as trustee under the Pooling and Servicing Agreement relating to Impac
      Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-3” with
      all intervening endorsements showing an unbroken chain of endorsements from
      the
      originator to the Person endorsing it to the Trustee or, with respect to any
      Mortgage Loan as to which the original Mortgage Note has been permanently lost
      or destroyed and has not been replaced, a Lost Note Affidavit;

     

    (ii) the
      original recorded Mortgage, noting the presence of the MIN of the Mortgage
      Loan
      and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage
      Loan is a MOM Loan, with evidence of recording indicated thereon or, if the
      original Mortgage has not been returned from the public recording office, a
      copy
      of the Mortgage certified by the Sponsor or the public recording office in
      which
      such Mortgage has been recorded to be a true and complete copy of the original
      Mortgage submitted for recording;

     

    (iii) unless
      the Mortgage Loan is registered on the MERS® System, a duly executed original
      Assignment of the Mortgage, without recourse, in recordable form to Deutsche
      Bank National Trust Company, as trustee,” or to “Deutsche Bank National Trust
      Company, as trustee for holders of Impac Secured Assets Corp., Mortgage
      Pass-Through Certificates, Series 2007-3”;

     

    (iv) the
      original intervening Assignments, if any, of the Mortgage showing an unbroken
      chain of assignment from the originator thereof to the Person assigning it
      to
      the Trustee (or to MERS, if the Mortgage Loan is registered on the MERS® System
      and noting the presence of a MIN) or, if any such Assignment has not been
      returned from the applicable public recording office, a copy of such Assignment
      certified by the Sponsor to be a true and complete copy of the original
      Assignment submitted to the title insurance company for recording;

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

    (v) the
      original title insurance policy or a copy thereof, or, if such policy has not
      been issued, any one of an original or a copy of the preliminary title report,
      title binder or title commitment on the Mortgaged Property with the original
      policy of the insurance to be delivered promptly following the receipt thereof;
      

     

    (vi) a
      copy of
      the related hazard insurance policy; and

     

    (vii) a
      true
      and correct copy of any assumption, modification, consolidation or substitution
      agreement.

     

    The
      Sponsor is obligated as described in the Mortgage Loan Purchase Agreement,
      with
      respect to the Mortgage Loans, and in accordance with Section 2.07 and the
      Subsequent Mortgage Loan Purchase Agreement, with respect to the Subsequent
      Mortgage Loans, to deliver to the Trustee: (a) either the original recorded
      Mortgage, or in the event such original cannot be delivered by the Sponsor,
      a
      copy of such Mortgage certified as true and complete by the appropriate
      recording office, in those instances where a copy thereof certified by the
      Sponsor was delivered to the Trustee pursuant to clause (ii) above; and (b)
      either the original intervening Assignments, if any, of the Mortgage, with
      evidence of recording thereon, showing an unbroken chain of assignment from
      the
      originator to the Sponsor, or in the event such original cannot be delivered
      by
      the Sponsor, a copy of such intervening Assignments, if any, certified as true
      and complete by the appropriate recording office, in those instances where
      copies thereof certified by the Sponsor were delivered to the Trustee pursuant
      to clause (iv) above. However, pursuant to the Mortgage Loan Purchase Agreement
      with respect to the Initial Mortgage Loans and pursuant to Section 2.07 and
      the
      Subsequent Mortgage Loan Purchase Agreement with respect to the Subsequent
      Mortgage Loans, the Sponsor need not cause to be recorded any assignment in
      any
      jurisdiction under the laws of which, as evidenced by an Opinion of Counsel
      delivered by the Sponsor to the Trustee, the Certificate Insurer and the Rating
      Agencies, the recordation of such assignment is not necessary to protect the
      Trustee’s interest in the related Mortgage Loan; provided,
      however,
      notwithstanding the delivery of any Opinion of Counsel, each assignment shall
      be
      submitted for recording by the Sponsor in the manner described above, at no
      expense to the Trust or the Trustee, upon the earliest to occur of: (i)
      direction by the Holders of Certificates evidencing at least 25% of the Voting
      Rights or the Certificate Insurer, (ii) the occurrence of a Event of Default,
      (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to
      the
      Sponsor, (iv) the occurrence of a servicing transfer as described in
      Section 7.02 hereof and (v) if the Sponsor is not the Master Servicer and
      with respect to any one assignment, the occurrence of a bankruptcy, insolvency
      or foreclosure relating to the Mortgagor under the related
      Mortgage.

     

    Notwithstanding
      anything to the contrary contained in this Section 2.01, in those instances
      where the public recording office retains the original Mortgage after it has
      been recorded, the Sponsor shall be deemed to have satisfied its obligations
      hereunder upon delivery to the Trustee of a copy of such Mortgage certified
      by
      the public recording office to be a true and complete copy of the recorded
      original thereof.

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

    If
      any
      Assignment is lost or returned unrecorded to the Trustee because of any defect
      therein, the Sponsor is required, as described in the Mortgage Loan Purchase
      Agreement with respect to the Initial Mortgage Loans, and as described in the
      Subsequent Mortgage Loan Purchase Agreement and in accordance with Section
      2.07,
      with respect to the Subsequent Mortgage Loans, to prepare a substitute
      Assignment or cure such defect, as the case may be, and the Sponsor shall cause
      such Assignment to be recorded in accordance with this section.

     

    The
      Sponsor is required as described in the Mortgage Loan Purchase Agreement with
      respect to the Initial Mortgage Loans, and as described in the Subsequent
      Mortgage Loan Purchase Agreement and in accordance with Section 2.07, with
      respect to the Subsequent Mortgage Loans, to exercise its best reasonable
      efforts to deliver or cause to be delivered to the Trustee within 120 days
      of
      the Closing Date or
      related Subsequent Transfer Date,
      with
      respect to the Mortgage Loans, the original or a photocopy of the title
      insurance policy with respect to each such Mortgage Loan assigned to the Trustee
      pursuant to this Section 2.01.

     

    In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Sponsor further agrees that it will cause, at the Sponsor's own
      expense, as of the Closing Date or related Subsequent Transfer Date, the MERS®
System to indicate that such Mortgage Loans have been assigned by the Sponsor
      to
      the Trustee in accordance with this Agreement for the benefit of the
      Certificateholders and the Certificate Insurer by including (or deleting, in
      the
      case of Mortgage Loans which are repurchased in accordance with this Agreement)
      in such computer files (a) the code in the field which identifies the specific
      Trustee and (b) the code in the field “Pool Field” which identifies the series
      of the Certificates issued in connection with such Mortgage Loans. The Depositor
      further agrees that it will not, and will not permit the Master Servicer to,
      and
      the Master Servicer agrees that it will not, alter the codes referenced in
      this
      paragraph with respect to any Mortgage Loan during the term of this Agreement
      unless and until such Mortgage Loan is repurchased in accordance with the terms
      of this Agreement.

     

    All
      original documents relating to the Mortgage Loans which are not delivered to
      the
      Trustee are and shall be held by the Master Servicer in trust for the benefit
      of
      the Trustee on behalf of the Certificateholders and
      the
      Certificate Insurer.

     

    Except
      as
      may otherwise expressly be provided herein, none of the Depositor, the Master
      Servicer or the Trustee shall (and the Master Servicer shall ensure that no
      Sub-Servicer shall) assign, sell, dispose of or transfer any interest in the
      Trust Fund or any portion thereof, or cause the Trust Fund or any portion
      thereof to be subject to any lien, claim, mortgage, security interest, pledge
      or
      other encumbrance.

     

    It
      is
      intended that the conveyance of the Mortgage Loans by the Depositor to the
      Trustee as provided in this Section 2.01 be, and be construed as, a sale of
      the Mortgage Loans as provided for in this Section 2.01 by the Depositor to
      the Trustee for the benefit of the Certificateholders and the Certificate
      Insurer. It is, further, not intended that such conveyance be deemed a pledge
      of
      the Mortgage Loans by the Depositor to the Trustee to secure a debt or other
      obligation of the Depositor. However, in the event that the Mortgage Loans
      are
      held to be property of the Depositor, or if for any reason this Agreement is
      held or deemed to create a security interest in the Mortgage Loans, then it
      is
      intended that, (a) this Agreement shall also be deemed to be a security
      agreement within the meaning of Articles 8 and 9 of the New York Uniform
      Commercial Code and the Uniform Commercial Code of any other applicable
      jurisdiction; (b) the conveyance provided for in this Section 2.01 shall be
      deemed to be (1) a grant by the Depositor to the Trustee of a security interest
      in all of the Depositor's right (including the power to convey title thereto),
      title and interest, whether now owned or hereafter acquired, in and to (A)
      the
      Mortgage Loans, including the Mortgage Notes, the Mortgages, any related
      Insurance Policies and all other documents in the related Mortgage Files, (B)
      all amounts payable to the holders of the Mortgage Loans in accordance with
      the
      terms thereof and (C) all proceeds of the conversion, voluntary or involuntary,
      of the foregoing into cash, instruments, securities or other property, including
      without limitation all amounts from time to time held or invested in the
      Certificate Account or the Custodial Account, whether in the form of cash,
      instruments, securities or other property and (2) an assignment by the Depositor
      to the Trustee of any security interest in any and all of the Sponsor's right
      (including the power to convey title thereto), title and interest, whether
      now
      owned or hereafter acquired, in and to the property described in the foregoing
      clauses (1)(A) through (C); (c) the possession by the Trustee or any other
      custodian or agent of the Trustee of Mortgage Notes and such other items of
      property as constitute instruments, money, negotiable documents or chattel
      paper
      shall be deemed to be “possession by the secured party” or possession by a
      purchaser or a person designated by such secured party, for purposes of
      perfecting the security interest pursuant to the New York Uniform Commercial
      Code and the Uniform Commercial Code of any other applicable jurisdiction
      (including, without limitation, Sections 9-115, 9-305, 8-102, 8-301, 8-501
      and
      8-503 thereof); and (d) notifications to persons holding such property, and
      acknowledgments, receipts or confirmations from persons holding such property,
      shall be deemed notifications to, or acknowledgments, receipts or confirmations
      from, financial intermediaries, bailees or agents (as applicable) of the Trustee
      for the purpose of perfecting such security interest under applicable law.
      The
      Depositor and the Trustee shall, to the extent consistent with this Agreement,
      take such actions as may be necessary to ensure that, if this Agreement were
      deemed to create a security interest in the Mortgage Loans, such security
      interest would be deemed to be a perfected security interest of first priority
      under applicable law and will be maintained as such throughout the term of
      the
      Agreement.

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

    Concurrently
      with the execution of this Agreement, the Interest Rate Swap Agreement and
      Cap
      Contracts shall be delivered to the Trustee. In connection therewith, the
      Depositor hereby directs the Trustee, as Supplemental Interest Trust Trustee
      (not in its individual capacity, but solely in its capacity as Supplemental
      Interest Trust Trustee), to execute and deliver the Interest Rate Swap Agreement
      and to exercise the rights, perform the obligations, and make the
      representations of Party B (as defined therein) as set forth in the Interest
      Rate Swap Agreement and as provided in this Agreement on the Closing Date and
      thereafter. In addition, the Trustee, as Supplemental Interest Trust Trustee
      (not in its individual capacity, but solely in its capacity as Supplemental
      Interest Trust Trustee), is hereby directed to execute and deliver the Cap
      Contracts on behalf of Party B (as defined therein) and to exercise the rights,
      perform the obligations, and make the representations of Party B as set forth
      in
      the each Cap Contract and as provided in this Agreement on the Closing Date
      and
      thereafter. The Sponsor, the Master Servicer, the Depositor and the
      Certificateholders, by acceptance of their Certificates, acknowledge and agree
      that the Trustee, as Supplemental Interest Trust Trustee, shall execute and
      deliver the Interest Rate Swap Agreement and Cap Contracts on behalf of Party
      B
      (as defined therein) and shall exercise the rights, perform the obligations,
      and
      make the representations of Party B as set forth in the Interest Rate Swap
      Agreement and Cap Contracts and as provided in this Agreement and shall do
      so
      solely in its capacity as Supplemental Interest Trust Trustee and not in its
      individual capacity.

     

    
      
        
        

      

      
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    Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Supplemental Interest Trust Trustee shall
      apply to the Supplemental Interest Trust Trustee’s execution of the Interest
      Rate Swap Agreement and Cap Contracts, and the performance of its duties and
      the
      satisfaction of its obligations on behalf of Party B thereunder.

     

    Section
      2.02. Acceptance
      of the Trust Fund by the Trustee.

     

    The
      Trustee, with respect to the Mortgage Files held by it, acknowledges receipt
      (subject to any exceptions noted in the Initial Certification described below)
      on behalf of the Trustee, of the documents referred to in Section 2.01
      above and all other assets included in the definition of “Trust Fund” and
      declares that it holds and will hold such documents and the other documents
      delivered to it constituting the Mortgage Files, and that it holds or will
      hold
      such other assets included in the definition of “Trust Fund” (to the extent
      delivered or assigned to the Trustee), in trust for the exclusive use and
      benefit of all present and future Certificateholders and the Certificate
      Insurer.

     

    The
      Trustee agrees, for the benefit of the Certificateholders and the Certificate
      Insurer, to review or cause to be reviewed on its behalf, each Mortgage File
      on
      or before the Closing Date (or the related Subsequent Transfer Date, with
      respect to the Subsequent Mortgage Loans) to ascertain that all documents
      required to be delivered to it are in its possession, and the Trustee agrees
      to
      execute and deliver, or cause to be executed and delivered, to the Certificate
      Insurer, the Depositor and the Master Servicer on the Closing Date, with respect
      to each Mortgage Loan, an Initial Certification in the form annexed hereto
      as
      Exhibit C to the effect that, as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan
      specifically identified in such certification as not covered by such
      certification), (i) all documents required to be delivered to it pursuant to
      this Agreement with respect to such Mortgage Loan are in its possession, (ii)
      such documents have been reviewed by it and appear regular on their face and
      relate to such Mortgage Loan and (iii) based on its examination and only as
      to
      the foregoing documents, the information set forth in items (i), (ii), (iii)(A)
      and (iv) of the definition of the “Mortgage Loan Schedule” accurately reflects
      information set forth in the Mortgage File. None of the Trustee or the Master
      Servicer shall be under any duty to determine whether any Mortgage File should
      include any of the documents specified in clause (vi) or (vii) of
      Section 2.01. None of the Trustee or the Master Servicer shall be under any
      duty or obligation to inspect, review or examine said documents, instruments,
      certificates or other papers to determine that the same are genuine, enforceable
      or appropriate for the represented purpose or that they have actually been
      recorded, or they are in recordable form or that they are other than what they
      purport to be on their face.

     

    Within
      90
      days of the Closing Date, with respect to the Mortgage Loans, the Trustee shall
      deliver to the Depositor, the Certificate Insurer and the Master Servicer a
      Final Certification in the form annexed hereto as Exhibit D evidencing the
      completeness of the Mortgage Files, with any applicable exceptions noted
      thereon, with respect to all of the Initial Mortgage Loans and the Subsequent
      Mortgage Loans.

     

    
      
        
        

      

      
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    If
      in the
      process of reviewing the Mortgage Files and preparing the certifications
      referred to above the Trustee finds any document or documents constituting
      a
      part of a Mortgage File to be missing or defective in any material respect,
      the
      Trustee shall promptly notify the Sponsor, the Master Servicer, the Certificate
      Insurer and the Depositor. The Trustee shall promptly notify the Sponsor of
      such
      defect and request that the Sponsor cure any such defect within 60 days from
      the
      date on which the Sponsor was notified of such defect, and if the Sponsor does
      not cure such defect in all material respects during such period, request on
      behalf of the Certificateholders and the Certificate Insurer that the Sponsor
      purchase such Mortgage Loan from the Trust Fund at the Purchase Price within
      90
      days after the date on which the Sponsor was notified of such defect; provided
      that if such defect would cause the Mortgage Loan to be other than a “qualified
      mortgage” as defined in Section 860G(a)(3) of the Code, any such cure or
      repurchase must occur within 90 days from the date such breach was discovered.
      It is understood and agreed that the obligation of the Sponsor to cure a
      material defect in, or purchase any Mortgage Loan as to which a material defect
      in a constituent document exists shall constitute the sole remedy respecting
      such defect available to Certificateholders, the Certificate Insurer or the
      Trustee on behalf of Certificateholders. The Purchase Price for the purchased
      Mortgage Loan shall be deposited or caused to be deposited upon receipt by
      the
      Master Servicer in the Custodial Account and, upon receipt by the Trustee of
      written notification of such deposit signed by a Servicing Officer, the Trustee
      shall release or cause to be released to the Sponsor the related Mortgage File
      and shall execute and deliver such instruments of transfer or assignment, in
      each case without recourse, as the Sponsor shall require as necessary to vest
      in
      the Sponsor ownership of any Mortgage Loan released pursuant hereto and at
      such
      time the Trustee shall have no further responsibility with respect to the
      related Mortgage File. In furtherance of the foregoing, if the Sponsor is not
      a
      member of MERS and the Mortgage is registered on the MERS® System, the Master
      Servicer, at its own expense and without any right of reimbursement, shall
      cause
      MERS to execute and deliver an assignment of the Mortgage in recordable form
      to
      transfer the Mortgage from MERS to the Sponsor and shall cause such Mortgage
      to
      be removed from registration on the MERS® System in accordance with MERS' rules
      and regulations.

     

    Section
      2.03. Representations,
      Warranties and Covenants of the Master Servicer and the
      Depositor.

     

    (a) The
      Master Servicer hereby represents and warrants to and covenants with the
      Depositor and the Trustee for the benefit of Certificateholders and the
      Certificate Insurer that:

     

    (i) The
      Master Servicer is, and throughout the term hereof shall remain, a corporation
      duly organized, validly existing and in good standing under the laws of the
      state of its incorporation (except as otherwise permitted pursuant to
      Section 6.02), the Master Servicer is, and shall remain, in compliance with
      the laws of each state in which any Mortgaged Property is located to the extent
      necessary to perform its obligations under this Agreement, and the Master
      Servicer or the Sub-Servicer is, and shall remain, approved to sell mortgage
      loans to and service mortgage loans for Fannie Mae and Freddie Mac;

     

    (ii) The
      execution and delivery of this Agreement by the Master Servicer, and the
      performance and compliance with the terms of this Agreement by the Master
      Servicer, will not violate the Master Servicer's articles of incorporation
      or
      bylaws or constitute a default (or an event which, with notice or lapse of
      time,
      or both, would constitute a default) under, or result in the breach of, any
      material agreement or other instrument to which it is a party or which is
      applicable to it or any of its assets;

     

    
      
        
        

      

      
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    (iii) The
      Master Servicer has the full power and authority to enter into and consummate
      all transactions contemplated by this Agreement, has duly authorized the
      execution, delivery and performance of this Agreement, and has duly executed
      and
      delivered this Agreement;

     

    (iv) This
      Agreement, assuming due authorization, execution and delivery by the Depositor
      and the Trustee, constitutes a valid, legal and binding obligation of the Master
      Servicer, enforceable against the Master Servicer in accordance with the terms
      hereof, subject to (A) applicable bankruptcy, insolvency, reorganization,
      moratorium and other laws affecting the enforcement of creditors' rights
      generally, and (B) general principles of equity, regardless of whether such
      enforcement is considered in a proceeding in equity or at law;

     

    (v) The
      Master Servicer is not in violation of, and its execution and delivery of this
      Agreement and its performance and compliance with the terms of this Agreement
      will not constitute a violation of, any law, any order or decree of any court
      or
      arbiter, or any order, regulation or demand of any federal, state or local
      governmental or regulatory authority, which violation is likely to affect
      materially and adversely either the ability of the Master Servicer to perform
      its obligations under this Agreement or the financial condition of the Master
      Servicer;

     

    (vi) No
      litigation is pending (other than litigation with respect to which pleadings
      or
      documents have been filed with a court, but not served on the Master Servicer)
      or, to the best of the Master Servicer's knowledge, threatened against the
      Master Servicer which would prohibit its entering into this Agreement or
      performing its obligations under this Agreement or is likely to affect
      materially and adversely either the ability of the Master Servicer to perform
      its obligations under this Agreement or the financial condition of the Master
      Servicer;

     

    (vii) The
      Master Servicer will comply in all material respects in the performance of
      this
      Agreement with all reasonable rules and requirements of each insurer under
      each
      Insurance Policy;

     

    (viii) The
      execution of this Agreement and the performance of the Master Servicer's
      obligations hereunder do not require any license, consent or approval of any
      state or federal court, agency, regulatory authority or other governmental
      body
      having jurisdiction over the Master Servicer, other than such as have been
      obtained;

     

    (ix) No
      information, certificate of an officer, statement furnished in writing or report
      delivered to the Depositor, any affiliate of the Depositor or the Trustee by
      the
      Master Servicer in its capacity as Master Servicer, and not in its capacity
      as a
      Sponsor hereunder, will, to the knowledge of the Master Servicer, contain any
      untrue statement of a material fact;

     

    (x) The
      Master Servicer will not waive any Prepayment Charge unless it is waived in
      accordance with the standard set forth in Section 3.01; and

     

    
      
        
        

      

      
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    (xi) The
      Master Servicer is a member of MERS in good standing, and will comply in all
      material respects with the rules and procedures of MERS in connection with
      the
      servicing of the Mortgage Loans that are registered with MERS.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.03(a) shall survive the execution and delivery of
      this Agreement, and shall inure to the benefit of the Depositor, the Trustee,
      the
      Certificate Insurer
      and the
      Certificateholders. Upon discovery by the Depositor, the Trustee, the
      Certificate Insurer or the Master Servicer of a breach of any of the foregoing
      representations, warranties and covenants that materially and adversely affects
      the interests of the Depositor, the Certificate Insurer or the Trustee, the
      party discovering such breach shall give prompt written notice to the other
      parties. Notwithstanding the foregoing, within 90 days of the earlier of
      discovery by the Master Servicer or receipt of notice by the Master Servicer
      of
      the breach of the covenant of the Master Servicer set forth in
      Section 2.03(a)(x) above which materially and adversely affects the
      interests of the Holders of the Class P Certificates in any Prepayment Charge,
      the Master Servicer shall remedy such breach as follows: the Master Servicer
      shall pay the amount of such waived Prepayment Charge, for the benefit of the
      Holders of the Class P Certificates, by depositing such amount into the
      Custodial Account (net of any amount actually collected by the Master Servicer
      in respect of such Prepayment Charge and remitted by the Master Servicer, for
      the benefit of the Holders of the Class P Certificates, in respect of such
      Prepayment Charge, into the Custodial Account). The foregoing shall not,
      however, limit any remedies available to the Certificateholders, the Depositor,
      the Certificate Insurer or the Trustee on behalf of the Certificateholders,
      pursuant to the Mortgage Loan Purchase Agreement respecting a breach of any
      of
      the representations, warranties and covenants contained in the Mortgage Loan
      Purchase Agreement.

     

    (b) The
      Depositor hereby represents and warrants to the Master Servicer and the Trustee
      for the benefit of Certificateholders and the Certificate Insurer that as of
      the
      Closing Date, the representations and warranties of the Sponsor with respect
      to
      the Mortgage Loans and the remedies therefor that are contained in the Mortgage
      Loan Purchase Agreement are as set forth in Exhibit I hereto.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 2.03(b) shall survive delivery of the respective Mortgage Files to
      the Trustee.

     

    Upon
      discovery by either the Depositor, the Master Servicer, the Certificate Insurer
      or the Trustee of a breach of any representation or warranty set forth in this
      Section 2.03 which materially and adversely affects the interests of the
      Certificateholders or the Certificate Insurer in any Mortgage Loan, the party
      discovering such breach shall give prompt written notice to the other
      parties.

     

    Section
      2.04. Representations
      and Warranties of the Sponsor.

     

    
      
        
        

      

      
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    The
      Depositor hereby assigns to the Trustee for the benefit of Certificateholders
      and the Certificate Insurer all of its rights (but none of its obligations)
      in,
      to and under the Mortgage Loan Purchase Agreement. Insofar as the Mortgage
      Loan
      Purchase Agreement relates to such representations and warranties and any
      remedies provided thereunder for any breach of such representations and
      warranties, such right, title and interest may be enforced by the Trustee on
      behalf of the Certificateholders. Upon the discovery by the Depositor, the
      Master Servicer, the Certificate Insurer or the Trustee of a breach of any
      of
      the representations and warranties made in the Mortgage Loan Purchase Agreement
      in respect of any Mortgage Loan which materially and adversely affects the
      interests of the Certificateholders or the Certificate Insurer in such Mortgage
      Loan, the party discovering such breach shall give prompt written notice to
      the
      other parties. The Trustee shall promptly notify the Sponsor of such breach
      and
      request that the Sponsor shall, within 90 days from the date that the Sponsor
      was notified or otherwise obtained knowledge of such breach, either (i) cure
      such breach in all material respects or (ii) purchase such Mortgage Loan from
      the Trust Fund at the Purchase Price and in the manner set forth in
      Section 2.02; provided that if such breach would cause the Mortgage Loan to
      be other than a “qualified mortgage” as defined in Section 860G(a)(3) of
      the Code, any such cure or repurchase must occur within 90 days from the date
      such breach was discovered. However, in the case of a breach under the Mortgage
      Loan Purchase Agreement, subject to the approval of the Depositor the Sponsor
      shall have the option to substitute a Qualified Substitute Mortgage Loan or
      Loans for such Mortgage Loan if such substitution occurs within two years
      following the Closing Date, except that if the breach would cause the Mortgage
      Loan to be other than a “qualified mortgage” as defined in
      Section 860G(a)(3) of the Code, any such substitution must occur within 90
      days from the date the breach was discovered if such 90 day period expires
      before two years following the Closing Date. In the event that the Sponsor
      elects to substitute a Qualified Substitute Mortgage Loan or Loans for a Deleted
      Mortgage Loan pursuant to this Section 2.04, the Trustee shall enforce the
      obligation of the Sponsor under the Mortgage Loan Purchase Agreement to deliver
      to the Trustee and the Master Servicer, as appropriate, with respect to such
      Qualified Substitute Mortgage Loan or Loans, the original Mortgage Note, the
      Mortgage, an Assignment of the Mortgage in recordable form, and such other
      documents and agreements as are required by Section 2.01, with the Mortgage
      Note endorsed as required by Section 2.01. No substitution will be made in
      any calendar month after the Determination Date for such month. Monthly Payments
      due with respect to Qualified Substitute Mortgage Loans in the month of
      substitution, to the extent received by the Master Servicer or any Sub-Servicer,
      shall not be part of the Trust Fund and will be retained by the Master Servicer
      and remitted by the Master Servicer to the Sponsor on the next succeeding
      Distribution Date. For the month of substitution, distributions to
      Certificateholders will include the Monthly Payment due on a Deleted Mortgage
      Loan for such month and thereafter the Sponsor shall be entitled to retain
      all
      amounts received in respect of such Deleted Mortgage Loan. The Depositor shall
      amend or cause to be amended the Mortgage Loan Schedule for the benefit of
      the
      Certificateholders and the Certificate Insurer to reflect the removal of such
      Deleted Mortgage Loan and the substitution of the Qualified Substitute Mortgage
      Loan or Loans and the Depositor shall deliver the amended Mortgage Loan Schedule
      to the Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan
      or Loans shall be subject to the terms of this Agreement in all respects, the
      Sponsor shall be deemed to have made the representations and warranties with
      respect to the Qualified Substitute Mortgage Loan contained in the Mortgage
      Loan
      Purchase Agreement as of the date of substitution, and the Depositor shall
      be
      deemed to have made with respect to any Qualified Substitute Mortgage Loan
      or
      Loans, as of the date of substitution, the non-statistical representations
      and
      warranties set forth in Exhibit I hereof.

     

    In
      connection with the substitution of one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Master Servicer will determine
      the amount (the “Substitution Adjustment”), if any, by which the aggregate
      principal balance of all such Qualified Substitute Mortgage Loans as of the
      date
      of substitution is less than the aggregate Stated Principal Balance of all
      such
      Deleted Mortgage Loans (in each case after application of the principal portion
      of the Monthly Payments due in the month of substitution that are to be
      distributed to Certificateholders in the month of substitution). The Trustee
      shall enforce the obligation of the Sponsor under the Mortgage Loan Purchase
      Agreement to provide the Master Servicer on the day of substitution for
      immediate deposit into the Custodial Account the amount of such shortfall,
      without any reimbursement therefor. In accordance with the Mortgage Loan
      Purchase Agreement, the Sponsor shall give notice in writing to the Trustee
      of
      such event, which notice shall be accompanied by an Officers’ Certificate as to
      the calculation of such shortfall and by an Opinion of Counsel to the effect
      that such substitution will not cause (a) any federal tax to be imposed on
      REMIC
      1, REMIC 2 or REMIC 3, including without limitation, any federal tax imposed
      on
“prohibited transactions” under Section 860F(a)(1) of the Code or on
“contributions after the startup date” under Section 860G(d)(1) of the Code
      or (b) any of REMIC 1, REMIC 2 or REMIC 3 to fail to qualify as a REMIC at
      any
      time that any Certificate is outstanding. The costs of any substitution as
      described above, including any related assignments, opinions or other
      documentation in connection therewith shall be borne by the
      Sponsor.

     

    
      
        
        

      

      
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    Except
      as
      expressly set forth herein none of the Trustee or the Master Servicer is under
      any obligation to discover any breach of the above-mentioned representations
      and
      warranties. It is understood and agreed that the obligation of the Sponsor
      to
      cure such breach, purchase or to substitute for such Mortgage Loan as to which
      such a breach has occurred and is continuing shall constitute the sole remedy
      respecting such breach available to Certificateholders or the Trustee on behalf
      of Certificateholders.

     

    Section
      2.05. Issuance
      of Certificates; Conveyance of REMIC Regular Interests and Acceptance of REMIC
      2
      and REMIC 3 by the Trustee.

     

    (a) The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to it of the Mortgage Files, subject to the provisions of Sections 2.01 and
      2.02, together with the assignment to it of all other assets included in the
      Trust Fund, receipt of which is hereby acknowledged. Concurrently with such
      assignment and delivery and in exchange therefor, the Trustee, pursuant to
      the
      written request of the Depositor executed by an officer of the Depositor, has
      executed, authenticated and delivered to or upon the order of the Depositor,
      the
      Certificates in authorized denominations. The interests evidenced by the
      Certificates, constitute the entire beneficial ownership interest in the Trust
      Fund.

     

    (b) The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      1 Regular Interests for the benefit of the holders of the REMIC 2 Regular
      Interests and Holders of the Class R Certificates (in respect of the Class
      R-2
      Interest). The Trustee acknowledges receipt of the REMIC 1 Regular Interests
      (which are uncertificated) and declares that it holds and will hold the same
      in
      trust for the exclusive use and benefit of the holders of the REMIC 2 Regular
      Interests and Holders of the Class R Certificates (in respect of the Class
      R-2
      Interest). The interests evidenced by the Class R-2 Interest, together with
      the
      REMIC 2 Regular Interests, constitute the entire beneficial ownership interest
      in REMIC 2.

     

    
      
        
        

      

      
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    (c) The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      2 Regular Interests for the benefit of the holders of the REMIC 3 Regular
      Interests and Holders of the Class R Certificates (in respect of the Class
      R-3
      Interest). The Trustee acknowledges receipt of the REMIC 2 Regular Interests
      (which are uncertificated) and declares that it holds and will hold the same
      in
      trust for the exclusive use and benefit of the holders of the REMIC 3 Regular
      Interests and Holders of the Class R Certificates (in respect of the Class
      R-3
      Interest). The interests evidenced by the Class R-3 Interest, together with
      the
      REMIC 3 Regular Interests, constitute the entire beneficial ownership interest
      in REMIC 3.

     

    (d) In
      exchange for the REMIC 2 Regular Interests and, concurrently with the assignment
      to the Trustee thereof, pursuant to the written request of the Depositor
      executed by an officer of the Depositor, the Trustee has executed, authenticated
      and delivered to or upon the order of the Depositor, the Regular Certificates
      in
      authorized denominations evidencing (together with the Class R-3 Interest and
      the Class IO Interest) the entire beneficial ownership interest in REMIC
      3.

     

    (e) Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 1 (including the
      Residual Interest therein represented by the Class R-1 Interest) and the
      acceptance by the Trustee thereof, (ii) the assignment and delivery to the
      Trustee of REMIC 2 (including the Residual Interest therein represented by
      the
      Class R-2 Interest), and (iii) the assignment and delivery to the Trustee of
      REMIC 3 (including the Residual Interest therein represented by the Class R-3
      Interest), and the acceptance by the Trustee thereof, the Trustee, from and
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Class R Certificates in authorized denominations evidencing
      the
      Class R-1 Interest, Class R-2 Interest and Class R-3 Interest.

     

    Section
      2.06. Purposes
      and Powers of the Trust.

     

    The
      purpose of the common law trust, as created hereunder, is to engage in the
      following activities:

     

    (a) acquire
      and hold the Mortgage Loans and the other assets of the Trust Fund and the
      proceeds therefrom;

     

    (b) to
      issue
      the Certificates sold to the Depositor in exchange for the Mortgage
      Loans;

     

    (c) to
      make
      payments on the Certificates;

     

    (d) to
      engage
      in those activities that are necessary, suitable or convenient to accomplish
      the
      foregoing or are incidental thereto or connected therewith; and

     

    (e) subject
      to compliance with this Agreement, to engage in such other activities as may
      be
      required in connection with conservation of the Trust Fund and the making of
      distributions to the Certificateholders.

     

    
      
        
        

      

      
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    The
      trust
      is hereby authorized to engage in the foregoing activities. The Trustee shall
      not knowingly and explicitly cause the trust to engage in any activity other
      than in connection with the foregoing or other than as required or authorized
      by
      the terms of this Agreement while any Certificate is outstanding, and this
      Section 2.06 may not be amended, without the consent of the
      Certificateholders evidencing 51% or more of the aggregate voting rights of
      the
      Certificates and the Certificate Insurer.

     

    Section
      2.07. Conveyance
      of Subsequent Mortgage Loans.

     

    (a) Subject
      to the conditions set forth in paragraph (b) below, in consideration of the
      Trustee’s delivery on the Subsequent Transfer Dates to or upon the order of the
      Depositor of all or a portion of the balance of funds in the Pre-Funding
      Account, the Depositor shall on any Subsequent Transfer Date sell, transfer,
      assign, set over and convey without recourse to the Trustee for the benefit
      of
      the Trust Fund but subject to the other terms and provisions of this Agreement
      all of the right, title and interest of the Depositor in and to (i) the
      Subsequent Mortgage Loans identified on the Mortgage Loan Schedule attached
      to
      the related Subsequent Transfer Instrument delivered by the Depositor on such
      Subsequent Transfer Date, (ii) principal due and interest accruing on the
      Subsequent Mortgage Loans after the related Subsequent Cut-off Date and (iii)
      all items with respect to such Subsequent Mortgage Loans to be delivered
      pursuant to Section 2.01 and the other items in the related Mortgage Files;
      provided, however, that the Depositor reserves and retains all right, title
      and
      interest in and to principal due and interest accruing on the Subsequent
      Mortgage Loans prior to the related Subsequent Cut-off Date. The transfer and
      delivery to the Trustee for deposit in the Mortgage Pool by the Depositor of
      the
      Subsequent Mortgage Loans identified on the Mortgage Loan Schedule attached
      to
      the related Subsequent Transfer Agreement shall be absolute and is intended
      by
      the Depositor, the Master Servicer, the Trustee and the Certificateholders
      to
      constitute and to be treated as a sale of the Subsequent Mortgage Loans by
      the
      Depositor to the Trust Fund. The related Mortgage File for each Subsequent
      Mortgage Loan shall be delivered to the Trustee at least three Business Days
      prior to the related Subsequent Transfer Date.

     

    The
      purchase price paid by the Trustee from amounts released from the Pre-Funding
      Account shall be one-hundred percent (100%) of the aggregate Stated Principal
      Balance of the Subsequent Mortgage Loans so transferred (as identified on the
      Mortgage Loan Schedule provided by the Depositor). This Agreement shall
      constitute a fixed-price purchase contract in accordance with Section
      860G(a)(3)(A)(ii) of the Code.

     

    (b) The
      Depositor shall transfer and deliver to the Trustee for deposit in the Trust
      the
      Subsequent Mortgage Loans and the other property and rights related thereto
      as
      described in paragraph (a) above, and the Trustee shall release funds from
      the
      Pre-Funding Account only upon the satisfaction of each of the following
      conditions on or prior to the related Subsequent Transfer Date:

     

    (i) the
      Depositor shall have provided the Trustee with a timely Addition
      Notice;

     

    (ii) the
      Depositor shall have delivered to the Trustee a duly executed Subsequent
      Transfer Instrument, which shall include a Mortgage Loan Schedule listing the
      Subsequent Mortgage Loans, and the Master Servicer, in its capacity as Sponsor,
      shall have delivered a computer file containing such Mortgage Loan Schedule
      to
      the Trustee and each Rating Agency at least three Business Days prior to the
      related Subsequent Transfer Date;

     

    
      
        
        

      

      
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    (iii) as
      of
      each Subsequent Transfer Date, as evidenced by delivery of the Subsequent
      Transfer Instrument, substantially in the form of Exhibit S, the Depostior
      shall
      not be insolvent nor shall it have been rendered insolvent by such transfer
      nor
      shall it be aware of any pending insolvency;

     

    (iv) such
      sale
      and transfer shall not result in a material adverse tax consequence to the
      Trust
      Fund or the Certificateholders;

     

    (v) the
      Funding Period shall not have terminated;

     

    (vi) the
      Depositor shall not have selected the Subsequent Mortgage Loans in a manner
      that
      it believed to be adverse to the interests of the Certificateholders or the
      Certificate Insurer;

     

    (vii) the
      Depositor shall have delivered to the Trustee a Subsequent Transfer Instrument
      confirming the satisfaction of the conditions specified in this Section 2.07
      and, pursuant to the Subsequent Transfer Instrument, assigned to the Trustee
      without recourse for the benefit of the Certificateholders and the Certificate
      Insurer all the right, title and interest of the Depositor, in, to and under
      the
      Subsequent Mortgage Loan Purchase Agreement, to the extent of the Subsequent
      Mortgage Loans; and

     

    (viii) the
      Depositor shall have delivered to the Trustee, the Certificate Insurer and
      the
      Underwriters an Opinion of Counsel addressed to the Trustee and the Rating
      Agencies with respect to the transfer of the Subsequent Mortgage Loans
      substantially in the form of the Opinion of Counsel delivered to the Trustee
      on
      the Closing Date regarding the true sale of the Mortgage Loans.

     

    (c) The
      obligation of the Trust Fund to purchase a Subsequent Mortgage Loan on any
      Subsequent Transfer Date is subject to the satisfaction of the conditions set
      forth in paragraph (d) below and the accuracy of the following representations
      and warranties with respect to such Subsequent Mortgage Loan determined as
      of
      the related Subsequent Cut-off Date:

     

    (i) the
      Subsequent Mortgage Loan may not be 30 or more days Delinquent as of the related
      Subsequent Cut-off Date; provided, however that the Subsequent Mortgage Loans
      may have a first payment date occurring on or after the Subsequent Cut-off
      Date
      and, therefore, such Subsequent Mortgage Loans could not have been delinquent
      as
      of the Subsequent Cut-off Date;

     

    (ii) the
      original term to stated maturity of the Subsequent Mortgage Loan will be 360
      months from its first payment date;

     

    (iii) the
      Subsequent Mortgage Loan must be an adjustable-rate, residential mortgage loan
      with a first lien on the related Mortgaged Property;

     

    
      
        
        

      

      
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    (iv) the
      Subsequent Mortgage Loan must have a first payment date occurring prior to
      September 2, 2007;

     

    (v) the
      Subsequent Mortgage Loan must have a maturity date no later than August 1,
      2037;

     

    (vi) no
      Subsequent Mortgage Loan will be a buy-down loan or a New York State “high cost
      loan”;

     

    (vii) the
      Subsequent Mortgage Loan must have a credit score of not less than
      600;

     

    (viii) the
      Subsequent Mortgage Loan must have a Mortgage Rate as of the applicable
      Subsequent Cut-off Date ranging from 5.000% per annum to 15.000% per annum;
      and

     

    (ix) the
      Subsequent Mortgage Loan will have been underwritten in accordance with the
      criteria set forth under “The Mortgage Pool—Underwriting Standards” in the
      Prospectus Supplement.

     

    (d) As
      of the
      related Subsequent Cut-off Date, each group of Subsequent Mortgage Loans will
      satisfy the following criteria: (i) have a weighted average Mortgage Rate
      ranging from 6.500% to 8.000% per annum; (ii) consist of Mortgage Loans with
      prepayment charges representing no less than approximately 50.00% of such
      Subsequent Mortgage Loans; (iii) have a weighted average credit score ranging
      from 680 to 720; (iv) have no more than 60.00% and 40.00% of such Mortgage
      Loans
      concentrated in the state of California and Florida, respectively; (v) have
      no
      less than 65.00% of the Mortgaged Properties securing Mortgage Loans be owner
      occupied; (vi) have no less than 65.00% of the Mortgaged Properties securing
      Mortgage Loans be single family detached and de minimis planned unit
      developments; (vii) have no more than 40.00% of the Mortgage Loans be cash-out
      refinance; (viii) have any of such group of Subsequent Mortgage Loans with
      a
      Loan-to-Value Ratio greater than 80% be covered by a Primary Insurance Policy
      or
      the Radian Lender-Paid PMI Policy; (ix) have no more than 78.00% of the Mortgage
      Loans be Mortgage Loans with an interest only period; and (x) together with
      the
      Mortgage Loans already included in the Trust, have no more than 5.00% of such
      Mortgage Loans (by aggregate Stated Principal Balance as of the Subsequent
      Cut-off Date) secured by Mortgaged Properties located in any one zip
      code.

     

    
      
        
        

      

      
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    (e) Notwithstanding
      the foregoing, any Subsequent Mortgage Loan may be rejected by any Rating Agency
      if the inclusion of any such Subsequent Mortgage Loan would adversely affect
      the
      ratings of any class of Certificates without, in the case of the Class AM
      Certificates, taking the Policy into account. In addition, minor variances
      from
      the characteristics stated in clauses (c) and (d) above will be permitted with
      the consent of the Rating Agencies and the Certificate Insurer so long as there
      are compensating factors. At least one Business Day prior to the related
      Subsequent Transfer Date, the Depositor shall obtain confirmation from each
      Rating Agency which Subsequent Mortgage Loans, if any, shall not be included
      in
      the transfer on the related Subsequent Transfer Date and deliver such
      confirmation to the Trustee and the Master Servicer; provided, however, that
      the
      Master Servicer, in its capacity as Sponsor, shall have delivered to each Rating
      Agency at least three Business Days prior to such Subsequent Transfer Date
      a
      computer file reasonably acceptable to each Rating Agency describing the
      characteristics specified in paragraphs (c) and (d) above.

     

    
      
        
        

      

      
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    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    Section
      3.01. Master
      Servicer to Act as Master Servicer.

     

    The
      Master Servicer shall supervise, or take such actions as are necessary to
      ensure, the servicing and administration of the Mortgage Loans and any REO
      Property in accordance with this Agreement and its normal servicing practices,
      which generally shall conform to the standards (i) of the Servicing Guide,
      if
      Impac Funding Corporation is Master Servicer, or (ii) if Impac Funding
      Corporation is not the Master Servicer, of an institution prudently servicing
      mortgage loans for its own account and shall have full authority to do anything
      it reasonably deems appropriate or desirable in connection with such servicing
      and administration. To the extent consistent with the foregoing, the Master
      Servicer shall waive (or permit a Sub-Servicer to waive) a Prepayment Charge
      only if such waiver would maximize recovery of total proceeds taking into
      account the value of such Prepayment Charge and related Mortgage Loan and doing
      so is standard and customary in servicing mortgage loans similar to the Mortgage
      Loans (including any waiver of a Prepayment Charge in connection with a
      refinancing of a Mortgage Loan that is related to a default or a reasonably
      foreseeable default), and in no event will it waive a Prepayment Charge in
      connection with a refinancing of a Mortgage Loan that is not related to a
      default or a reasonably foreseeable default.

     

    The
      Master Servicer may perform its responsibilities relating to servicing through
      other agents or independent contractors, but shall not thereby be released
      from
      any of its responsibilities as hereinafter set forth. The authority of the
      Master Servicer, in its capacity as master servicer, and any Sub-Servicer acting
      on its behalf, shall include, without limitation, the power to (i) consult
      with
      and advise any Sub-Servicer regarding administration of a related Mortgage
      Loan,
      (ii) approve any recommendation by a Sub-Servicer to foreclose on a related
      Mortgage Loan, (iii) supervise the filing and collection of insurance claims
      and
      take or cause to be taken such actions on behalf of the insured Person
      thereunder as shall be reasonably necessary to prevent the denial of coverage
      thereunder, and (iv) effectuate foreclosure or other conversion of the ownership
      of the Mortgaged Property securing a related Mortgage Loan, including the
      employment of attorneys, the institution of legal proceedings, the collection
      of
      deficiency judgments, the acceptance of compromise proposals, the filing of
      claims under any Insurance Policy and any other matter pertaining to a
      Delinquent Mortgage Loan. The authority of the Master Servicer shall include,
      in
      addition, the power on behalf of the Certificateholders, the Trustee or any
      of
      them to (i) execute and deliver customary consents or waivers and other
      instruments and documents, (ii) consent to transfer of any related Mortgaged
      Property and assumptions of the related Mortgage Notes and Security Instruments
      (in the manner provided in this Agreement) and (iii) collect any Insurance
      Proceeds and Liquidation Proceeds. If permitted under applicable law without
      prejudicing any rights of the Trust Fund with respect to any Mortgage Loan,
      the
      Master Servicer, with such documentation as local law requires, acting in its
      own name, may pursue claims on behalf of the Trust Fund. Without limiting the
      generality of the foregoing, the Master Servicer and any Sub-Servicer acting
      on
      its behalf may, and is hereby authorized, and empowered by the Trustee to,
      execute and deliver, on behalf of itself, the Certificateholders or the Trustee
      or any of them, any instruments of satisfaction, cancellation, partial or full
      release, discharge and all other comparable instruments, with respect to the
      Mortgage Loans, the Insurance Policies and the accounts related thereto, and
      the
      Mortgaged Properties. The Master Servicer may exercise this power in its own
      name or in the name of a Sub-Servicer.

     

    
      
        
        

      

      
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    Subject
      to Section 3.16, the Trustee shall execute, at the written request of the
      Master Servicer, and furnish to the Master Servicer and any Sub-Servicer such
      documents as are necessary or appropriate to enable the Master Servicer or
      any
      Sub-Servicer to carry out their servicing and administrative duties hereunder,
      and the Trustee hereby grants to the Master Servicer a power of attorney to
      carry out such duties. The Trustee shall not be liable for the actions of the
      Master Servicer or any Sub-Servicers under such powers of attorney.

     

    In
      accordance with the standards of the preceding paragraph, the Master Servicer
      shall advance or cause to be advanced funds as necessary for the purpose of
      effecting the payment of taxes and assessments on the Mortgaged Properties,
      which advances shall be reimbursable from related collections from the
      Mortgagors pursuant to Section 3.09, and further as provided in
      Section 3.11; provided that the Master Servicer shall not be obligated to
      make such advance if, in its reasonable good faith judgment, the Master Servicer
      determines that such advance is a Nonrecoverable Advance.

     

    The
      Master Servicer is authorized and empowered by the Trustee, on behalf of the
      Certificateholders and the Trustee, in its own name or in the name of any
      Sub-Servicer, when the Master Servicer or such Sub-Servicer, as the case may
      be,
      believes it is appropriate in its best judgment to register any Mortgage Loan
      on
      the MERS® System, or cause the removal from the registration of any Mortgage
      Loan on the MERS® System, to execute and deliver, on behalf of the Trustee and
      the Certificateholders or any of them, any and all instruments of assignment
      and
      other comparable instruments with respect to such assignment or re-recording
      of
      a Mortgage in the name of MERS, solely as nominee for the Trustee and its
      successors and assigns. Any expenses incurred in connection with the actions
      described in the preceding sentence shall be borne by the Master Servicer in
      accordance with Section 3.17, with no right of reimbursement; provided,
      that if, as a result of MERS discontinuing or becoming unable to continue
      operations in connection with the MERS System, it becomes necessary to remove
      any Mortgage Loan from registration on the MERS System and to arrange for the
      assignment of the related Mortgages to the Trustee, then any related expenses
      shall be reimbursable to the Master Servicer from the Trust Fund.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Master Servicer shall not
      (unless the Mortgagor is in default with respect to the Mortgage Loan or such
      default is, in the judgment of the Master Servicer, reasonably foreseeable)
      make
      or permit any modification, waiver or amendment of any term of any Mortgage
      Loan
      that would (i) effect an exchange or reissuance of such Mortgage Loan under
      Section 1001 of the Code (or Treasury regulations promulgated thereunder)
      or (ii) cause any of REMIC 1, REMIC 2 or REMIC 3 to fail to qualify as a REMIC
      under the Code or become subject to the imposition of any tax on “prohibited
      transactions” or “contributions” after the startup date under the REMIC
      Provisions.

     

    
      
        
        

      

      
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    The
      relationship of the Master Servicer (and of any successor to the Master Servicer
      under this Agreement) to the Trustee under this Agreement is intended by the
      parties to be that of an independent contractor and not that of a joint
      venturer, partner or agent.

     

    Section
      3.02. Sub-Servicing
      Agreements Between Master Servicer and Sub-Servicers.

     

    (a) The
      Master Servicer may enter into Sub-Servicing Agreements with Sub-Servicers
      for
      the servicing and administration of the Mortgage Loans and for the performance
      of any and all other activities of the Master Servicer hereunder; provided,
      however, that such agreements would not result in a withdrawal or a downgrading
      by Standard & Poor's of its rating on any Class of Certificates. Each
      Sub-Servicer shall be either (i) an institution, the accounts of which are
      insured by the FDIC or (ii) another entity that engages in the business of
      originating or servicing mortgage loans comparable to the Mortgage Loans, and
      in
      either case shall be a Freddie Mac or Fannie Mae approved mortgage servicer
      and
      shall be authorized to transact business in the state or states in which the
      related Mortgaged Properties it is to service are situated, if and to the extent
      required by applicable law to enable the Sub-Servicer to perform its obligations
      hereunder and under the Sub-Servicing Agreement. Any Sub-Servicing Agreement
      entered into by the Master Servicer shall include the provision that such
      Agreement may be immediately terminated (x) with cause and without any
      termination fee by any Master Servicer hereunder or (y) without cause in which
      case the Master Servicer shall be responsible for any termination fee or penalty
      resulting therefrom. In addition, each Sub-Servicing Agreement shall provide
      for
      servicing of the Mortgage Loans consistent with the terms of this Agreement.
      The
      Master Servicer and the Sub-Servicers may enter into Sub-Servicing Agreements
      and make amendments to the Sub-Servicing Agreements or enter into different
      forms of Sub-Servicing Agreements providing for, among other things, the
      delegation by the Master Servicer to a Sub-Servicer of additional duties
      regarding the administration of the Mortgage Loans; provided, however, that
      any
      such amendments or different forms shall be consistent with and not violate
      the
      provisions of this Agreement, and that no such amendment or different form
      shall
      be made or entered into which could be reasonably expected to be materially
      adverse to the interests of the Certificate Insurer or Certificateholders,
      without the consent of the Certificate Insurer or the Holders of Certificates
      entitled to at least 51% of the Voting Rights. The parties hereto acknowledge
      that the initial Sub-Servicer shall be Countrywide. 

     

    The
      Master Servicer has entered into a separate Sub-Servicing Agreement with
      Countrywide for the servicing and administration of certain of the Mortgage
      Loans and may enter into additional Sub-Servicing Agreements with other
      Sub-Servicers for the servicing and administration of certain of the Mortgage
      Loans.

     

    (b) As
      part
      of its servicing activities hereunder, the Master Servicer, for the benefit
      of
      the Trustee, the Certificate Insurer and the Certificateholders, shall enforce
      the obligations of each Sub-Servicer under the related Sub-Servicing Agreement.
      The Certificate Insurer may direct the Master Servicer to enforce any remedies
      against a defaulting Sub-Servicer. Such enforcement, including, without
      limitation, the legal prosecution of claims, termination of Sub-Servicing
      Agreements and the pursuit of other appropriate remedies, shall be in such
      form
      and carried out to such an extent and at such time as the Master Servicer,
      in
      its good faith business judgment, would require were it the owner of the
      Mortgage Loans. The Master Servicer shall pay the costs of such enforcement
      at
      its own expense, but shall be reimbursed therefor only (i) from a general
      recovery resulting from such enforcement only to the extent, if any, that such
      recovery exceeds all amounts due in respect of the Mortgage Loan or (ii) from
      a
      specific recovery of costs, expenses or attorneys' fees against the party
      against whom such enforcement is directed.

     

    
      
        
        

      

      
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    (c) [Reserved].

     

    (d) The
      Master Servicer represents that it will cause any Sub-Servicer to accurately
      and
      fully report its borrower credit files to all three credit repositories in
      a
      timely manner.

     

    Section
      3.03. Successor
      Sub-Servicers.

     

    The
      Master Servicer shall be entitled to terminate any Sub-Servicing Agreement
      and
      the rights and obligations of any Sub-Servicer pursuant to any Sub-Servicing
      Agreement in accordance with the terms and conditions of such Sub-Servicing
      Agreement. In the event of termination of any Sub-Servicer, all servicing
      obligations of such Sub-Servicer shall be assumed simultaneously by the Master
      Servicer without any act or deed on the part of such Sub-Servicer or the Master
      Servicer, and the Master Servicer either shall directly service the Mortgage
      Loans or shall enter into a Sub-Servicing Agreement with a successor
      Sub-Servicer which qualifies under Section 3.02.

     

    Section
      3.04. Liability
      of the Master Servicer.

     

    Notwithstanding
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between the Master Servicer and a Sub-Servicer or
      reference to actions taken through a Sub-Servicer or otherwise, the Master
      Servicer shall under all circumstances remain obligated and primarily liable
      to
      the Trustee, the Certificate Insurer and Certificateholders for the servicing
      and administering of the Mortgage Loans and any REO Property in accordance
      with
      the provisions of Article III without diminution of such obligation or liability
      by virtue of such Sub-Servicing Agreements or arrangements or by virtue of
      indemnification from the Sub-Servicer and to the same extent and under the
      same
      terms and conditions as if the Master Servicer alone were servicing and
      administering the Mortgage Loans. For purposes of this Agreement, the Master
      Servicer shall be deemed to have received payments on Mortgage Loans when the
      Sub-Servicer has received such payments. The Master Servicer shall be entitled
      to enter into any agreement with a Sub-Servicer for indemnification of the
      Master Servicer by such Sub-Servicer and nothing contained in this Agreement
      shall be deemed to limit or modify such indemnification.

     

    Section
      3.05. No
      Contractual Relationship Between Sub-Servicers and Trustee or
      Certificateholders.

     

    Any
      Sub-Servicing Agreement that may be entered into and any transactions or
      services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
      as such and not as an originator shall be deemed to be between the Sub-Servicer
      and the Master Servicer alone, and the Trustee and Certificateholders shall
      not
      be deemed parties thereto and shall have no claims, rights, obligations, duties
      or liabilities with respect to the Sub-Servicer except as set forth in
      Section 3.06, 3.17 and 4.03. The Master Servicer (or Sub-Servicers) shall
      be liable for the payment of any franchise taxes which may be assessed by the
      California Franchise Tax Board in connection with the activities of the Trust
      under this Agreement.

     

     

    
      
        
        

      

      
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    Section
      3.06. Assumption
      or Termination of Sub-Servicing Agreements by Trustee.

     

    (a) If
      the
      Trustee or its designee shall assume the master servicing obligations of the
      Master Servicer in accordance with Section 7.02 below, the Trustee, to the
      extent necessary to permit the Trustee to carry out the provisions of
      Section 7.02 with respect to the Mortgage Loans, shall succeed to all of
      the rights and obligations of the Master Servicer under each of the
      Sub-Servicing Agreements. In such event, the Trustee or its designee as the
      successor master servicer shall be deemed to have assumed all of the Master
      Servicer's rights and obligations therein and to have replaced the Master
      Servicer as a party to such Sub-Servicing Agreements to the same extent as
      if
      such Sub-Servicing Agreements had been assigned to the Trustee or its designee
      as a successor master servicer, except that the Trustee or its designee as
      a
      successor master servicer shall not be deemed to have assumed any obligations
      or
      liabilities of the Master Servicer arising prior to such assumption (other
      than
      the obligation to make any Advances hereunder) and the Master Servicer shall
      not
      thereby be relieved of any liability or obligations under such Sub-Servicing
      Agreements arising prior to such assumption. Nothing in the foregoing shall
      be
      deemed to entitle the Trustee or its designee as a successor master servicer
      at
      any time to receive any portion of the servicing compensation provided under
      Section 3.17 except for such portion as the Master Servicer would be
      entitled to receive.

     

    (b) In
      the
      event that the Trustee or its designee as successor master servicer for the
      Trustee assumes the servicing obligations of the Master Servicer under
      Section 7.02, upon the reasonable request of the Trustee or such designee
      as successor master servicer the Master Servicer shall at its own expense
      deliver to the Trustee, or at its written request to such designee, photocopies
      of all documents, files and records, electronic or otherwise, relating to the
      Sub-Servicing Agreements and the related Mortgage Loans or REO Property then
      being serviced and an accounting of amounts collected and held by it, if any,
      and will otherwise cooperate and use its reasonable efforts to effect the
      orderly and efficient transfer of the Sub-Servicing Agreements, or
      responsibilities hereunder to the Trustee, or at its written request to such
      designee as successor master servicer.

     

    Section
      3.07. Collection
      of Certain Mortgage Loan Payments.

     

    (a) The
      Master Servicer will coordinate and monitor remittances by Sub-Servicers to
      the
      Master Servicer with respect to the Mortgage Loans in accordance with this
      Agreement.

     

    (b) The
      Master Servicer shall make reasonable efforts to collect or cause to be
      collected all payments required under the terms and provisions of the Mortgage
      Loans and shall follow, and use reasonable efforts to cause each Sub-Servicer
      to
      follow, collection procedures comparable to the collection procedures of prudent
      mortgage lenders servicing mortgage loans for their own account to the extent
      such procedures shall be consistent with this Agreement. Consistent with the
      foregoing, the Master Servicer may in its discretion (i) waive or permit to
      be
      waived any late payment charge, assumption fee, or any penalty interest in
      connection with the prepayment of a Mortgage Loan and (ii) suspend or reduce,
      or
      permit to be suspended or reduced, regular monthly payments for a period of
      up
      to six months, or arrange or permit an arrangement with a Mortgagor for a
      scheduled liquidation of delinquencies. In the event the Master Servicer shall
      consent to the deferment of the due dates for payments due on a Mortgage Note,
      the Master Servicer shall nonetheless make an Advance or shall cause the related
      Sub-Servicer to make an Advance to the same extent as if such installment were
      due, owing and delinquent and had not been deferred through liquidation of
      the
      Mortgaged Property; provided,
      however,
      that
      the obligation of the Master Servicer or related Sub-Servicer to make an Advance
      shall apply only to the extent that such Advances are not Nonrecoverable
      Advances.

     

    
      
        
        

      

      
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    (c) On
      each
      Determination Date, with respect to each Mortgage Loan for which during the
      related Prepayment Period the Master Servicer has determined that all amounts
      which it expects to recover from or on account of each such Mortgage Loan have
      been recovered and that no further Liquidation Proceeds will be received in
      connection therewith, the Master Servicer shall provide to the Trustee a
      certificate of a Servicing Officer that such Mortgage Loan has become a
      Liquidated Mortgage Loan in a Cash Liquidation or REO Disposition.

     

    The
      Master Servicer shall make reasonable efforts to collect all payments called
      for
      under the terms and provisions of the Mortgage Loans, and shall, to the extent
      such procedures shall be consistent with this Agreement and the terms and
      provisions of any related Insurance Policy, follow such collection procedures
      as
      it would follow with respect to mortgage loans comparable to the Mortgage Loans
      and held for its own account. The Master Servicer shall not be required to
      institute or join in litigation with respect to collection of any payment
      (whether under a Mortgage, Mortgage Note, Primary Hazard Insurance Policy or
      otherwise or against any public or governmental authority with respect to a
      taking or condemnation) if it reasonably believes that it is prohibited by
      applicable law from enforcing the provision of the Mortgage or other instrument
      pursuant to which such payment is required. The Master Servicer shall be
      responsible for preparing and distributing all information statements relating
      to payments on the Mortgage Loans, in accordance with all applicable federal
      and
      state tax laws and regulations.

     

    Section
      3.08. Sub-Servicing
      Accounts.

     

    In
      those
      cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
      Sub-Servicing Agreement, the Sub-Servicer will be required to establish and
      maintain one or more accounts (collectively, the “Sub-Servicing Account”). The
      Sub-Servicing Account shall be an Eligible Account and shall otherwise be
      acceptable to the Master Servicer. All amounts held in a Sub-Servicing Account
      shall be held in trust for the Trustee for the benefit of the Certificateholders
      and the Certificate Insurer. Any investment of funds held in such an account
      shall be in Permitted Investments maturing not later than the Business Day
      immediately preceding the next Sub-Servicer Remittance Date. The Sub-Servicer
      will be required to deposit into the Sub-Servicing Account no later than two
      Business Days after receipt all proceeds of Mortgage Loans received by the
      Sub-Servicer, less its servicing compensation and any unreimbursed expenses
      and
      advances, to the extent permitted by the Sub-Servicing Agreement. On each
      Sub-Servicer Remittance Date the Sub-Servicer will be required to remit to
      the
      Master Servicer for deposit in the Custodial Account all funds held in the
      Sub-Servicing Account with respect to any Mortgage Loan as of the Sub-Servicer
      Remittance Date, after deducting from such remittance an amount equal to the
      servicing compensation (including interest on Permitted Investments) and
      unreimbursed expenses and advances to which it is then entitled pursuant to
      the
      related Sub-Servicing Agreement, to the extent not previously paid to or
      retained by it. In addition, on each Sub-Servicer Remittance Date the
      Sub-Servicer will be required to remit to the Master Servicer any amounts
      required to be advanced pursuant to the related Sub-Servicing Agreement. The
      Sub-Servicer will also be required to remit to the Master Servicer, within
      five
      Business Days of receipt, the proceeds of any Principal Prepayment made by
      the
      Mortgagor, and, on each Sub-Servicer Remittance Date, the amount of any
      Insurance Proceeds or Liquidation Proceeds received during the related
      Prepayment Period.

     

     

    
      
        
        

      

      
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    Section
      3.09. Collection
      of Taxes, Assessments and Similar Items; Servicing Accounts.

     

    The
      Master Servicer and the Sub-Servicers shall establish and maintain one or more
      accounts (the “Servicing Accounts”), and shall deposit and retain therein all
      collections from the Mortgagors (or related advances from Sub-Servicers) for
      the
      payment of taxes, assessments, Primary Hazard Insurance Policy premiums, and
      comparable items for the account of the Mortgagors, to the extent that the
      Master Servicer customarily escrows for such amounts. Withdrawals of amounts
      so
      collected from a Servicing Account may be made only to (i) effect payment of
      taxes, assessments, Primary Hazard Insurance Policy premiums and comparable
      items; (ii) reimburse the Master Servicer (or a Sub-Servicer to the extent
      provided in the related Sub-Servicing Agreement) out of related collections
      for
      any payments made pursuant to Sections 3.01 (with respect to taxes and
      assessments), and 3.13 (with respect to Primary Hazard Insurance Policies);
      (iii) refund to Mortgagors any sums as may be determined to be overages; (iv)
      payment of investment income to the extent provided in the mortgage loan
      documentation or (v) clear and terminate the Servicing Account at the
      termination of this Agreement pursuant to Section 9.01. As part of its
      servicing duties, the Master Servicer or Sub-Servicers shall, if and to the
      extent required by law, pay to the Mortgagors interest on funds in Servicing
      Accounts from its or their own funds, without any reimbursement
      therefor.

     

    Section
      3.10. Custodial
      Account.

     

    (a) The
      Master Servicer shall establish and maintain one or more accounts (collectively,
      the “Custodial Account”) in which the Master Servicer shall deposit or cause to
      be deposited on a daily basis, or as and when received from and identified
      by
      the Sub-Servicers, the following payments and collections received or made
      by or
      on behalf of it subsequent to the Cut-off Date with respect to the the Initial
      Mortgage Loans, or the related Subsequent Cut-off Date with respect to the
      Subsequent Mortgage Loans, or payments received by it prior to the Cut-off
      Date
      but allocable to a period subsequent thereto (other than in respect of principal
      and interest on the Mortgage Loans due on or before the Cut-off
      Date):

     

    (i) all
      payments (including advances by a Sub-Servicer) on account of principal,
      including Principal Prepayments, on the Mortgage Loans;

     

    (ii) all
      payments (including advances by a Sub-Servicer) on account of interest on the
      Mortgage Loans, net of any portion thereof retained by the Master Servicer
      or
      any Sub-Servicer as Servicing Fees;

     

    (iii) all
      Insurance Proceeds, other than proceeds that represent reimbursement of costs
      and expenses incurred by the Master Servicer or any Sub-Servicer in connection
      with presenting claims under the related Insurance Policies, Liquidation
      Proceeds and REO Proceeds;

     

    
      
        
        

      

      
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    (iv) all
      proceeds of any Mortgage Loan or REO Property repurchased or purchased in
      accordance with Sections 2.02, 2.04, 3.14, 3.27 or 9.01; and all amounts
      required to be deposited in connection with the substitution of a Qualified
      Substitute Mortgage Loan pursuant to Section 2.04; and

     

    (v) any
      amounts required to be deposited pursuant to Sections 3.12, 3.13, 3.15 or
      3.22.

     

    The
      foregoing requirements for deposit in the Custodial Account shall be exclusive.
      In the event the Master Servicer shall deposit in the Custodial Account any
      amount not required to be deposited therein, it may withdraw such amount from
      the Custodial Account, any provision herein to the contrary notwithstanding.
      The
      Custodial Account shall be maintained as a segregated account, separate and
      apart from trust funds created for mortgage pass-through certificates of other
      series, and the other accounts of the Master Servicer.

     

    (b) Funds
      in
      the Custodial Account may be invested in Permitted Investments in accordance
      with the provisions set forth in Section 3.12. The Master Servicer shall
      give notice to the Trustee and the Depositor of the location of the Custodial
      Account after any change thereof.

     

    Section
      3.11. Permitted
      Withdrawals From the Custodial Account.

     

    The
      Master Servicer may, from time to time as provided herein, make withdrawals
      from
      the Custodial Account of amounts on deposit therein pursuant to
      Section 3.10 that are attributable to the Mortgage Loans for the following
      purposes:

     

    (i) to
      make
      deposits into the Certificate Account in the amounts and in the manner provided
      for in Section 4.01;

     

    (ii) to
      pay to
      itself, the Depositor, the Sponsor or any other appropriate person, as the
      case
      may be, with respect to each Mortgage Loan that has previously been purchased
      or
      repurchased pursuant to Sections 2.02, 2.04, 3.14, 3.27 or 9.01 all amounts
      received thereon and not yet distributed as of the date of purchase or
      repurchase;

     

    (iii) to
      reimburse itself or any Sub-Servicer for Advances not previously reimbursed,
      the
      Master Servicer's or any Sub-Servicer's right to reimbursement pursuant to
      this
      clause (iii) being limited to amounts received which represent Late Collections
      (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with
      respect to which such Advances were made and as further provided in
      Section 3.15;

     

    (iv) to
      reimburse or pay itself, the Trustee or the Depositor for expenses incurred
      by
      or reimbursable to the Master Servicer, the Trustee or the Depositor pursuant
      to
      Sections 3.22, 6.03, 8.05 or 10.01(g), except as otherwise provided in such
      Sections hereof;

     

    
      
        
        

      

      
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    (v) to
      reimburse itself or any Sub-Servicer for costs and expenses incurred by or
      reimbursable to it relating to the prosecution of any claims pursuant to
      Section 3.13 that are in excess of the amounts so recovered;

     

    (vi) to
      reimburse itself or any Sub-Servicer for unpaid Master Servicing Fees,
      Sub-Servicing Fees and unreimbursed Servicing Advances, the Master Servicer's
      or
      any Sub-Servicer's right to reimbursement pursuant to this clause (vi) with
      respect to any Mortgage Loan being limited to late recoveries of the payments
      for which such advances were made pursuant to Section 3.01 or
      Section 3.09 and any other related Late Collections and as further provided
      in Section 3.15;

     

    (vii) to
      pay
      itself as servicing compensation (in addition to the Master Servicing Fee and
      Sub-Servicing Fee), on or after each Distribution Date, any interest or
      investment income earned on funds deposited in the Custodial Account for the
      period ending on such Distribution Date;

     

    (viii) to
      reimburse itself
      or
      any Sub-Servicer for any Advance or Servicing Advance
      previously made, after a Realized Loss has been allocated with respect to the
      related Mortgage Loan if the Advance or Servicing Advance was not reimbursed
      pursuant to clauses (iii) and (vi);

     

    (ix) to
      pay
      PMI Insurer the premium under the PMI Insurer Policies;

     

    (x) to
      clear
      and terminate the Custodial Account at the termination of this Agreement
      pursuant to Section 9.01; and

     

    (xi) to
      reimburse itself or any Sub-Servicer from general collections for any Advance
      or
      Servicing Advance made that has been deemed by the Master Servicer to be a
      Nonrecoverable Advance.

     

    The
      Master Servicer shall keep and maintain separate accounting records on a
      Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
      withdrawal from the Custodial Account pursuant to such subclauses (ii) through
      (x). Reconciliations will be prepared for the Custodial Account within 45
      Calendar days after the bank statement cut-off date. All items requiring
      reconciliation will be resolved within 90 calendar days of their original
      identification.

     

    Section
      3.12. Permitted
      Investments.

     

    Any
      institution maintaining the Custodial Account shall at the direction of the
      Master Servicer invest the funds in such account in Permitted Investments,
      each
      of which shall not be sold or disposed of prior to its maturity, nor mature
      later than (i) the Business Day immediately preceding the date on which such
      funds are required to be withdrawn from such account pursuant to this Agreement,
      if a Person other than the Trustee is the obligor thereon, or (ii) the date
      on
      which such funds are required to be withdrawn from such account pursuant to
      this
      Agreement, if the Trustee is the obligor thereon. All income and gain realized
      from any such investment as well as any interest earned on deposits in the
      Custodial Account shall be for the benefit of the Master Servicer. The Master
      Servicer shall deposit in the Custodial Account an amount equal to the amount
      of
      any loss incurred in respect of any such investment immediately upon realization
      of such loss without right of reimbursement.

     

    
      
        
        

      

      
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    The
      Trustee or its Affiliates are permitted to receive additional compensation
      that
      could be deemed to be in the Trustee’s economic self-interest for (i) serving as
      investment adviser, administrator, shareholder servicing agent, custodian or
      sub-custodian with respect to certain of the Permitted Investments, (ii) using
      Affiliates to effect transactions in certain Permitted Investments and (iii)
      effecting transactions in certain Permitted Investments.

     

    Section
      3.13. Maintenance
      of Primary Hazard Insurance. 

     

    The
      Master Servicer shall cause to be maintained for each Mortgage Loan primary
      hazard insurance by a Qualified Insurer or other insurer satisfactory to the
      Rating Agencies with extended coverage on the related Mortgaged Property in
      an
      amount equal to the lesser of (i) 100% of the replacement value of the
      improvements, as determined by the insurance company, on such Mortgaged Property
      and (ii) the unpaid principal balance of the Mortgage Loan. The Master Servicer
      shall also cause to be maintained on property acquired upon foreclosure, or
      deed
      in lieu of foreclosure, of any Mortgage Loan, fire insurance with extended
      coverage in an amount equal to the replacement value of the improvements
      thereon. Any costs incurred in maintaining any insurance described in this
      Section 3.13 (other than any deductible described in the last paragraph
      hereof) shall be recoverable as a Servicing Advance. The Master Servicer shall
      not be obligated to advance any amounts pursuant to this Section 3.13 if,
      in its good faith judgment, the Master Servicer determines that such advance
      would be a Nonrecoverable Advance. Pursuant to Section 3.10, any amounts
      collected by the Master Servicer under any such policies (other than amounts
      to
      be applied to the restoration or repair of the related Mortgaged Property or
      property thus acquired or amounts released to the Mortgagor in accordance with
      the Master Servicer’s normal servicing procedures) shall be deposited in the
      Custodial Account, subject to withdrawal pursuant to Section 3.11. Any cost
      incurred by the Master Servicer in maintaining any such insurance shall not,
      for
      the purpose of calculating monthly distributions to Certificateholders, be
      added
      to the amount owing under the Mortgage Loan, notwithstanding that the terms
      of
      the Mortgage Loan so permit. It is understood and agreed that no earthquake
      or
      other additional insurance is to be required of any Mortgagor or maintained
      on
      property acquired in respect of a Mortgage Loan other than pursuant to such
      applicable laws and regulations as shall at any time be in force and as shall
      require such additional insurance.

     

    The
      Master Servicer shall, or shall cause the related Sub-Servicer to, exercise
      its
      best reasonable efforts to maintain and keep in full force and effect each
      Primary Insurance Policy by a Qualified Insurer, or other insurer satisfactory
      to the Rating Agencies, with respect to each first lien Mortgage Loan as to
      which as of the Cut-Off Date such a Primary Insurance Policy was in effect
      (or,
      in the case of a Qualified Substitute Mortgage Loan, the date of substitution)
      and the original principal amount of the related Mortgage Note exceeded 80%
      of
      the Collateral Value in an amount at least equal to the excess of such original
      principal amount over 75% of such Collateral Value until the principal amount
      of
      any such first lien Mortgage Loan is reduced below 80% of the Collateral Value
      or, based upon a new appraisal, the principal amount of such first lien Mortgage
      Loan represents less than 80% of the new appraised value. The Master Servicer
      shall, or shall cause the related Sub-Servicer to, effect the timely payment
      of
      the premium on each Primary Insurance Policy. The Master Servicer and the
      related Sub-Servicer shall have the power to substitute for any Primary
      Insurance Policy another substantially equivalent policy issued by another
      Qualified Insurer, provided,
      that,
      such
      substitution will not cause the ratings on the Certificates to be downgraded
      or
      withdrawn, as evidenced in writing from each Rating Agency.

     

    
      
        
        

      

      
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    The
      Master Servicer shall cooperate with the PMI Insurer and shall use its best
      efforts to furnish all reasonable aid, evidence and information in the
      possession of the Master Servicer or to which the Master Servicer has access
      with respect to any PMI Mortgage Loan.

     

    In
      the
      event of a default by PMI Insurer under the PMI Insurer Policy (a “Replacement
      Event”), the Master Servicer shall use its best efforts to obtain a substitute
      lender-paid primary mortgage insurance policy (a “Substitute PMI Policy”), with
      the approval of the Certificate Insurer; provided,
      however,
      that
      the Master Servicer shall not be obligated, and shall have no liability for
      failing, to obtain a Substitute PMI Policy unless such Substitute PMI Policy
      can
      be obtained on the following terms and conditions: (i) the Certificates shall
      be
      rated no lower than the rating assigned by each Rating Agency to the
      Certificates immediately prior to such Replacement Event, as evidenced by a
      letter from each Rating Agency addressed to the Depositor, the Master Servicer
      and the Trustee, (ii) the timing and mechanism for drawing on such new
      Substitute PMI Policy shall be reasonably acceptable to the Master Servicer
      and
      the Trustee and (iii) the premiums under the proposed Substitute PMI Policy
      shall not exceed such premiums under the existing PMI Insurer
      Policy.

     

    No
      earthquake or other additional insurance is to be required of any Mortgagor
      or
      maintained on property acquired with respect to a security instrument other
      than
      pursuant to such applicable laws and regulations as shall at any time be in
      force and shall require such additional insurance. When, at the time of
      origination of the Mortgage Loan or at any subsequent time, the Mortgaged
      Property is located in a federally designated special flood hazard area, the
      Master Servicer shall cause with respect to the Mortgage Loans and each REO
      Property flood insurance (to the extent available and in accordance with
      mortgage servicing industry practice) to be maintained. Such flood insurance
      shall cover the Mortgaged Property, including all items taken into account
      in
      arriving at the Collateral Value on which the Mortgage Loan was based, and
      shall
      be in an amount equal to the lesser of (i) the Stated Principal Balance of
      the
      related Mortgage Loan and (ii) the minimum amount required under the terms
      of
      coverage to compensate for any damage or loss on a replacement cost basis,
      but
      not more than the maximum amount of such insurance available for the related
      Mortgaged Property under either the regular or emergency programs of the
      National Flood Insurance Program (assuming that the area in which such Mortgaged
      Property is located is participating in such program). Unless applicable state
      law requires a higher deductible, the deductible on such flood insurance may
      not
      exceed $5,000 in the case of a one- to four-family residence and $25,000 in
      the
      case of a condominium, cooperative or PUD.

     

    In
      the
      event that the Master Servicer shall obtain and maintain a blanket fire
      insurance policy with extended coverage insuring against hazard losses on all
      of
      the Mortgage Loans, it shall conclusively be deemed to have satisfied its
      obligations as set forth in the first two sentences of this Section 3.13,
      it being understood and agreed that such policy may contain a deductible clause,
      in which case the Master Servicer shall, in the event that there shall not
      have
      been maintained on the related Mortgaged Property a policy complying with the
      first two sentences of this Section 3.13 and there shall have been a loss
      which would have been covered by such policy, deposit in the Certificate Account
      from its own funds the amount not otherwise payable under the blanket policy
      because of such deductible clause. Any such deposit by the Master Servicer
      shall
      be made on the Certificate Account Deposit Date next preceding the Distribution
      Date which occurs in the month following the month in which payments under
      any
      such policy would have been deposited in the Custodial Account. Any such deposit
      shall not be deemed Servicing Advances and the Master Servicer shall not be
      entitled to reimbursement therefor. In connection with its activities as
      administrator and servicer of the Mortgage Loans, the Master Servicer agrees
      to
      present, on behalf of itself, the Trustee and Certificateholders, claims under
      any such blanket policy.

     

     

    
      
        
        

      

      
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    Section
      3.14. Enforcement
      of Due-on-Sale Clauses; Assumption Agreements.

     

    The
      Master Servicer will, to the extent it has knowledge of any conveyance or
      prospective conveyance by any Mortgagor of the Mortgaged Property (whether
      by
      absolute conveyance or by contract of sale, and whether or not the Mortgagor
      remains or is to remain liable under the Mortgage Note or the Mortgage),
      exercise or cause to be exercised its rights to accelerate the maturity of
      such
      Mortgage Loan under any “due-on-sale” clause applicable thereto; provided,
      however,
      that
      the Master Servicer shall not exercise any such rights if it reasonably believes
      that it is prohibited by law from doing so. The Master Servicer or the related
      Sub-Servicer may repurchase a Mortgage Loan at the Purchase Price when the
      Master Servicer requires acceleration of the Mortgage Loan, but only if the
      Master Servicer is satisfied, as evidenced by an Officer's Certificate delivered
      to the Trustee, that either (i) such Mortgage Loan is in default or default
      is
      reasonably foreseeable or (ii) if such Mortgage Loan is not in default or
      default is not reasonably foreseeable, such repurchase will have no adverse
      tax
      consequences for the Trust Fund or any Certificateholder. If the Master Servicer
      is unable to enforce such “due-on-sale” clause (as provided in the second
      preceding sentence) or if no “due-on-sale” clause is applicable, the Master
      Servicer or the Sub-Servicer is authorized to enter into an assumption and
      modification agreement with the Person to whom such property has been conveyed
      or is proposed to be conveyed, pursuant to which such Person becomes liable
      under the Mortgage Note and, to the extent permitted by applicable state law,
      the Mortgagor remains liable thereon; provided,
      however,
      that
      the Master Servicer shall not enter into any assumption and modification
      agreement if the coverage provided under the Primary Insurance Policy, if any,
      would be impaired by doing so. The Master Servicer shall notify the Trustee,
      whenever possible, before the completion of such assumption agreement, and
      shall
      forward to the Trustee the original copy of such assumption agreement, which
      copy shall be added by the Trustee to the related Mortgage File and which shall,
      for all purposes, be considered a part of such Mortgage File to the same extent
      as all other documents and instruments constituting a part thereof. In
      connection with any such assumption agreement, the interest rate on the related
      Mortgage Loan shall not be changed and no other material alterations in the
      Mortgage Loan shall be made unless such material alteration would not cause
      any
      of REMIC 1, REMIC 2 or REMIC 3 to fail to qualify as a REMIC for federal income
      tax purposes, as evidenced by an Opinion of Counsel, or cause any such REMIC
      to
      become subject to imposition of tax. The Master Servicer is also authorized
      to
      enter into a substitution of liability agreement with such Person, pursuant
      to
      which the original Mortgagor is released from liability and such Person is
      substituted as the Mortgagor and becomes liable under the Mortgage Note. Any
      fee
      collected by or on behalf of the Master Servicer for entering into an assumption
      or substitution of liability agreement will be retained by or on behalf of
      the
      Master Servicer as additional servicing compensation. In connection with any
      such assumption, no material term of the Mortgage Note (including but not
      limited to the Mortgage Rate, the amount of the Monthly Payment and any other
      term affecting the amount or timing of payment on the Mortgage Loan) may be
      changed. The Master Servicer shall not enter into any substitution or assumption
      if such substitution or assumption shall (i) constitute a “significant
      modification” effecting an exchange or reissuance of such Mortgage Loan under
      the Code (or Treasury regulations promulgated thereunder) or (ii) cause any
      of
      REMIC 1, REMIC 2 or REMIC 3 to fail to qualify as a REMIC under the REMIC
      Provisions or to become subject to the imposition of any tax on “prohibited
      transactions” or “contributions” after the Startup Day under the REMIC
      Provisions. The Master Servicer shall notify the Trustee that any such
      substitution or assumption agreement has been completed and shall forward to
      the
      Trustee the original copy of such substitution or assumption agreement, which
      copy shall be added to the related Mortgage File and shall, for all purposes,
      be
      considered a part of such Mortgage File to the same extent as all other
      documents and instruments constituting a part thereof. A portion equal to up
      to
      2% of the Collateral Value of the related Mortgage Loan, of any fee or
      additional interest collected by the related Sub-Servicer for consenting in
      any
      such conveyance or entering into any such assumption agreement may be retained
      by the related Sub-Servicer as additional servicing compensation.

     

    
      
        
        

      

      
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    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Master
      Servicer shall not be deemed to be in default, breach or any other violation
      of
      its obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or any assumption that the Master Servicer may be restricted
      by
      law from preventing, for any reason whatsoever. For purposes of this
      Section 3.14, the term “assumption” is deemed to also include a sale of a
      Mortgaged Property that is not accompanied by an assumption or substitution
      of
      liability agreement.

     

    Section
      3.15. Realization
      Upon Defaulted Mortgage Loans.

     

    The
      Master Servicer shall exercise reasonable efforts, consistent with the
      procedures that the Master Servicer would use in servicing loans for its own
      account, to foreclose upon or otherwise comparably convert (which may include
      an
      REO Acquisition) the ownership of properties securing such of the Mortgage
      Loans
      as come into and continue in default and as to which no satisfactory
      arrangements can be made for collection of delinquent payments pursuant to
      Section 3.07, and which are not released from the Trust Fund pursuant to
      any other provision hereof. The Master Servicer shall use reasonable efforts
      to
      realize proceeds from such defaulted Mortgage Loans in such manner (including
      short sales and passing through to the Trust Fund less than the full amount
      it
      expects to receive from the related Mortgage Loan) as will maximize the receipt
      of principal and interest by Certificateholders, taking into account, among
      other things, the timing of foreclosure proceedings. The foregoing is subject
      to
      the provisions that, in any case in which Mortgaged Property shall have suffered
      damage from an Uninsured Cause, the Master Servicer shall not be required to
      expend its own funds toward the restoration of such property unless it shall
      determine in its sole discretion (i) that such restoration will increase the
      net
      proceeds of liquidation of the related Mortgage Loan to Certificateholders
      and
      the Certificate Insurer after reimbursement to itself for such expenses, and
      (ii) that such expenses will be recoverable by the Master Servicer through
      Insurance Proceeds or Liquidation Proceeds from the related Mortgaged Property,
      as contemplated in Section 3.11. The Master Servicer shall be responsible
      for all other costs and expenses incurred by it in any such proceedings;
provided,
      however,
      that it
      shall be entitled to reimbursement thereof from the related property, as
      contemplated in Section 3.11.

     

    
      
        
        

      

      
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    The
      proceeds of any Cash Liquidation or REO Disposition, as well as any recovery
      resulting from a partial collection of Insurance Proceeds or Liquidation
      Proceeds or any income from an REO Property, will be deposited into the
      Custodial Account and applied in the following order of priority: first, to
      reimburse the Master Servicer or any Sub-Servicer for any related unreimbursed
      Servicing Advances, pursuant to Section 3.11(vi) or 3.22; second, to
      accrued and unpaid interest on the Mortgage Loan or REO Imputed Interest, at
      the
      Mortgage Rate, to the date of the Cash Liquidation or REO Disposition, or to
      the
      Due Date prior to the Distribution Date on which such amounts are to be
      distributed if not in connection with a Cash Liquidation or REO Disposition;
      and
      third, as a recovery of principal of the Mortgage Loan. If the amount of the
      recovery so allocated to interest is less than a full recovery thereof, that
      amount will be allocated as follows: first, to unpaid Master Servicing Fees
      or
      Sub-Servicing Fees; and second, to interest at the Net Mortgage Rate. The
      portion of the recovery so allocated to unpaid Master Servicing Fees or
      Sub-Servicing Fees shall be reimbursed to the Master Servicer or any
      Sub-Servicer pursuant to Section 3.11(vi). The portions of the recovery so
      allocated to interest at the Net Mortgage Rate and to principal of the Mortgage
      Loan shall be applied as follows: first, to reimburse the Master Servicer or
      any
      Sub-Servicer for any related unreimbursed Advances in accordance with
      Section 3.11(iii) or 3.22, second, payment to the PMI Insurer in accordance
      with Sections 3.11(ix) and third, for payment to the Trustee and distribution
      to
      the Certificateholders in accordance with the provisions of Section 4.01,
      subject to Section 3.22 with respect to certain recoveries from an REO
      Disposition constituting Excess Proceeds. To the extent the Master Servicer
      receives additional recoveries following a Cash Liquidation, the amount of
      the
      Realized Loss will be restated, and the additional recoveries will be passed
      through the Trust Fund as Liquidation Proceeds.

     

    The
      Master Servicer, on behalf of the Trust, may also, in its discretion, as an
      alternative to foreclosure, sell defaulted Mortgage Loans at fair market value
      to third-parties, if the Master Servicer reasonably believes that such sale
      would maximize proceeds to the Certificateholders in the aggregate (on a present
      value basis) with respect to that Mortgage Loan.

     

    Section
      3.16. Trustee
      to Cooperate; Release of Mortgage Files.

     

    Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Master Servicer
      of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Master Servicer will immediately notify the Trustee by a
      certification (which certification shall include a statement to the effect
      that
      all amounts received or to be received in connection with such payment which
      are
      required to be deposited in the Custodial Account pursuant to Section 3.10
      have been or will be so deposited) of a Servicing Officer and shall request
      delivery to it of the Mortgage File in the form of the Request for Release
      attached hereto as Exhibit F-2. Upon receipt by the Trustee of such
      certification and request, the Trustee shall promptly release the related
      Mortgage File to the Master Servicer. Subject to the receipt by the Master
      Servicer of the proceeds of such payment in full and the payment of all related
      fees and expenses, the Master Servicer shall arrange for the release to the
      Mortgagor of the original canceled Mortgage Note. In connection with the
      satisfaction of any MOM Loan, the Master Servicer is authorized to cause the
      removal from the registration on the MERS® System of such Mortgage. All other
      documents in the Mortgage File shall be retained by the Master Servicer to
      the
      extent required by applicable law. The Master Servicer shall provide for
      preparation of the appropriate instrument of satisfaction covering any Mortgage
      Loan which pays in full and the Trustee shall cooperate in the execution and
      return of such instrument to provide for its delivery or recording as may be
      required. No expenses incurred in connection with any instrument of satisfaction
      or deed of reconveyance shall be chargeable to the Custodial Account or the
      Certificate Account.

     

    
      
        
        

      

      
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    From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loan, the Trustee shall, upon request of the Master
      Servicer and delivery to the Trustee of a Request for Release in the form
      attached hereto as Exhibit F-1, release the related Mortgage File to the Master
      Servicer and the Trustee shall execute such documents as the Master Servicer
      shall prepare and request as being necessary to the prosecution of any such
      proceedings. Such Request for Release shall obligate the Master Servicer to
      return each document previously requested from the Mortgage File to the Trustee
      when the need therefor by the Master Servicer no longer exists; and in any
      event
      within 21 days of the Master Servicer's receipt thereof, unless the Mortgage
      Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage
      Loan have been deposited in the Custodial Account or the Mortgage File or such
      document has been delivered to an attorney, or to a public trustee or other
      public official as required by law, for purposes of initiating or pursuing
      legal
      action or other proceedings for the foreclosure of the Mortgaged Property either
      judicially or non-judicially, and the Master Servicer has delivered to the
      Trustee a certificate of a Servicing Officer certifying as to the name and
      address of the Person to which such Mortgage File or such document was delivered
      and the purpose or purposes of such delivery. Upon receipt of a Request for
      Release stating that such Mortgage Loan was liquidated and that all amounts
      received or to be received in connection with such liquidation which are
      required to be deposited into the Custodial Account have been or will be so
      deposited, or that such Mortgage Loan has become an REO Property, a copy of
      the
      Request for Release shall be released by the Trustee to the Master
      Servicer.

     

    Upon
      written request of a Servicing Officer, the Trustee shall execute and deliver
      to
      the Master Servicer any court pleadings, requests for trustee’s sale or other
      documents prepared by the Master Servicer that are necessary to the foreclosure
      or trustee’s sale in respect of a Mortgaged Property or to any legal action
      brought to obtain judgment against any Mortgagor on the Mortgage Note or
      Mortgage or to obtain a deficiency judgment, or to enforce any other remedies
      or
      rights provided by the Mortgage Note or Mortgage or otherwise available at
      law
      or in equity. Each such request that such pleadings or documents be executed
      by
      the Trustee shall include a certification signed by a Servicing Officer as
      to
      the reason such documents or pleadings are required and that the execution
      and
      delivery thereof by the Trustee will not invalidate or otherwise affect the
      lien
      of the Mortgage, except for the termination of such a lien upon completion
      of
      the foreclosure or trustee’s sale.

     

    Section
      3.17. Servicing
      Compensation.

     

    As
      compensation for its activities hereunder, the Master Servicer shall be entitled
      to withhold and retain, from deposits to the Custodial Account of amounts
      representing payments or recoveries of interest, the Master Servicing Fees
      and
      Sub-Servicing Fees with respect to each Mortgage Loan (less any portion of
      such
      amounts retained by any Sub-Servicer). In addition, the Master Servicer shall
      be
      entitled to recover unpaid Master Servicing Fees and Sub-Servicing Fees out
      of
      related Late Collections to the extent permitted in
      Section 3.11.

     

    
      
        
        

      

      
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    Each
      Sub-Servicing Agreement shall permit the related Sub-Servicer to retain the
      Sub-Servicer Fees from collections on the related Mortgage Loans, or shall
      provide that the Sub-Servicer be paid directly by the Master Servicer from
      collections on the related Mortgage Loans. To the extent the Master Servicer
      directly services a Mortgage Loan, the Master Servicer shall be entitled to
      retain the Sub-Servicing Fees for that Mortgage Loan.

     

    The
      Master Servicer also shall be entitled pursuant to Section 3.11 to receive
      from the Custodial Account as additional servicing compensation interest or
      other income earned on deposits therein, subject to Section 3.23, as well
      as any assumption fees, late payment charges and reconveyance fees. The Master
      Servicer shall not be entitled to retain any Prepayment Charges. Any Prepayment
      Charges identified on Exhibit H hereto as belonging to the Class P
      Certificateholder shall be paid to the Holders of the Class P Certificates.
      Any
      Prepayment Charges identified on Exhibit H hereto as belonging to a Sub-Servicer
      shall be paid to the related Sub-Servicer. The Master Servicer shall be required
      to pay all expenses incurred by it in connection with its servicing activities
      hereunder (including payment of the premiums for any blanket policy insuring
      against hazard losses pursuant to Section 3.13 and servicing compensation
      of the Sub-Servicer to the extent not retained by it), and shall not be entitled
      to reimbursement therefor except as specifically provided in Section 3.11.
      The Master Servicing Fee may not be transferred in whole or in part except
      in
      connection with the transfer of all of the Master Servicer's responsibilities
      and obligations under this Agreement.

     

    Section
      3.18. Maintenance
      of Certain Servicing Policies.

     

    The
      Master Servicer shall obtain and maintain at its own expense and shall cause
      each Sub-Servicer to obtain and maintain for the duration of this Agreement
      a
      blanket fidelity bond and an errors and omissions insurance policy covering
      the
      Master Servicer's and such Sub-Servicer's officers, employees and other persons
      acting on its behalf in connection with its activities under this Agreement.
      The
      amount of coverage shall be at least equal to the coverage maintained by the
      Master Servicer or Sub-Servicer in order to be acceptable to Fannie Mae or
      Freddie Mac to service loans for it or otherwise in an amount as is commercially
      available at a cost that is generally not regarded as excessive by industry
      standards. The Master Servicer shall promptly notify the Trustee in writing
      of
      any material change in the terms of such bond or policy. The Master Servicer
      shall provide annually to the Trustee a certificate of insurance that such
      bond
      and policy are in effect. If any such bond or policy ceases to be in effect,
      the
      Master Servicer shall, to the extent possible, give the Trustee ten days' notice
      prior to any such cessation and shall use its reasonable best efforts to obtain
      a comparable replacement bond or policy, as the case may be.

     

    Section
      3.19. Annual
      Statement as to Compliance.

     

    Not
      later
      than March 22nd of each calendar year beginning in 2008, the Master Servicer
      at
      its own expense shall deliver to the Trustee via
      e-mail (DBSEC.Notifications@db.com),
      and
      shall deliver (or otherwise make available) to the Certificate Insurer, a
      certificate (an “Annual Statement of Compliance”) signed by a Servicing Officer
      stating, as to the signers thereof, that (i) a review of the activities of
      the
      Master Servicer during the preceding calendar year and of performance under
      this
      Agreement or other applicable servicing agreement has been made under such
      officers’ supervision, (ii) to the best of such officers’ knowledge, based on
      such review, the Master Servicer has fulfilled all its obligations under this
      Agreement or other applicable servicing agreement in all material respects
      for
      such year or portion thereof, or, if there has been a failure to fulfill any
      such obligation in any material respect, specifying each such failure known
      to
      such officer and the nature and status thereof. Such Annual Statement of
      Compliance shall contain no restrictions or limitations on its use. In the
      event
      that the Master Servicer has delegated any servicing responsibilities with
      respect to the Mortgage Loans to a Sub-Servicer, the Master Servicer shall
      deliver a similar Annual Statement of Compliance by that Sub-Servicer to the
      Trustee and the Certificate Insurer as described above as and when required
      with
      respect to the Master Servicer.

     

    
      
        
        

      

      
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    Failure
      of the Master Servicer to timely comply with this Section 3.19 shall be
      deemed an Event of Default, and the Trustee may, in addition to whatever rights
      the Trustee may have under this Agreement and at law or equity or to damages,
      including injunctive relief and specific performance, upon notice immediately
      terminate all the rights and obligations of the Master Servicer under this
      Agreement and in and to the Mortgage Loans and the proceeds thereof without
      compensating the Master Servicer for the same. This paragraph shall supersede
      any other provision in this Agreement or any other agreement to the
      contrary.

     

    Section
      3.20. Assessments
      of Compliance and Attestation Reports.

     

    Pursuant
      to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(a) of Regulation
      AB, the Master Servicer shall deliver to the Trustee via e-mail (DBSEC.Notifications@db.com)
      and
      shall deliver (or otherwise make available) to the Certificate Insurer on or
      before March 22nd of each calendar year beginning in 2008, a report regarding
      the Master Servicer’s assessment of compliance (an “Assessment of Compliance”)
      with the applicable Servicing Criteria (as set forth in Exhibit N) during the
      preceding calendar year. The Assessment of Compliance must contain the
      following:

     

    (a) A
      statement by such officer of its responsibility for assessing compliance with
      the Servicing Criteria applicable to the Master Servicer;

     

    (b) A
      statement by such officer that such officer used the Servicing Criteria, and
      which will also be attached to the Assessment of Compliance, to assess
      compliance with the Servicing Criteria applicable to the Master
      Servicer;

     

    (c) An
      assessment by such officer of the Master Servicer’s compliance with the
      applicable Servicing Criteria for the period consisting of the preceding
      calendar year, including disclosure of any material instance of noncompliance
      with respect thereto during such period, which assessment shall be based on
      the
      activities it performs with respect to asset-backed securities transactions
      taken as a whole involving the Master Servicer, that are backed by the same
      asset type as the Mortgage Loans;

     

    
      
        
        

      

      
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    (d) A
      statement that a registered public accounting firm has issued an attestation
      report on the Master Servicer’s Assessment of Compliance for the period
      consisting of the preceding calendar year; and

     

    (e) A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      the Master Servicer, which statement shall be based on the activities it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Master Servicer, that are backed by the same asset type as the
      Mortgage Loans.

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on
      Exhibit N hereto which are indicated as applicable to the Master
      Servicer.

     

    On
      or
      before March 22nd of each calendar year beginning in 2008, the Master Servicer
      shall furnish to the Trustee and the Certificate Insurer a report (an
“Attestation Report”) by a registered public accounting firm that attests to,
      and reports on, the Assessment of Compliance made by the Master Servicer, as
      required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of
      Regulation AB, which Attestation Report must be made in accordance with
      standards for attestation reports issued or adopted by the Public Company
      Accounting Oversight Board.

     

    The
      Master Servicer shall cause any Sub-Servicer and each subcontractor determined
      by the Master Servicer to be “participating in the servicing function” within
      the meaning of Item 1122 of Regulation AB, to deliver to the Trustee, the
      Certificate Insurer and the Depositor an Assessment of Compliance and
      Attestation Report as and when provided above.

     

    Such
      Assessment of Compliance, as to any Sub-Servicer, shall address each of the
      Servicing Criteria applicable to the Sub-Servicer. Notwithstanding the
      foregoing, as to any subcontractor determined by the Master Servicer to be
      “participating in the servicing function,” an Assessment of Compliance is not
      required to be delivered unless it is required as part of a Form 10-K with
      respect to the Trust Fund.

     

    Failure
      of the Master Servicer to timely comply with this Section 3.20 (taking into
      account the cure period if permitted as set forth in the preceding paragraph)
      shall be deemed an Event of Default, and the Trustee may, in addition to
      whatever rights the Trustee may have under this Agreement and at law or equity
      or to damages, including injunctive relief and specific performance, give notice
      to Certificateholders that they have ten Business Days to object. If no such
      objection is received, the Trustee shall immediately terminate all the rights
      and obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same (other than as provided herein with respect to unreimbursed
      Advances or Servicing Advances or accrued and unpaid Servicing Fees). This
      paragraph shall supercede any other provision in this Agreement or any other
      agreement to the contrary.

     

    The
      Trustee shall also provide an Assessment of Compliance (with respect to items
      (a) - (d) but not (e) above) and Attestation Report, as and when provided above,
      which shall at a minimum address each of the Servicing Criteria specified on
      Exhibit N hereto which are indicated as applicable to the “trustee”.
      Notwithstanding the foregoing, as to any trustee, an Assessment of Compliance
      is
      not required to be delivered unless it is required as part of a Form 10-K with
      respect to the Trust Fund.

     

     

    
      
        
        

      

      
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    Section
      3.21. Access
      to
      Certain Documentation.

     

    The
      Master Servicer shall provide, and shall cause any Sub-Servicer to provide,
      to
      the Trustee and the Certificate Insurer, access to the documentation in their
      possession regarding the related Mortgage Loans and REO Properties and to the
      Certificateholders, the FDIC, and the supervisory agents and examiners of the
      FDIC (to which the Trustee shall also provide) access to the documentation
      regarding the related Mortgage Loans required by applicable regulations, such
      access being afforded without charge but only upon reasonable request and during
      normal business hours at the offices of the Master Servicer or the Sub-Servicers
      that are designated by these entities; provided,
      however,
      that,
      unless otherwise required by law, the Trustee, the Master Servicer or the
      Sub-Servicer shall not be required to provide access to such documentation
      if
      the provision thereof would violate the legal right to privacy of any Mortgagor.
      The Master Servicer and the Sub-Servicers shall allow representatives of the
      above entities to photocopy any of the documentation and shall provide equipment
      for that purpose at a charge that covers their own actual out-of-pocket costs.
      The Master Servicer shall designate a Servicing Officer to provide certain
      information regarding the Mortgage Loans.

     

    Section
      3.22. Title,
      Conservation and Disposition of REO Property.

     

    This
      Section shall apply only to REO Properties acquired for the account of
      REMIC 1 and shall not apply to any REO Property relating to a Mortgage Loan
      which was purchased or repurchased from REMIC 1 pursuant to Sections 2.02,
      2.04,
      3.14 or 3.27. In the event that title to any such REO Property is acquired,
      the
      deed or certificate of sale shall be issued to the Trustee, or to its nominee,
      on behalf of the Certificateholders. The Master Servicer, on behalf of REMIC
      1,
      shall either sell any REO Property before the close of the third taxable year
      following the taxable year in which REMIC 1 acquires ownership of such REO
      Property for purposes of Section 860G(a)(8) of the Code or, at the expense
      of REMIC 1, request, more than 60 days before the day on which the three-year
      grace period would otherwise expire an extension of the three-year grace period,
      unless the Master Servicer has delivered to the Trustee and the Certificate
      Insurer an Opinion of Counsel (which shall not be at the expense of the Trustee
      or the Certificate Insurer), addressed to the Trustee, the Certificate Insurer
      and the Master Servicer, to the effect that the holding by REMIC 1 of such
      REO
      Property subsequent to the close of the third taxable year following the taxable
      year in which REMIC 1 acquires ownership of such REO Property will not result
      in
      the imposition on REMIC 1 of taxes on “prohibited transactions” thereof, as
      defined in Section 860F of the Code, or cause any of REMIC 1, REMIC 2 or
      REMIC 3 to fail to qualify as a REMIC under the REMIC Provisions or comparable
      provisions of the laws of the State of California at any time that any
      Certificates are outstanding. The Master Servicer shall manage, conserve,
      protect and operate each REO Property for the Certificateholders solely for
      the
      purpose of its prompt disposition and sale in a manner which does not cause
      such
      REO Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) or result in the receipt by any of REMIC 1, REMIC 2 or
      REMIC 3 of any “income from non-permitted assets” within the meaning of
      Section 860F(a)(2)(B) of the Code or any “net income from foreclosure
      property” which is subject to taxation under the REMIC Provisions. Pursuant to
      its efforts to sell such REO Property, the Master Servicer shall either itself
      or through an agent selected by the Master Servicer protect and conserve such
      REO Property in the same manner and to such extent as is customary in the
      locality where such REO Property is located and may, incident to its
      conservation and protection of the interests of the Certificateholders, rent
      the
      same, or any part thereof, as the Master Servicer deems to be in the best
      interest of the Certificateholders for the period prior to the sale of such
      REO
      Property.

     

    
      
        
        

      

      
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    Any
      REO
      Disposition shall be for cash only (unless changes in the REMIC Provisions
      made
      subsequent to the Startup Day allow a sale for other
      consideration).

     

    The
      Master Servicer shall segregate and hold all funds collected and received in
      connection with the operation of any REO Property separate and apart from its
      own funds and general assets. The Master Servicer shall deposit, or cause to
      be
      deposited, on a daily basis in the Custodial Account all revenues received
      with
      respect to the REO Properties, net of any directly related expenses incurred
      or
      withdraw therefrom funds necessary for the proper operation, management and
      maintenance of the REO Property.

     

    If
      as of
      the date of acquisition of title to any REO Property there remain outstanding
      unreimbursed Servicing Advances with respect to such REO Property or any
      outstanding Advances allocated thereto the Master Servicer, upon an REO
      Disposition, shall be entitled to reimbursement for any related unreimbursed
      Servicing Advances and any unreimbursed related Advances as well as any unpaid
      Master Servicing Fees or Sub-Servicing Fees from proceeds received in connection
      with the REO Disposition, as further provided in Section 3.15. The Master
      Servicer shall not be obligated to advance any amounts with respect to an REO
      Property if such advance would constitute a Nonrecoverable Advance.

     

    The
      REO
      Disposition shall be carried out by the Master Servicer at such price and upon
      such terms and conditions as the Master Servicer shall determine.

     

    The
      Master Servicer shall deposit the proceeds from the REO Disposition, net of
      any
      payment to the Master Servicer as provided above, in the Custodial Account
      upon
      receipt thereof for distribution in accordance with Section 4.01; provided,
      that any such net proceeds received by the Master Servicer which are in excess
      of the applicable Stated Principal Balance plus all unpaid REO Imputed Interest
      thereon through the last day of the month in which the REO Disposition occurred
      (“Excess Proceeds”) shall be retained by the Master Servicer as additional
      servicing compensation.

     

    With
      respect to any Mortgage Loan as to which the Master Servicer has received notice
      of, or has actual knowledge of, the presence of any toxic or hazardous substance
      on the Mortgaged Property, the Master Servicer shall not, on behalf of the
      Trustee, either (i) obtain title to the related Mortgaged Property as a result
      of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession
      of, the related Mortgaged Property, unless the Master Servicer has, at least
      30
      days prior to taking such action, obtained and delivered to the Trustee an
      environmental audit report prepared by a Person who regularly conducts
      environmental audits using customary industry standards. The Master Servicer
      shall take such action as it deems to be in the best economic interest of the
      Trust Fund (other than proceeding against the Mortgaged Property) and is hereby
      authorized at such time as it deems appropriate to release such Mortgaged
      Property from the lien of the related Mortgage.

     

    
      
        
        

      

      
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    The
      cost
      of the environmental audit report contemplated by this Section 3.22 shall
      be advanced by the Master Servicer as an expense of the Trust Fund, and the
      Master Servicer shall be reimbursed therefor from the Custodial Account as
      provided in Section 3.11, any such right of reimbursement being prior to
      the rights of the Certificateholders to receive any amount in the Custodial
      Account.

     

    If
      the
      Master Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property in compliance with applicable environmental laws, or
      to
      take such action with respect to the containment, clean-up or remediation of
      hazardous substances, hazardous materials, hazardous wastes, or petroleum-based
      materials affecting any such Mortgaged Property, then the Master Servicer shall
      take such action as it deems to be in the best economic interest of the Trust
      Fund. The cost of any such compliance, containment, clean-up or remediation
      shall be advanced by the Master Servicer as an expense of the Trust Fund, and
      the Master Servicer shall be entitled to be reimbursed therefor from the
      Custodial Account as provided in Section 3.11, any such right of
      reimbursement being prior to the rights of the Certificateholders to receive
      any
      amount in the Custodial Account.

     

    Section
      3.23. Additional
      Obligations of the Master Servicer.

     

    On
      each
      Certificate Account Deposit Date, the Master Servicer shall deliver to the
      Trustee for deposit in the Certificate Account from its own funds and without
      any right of reimbursement therefor, a total amount equal to the amount of
      Compensating Interest for the related Distribution Date.

     

    Section
      3.24. Additional
      Obligations of the Depositor.

     

    The
      Depositor agrees that on or prior to the tenth day after the Closing Date,
      the
      Depositor shall provide or shall cause to be provided to the Trustee
information,
      substantially in the form of Exhibit J attached hereto, relating to each Class
      of Certificates, setting forth (i) in the case of each Class of such
      Certificates, (a) if less than 10% of the aggregate Certificate Principal
      Balance of such Class of Certificates has been sold as of such date, the value
      calculated pursuant to clause (b)(iii) of Exhibit J hereto, or, (b) if 10%
      or
      more of such Class of Certificates has been sold as of such date but no single
      price is paid for at least 10% of the aggregate Certificate Principal Balance
      of
      such Class of Certificates, then the weighted average price at which the
      Certificates of such Class were sold and the aggregate percentage of
      Certificates of such Class sold, (c) the first single price at which at least
      10% of the aggregate Certificate Principal Balance of such Class of Certificates
      was sold, or (d) if any Certificates of each Class of Certificates are retained
      by the Depositor or an affiliate corporation, or are delivered to the Sponsor,
      the fair market value of such Certificates as of the Closing Date, (ii) the
      Prepayment Assumption used in pricing the Certificates, and (iii) such other
      information as to matters of fact as the Trustee may reasonably request to
      enable it to comply with its reporting requirements with respect to each Class
      of such Certificates to the extent such information can in the good faith
      judgment of the Depositor be determined by it.

     

     

    
      
        
        

      

      
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    Section
      3.25. Exchange
      Act Reporting.

     

    (a) The
      Trustee (to the extent any information requested by the Depositor is actually
      in
      the possession of the Trustee) and the Master Servicer shall fully cooperate
      with the Depositor in connection with the Trust’s satisfying the reporting
      requirements under the Exchange Act as may be requested by the Depositor
      pursuant to Section 3.26.

     

    (b) (1) Within
      12
      calendar days after each Distribution Date, the Trustee shall, in accordance
      with industry standards, file with the Commission via the Electronic Data
      Gathering and Retrieval System (“EDGAR”), a Distribution Report on Form 10-D,
      signed by the Depositor, with a copy of the monthly statement to be furnished
      by
      the Trustee to the Certificateholders for such Distribution Date. Any disclosure
      in addition to the monthly statement required to be included on the Form 10-D
      (“Additional Form 10-D Disclosure”) shall be determined and prepared by the
      entity that is indicated in Exhibit O as the responsible party for providing
      that information, if other than the Trustee, and the Trustee will have no duty
      or liability to verify the accuracy or sufficiency of any such Additional Form
      10-D Disclosure and the Trustee shall have no liability with respect to any
      failure to properly prepare or file such Form 10-D resulting from or relating
      to
      the Trustee’s inability or failure to obtain any information in a timely manner
      from the party responsible for delivery of such Additional Form 10-D
      Disclosure.

     

    Within
      3
      calendar days after the related Distribution Date, each entity that is indicated
      in Exhibit O as the responsible party for providing Additional Form 10-D
      Disclosure shall be required to provide to the Trustee via e-mail
      (DBSEC.Notifications@db.com) and the Depositor and the Certificate Insurer,
      to
      the extent known by a responsible party thereof, Additional Form 10-D
      Disclosure, if applicable, clearly identifying which item of Form 10-D the
      information relates to, any. The Trustee shall compile the information provided
      to it, prepare the Form 10-D and forward the Form 10-D to the Depositor for
      verification. The Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the Form 10-D. No later than three Business
      Days
      prior to the 10th calendar day after the related Distribution Date, an officer
      of the Depositor shall sign the Form 10-D and return an electronic or fax copy
      of such signed Form 10-D (with an original executed hard copy to follow by
      overnight mail) to the Trustee. The Trustee shall have no liability with respect
      to any failure to properly file any Form 10-D resulting from or relating to
      the
      Depositor’s failure to timely comply with the provisions of this
      section.

     

    (ii) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), the Depositor shall prepare
      and file any Form 8-K, as required by the Exchange Act, in addition to the
      initial Form 8-K in connection with the issuance of the Certificates. Any
      disclosure or information related to a Reportable Event or that is otherwise
      required to be included on Form 8-K (“Form 8-K Disclosure Information”) shall be
      determined and prepared by the entity that is indicated in Exhibit O as the
      responsible party for providing that information.

     

    For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, no
      later than the end of business on the second Business Day after the occurrence
      of a Reportable Event, the entity that is indicated in Exhibit O as the
      responsible party for providing Form 8-K Disclosure Information shall be
      required to provide to the Depositor, to the extent known by a responsible
      officer thereof, the form and substance of any Form 8-K Disclosure Information,
      if applicable. The Depositor shall compile the information provided to it,
      and
      prepare and file the Form 8-K, which shall be signed by an officer of the
      Depositor.

     

    
      
        
        

      

      
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    (iii) Prior
      to
      January 30 of the first year in which the Trustee is able to do so under
      applicable law, the Trustee shall, in accordance with industry standards, file
      a
      Form 15 Suspension Notice with respect to the Trust Fund, if applicable. On
      or
      before (x) March 22, 2008 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, on or before April 15 of each year thereafter, the Master
      Servicer shall provide the Trustee and the Certificate Insurer with an Annual
      Compliance Statement, together with a copy of the Assessment of Compliance
      and
      Attestation Report to be delivered by the Master Servicer pursuant to Sections
      3.19 and 3.20 (including with respect to any Sub-Servicer or any subcontractor,
      if required to be filed). Prior to (x) March 30, 2008 and (y) unless and until
      a
      Form 15 Suspension Notice shall have been filed, March 30 of each year
      thereafter, the Trustee shall file a Form 10-K, in substance as required by
      applicable law or applicable Securities and Exchange Commission staff’s
      interpretations and conforming to industry standards, with respect to the Trust
      Fund. Such Form 10-K shall include the Assessment of Compliance, Attestation
      Report, Annual Compliance Statements and other documentation provided by the
      Master Servicer pursuant to Sections 3.19 and 3.20 (including with respect
      to
      any Sub-Servicer or subcontractor, if required to be filed) and
      Section 3.20 with respect to the Trustee, and the Form 10-K certification
      in the form attached hereto as Exhibit L-1 (the “Certification”) signed by the
      senior officer of the Depositor in charge of securitization. The Trustee shall
      receive the items described in the preceding sentence no later than March 22
      of
      each calendar year prior to the filing deadline for the Form 10-K.

     

    Any
      disclosure or information in addition to that described in the preceding
      paragraph that is required to be included on Form 10-K (“Additional Form 10-K
      Disclosure”) shall be determined and prepared by the entity that is indicated in
      Exhibit O as the responsible party for providing that information, if other
      than
      the Trustee, and the Trustee will have no duty or liability to verify the
      accuracy or sufficiency of any such Additional Form 10-K
      Disclosure.

     

    If
      information, data and exhibits to be included in the Form 10-K are not so timely
      delivered, the Trustee shall file an amended Form 10-K including such documents
      as exhibits reasonably promptly after they are delivered to the Trustee. The
      Trustee shall have no liability with respect to any failure to properly prepare
      or file such periodic reports resulting from or relating to the Trustee’s
      inability or failure to timely obtain any information from any other
      party.

     

    On
      or
      prior to (x) March 15, 2008 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, prior to March 15 of each year thereafter, each entity
      that is indicated in Exhibit O as the responsible party for providing Additional
      Form 10-K Disclosure shall be required to provide to the Trustee via e-mail
      (DBSEC.Notifications@db.com),
      and to
      the Certificate Insurer and the Depositor, to the extent known by a responsible
      party thereof, the form and substance of any Additional Form 10-K Disclosure
      Information, if applicable. The Trustee shall compile the information provided
      to it, prepare the Form 10-K and forward the Form 10-K to the Depositor for
      verification. The Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the Form 10-K by no later than March 25 of
      the
      relevant year (or the immediately preceding Business Day if March 25 is not
      a
      Business Day), an officer of the Depositor shall sign the Form 10-K and return
      an electronic or fax copy of such signed Form 10-K (with an original executed
      hard copy to follow by overnight mail) to the Trustee.

     

    
      
        
        

      

      
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    The
      Master Servicer shall be responsible for determining the pool concentration
      applicable to any Sub-Servicer to which the Master Servicer delegated any of
      its
      responsibilities with respect to the Mortgage Loans at any time, for purposes
      of
      disclosure as required by Items 1117 and 1119 of Regulation AB. The Trustee
      will
      provide electronic or paper copies of all Form 10-D, 8-K and 10-K filings free
      of charge to any Certificateholder upon request. Any expenses incurred by the
      Trustee in connection with the previous sentence shall be reimbursable to the
      Trustee out of the Trust Fund. The Trustee shall have no liability with respect
      to any failure to properly file any Form 10-K resulting from or relating to
      the
      Depositor’s failure to timely comply with the provisions of this
      section.

     

    The
      Trustee shall sign a certification (in the form attached hereto as Exhibit
      L-3)
      for the benefit of the Depositor and its officers, directors and Affiliates
      in
      respect of items 1 through 3 of the Certification (provided, however, that
      the
      Trustee shall not undertake an analysis of the Attestation Report attached
      as an
      exhibit to the Form 10-K), and the Master Servicer shall sign a certification
      (the “Master Servicer Certification) solely with respect to the Master Servicer
      (in the form attached hereto as Exhibit L-2) for the benefit of the Depositor,
      the Trustee and each Person, if any, who “controls” the Depositor or the Trustee
      within the meaning of the Securities Act of 1933, as amended, and their
      respective officers and directors. Each such certification shall be delivered
      to
      the Depositor and the Trustee by March 15th of each year (or if not a Business
      Day, the immediately preceding Business Day). The Certification attached hereto
      as Exhibit L-1 shall be delivered to the Trustee by March 20th for filing on
      or
      prior to March 30th of each year (or if not a Business Day, the immediately
      preceding Business Day).

     

    The
      Trustee will have no duty to verify the accuracy or sufficiency of any
      information not prepared by it included in any Form 10-D, Form 10-K or Form
      8-K.
      The Trustee shall have no liability with respect to any failure to properly
      prepare or file any Form 10- D or Form 10-K resulting from or relating to the
      Trustee’s inability or failure to obtain any information in a timely manner from
      the party responsible for delivery of such disclosure information. The Trustee
      shall have no liability with respect to any failure to properly file any Form
      l0-D or 10-K resulting from or relating to the Depositor’s failure to timely
      comply with the provisions of this section. Nothing herein shall be construed
      to
      require the Trustee or any officer, director or Affiliate thereof to sign any
      Form 10-D, Form 10-K or Form 8-K.

     

    (c) (A)
      The
      Trustee shall indemnify and hold harmless the Depositor, the Master Servicer
      and
      their respective officers, directors and Affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon any material misstatement or omission in the Assessment of Compliance
      delivered by the Trustee pursuant to Section 3.20 and (B) the Master
      Servicer shall indemnify and hold harmless the Depositor, the Trustee and their
      respective officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon (i) the failure of the Master Servicer to timely deliver the Master
      Servicer Certification or (ii) any material misstatement or omission in the
      Statement as to Compliance delivered by the Master Servicer pursuant to
      Section 3.19 or any Sub-Servicer pursuant to Section 3.20, the
      Assessment of Compliance delivered by the Master Servicer or any Sub-Servicer
      pursuant to Section 3.20 or the Master Servicer Certification. If the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Depositor, then the Master Servicer agrees that it shall contribute
      to the amount paid or payable by the Depositor and the Trustee as a result
      of
      the losses, claims, damages or liabilities of the Depositor and the Trustee
      in
      such proportion as is appropriate to reflect the relative fault of the Depositor
      and the Trustee on the one hand and the Master Servicer on the other in
      connection with the Master Servicer Certification and the related obligations
      of
      the Master Servicer under this Section 3.25.

     

    
      
        
        

      

      
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    Upon
      any
      filing with the Securities and Exchange Commission, the Trustee shall promptly
      deliver to the Depositor a copy of any such executed report, statement or
      information.

     

    Section
      3.26. Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.19, 3.20
      and
      3.25 of this Agreement is to facilitate compliance by the Sponsor and the
      Depositor with the provisions of Regulation AB. Therefore, each of the parties
      agrees that (a) the obligations of the parties hereunder shall be interpreted
      in
      such a manner as to accomplish that purpose, (b) the parties’ obligations
      hereunder will be supplemented and modified as necessary to be consistent with
      any such amendments, interpretive advice or guidance, convention or consensus
      among active participants in the asset-backed securities markets, advice of
      counsel, or otherwise in respect of the requirements of Regulation AB, (c)
      the
      parties shall comply with requests made by the Sponsor
      or
      the
      Depositor for delivery of additional or different information as the Sponsor
      or
      the Depositor may determine in good faith is necessary to comply with the
      provisions of Regulation AB, and (d) no amendment of this Agreement shall be
      required to effect any such changes in the parties’ obligations as are necessary
      to accommodate evolving interpretations of the provisions of Regulation
      AB.

     

    Section
      3.27. Optional
      Purchase of Certain Mortgage Loans.

     

    
      
        
        

      

      
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    The
      Master Servicer will have a one-time option to purchase up to a maximum of
      1.00%
      (and in any case, at least five Mortgage Loans, not exceeding the 1.00% maximum
      in the aggregate) of the Mortgage Loans, by aggregate Stated Principal Balance
      of the Mortgage Loans as of such date, from the Trustee at the Purchase Price.
      Any Mortgage Loans that may be purchased by the Master Servicer pursuant to
      this
      Section 3.27 will be selected by the Master Servicer in its sole
      discretion. If at any time the Master Servicer makes a payment to the
      Certificate Account covering the amount of the Purchase Price for such a
      Mortgage Loan, and the Master Servicer provides to the Trustee a certification
      signed by a Servicing Officer stating that the amount of such payment has been
      deposited in the Certificate Account, then the Trustee shall execute the
      assignment of such Mortgage Loan at the request of the Master Servicer without
      recourse to the Master Servicer which shall succeed to all the Trustee’s right,
      title and interest in and to such Mortgage Loan, and all security and documents
      relative thereto. Such assignment shall be an assignment outright and not for
      security. The Master Servicer will thereupon own such Mortgage, and all such
      security and documents, free of any further obligation to the Trustee or the
      Certificateholders with respect thereto. Any tax on "prohibited transactions"
      (as defined in Section 860F(a)(2) of the Code) imposed on any REMIC
      relating to the exercise of the option provided in this Section 3.27 shall
      in no event be payable by the Trustee.

     

    
      
        
        

      

      
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    ARTICLE
      IV

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    Section
      4.01. Distributions.

     

    (a) The
      Trustee shall establish and maintain a Certificate Account,
      in
      which the Master Servicer shall cause to be deposited on behalf of the Trustee
      on or before 5:00 P.M. New York time on each Certificate Account Deposit Date
      by
      wire transfer of immediately available funds an amount equal to the sum of
      (i)
      any Advance for the immediately succeeding Distribution Date, (ii) any amount
      required to be deposited in the Certificate Account pursuant to Sections 3.10,
      3.13 or 3.23, (iii) all other amounts constituting the Available Distribution
      Amount for the immediately succeeding Distribution Date, (iv) amounts payable
      by
      the Trust to the Supplemental Interest Trust in respect of Net Swap Payments
      and
      Swap Termination Payments other than Swap Termination Payments resulting from
      a
      Swap Provider Trigger Event and (v) any amounts on deposit in the Custodial
      Account representing Prepayment Charges collected by the Master Servicer (and
      any Master Servicer Prepayment Charge Payment Amounts paid by, or collected
      on
      behalf of the Trust Fund by, the Master Servicer or any Sub-Servicer), other
      than any such Prepayment Charges or Master Servicer Prepayment Charge Payment
      Amounts relating to Principal Prepayments that occurred after the end of the
      related Prepayment Period.

     

    On
      each
      Distribution Date, prior to making any other distributions referred to in
      Section 4.01 herein, the Trustee shall withdraw from the Certificate
      Account and pay itself any income earned on retention of amounts on deposit
      in
      the Certificate Account for such Distribution Date and any other amounts payable
      to it hereunder.

     

    On
      each
      Distribution Date, prior to making any other distributions referred to in
      Section 4.01 herein, the Trustee shall withdraw from the Certificate
      Account and pay to the Certificate Insurer from the interest collections in
      the
      Available Distribution Amount, by wire transfer of immediately available funds,
      the Policy Premium for such Distribution Date. The Trustee shall deposit any
      amounts received from the Certificate Insurer pursuant to the Certificate
      Guaranty Insurance Policy into the Insurance Account.

     

    On
      each
      Distribution Date, prior to making any other distributions referred to in
      Section 4.01 herein, the Trustee shall withdraw from the Class M Interest
      Reserve Fund, to the extent of the related Class M Interest Reserve Fund Amount,
      an amount equal to any Net WAC Shortfall Amounts for that Distribution Date
      for
      the Holders of the related Class M-4, Class M-5, Class M-6 and Class M-7
      Certificates and shall distribute such amount to the Holders of the Class M-4,
      Class M-5, Class M-6 and Class M-7 Certificates. Any payments to the Holders
      of
      the Class M-4, Class M-5, Class M-6 and Class M-7 Certificates in respect of
      related Net WAC Shortfall Amounts pursuant to the preceding sentence shall
      not
      be payments with respect to a Regular Interest in a REMIC within the meaning
      of
      Section 860G(a)(1) of the Code.

     

    On
      each
      Distribution Date the Trustee shall distribute to each Certificateholder of
      record as of the next preceding Record Date (other than as provided in
      Section 9.01 respecting the final distribution) either in immediately
      available funds (by wire transfer or otherwise) to the account of such
      Certificateholder at a bank or other entity having appropriate facilities
      therefor, if such Certificateholder has so notified the Trustee at least 5
      Business Days prior to the related Record Date, or otherwise by check mailed
      to
      such Certificateholder at the address of such Holder appearing in the
      Certificate Register, such Certificateholder’s share (based on the aggregate of
      the Percentage Interests represented by Certificates of the applicable Class
      held by such Holder) of the amounts required to be distributed to such Holder
      pursuant to this Section 4.01.

     

    
      
        
        

      

      
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    Net
      Swap
      Payments and Swap Termination Payments (other than Swap Termination Payments
      resulting from a Swap Provider Trigger Event) payable by the Supplemental
      Interest Trust to the Swap Provider pursuant to the Interest Rate Swap Agreement
      shall be deducted (without duplication) from the interest collections in the
      Available Distribution Amount, and to the extent of any such remaining amounts
      due, from the principal collections in the Available Distribution Amount, prior
      to any distributions to the Certificateholders. On each Distribution Date,
      such
      amounts will be remitted to the Supplemental Interest Trust, first to make
      any
      Net Swap Payment owed to the Swap Provider pursuant to the Interest Rate Swap
      Agreement for such Distribution Date and for prior Distribution Dates, and
      second to make any Swap Termination Payment (not due to a Swap Provider Trigger
      Event) owed to the Swap Provider pursuant to the Interest Rate Swap Agreement
      for such Distribution Date and for prior Distribution Dates. Any Swap
      Termination Payment triggered by a Swap Provider Trigger Event owed to the
      Swap
      Provider pursuant to the Interest Rate Swap Agreement will be subordinated
      to
      distributions to the Holders of the Class A, Class M and Class B Certificates
      and shall be paid as set forth in Section 4.01(e)(vi).

     

    (b) On
      each
      Distribution Date, the Trustee shall withdraw from the Certificate Account
      that
      portion of Available Distribution Amount for such Distribution Date consisting
      of the
      Interest Remittance Amount, if any, for such Distribution Date, and make the
      following disbursements and transfers in the order of priority described below,
      in each case to the extent of the Interest Remittance Amount for such Class
      for
      such Distribution Date:

     

    (i) to
      the
      Holders of the Class A Certificates, pro rata based on entitlement, the Monthly
      Interest Distributable Amount and any Unpaid Interest Shortfall Amount for
      each
      such Class for such Distribution Date;

     

    (ii) from
      the
      remaining Interest Remittance Amount, to the Certificate Insurer, with respect
      to the Class AM Certificates, in an amount equal to (i) any amounts reimbursable
      to the Certificate Insurer for the interest portion of any Insured Payment
      made
      pursuant to the Insurance Agreement and (ii) any unpaid Policy Premium;
      and

     

    (iii) from
      the
      remaining Interest Remittance Amount, sequentially to the Class M-1, Class
      M-2,
      Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class
      B
      Certificates, in that order, the Monthly Interest Distributable Amount for
      each
      such Class for such Distribution Date.

     

    (c) On
      each
      Distribution Date (i) prior to the Stepdown Date or (ii) on or after the
      Stepdown Date if a Trigger Event is in effect, the Trustee shall withdraw from
      the Certificate Account that portion of Available Distribution Amount for such
      Distribution Date consisting of an amount equal to the Principal Distribution
      Amount and distribute to the Holders of the Class A, Class M and Class B
      Certificates, distributions in respect of principal to the extent of the
      Principal Distribution Amount remaining for such Distribution Date:

     

    
      
        
        

      

      
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    (i) concurrently
      on a pro rata basis, among (a) the Holders of the Class A1-A, Class A1-B and
      Class A1-C Certificates and (b) the Holders of the Class AM Certificates (based
      on (1) the aggregate Certificate Principal Balance of the Class A1-A, Class
      A1-B
      and Class A1-C Certificates in the case of clause (a) and (2) the Certificate
      Principal Balance of the Class AM Certificates in the case of clause (b)),
      with
      such amounts between (a) and (b) being further allocated as
      follows:

     

    (a) sequentially,
      to the Class A1-A, Class A1-B and Class A1-C Certificates, in that order, until
      the Certificate Principal Balances of such Classes are reduced to zero; and
      

     

    (b) to
      the
      Class AM Certificates until the Certificate Principal Balance of such Class
      is
      reduced to zero; and

     

    (ii) from
      the
      remaining Principal Distribution Amount, sequentially, to the Class M-1, Class
      M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class
      B Certificates, in that order, in each case until the Certificate Principal
      Balances thereof have been reduced to zero.

     

    Except
      as
      provided below, on each distribution date (a) on or after the Stepdown Date
      and
      (b) on which a Trigger Event is not in effect, the Holders of each class of
      Class A, Class M and Class B Certificates shall be entitled to receive
      distributions in respect of principal to the extent of the Principal
      Distribution Amount in the following amounts and order of priority:

     

    (i) concurrently,
      in an amount up to the Class A Principal Distribution Amount, pro rata among
      (a)
      the Holders of the Class A1-A, Class A1-B and Class A1-C Certificates and (b)
      the Holders of the Class AM Certificates (based on (1) the aggregate Certificate
      Principal Balance of the Class A1-A, Class A1-B and Class A1-C Certificates
      in
      the case of clause (a) and (2) the Certificate Principal Balance of the Class
      AM
      Certificates in the case of clause (b)), with such amounts between (a) and
      (b)
      being further allocated as follows:

     

    (a) sequentially,
      to the Class A1-A, Class A1-B and Class A1-C Certificates, in that order, until
      the Certificate Principal Balances of such Classes are reduced to zero; and
      

     

    (b) to
      the
      Class AM Certificates until the Certificate Principal Balance of such Class
      is
      reduced to zero; and

     

    
      
        
        

      

      
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    (ii) from
      the
      remaining Principal Distribution Amount, sequentially, to the Class M-1, Class
      M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class
      B Certificates, in that order, in an amount up to the Subordinated Class
      Principal Distribution Amount for each such Class, in each case until the
      Certificate Principal Balances thereof have been reduced to zero.

     

    (d) Notwithstanding
      the foregoing, to the extent any Net Swap Payment or Swap Termination Payment
      with respect to the Interest Rate Swap Agreement is payable from principal
      collections, Principal Distribution Amounts will be deemed paid to the most
      subordinate class of Certificates (other than the Class R Certificates and
      Class
      P Certificates), until the Certificate Principal Balance thereof has been
      reduced to zero. 

     

    (e) On
      each
      Distribution Date the Net Monthly Excess Cashflow shall be distributed in the
      following order of priority:

     

    (i) to
      the
      Certificate Insurer, with respect to the Class AM Certificates, in an amount
      equal to (i) any amounts reimbursable to the Certificate Insurer for Insured
      Payments made pursuant to the Insurance Agreement and (ii) any unpaid Policy
      Premium;

     

    (ii) from
      the
      portion of Net Monthly Excess Cashflow otherwise distributable to each of the
      Class C Certificates, to the Holders of the Class A, Class M and Class B
      Certificates then entitled to receive distributions in respect of principal,
      up
      to an amount equal to any Extra Principal Distribution Amount, payable to such
      Holders as part of the Principal Distribution Amount as described under
      Section 4.01(c) above, as applicable;

     

    (iii) sequentially,
      first, concurrently, to the Holders of the Class A1-A, Class A1-B and Class
      A1-C
      Certificates, pro rata; and second, to the Class AM Certificates, in each case
      up to
      an
      amount equal to any Allocated Realized Loss Amount for each such
      Class;

     

    (iv) sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8 and Class B Certificates, in that order, up
      to
      an amount equal to the sum of the Unpaid Interest Shortfall Amount and the
      Allocated Realized Loss Amount (such amount to be applied first to cover Unpaid
      Interest Shortfall Amount for such Class and second to cover Allocated Realized
      Loss Amount for such Class) for each such Class;

     

    (v) from
      the
      portion of Net Monthly Excess Cashflow otherwise distributable to the Class
      C
      Certificates, to the Net WAC Shortfall Reserve Fund, (i) first, to pay the
      Class
      A, Class M and Class B Certificates, on a pro rata basis, based on the
      Certificate Principal Balances thereof, to the extent needed to pay any Net
      WAC
      Shortfall Amount for each such Class (and, in the case of the Class M-4, Class
      M-5, Class M-6 and Class M-7 Certificates, to the extent not covered by the
      related Class M Interest Reserve Fund Amount) and to the extent such amount
      exceeds the amounts then on deposit in the Net WAC Shortfall Reserve Fund;
      provided that any Net Monthly Excess Cashflow remaining after such allocation
      to
      pay any such Net WAC Shortfall Amount based on the Certificate Principal
      Balances of the Class A, Class M and Class B Certificates will be distributed
      to
      each such Class of Certificates with respect to which there remains any unpaid
      Net WAC Shortfall Amount, pro rata, based on the amount of such unpaid Net
      WAC
      Shortfall Amount to the extent such amount exceeds the amounts then on deposit
      in the Net WAC Shortfall Reserve Fund, and (ii) second, to maintain a balance
      in
      the Net WAC Shortfall Reserve Fund equal to the Net WAC Shortfall Reserve Fund
      Deposit;

     

    
      
        
        

      

      
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    (vi) to
      the
      Supplemental Interest Trust for payment to the Swap Provider any Swap
      Termination Payments with respect to the Interest Rate Swap Agreement owed
      to
      the Swap Provider due to a Swap Provider Trigger Event not previously paid;
      

     

    (vii) to
      the
      Certificate Insurer, any remaining amounts owed to the Certificate Insurer
      under
      the Insurance Agreement;

     

    (viii) to
      the
      Holders of the Class C Certificates, an amount equal to the Class C Distribution
      Amount, reduced by amounts distributed in clauses (ii) and (v) above;
      and

     

    (ix) to
      the
      Class R Certificates, any remaining amounts.

     

    (f) On
      or
      before each Distribution Date, the Trustee
      shall distribute from (i) the amounts received from the Swap Provider pursuant
      to the Interest Rate Swap Agreement in respect of any Net Swap Payment and
      (ii)
      amounts received from the Cap Counterparties pursuant to the Cap Contracts
      (other than any Derivative Termination Payments relating to such Cap Contract),
      in each case then on deposit in the Derivative Account and after distributions
      pursuant to Sections 4.01(b) and 4.01(e)(i)-(v), to the Class A, Class M and
      Class B Certificates in the following order of priority:

     

    (i) concurrently
      to the Holders of the Class A Certificates, pro rata, based on entitlement,
      an
      amount equal to any Unpaid Interest Shortfall Amount for such Class or Classes,
      in each case solely to the extent the Unpaid Interest Shortfall Amount is as
      a
      result of the interest portion of Realized Losses;

     

    (ii) sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8 and Class B Certificates, in that order, up
      to
      an amount equal to any Unpaid Interest Shortfall Amount for such Class or
      Classes, in each case solely to the extent the Unpaid Interest Shortfall Amount
      is as a result of the interest portion of Realized Losses;

     

    (iii) to
      the
      Holders of the Class A, Class M and Class B Certificates, up to an amount equal
      to any portion of the Extra Principal Distribution Amount not covered by any
      Net
      Monthly Excess Cashflow on that Distribution Date and solely to the extent
      the
      payment of the Extra Principal Distribution Amount is as a result of current
      or
      prior period Realized Losses, to be included in the Principal Distribution
      Amount for that Distribution Date and payable to such Holders as part of the
      Principal Distribution Amount as described under Sections 4.01(c) above, as
      applicable;

     

    (iv) to
      the
      Net WAC Reserve Fund, (i) first, to pay Net WAC Shortfall Amounts to the Holders
      of the Class A, Class M and Class B Certificates, on a pro rata basis, based
      on
      the aggregate amount of Net WAC Shortfall Amounts for such Class(es) of Class
      A,
      Class M and Class B Certificates remaining unpaid (and, in the case of the
      Class
      M-4, Class M-5, Class M-6 and Class M-7 Certificates, to the extent not covered
      by the related Class M Interest Reserve Fund Amount) and (ii) second, to
      maintain a balance in the Net WAC Shortfall Reserve Fund equal to the Net WAC
      Shortfall Reserve Fund Deposit;

     

    
      
        
        

      

      
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    (v) sequentially,
      first, concurrently, to the Holders of the Class A1-A, Class A1-B and Class
      A1-C
      Certificates, pro rata; and second, to the Class AM Certificates, in each case
      up to an amount equal to any Allocated Realized Loss Amount for each such Class;
      and

     

    (vi) sequentially
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8 and Class B Certificates, in that order, up
      to
      an amount equal to any Allocated Realized Loss Amount for such Class or
      Classes.

     

    (g) On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period and identified
      on
      the Mortgage Loan Schedule attached as Exhibit H as belonging to the Class
      P
      Certificateholder and any Master Servicer Prepayment Charge Amounts paid by
      the
      Master Servicer during the related Prepayment Period will be withdrawn from
      the
      Certificate Account and distributed by the Trustee to the Holders of the Class
      P
      Certificates and shall not be available for distribution to the Holders of
      any
      other Class of Certificates. The payment of the foregoing amounts to the Holders
      of the Class P Certificates shall not reduce the Certificate Principal Balances
      thereof.

     

    (h) Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, as Holder thereof, and the Depository shall be responsible for
      crediting the amount of such distribution to the accounts of its Depository
      Participants in accordance with its normal procedures. Each Depository
      Participant shall be responsible for disbursing such distribution to the
      Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. None of the Trustee, the Depositor
      or the Master Servicer shall have any responsibility therefor except as
      otherwise provided by this Agreement or applicable law.

     

    (i) The
      Trustee, upon written direction of the Master Servicer, shall invest or cause
      the institution maintaining the Certificate Account to invest the funds in
      the
      Certificate Account in Permitted Investments designated in the name of the
      Trustee for the benefit of the Certificateholders, which shall mature not later
      than the Distribution Date next following the date of such investment and shall
      not be sold or disposed of prior to maturity. All income and gain realized
      from
      any such investment shall be for the benefit of the Master Servicer and shall
      be
      subject to its withdrawal or order from time to time. The amount of any losses
      incurred in respect of any such investments shall be deposited in the
      Certificate Account by the Master Servicer out of its own funds immediately
      as
      realized without any right of reimbursement.

     

    (j) Except
      as
      otherwise provided in Section 9.01, if the Master Servicer anticipates that
      a final distribution with respect to any Class of Certificates will be made
      on
      the next Distribution Date, the Master Servicer shall, no later than the 15th
      day of the month in the month of such final distribution (or if such 15th day
      is
      not a Business Day, the Business Day immediately preceding such 15th day),
      notify the Trustee and the Trustee shall, no later than two (2) Business Days
      after such date, mail on such date to each Holder of such Class of Certificates
      a notice to the effect that: (i) the Trustee anticipates that the final
      distribution with respect to such Class of Certificates will be made on such
      Distribution Date but only upon presentation and surrender of such Certificates
      at the office of the Trustee or as otherwise specified therein, and (ii) no
      interest shall accrue on such Certificates from and after the end of the prior
      calendar month.

     

    
      
        
        

      

      
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    Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust and
      credited to the account of the appropriate non-tendering Holder or Holders.
      If
      any Certificates as to which notice has been given pursuant to this
      Section 4.01(j) shall not have been surrendered for cancellation within six
      months after the time specified in such notice, the Trustee shall mail a second
      notice to the remaining non-tendering Certificateholders to surrender their
      Certificates for cancellation in order to receive the final distribution with
      respect thereto. If within six months after the second notice all such
      Certificates shall not have been surrendered for cancellation, the Trustee
      shall
      take reasonable steps as directed by the Depositor, or appoint an agent to
      take
      reasonable steps, to contact the remaining non-tendering Certificateholders
      concerning surrender of their Certificates. The costs and expenses of
      maintaining the funds in trust and of contacting such Certificateholders shall
      be paid out of the assets remaining in the Trust Fund. If within nine months
      after the second notice any such Certificates shall not have been surrendered
      for cancellation, the Class R Certificateholders shall be entitled to all
      unclaimed funds and other assets which remain subject hereto. No interest shall
      accrue or be payable to any Certificateholder on any amount held in trust as
      a
      result of such Certificateholder's failure to surrender its Certificate(s)
      for
      final payment thereof in accordance with this Section 4.01(j).

     

    Section
      4.02. Statements
      to Certificateholders.

     

    (a) On
      each
      Distribution Date, based, as applicable, on information provided to it by the
      Master Servicer, the Trustee shall prepare and make available on the Trustee’s
      website, which shall initially be located at “https://www.tss.db.com/invr”
(assistance in using the website can be obtained by calling the Trustee’s
      customer service desk at (800) 735-7777), to each Holder of the Regular
      Certificates, the Certificate Insurer, the Swap Provider, the Master Servicer
      and the Rating Agencies, a statement as to the distributions made on such
      Distribution Date setting forth the following:

     

    (i) the
      applicable record dates, accrual periods, determination dates for calculating
      distributions and general distributions dates;

     

    (ii) the
      total
      cash flows received and the general sources thereof;

     

    (iii) the
      amount of any Net Swap Payment and any amount from the Cap Contracts payable
      to
      the Supplemental Interest Trust, any Net Swap Payment payable to the Swap
      Provider, any Swap Termination Payment payable to the Supplemental Interest
      Trust and any Swap Termination Payment payable to the Swap
      Provider;

     

    (iv) 
      (A) the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates, separately identified, allocable to principal
      and
      (B) the amount of the distribution made on such Distribution Date to the Holders
      of the Class P Certificates allocable to Prepayment Charges and Master Servicer
      Prepayment Charge Payment Amounts;

     

    
      
        
        

      

      
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    (v) the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates (other than the Class P Certificates) allocable
      to
      interest, separately identified;

     

    (vi) the
      Pass-Through Rate on each Class of Regular Certificates (other than the Class
      P
      Certificates) for such Distribution Date;

     

    (vii) the
      aggregate amount of Advances for such Distribution Date (including the general
      purpose of such Advances), the aggregate amount of unreimbursed Advances at
      the
      close of business on the Distribution Date, and the general source of funds
      for
      reimbursements;

     

    (viii) the
      number and Aggregate Stated Principal Balance of the Mortgage Loans as of the
      end of the related Due Period, including the number and Aggregate Stated
      Principal Balance of the Subsequent Mortgage Loans as of the end of the related
      Due Period;

     

    (ix) the
      Overcollateralization Release Amount and the Overcollateralization Deficiency
      Amount for such Distribution Date;

     

    (x) the
      aggregate Certificate Principal Balance of each Class of Regular Certificates
      after giving effect to the amounts distributed on such Distribution Date (in
      the
      case of each Class of the Class A, Class M and Class B Certificates, separately
      identifying any reduction thereof due to the allocation of Realized Losses
      thereto);

     

    (xi) the
      number and Stated Principal Balance of Mortgage Loans in respect of which (a)
      one Scheduled Payment is delinquent, (b) two Scheduled Payments are delinquent,
      (c) three or more Scheduled Payments are delinquent and (d) foreclosure
      proceedings have been commenced, in each case as of the end of the calendar
      month prior to such Distribution Date;

     

    (xii) the
      number, aggregate principal balance and book value of any REO Properties as
      of
      the close of business on the last day of the calendar month preceding the month
      in which such Distribution Date occurs;

     

    (xiii) the
      weighted average remaining term to maturity, weighted average Mortgage Rate
      and
      weighted average Net Mortgage Rate of the Mortgage Loans as of the close of
      business on the first day of the calendar month in which such Distribution
      Date
      occurs;

     

    (xiv) the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period;

     

    (xv) the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period and the cumulative amount of Realized Losses;

     

    (xvi) if
      applicable, material modifications, extensions or waivers to Mortgage Loan
      terms, fees, penalties or payments during the preceding calendar month or that
      have become material over time;

     

    
      
        
        

      

      
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    (xvii) the
      aggregate amount of extraordinary Trust Fund expenses withdrawn from the
      Custodial Account or the Certificate Account for such Distribution
      Date;

     

    (xviii) the
      aggregate amount of any Prepayment Interest Shortfalls for such Distribution
      Date, to the extent not covered by payments by the Master Servicer or a
      Sub-Servicer pursuant to Section 3.23, and the aggregate amount of Relief
      Act Interest Shortfalls for such Distribution Date;

     

    (xix) the
      Monthly Interest Distributable Amount in respect of each Class of the Class
      A,
      Class M and Class B Certificates for such Distribution Date and the Unpaid
      Interest Shortfall Amount, if any, with respect to each Class of Class A, Class
      M and Class B Certificates for such Distribution Date;

     

    (xx) (A)
      the
      Overcollateralization Target Amount, (B) the Overcollateralized Amount and
      (C)
      the amount, if any, by which the Overcollateralization Target Amount exceeds
      the
      Overcollateralized Amount, in each case after giving effect to the distribution
      made on the Regular Certificates on such Distribution Date;

     

    (xxi) the
      aggregate amount of servicing compensation received by the Master Servicer
      with
      respect to the related Due Period and such other customary information as the
      Trustee deems necessary or desirable, or which a Certificateholder reasonably
      requests, to enable Certificateholders to prepare their tax
      returns;

     

    (xxii) the
      aggregate of any deposits to and withdrawals from the Net WAC Shortfall Reserve
      Fund for such Distribution Date and the remaining amount on deposit in the
      Net
      WAC Shortfall Reserve Fund after such deposits and withdrawals;

     

    (xxiii) the
      Available Distribution Amount for such Distribution Date; 

     

    (xxiv) the
      Policy Premium paid, the Insured Amount, if any, paid by the Certificate Insurer
      under the Certificate Guaranty Insurance Policy for such Distribution Date,
      the
      aggregate amount of unpaid Policy Premiums for all prior Distribution Dates
      and
      the aggregate Insured Amounts for all prior Distribution Dates paid by the
      Certificate Insurer under the Certificate Guaranty Insurance Policy and not
      yet
      reimbursed;

     

    (xxv) for
      the
      Class M-4, Class M-5, Class M-6 and Class M-7 Certificates, any related deposits
      to and withdrawals from the Class M Interest Reserve Fund;

     

    (xxvi) the
      amount withdrawn from the Pre-Funding Account and the Interest Coverage Accounts
      and used to make payments to Certificateholders on that Distribution Date,
      the
      amount remaining on deposit in the Pre-Funding Accounts and Interest Coverage
      Account following such Distribution Date, and the amount withdrawn from the
      Pre-Funding Account used to buy certain Subsequent Mortgage Loans prior to
      such
      Distribution Date;

     

    (xxvii) updated
      pool composition data including the following: average loan balance, weighted
      average mortgage rate, weighted average loan-to-value ratio at origination,
      weighted average FICO at origination, and weighted average remaining term;
      and

     

    
      
        
        

      

      
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    (xxviii) information
      about any additions of, substitutions for or removal of any Mortgage Loans
      from
      the Trust Fund, and any changes in the underwriting, acquisition or selection
      criteria as to any Mortgage Loans added to the Trust Fund.

     

    In
      the
      case of information furnished pursuant to subclauses (ii) and (iv) above, the
      amounts shall also be expressed as a dollar amount per Single
      Certificate.

     

    On
      each
      Distribution Date the Trustee shall provide Bloomberg Financial Markets, L.P.
      (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such
      Distribution Date, using a format and media mutually acceptable to the Trustee
      and Bloomberg.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      prepare and forward, to each Person who at any time during the calendar year
      was
      a Holder of a Certificate, a statement containing the information set forth
      in
      subclauses (ii) and (iv) above, aggregated for such calendar year or applicable
      portion thereof during which such person was a Certificateholder. Such
      obligation of the Trustee shall be deemed to have been satisfied to the extent
      that substantially comparable information shall be provided by the Trustee
      pursuant to any requirements of the Code and regulations thereunder as from
      time
      to time are in force.

     

    On
      each
      Distribution Date the Trustee shall prepare and make available on the Trustee’s
      website (or deliver at the recipient's option), to each Holder of a Class R
      Certificate a copy of the reports forwarded to the other Certificateholders
      on
      such Distribution Date.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      prepare and forward, to each Person who at any time during the calendar year
      was
      a Holder of a Class R Certificate a statement containing the information
      provided pursuant to the previous paragraph aggregated for such calendar year
      or
      applicable portion thereof during which such Person was a Certificateholder.
      Such obligation of the Trustee shall be deemed to have been satisfied to the
      extent that substantially comparable information shall be provided by the
      Trustee pursuant to any requirements of the Code as from time to time are in
      force.

     

    The
      location of the Trustee’s website and the procedures used therein are subject to
      change from time to time at the Trustee’s discretion. The Trustee shall have the
      right to change the way monthly distribution statement are distributed in order
      to make such distribution more convenient and/or more accessible to the above
      parties. The Trustee shall be entitled to conclusively rely on but shall not
      be
      responsible for the content or accuracy of any information provided by third
      parties for purposes of preparing the monthly statement, and may affix thereto
      any disclaimer it deems appropriate in its reasonable discretion (without
      suggesting liability on the part of any other party hereto). As a condition
      to
      access the Trustee’s website, the Trustee may require registration and the
      acceptance of a disclaimer. Notwithstanding anything to the contrary set forth
      in this Agreement, the parties hereto acknowledge that in connection with the
      Trustee’s preparation of the foregoing reports, the Trustee will rely solely
      upon the information provided to it in the Remittance Reports.

     

    Section
      4.03. Remittance
      Reports; Advances by the Master Servicer.

     

    (a) On
      the
      19th
      calendar
      day of the month (but in any event no later than the 21st calendar day of the
      month), the Master Servicer shall deliver to the Trustee a report, prepared
      as
      of the close of business on the Business Day preceding such Determination Date
      (the “Remittance Report”), in the form of an electromagnetic tape, disk or such
      other electronic format agreeable to both parties. The Remittance Report and
      any
      written information supplemental thereto shall include such information with
      respect to the Mortgage Loans that is required by the Trustee for purposes
      of
      making the calculations and preparing the statement described in Sections 4.01
      and 4.02, as set forth in written specifications or guidelines issued by the
      Trustee from time to time. The Trustee shall have no obligation to recompute,
      recalculate or verify any information provided to it by the Master
      Servicer.

     

    
      
        
        

      

      
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    (b) The
      Master Servicer shall determine the aggregate amount of Advances required to
      be
      made for the related Distribution Date, which shall be in an aggregate amount
      equal to the sum of (1) the aggregate amount of Monthly Payments, other than
      Balloon Payments, (with each interest portion thereof adjusted to the Mortgage
      Rate less the sum of the Master Servicing Fee Rate, the Sub-Servicing Fee Rate
      and any applicable PMI Insurer Fee Rate, and less the amount of any reductions
      in the amount of interest collectable from the Mortgagor pursuant to the Relief
      Act, on the Outstanding Mortgage Loans as of the related Due Date, which Monthly
      Payments were delinquent as of the close of business as of the related
      Determination Date) plus (2) with respect to each Balloon Loan delinquent in
      respect of its Balloon Payment as of the close of business on the related
      Determination Date, an amount equal to the assumed Monthly Payment (net of
      the
      related Master Servicing Fees and Sub-Servicing Fees) that would have been
      due
      on the related Due Date based on the original principal amortization scheduled
      for such Balloon Loan until such Balloon Loan is finally liquidated; provided
      that no Advance shall be made if it would be a Nonrecoverable Advance. On or
      before 4:00 P.M. New York time on each Certificate Account Deposit Date, the
      Master Servicer shall either (i) deposit in the Certificate Account from its
      own
      funds, or funds received therefor from the Sub-Servicers, an amount equal to
      the
      Advances to be made by the Master Servicer or any Sub-Servicers in respect
      of
      the related Distribution Date, (ii) withdraw from amounts on deposit in the
      Custodial Account and deposit in the Certificate Account all or a portion of
      the
      amounts held for future distribution in discharge of any such Advance, or (iii)
      make advances in the form of any combination of (i) and (ii) aggregating the
      amount of such Advance. Any portion of the amounts held for future distribution
      so used shall be replaced by the Master Servicer (to the extent not previously
      replaced by late collections of Monthly Payments in respect of which such
      Advance was made) by deposit in the Certificate Account on or before 1:00 P.M.
      New York time on any future Certificate Account Deposit Date to the extent
      that
      funds attributable to the Mortgage Loans that are available in the Custodial
      Account for deposit in the Certificate Account on such Certificate Account
      Deposit Date shall be less than payments to Certificateholders required to
      be
      made on the following Distribution Date. The amount of any reimbursement
      pursuant to Section 3.11 in respect of outstanding Advances on any
      Distribution Date shall be allocated to specific Monthly Payments due but
      delinquent for previous Due Periods, which allocation shall be made, to the
      extent practicable, to Monthly Payments which have been delinquent for the
      longest period of time. Such allocations shall be conclusive for purposes of
      reimbursement to the Master Servicer from recoveries on related Mortgage Loans
      pursuant to Section 3.11. The determination by the Master Servicer that it
      has made a Nonrecoverable Advance or that any proposed Advance, if made, would
      constitute a Nonrecoverable Advance, shall be evidenced by a certificate of
      a
      Servicing Officer delivered to the Sponsor, the Certificate Insurer and the
      Trustee with the Remittance Report. The Trustee shall deposit all funds it
      receives pursuant to this Section 4.03 into the Certificate
      Account.

     

    
      
        
        

      

      
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    (c) In
      the
      event that the Master Servicer determines as of any Certificate Account Deposit
      Date that it will be unable to deposit in the Certificate Account an amount
      equal to the Advance required to be made for the immediately succeeding
      Distribution Date in the amount determined by the Master Servicer pursuant
      to
      paragraph (b) above, it shall give notice to the Trustee of its inability to
      Advance (such notice may be given by telecopy), not later than 4:00 P.M., New
      York time, on such date, specifying the portion of such amount that it will
      be
      unable to deposit. Not later than 4:00 P.M., New York time, on the earlier
      of
      (x) two Business Days following such Certificate Account Deposit Date or (y)
      the
      Business Day preceding the related Distribution Date, unless by such time the
      Master Servicer shall have directly or indirectly deposited in the Certificate
      Account the entire amount of the Advances required to be made for the related
      Distribution Date, pursuant to Section 7.01, the Trustee shall (a)
      terminate all of the rights and obligations of the Master Servicer under this
      Agreement in accordance with Section 7.01 and (b) assume the rights and
      obligations of the Master Servicer hereunder, including the obligation to
      deposit in the Certificate Account an amount equal to the Advance for the
      immediately succeeding Distribution Date.

     

    The
      Master Servicer and the Sub-Servicer shall in all cases have a right prior
      to
      the Certificateholders to any particular funds on deposit in the Custodial
      Account from time to time for the reimbursement or payment of its Servicing
      Fee,
      Advances, Servicing Advances and any amounts reimbursable thereto in accordance
      with Section 3.11 of this Agreement, but only if and to the extent such
      amounts are to be reimbursed or paid from such particular funds on deposit
      in
      the Custodial Account pursuant to the express terms of this
      Agreement.

     

    Section
      4.04. Distributions
      on the REMIC Regular Interests.

     

    (a) On
      each
      Distribution Date, the Trustee shall cause the following amounts, in the
      following order of priority, to be distributed by REMIC 1 to REMIC 2 on account
      of the REMIC 1 Regular Interests or withdrawn from the Certificate Account
      and
      distributed to the Holders of the Class R Certificates (in respect of the Class
      R-1 Interest), as the case may be:

     

    (i) from
      the
      Available Distribution Amount for such Distribution Date to holders of the
      REMIC
      1 Regular Interests, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular
      Interests for such Distribution Date, plus (B) any amounts payable in respect
      thereof remaining unpaid from previous Distribution Dates; 

     

    (ii) from
      the
      Available Distribution Amount for such Distribution Date remaining after the
      distribution made pursuant to clause (i) above, first, to the holders of REMIC
      1
      Regular Interest OC, until the Uncertificated Principal Balance thereof is
      reduced to zero, and second, to holders of REMIC 1 Regular Interests 1-1-A
      through 1-60-B, starting with the lowest numerical denomination, until the
      Uncertificated Principal Balance of each such REMIC 1 Regular Interest is
      reduced to zero, provided that, for REMIC 1 Regular Interests with the same
      numerical denomination, such payments of principal shall be allocated
pro
      rata
      between
      such REMIC 1 Regular Interests; 

     

    
      
        
        

      

      
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    (iii) to
      holders of REMIC 1 Regular Interest P, (A) all amounts representing Prepayment
      Charges received during the related Prepayment Period that are identified as
      belonging to the Class P Certificates on the attached Mortgage Loan Schedule,
      and (B) on the Distribution Date immediately following the expiration of the
      latest Prepayment Charge as identified as belonging to the Class P Certificates
      on the attached Mortgage Loan Schedule or any Distribution Date thereafter,
      any
      remaining Available Distribution Amount, until an amount equal to the initial
      Uncertificated Principal Balance of such REMIC 1 Regular Interest has been
      distributed pursuant to this clause; and

     

    (iv) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-1 Interest).

     

    (b) On
      each
      Distribution Date, the following amounts, in the following order of priority,
      shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular
      Interests or withdrawn from the Certificate Account and distributed to the
      Holders of the Class R Certificates (in respect of the Class R-2 Interest),
      as
      the case may be:

     

    (i) from
      the
      Available Distribution Amount for such Distribution Date to holders of REMIC
      2
      Regular Interest IO, in an amount equal to (A) the Uncertificated Accrued
      Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
      (B)
      any amounts in respect thereof remaining unpaid from previous Distribution
      Dates; 

     

    (ii) to
      the
      extent of the Available Distribution Amount for such Distribution Date remaining
      after the distribution pursuant to clause (i), to holders of each REMIC 2
      Regular Interest (other than REMIC 2 Regular Interest IO), pro
      rata,
      in an
      amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular
      Interest for such Distribution Date, plus (B) any amounts in respect thereof
      remaining unpaid from previous Distribution Dates. Amounts payable as
      Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ and
      REMIC 2 Regular Interest P shall be reduced when the REMIC 2 Overcollateralized
      Amount is less than the REMIC 2 Overcollateralization Target Amount, by the
      lesser of (x) the amount of such difference and (y) the Maximum Uncertificated
      Accrued Interest Deferral Amount, and such amount will be payable to holders
      of
      each REMIC 2 Regular Interest for which a Class A, Class M or Class B
      Certificate is the Corresponding Certificate in the same proportion as the
      Extra
      Principal Distribution Amount is allocated to the Corresponding Certificates
      for
      each such REMIC 2 Regular Interest, and the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest ZZ shall be increased by such amount;

     

    (iii) to
      the
      extent of the Available Distribution Amount for such Distribution Date remaining
      after the distributions pursuant to clauses (i) and (ii), to holders of REMIC
      2
      Regular Interests (other than REMIC 2 Regular Interests IO and P), allocated
      as
      follows:

     

    
      
        
        

      

      
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    (A) 98.00%
      of
      such remainder to holders of REMIC 2 Regular Interest AA, until the
      Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced
      to
      zero; and

     

    (B) 2.00%
      of
      such remainder, first, to holders of each REMIC 2 Regular Interest for which
      a
      Class A, Class M or Class B Certificate is the Corresponding Certificate, in
      an
      aggregate amount equal to 1% of and in the same proportion as principal payments
      are allocated to the Corresponding Certificates for each such REMIC 2 Regular
      Interest, until the Uncertificated Principal Balances of such REMIC 2 Regular
      Interests are reduced to zero; and second, to the holders of REMIC 2 Regular
      Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular
      Interest is reduced to zero; 

     

    (iv) to
      holders of REMIC 2 Regular Interest P, (A) all amounts representing Prepayment
      Charges distributed on REMIC 1 Regular Interest P, and (B) on the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified as belonging to the Class P Certificates on the attached Mortgage
      Loan Schedule or any Distribution Date thereafter, any remaining Available
      Distribution Amount distributed in respect of REMIC 1 Regular Interest P, until
      an amount equal to the initial Uncertificated Principal Balance of such REMIC
      2
      Regular Interest has been distributed pursuant to this clause; and

     

    (v) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-3 Interest).

     

    (c) On
      each
      Distribution Date, interest shall be deemed payable from REMIC 3 to the holders
      of each REMIC 3 Regular Interest the ownership of which is represented by the
      Class A, Class M and Class B Certificates at a pass-through rate equal to the
      lesser of (i) the Pass-Through Rate for the Corresponding Certificate determined
      without regard to the related Net WAC Rate and (ii) the Net WAC Rate for the
      REMIC 3 Regular Interest the ownership of which is represented by the
      Corresponding Certificate for such Distribution Date, in each case on a
      principal balance equal to the Certificate Principal Balance of the
      Corresponding Certificate for such Distribution Date. For the avoidance of
      doubt, principal shall be payable to, and shortfalls, losses and prepayments
      shall be allocable to, the REMIC 3 Regular Interests the ownership of which
      is
      represented by the Class A, Class M and Class B Certificates as such amounts
      are
      payable and allocable to the Corresponding Certificates.

     

    (d) On
      each
      Distribution Date, the amounts distributed pursuant to Sections 4.01(e)(ii),
      (v)
      and (vii) on such date shall be deemed distributed from REMIC 3 to Holders
      of
      the Class C Certificates in respect of the Class C Distribution
      Amount.

     

    (e) On
      each
      Distribution Date, 100% of the amounts deemed distributed on REMIC 2 Regular
      Interest IO shall be deemed distributed by REMIC 3 in respect of the Class
      IO
      Interest for deposit into the Supplemental Interest Trust.

     

     

    
      
        
        

      

      
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    Section
      4.05. Allocation
      of Realized Losses.

     

    (a) All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
      each
      Distribution Date as follows: first, to Net Monthly Excess Cashflow, through
      a
      distribution of the Extra Principal Distribution Amount for that Distribution
      Date; second, to the Overcollateralized Amount by a reduction of the Certificate
      Principal Balance of the Class C Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; third, to the Class B Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero;
      second, to the Class M-8 Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; third, to the Class M-7 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero; fourth,
      to
      the Class M-6 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero; fifth, to the Class M-5 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; sixth, to the
      Class M-4 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; seventh, to the Class M-3 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; eighth, to the Class M-2
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; and ninth to the Class M-1 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; thereafter, any Realized
      Losses on the Mortgage Loans will be allocated on any Distribution Date first
      to
      the Class AM Certificates until its Certificate Principal Balance has been
      reduced to zero (provided, however, that any Realized Loss applied to the Class
      AM Certificates will be covered by the Certificate Guaranty Insurance Policy)
      and second to the Class A1-A, Class A1-B and Class A1-C Certificates, on a
      pro
      rata basis, based on the Certificate Principal Balances thereof, in each case
      in
      reduction of the Certificate Principal Balances thereof, until reduced to
      zero.

     

    (b) Any
      allocation of Realized Losses to a Class A, Class M and Class B Certificate
      on
      any Distribution Date shall be made by reducing the Certificate Principal
      Balance thereof by the amount so allocated. Any allocation of Realized Losses
      to
      Net Monthly Excess Cashflow shall be made by reducing the amount otherwise
      payable in respect of the Class C Certificates pursuant to
      Section 4.01(e)(vii), and any allocation of Realized Losses to the
      Overcollateralized Amount shall be made by reducing the Certificate Principal
      Balance of the Class C Certificates by the amount so allocated. 

     

    (c) All
      Realized Losses on the Mortgage Loans shall be allocated on each Distribution
      Date, first, to REMIC 1 Regular Interest OC, until the Uncertificated Principal
      Balance thereof has been reduced to zero, and second, to REMIC 1 Regular
      Interest I-1-A through REMIC 1 Regular Interest 1-60-B, starting with the lowest
      numerical denomination, until the Uncertificated Principal Balance of each
      such
      REMIC 1 Regular Interest has been reduced to zero, provided that, for REMIC
      1
      Regular Interests with the same numerical denomination, such Realized Losses
      shall be allocated pro rata between such REMIC 1 Regular Interests, and third,
      to REMIC 1 Regular Interest P until the Uncertificated Principal Balance thereof
      has been reduced to zero.

     

    
      
        
        

      

      
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    (d) All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
      each
      Distribution Date to the following REMIC 2 Regular Interests in the following
      specified percentages: first, to Uncertificated Accrued Interest payable to
      the
      REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ up to an aggregate
      amount equal to the REMIC 2 Interest Loss Allocation Amount (without duplication
      of shortfalls allocated pursuant to Section 1.03), 98.00% and 2.00%,
      respectively, and to the extent of any amount equal to the REMIC 2 Interest
      Loss
      Allocation Amount remaining after the foregoing allocations to REMIC 2 Regular
      Interests AA and ZZ, to Uncertificated Accrued Interest payable to REMIC 2
      Regular Interest P to the extent of such remaining amount; second, to the
      Uncertificated Principal Balances of the REMIC 2 Regular Interest AA and REMIC
      2
      Regular Interest ZZ up to an aggregate amount equal to the REMIC 2 Principal
      Loss Allocation Amount, 98.00% and 2.00%, respectively; third, to the
      Uncertificated Principal Balances of REMIC 2 Regular Interest AA, REMIC 2
      Regular Interest B and REMIC 2 Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest B has been reduced to zero; fourth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest M-8 and REMIC
      2 Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest M-8 has been
      reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest AA, REMIC 2 Regular Interest M-7 and REMIC 2 Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest M-7 has been reduced to zero; sixth, to
      the
      Uncertificated Principal Balances of REMIC 2 Regular Interest AA, REMIC 2
      Regular Interest M-6 and REMIC 2 Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest M-6 has been reduced to zero; seventh, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest M-5 and REMIC
      2 Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest M-5 has been
      reduced to zero; eighth, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest AA, REMIC 2 Regular Interest M-4 and REMIC 2 Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest M-4 has been reduced to zero; ninth, to
      the
      Uncertificated Principal Balances of REMIC 2 Regular Interest AA, REMIC 2
      Regular Interest M-3 and REMIC 2 Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest M-3 has been reduced to zero; tenth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest M-2 and REMIC
      2 Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest M-2 has been
      reduced to zero; eleventh, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest AA, REMIC 2 Regular Interest M-1 and REMIC 2 Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest M-1 has been reduced to zero; twelfth,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest AA, REMIC
      2
      Regular Interest AM and REMIC 2 Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest AM has been reduced to zero; and thirteenth, to the Uncertificated
      Principal Balance of REMIC 2 Regular Interests AA, 98.00%, to the Uncertificated
      Principal Balances of REMIC 2 Regular Interests A1-A, A1-B and A1-C, 1.00%
      pro
      rata, and to the Uncertificated Principal Balance of REMIC 2 Regular Interest
      ZZ, 1.00%, until the Uncertificated Principal Balances of such REMIC 2 Regular
      Interests A1-A, A1-B and A1-C have been reduced to zero.

     

     

    
      
        
        

      

      
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    Section
      4.06. Information
      Reports to Be Filed by the Master Servicer.

     

    The
      Master Servicer or the Sub-Servicers shall file information reports with respect
      to the receipt of mortgage interest received in a trade or business,
      foreclosures and abandonments of any Mortgaged Property and the information
      returns relating to cancellation of indebtedness income with respect to any
      Mortgaged Property required by Sections 6050H, 6050J and 6050P of the Code,
      respectively, and deliver to the Trustee an Officers’ Certificate stating that
      such reports have been filed. Such reports shall be in form and substance
      sufficient to meet the reporting requirements imposed by such Sections 6050H,
      6050J and 6050P of the Code.

     

    Section
      4.07. Compliance
      with Withholding Requirements.

     

    Notwithstanding
      any other provision of this Agreement, the Trustee shall comply with all federal
      withholding requirements respecting payments to Certificateholders of interest
      or original issue discount on the Mortgage Loans, that the Trustee reasonably
      believes are applicable under the Code. The consent of Certificateholders shall
      not be required for such withholding. In the event the Trustee withholds any
      amount from interest or original issue discount payments or advances thereof
      to
      any Certificateholder pursuant to federal withholding requirements, the Trustee
      shall, together with its monthly report to such Certificateholders pursuant
      to
      Section 4.02 hereof, indicate such amount withheld.

     

    Section
      4.08. Net
      WAC Shortfall Reserve Fund.

     

    (a) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of Class A, Class M and Class B Certificates, the Net WAC Shortfall
      Reserve Fund. In addition, on the Closing Date, the Depositor shall deposit
      into
      the Net WAC Shortfall Reserve Fund an amount equal to the Net WAC Shortfall
      Reserve Fund Deposit. On each Distribution Date as to which there is a Net
      WAC
      Shortfall Amount payable to any Class of Class A, Class M and Class B
      Certificates, the Trustee shall deposit the amounts distributable pursuant
      to
      clause (v) of Section 4.01(e) into the Net WAC Shortfall Reserve Fund, and
      the Trustee has been directed by the Holders of the Class C Certificates to
      distribute amounts then on deposit in the Net WAC Shortfall Reserve Fund to
      the
      Holders of the Class A, Class M and Class B Certificates in respect of the
      Net
      WAC Shortfall Amounts in the priorities set forth in clause (v) of
      Section 4.01(e). Any amount paid to the Holders of any Class A, Class M and
      Class B Certificates pursuant to the preceding sentence in respect of Net WAC
      Shortfall Amounts from amounts distributable pursuant to clause (v) of
      Section 4.01(e) shall be treated as distributed to the Holders of the Class
      C Certificates and paid by such Holders to the Holders of such Class A, Class
      M
      and Class B Certificates. Any payments to the Holders of the Class A, Class
      M
      and Class B Certificates in respect of Net WAC Shortfall Amounts pursuant to
      the
      second preceding sentence shall not be payments with respect to a Regular
      Interest in a REMIC within the meaning of Code
      Section 860G(a)(1).

     

    (b) The
      Net
      WAC Shortfall Reserve Fund is an “outside reserve fund” within the meaning of
      Treasury Regulation Section 1.860G-2(h) and shall be an asset of the Trust
      Fund but not an asset of any REMIC. The Trustee on behalf of the Trust shall
      be
      the nominal owner of the Net WAC Shortfall Reserve Fund. The Holders of the
      Class C Certificates shall be the beneficial owners of the Net WAC Shortfall
      Reserve Fund, pro rata, subject to the power of the Trustee to transfer amounts
      under Section 4.01. Amounts in the Net WAC Shortfall Reserve Fund shall, at
      the written direction of the Holders of the Class C Certificates be invested
      in
      Permitted Investments that mature no later than the Business Day prior to the
      next succeeding Distribution Date. In the absence of such written direction,
      all
      funds in the Net WAC Shortfall Reserve Fund shall remain uninvested. All net
      income and gain from such investments shall be distributed to the Holders of
      the
      Class C Certificates, pro rata, not as a distribution in respect of any interest
      in any REMIC, on each such Distribution Date. All amounts earned on amounts
      on
      deposit in the Net WAC Shortfall Reserve Fund shall be taxable to the Holders
      of
      the Class C Certificates. Any losses on such investments shall be deposited
      in
      the Net WAC Shortfall Reserve Fund by the Holders of the Class C Certificates,
      pro rata, out of their own funds immediately as realized.

     

     

    
      
        
        

      

      
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    Section
      4.09. Supplemental
      Interest Trust.

     

    (i) As
      of the
      Closing Date, the Trustee, as Supplemental Interest Trust Trustee, is directed
      to enter into the Interest Rate Swap Agreement and the Cap Contracts and shall
      establish and maintain in the name of the Supplemental Interest Trust Trustee,
      the Supplemental Interest Trust for the benefit of the Swap Provider and the
      Holders of the Class A, Class M, Class B and Class C Certificates. The
      Supplemental Interest Trust shall hold the Interest Rate Swap Agreement, the
      Class IO Interest, the Cap Contracts, the Collateral Account and the Derivative
      Account. The Trustee shall establish an Eligible Account (the “Derivative
      Account”) into which the Depositor shall deposit $1,000 on the Closing Date.
      Funds on deposit in the Derivative Account shall be held separate and apart
      from, and shall not be commingled with, any other moneys, including, without
      limitation, other moneys of the Trustee or held pursuant to this
      Agreement.

     

    (ii) On
      each
      Distribution Date, the Trustee shall deposit into the Derivative Account amounts
      distributable to the Supplemental Interest Trust pursuant to Sections 4.01(a)
      (last paragraph) and 4.01(e)(vi) of this Agreement. In addition, the Trustee
      shall deposit into the Derivative Account for payment to the Swap Provider
      the
      Swap Optional Termination Payment (which shall include any related Net Swap
      Payment payable to the Swap Provider) payable under Section 9.01. On each
      Distribution Date, the Trustee shall distribute any such amounts to the Swap
      Provider pursuant to the Interest Rate Swap Agreement, first to pay any Net
      Swap
      Payment owed to the Swap Provider for such Distribution Date or remaining unpaid
      from prior Distribution Dates, and second to pay any Swap Termination Payment
      owed to the Swap Provider for such Distribution Date or remaining unpaid from
      prior Distribution Dates.

     

    (iii) On
      each
      Distribution Date, the Trustee, as Supplemental Interest Trust Trustee, shall
      deposit into the Derivative Account amounts received by the Supplemental
      Interest Trust (x) under the Interest Rate Swap Agreement from the Swap Provider
      and (y) under the Cap Contracts from the Cap Counterparties (other than
      Derivative Termination Payments related to any Cap Contract). On each
      Distribution Date, the Trustee shall, and the Trustee has been directed by
      the
      Holders of the Class C Certificates to, distribute from the Derivative Account
      an amount equal to the amount of any Net Swap Payment or Swap Termination
      Payment received from the Swap Provider under the Interest Rate Swap Agreement
      and payments received from the Cap Counterparties under the Cap Contracts (other
      than Derivative Termination Payments related to any Cap Contract), in the
      following order of priority:

     

     

    
      
        
        

      

      
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    (a) first,
      an
      amount equal to the aggregate amount required under Section 4.01(f) to be
      distributed on such Distribution Date, to the Class A, Class M and Class B
      Certificateholders in accordance with Section 4.01(f) of this Agreement,
      and 

     

    (b) second,
      any
      remainder, to the holder of the Class C Certificates.

     

    (iv) The
      Supplemental Interest Trust constitutes an “outside reserve fund” within the
      meaning of Treasury Regulation Section 1.860G-2(h) and shall not be an
      asset of any REMIC. The Holders of the Class C Certificates shall be the
      beneficial owner of the Supplemental Interest Trust, pro rata, subject to the
      power of the Trustee to transfer amounts under this Agreement. The Trustee
      shall
      keep records that accurately reflect the funds on deposit in the Derivative
      Account. The Trustee shall, at the written direction of the Holders of the
      Class
      C Certificates, invest amounts on deposit in the Supplemental Interest Trust
      in
      Permitted Investments that mature no later than the Business Day prior to the
      next succeeding Distribution Date. In the absence of such written direction,
      all
      funds in the Supplemental Interest Trust shall remain uninvested. On each
      Distribution Date, the Trustee shall distribute, not as a distribution in
      respect of any interest in any REMIC, any income or gain earned on the invested
      assets in the Supplemental Interest Trust to the Holders of the Class C
      Certificates, pro rata. All amounts earned on amounts on deposit in the
      Supplemental Interest Trust shall be taxable to the Holders of the Class C
      Certificates. Any losses on such investments shall be deposited in the
      Supplemental Interest Trust by the Holders of the Class C Certificates, pro
      rata, out of their own funds immediately as realized. 

     

    (v) For
      federal income tax purposes, amounts paid to the Supplemental Interest Trust
      on
      each Distribution Date pursuant to Section 4.01(a) (first and second
      sentences of the last paragraph) for payment to the Swap Provider with respect
      to the Interest Rate Swap Agreement shall first be deemed to be paid to the
      Supplemental Interest Trust in respect of the Class IO Interest to the extent
      of
      the amount distributable on such Class IO Interest on such Distribution Date,
      and shall then be deemed to be paid to the Supplemental Interest Trust in
      respect of a Class IO Distribution Amount as described below.

     

    (vi) The
      Trustee shall treat the Holders of the Class A, Class M and Class B Certificates
      as having entered into a notional principal contract with respect to the Holders
      of the Class C Certificates. Pursuant to each such notional principal contract,
      all Holders of the Class A, Class M and Class B Certificates shall be treated
      as
      having agreed to pay, on each Distribution Date, to the Holder of the Class
      C
      Certificates an aggregate amount equal to the excess, if any, of (i) the amount
      payable on such Distribution Date on the REMIC 3 Regular Interest corresponding
      to such Class of Certificates over (ii) the amount payable on such Class of
      Certificates on such Distribution Date (such excess, a “ Class IO Distribution
      Amount”). A Class IO Distribution Amount payable from interest collections shall
      be allocated pro
      rata
      among
      such Certificates based on the excess of, with respect to each such Certificate,
      (i) the amount of interest otherwise payable to the REMIC 3 Regular Interest
      relating to such Certificate over (ii) the amount of interest payable to such
      Certificate at a per annum rate equal to the Net WAC Rate, and a Class IO
      Distribution Amount payable from principal collections shall be allocated to
      the
      most subordinate Class of the Class A, Class M, Class B and Class C Certificates
      with an outstanding principal balance to the extent of such balance. In
      addition, pursuant to such notional principal contract, the Holder of the Class
      C Certificates shall be treated as having agreed to pay Net WAC Shortfall
      Amounts to the Holders of the Class A, Class M and Class B Certificates from
      amounts received by the Supplemental Interest Trust pursuant to the Interest
      Rate Swap Agreement in accordance with the terms of this Agreement. Any payments
      deemed to be received by Holders of the Class A, Class M, Class B and Class
      C
      Certificates pursuant to this notional principal contract shall not be payments
      with respect to a Regular Interest in a REMIC within the meaning of
      Section 860G(a)(1) of the Code. However, any payment from the Class A,
      Class M and Class B Certificates of a Class IO Distribution Amount shall be
      treated for tax purposes as having been received by the Holders of such
      Certificates in respect of their interests in REMIC 3 and as having been paid
      by
      such Holders to the Holders of the Class C Certificates pursuant to the notional
      principal contract. Thus, each Class A, Class M, Class B and Class C Certificate
      shall be treated as representing not only ownership of a Regular Interest in
      REMIC 3, but also ownership of an interest in, and obligations with respect
      to,
      a notional principal contract.

     

    
      
        
        

      

      
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    (vii) (a) Upon
      designation of an early termination date with respect to a Derivative Contract
      other than in connection with a Optional Termination, the Trustee, as
      Supplemental Interest Trust Trustee, at the written direction of the Depositor
      or the Certificate Insurer will use reasonable efforts to appoint a successor
      derivative counterparty to enter into a new derivative contract on terms
      substantially similar to such Derivative Contract with a derivative counterparty
      meeting all applicable eligibility requirements. The Trustee, as Supplemental
      Interest Trust Trustee will apply any Derivative Termination Payment received
      from the original derivative counterparty in connection with the early
      termination of such Derivative Contract to the upfront payment required to
      appoint the successor derivative counterparty.

     

    If
      a
      successor derivative counterparty is not appointed within 30 days of such early
      termination, then the Trustee, as Supplemental Interest Trust Trustee will
      deposit any Derivative Termination Payment received from the original derivative
      counterparty in connection with the early termination of such Derivative
      Contract into a separate, non-interest bearing reserve account and will, on
      each
      subsequent Distribution Date, withdraw from the amount then remaining on deposit
      in such reserve account an amount equal to the payment, if any, that would
      have
      been paid to the Supplemental Interest Trust Trustee by the original derivative
      counterparty calculated in accordance with the terms of the related Derivative
      Contract, and distribute such amount in accordance with the terms of this
      Agreement.

     

    (b) In
      the
      event that the derivative counterparty under a Derivative Contract fails to
      perform any of its obligations under such Derivative Contract (including,
      without limitation, its obligation to make any payment or transfer collateral),
      or breaches any of its representations and warranties thereunder, or in the
      event that any Event of Default, Termination Event, or Additional Termination
      Event (each as defined in the related Derivative Contract) occurs with respect
      to such Derivative Contract, the Trustee, as Supplemental Interest Trust Trustee
      shall, promptly following actual notice of such failure, breach or event, notify
      the Depositor and send any notices and make any demands, on behalf of the
      Supplemental Interest Trust, required to enforce the rights of the Supplemental
      Interest Trust under such Derivative Contract.

     

    
      
        
        

      

      
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    In
      the
      event that a derivative counterparty’s obligations are guaranteed by a third
      party under a guaranty relating to a Derivative Contract (such guaranty a
“Guaranty” and such third party a “Guarantor”), then to the extent that the
      derivative counterparty fails to make any payment by the close of business
      on
      the day it is required to make payment under the terms of such Derivative
      Contract, the Trustee, as Supplemental Interest Trust Trustee shall, promptly
      following actual notice of the derivative counterparty’s failure to pay, demand
      that such Guarantor make any and all payments then required to be made by such
      Guarantor pursuant to such Guaranty; provided that the Trustee, as Supplemental
      Interest Trust Trustee shall in no event be liable for any failure or delay
      in
      the performance by the Derivative Counterparty’s or such Guarantor’s of its
      obligations hereunder or pursuant to such Derivative Contract and the Guaranty,
      nor for any special, indirect or consequential loss or damage of any kind
      whatsoever (including but not limited to lost profits) in connection
      therewith.

     

    Section
      4.10. Tax
      Treatment of Class IO Distribution Amounts in the Event of Resecuritization
      of
      Class A, Class M or Class B Certificates.

     

    In
      the
      event that any Class A, Class M or Class B Certificate is resecuritized in
      a
      REMIC (the “Resecuritization REMIC”), for federal income tax purposes, (i)
      payments on the REMIC 3 Regular Interest corresponding to such Class A, Class
      M
      or Class B Certificate shall, for the avoidance of doubt, be deemed to include
      the Class IO Distribution Amount, and (ii) to the extent provided in the
      operative documents for the Resecuritization REMIC, (a) payments on the “regular
      interests” issued by the Resecuritization REMIC shall be deemed to include in
      the aggregate such Class IO Distribution Amount, and (b) such Class IO
      Distribution Amount shall be deemed paid to the holder of the Class C
      Certificates pursuant to a notional principal contract entered into by the
      holders of one or more “regular interests” issued by the Resecuritization REMIC
      (“Resecuritization Holders”) and the Holder of the Class C Certificates. In such
      event, Class IO Distribution Amounts deemed paid by Resecuritization Holders
      under clause (b) of the immediately preceding sentence shall be paid on behalf
      of such holders pursuant to Section 4.09(ii) hereof.

     

    Section
      4.11. Collateral
      Account.

     

    (a) The
      Trustee, as Supplemental Interest Trust Trustee, is hereby directed to perform
      the obligations of the Custodian as defined under Credit Support Annex One
      (the
“Custodian”). 

     

    On
      or
      before the Closing Date, the Custodian shall establish the Collateral Account.
      The Collateral Account shall be held in the name of the Custodian in trust
      for
      the benefit of the Holders of the Class A, Class M and Class B Certificates.
      The
      Collateral Account must be an Eligible Account segregated from the Certificate
      Account and any other moneys of the Trustee held pursuant to this Agreement
      and
      shall be entitled “Impac Secured Assets Corp., Mortgage Pass-Through
      Certificates, Series 2007-3, Collateral Account, Supplemental Interest Trust
      Trustee, as Custodian for the benefit of holders of the Class A, Class M and
      Class B Certificates.”

     

    The
      Custodian shall credit to Collateral Account all collateral (whether in the
      form
      of cash or securities) posted by Lehman
      Brothers Special Financing Inc.
      to
      secure the obligations of Lehman Brothers Special Financing Inc. in accordance
      with the terms of Credit Support Annex One. The Custodian shall maintain and
      apply all collateral and earnings thereon on deposit in the Collateral Account
      in accordance with Credit Support Annex One.

     

    
      
        
        

      

      
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    Cash
      collateral posted by Lehman Brothers Special Financing Inc. in accordance with
      Credit Support Annex One shall be invested at the written direction of Lehman
      Brothers Special Financing Inc. in Permitted Investments in accordance with
      the
      requirements of Credit Support Annex One. All amounts earned on amounts on
      deposit in Collateral Account (whether cash collateral or securities) shall
      be
      for the account of and taxable to Lehman Brothers Special Financing Inc. The
      Trustee shall not be liable for the selection of investments or investment
      losses incurred thereon.

     

    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Schedule) with respect to Lehman Brothers Special Financing Inc. or upon
      occurrence or designation of an Early Termination Date (as defined in the
      Schedule) as a result of any such Event of Default or Specified Condition with
      respect to Lehman Brothers Special Financing Inc., and, in either such case,
      unless Lehman Brothers Special Financing Inc. has paid in full all of its
      Obligations (as defined in Credit Support Annex One) that are then due, then
      any
      collateral posted by Lehman Brothers Special Financing Inc. in accordance with
      Credit Support Annex One, shall be applied by the Custodian to the payment
      of
      any Obligations due to Party B (each as defined in Credit Support Annex One)
      in
      accordance with Credit Support Annex One. Any excess collateral posted by Lehman
      Brothers Special Financing Inc. in accordance with Credit Support Annex One
      and
      remaining after payment of all amounts owing to Party B shall be withdrawn
      from
      the Collateral Account and paid to Lehman Brothers Special Financing Inc. in
      accordance with Credit Support Annex One.

     

    (b) The
      Trustee, as Supplemental Interest Trust Trustee, is hereby directed to perform
      the obligations of the Custodian as defined under Credit Support Annex Two
      (the
“Custodian”). 

     

    On
      or
      before the Closing Date, the Custodian shall establish the Collateral Account.
      The Collateral Account shall be held in the name of the Custodian in trust
      for
      the benefit of the Holders of the Class A, Class M and Class B Certificates.
      The
      Collateral Account must be an Eligible Account segregated from the Certificate
      Account and any other moneys of the Trustee held pursuant to this Agreement
      and
      shall be entitled “Impac Secured Assets Corp., Mortgage Pass-Through
      Certificates, Series 2007-3, Collateral Account, Supplemental Interest Trust
      Trustee, as Custodian for the benefit of holders of the Class A, Class M and
      Class B Certificates.”

     

    The
      Custodian shall credit to Collateral Account all collateral (whether in the
      form
      of cash or securities) posted by Bear Stearns Financial Products Inc. to secure
      the obligations of Bear Stearns Financial Products Inc. in accordance with
      the
      terms of the Credit Support Annex Two. The Custodian shall maintain and apply
      all collateral and earnings thereon on deposit in the Collateral Account in
      accordance with Credit Support Annex Two.

     

    Cash
      collateral posted by Bear Stearns Financial Products Inc. in accordance with
      Credit Support Annex Two shall be invested at the written direction of Bear
      Stearns Financial Products Inc. in Permitted Investments in accordance with
      the
      requirements of Credit Support Annex Two. All amounts earned on amounts on
      deposit in Collateral Account (whether cash collateral or securities) shall
      be
      for the account of and taxable to Bear Stearns Financial Products Inc. The
      Trustee shall not be liable for the selection of investments or investment
      losses incurred thereon.

     

    
      
        
        

      

      
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    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Schedule) with respect to Bear Stearns Financial Products Inc. or upon
      occurrence or designation of an Early Termination Date (as defined in the
      Schedule) as a result of any such Event of Default or Specified Condition with
      respect to Bear Stearns Financial Products Inc., and, in either such case,
      unless Bear Stearns Financial Products Inc. has paid in full all of its
      Obligations (as defined in Credit Support Annex Two) that are then due, then
      any
      collateral posted by Bear Stearns Financial Products Inc. in accordance with
      Credit Support Annex Two, shall be applied by the Custodian to the payment
      of
      any Obligations due to Party B (each as defined in Credit Support Annex Two)
      in
      accordance with Credit Support Annex Two. Any excess collateral posted by Bear
      Stearns Financial Products Inc. in accordance with Credit Support Annex Two
      and
      remaining after payment of all amounts owing to Party B shall be withdrawn
      from
      the Collateral Account and paid to Bear Stearns Financial Products Inc. in
      accordance with Credit Support Annex Two.

     

    Section
      4.12. The
      Certificate Guaranty Insurance Policy.

     

    (i) If
      the
      Trustee determines that an Insured Amount to be covered by the Certificate
      Guaranty Insurance Policy will exist for the related Distribution Date, the
      Trustee shall complete the notice in the form of Exhibit A to the Certificate
      Guaranty Insurance Policy (the “Notice”) and submit such Notice in accordance
      with the Certificate Guaranty Insurance Policy to the Certificate Insurer no
      later than 12:00 P.M., New York City time, on the second Business Day
      immediately preceding such Distribution Date, as a claim for the amount of
      such
      Insured Amount.

     

    (ii) The
      Trustee shall establish and maintain the Insurance Account on behalf of the
      Holders of the Class AM Certificates over which the Trustee shall have the
      exclusive control and sole right of withdrawal. Upon receipt of an Insured
      Amount from the Certificate Insurer on behalf of the Holders of the Class AM
      Certificates, the Trustee shall deposit such Insured Amount in the Insurance
      Account and distribute such amount only for purposes of payment to the Class
      AM
      Certificates of the Insured Amount for which a claim was made. Any such Insured
      Amount may not be applied to satisfy any costs, expenses or liabilities of
      the
      Seller, the Depositor, the Trustee or the Trust Fund or to pay any other Class
      of Certificates. Amounts paid under the Certificate Guaranty Insurance Policy,
      to the extent needed to pay the Insured Amount, shall be disbursed by the
      Trustee to the Holders of the Class AM Certificates. It shall not be necessary
      for such payments to be made by checks or wire transfers separate from the
      checks or wire transfers used to pay other distributions to the Holders of
      the
      Class AM Certificates with other funds available to make such payment. However,
      the amount of any payment of principal or of interest on the Class AM
      Certificates to be paid from funds transferred from the Insurance Account shall
      be noted as provided in paragraph (d) below and in the statement to be furnished
      to Holders of the Class AM Certificates pursuant to Section 4.02. Funds
      held in the Insurance Account shall not be invested. Any funds remaining in
      the
      Insurance Account on the first Business Day following the later of (i) the
      related Distribution Date or (ii) the date received by the Trustee, shall be
      returned to the Certificate Insurer pursuant to the written instructions of
      the
      Certificate Insurer by the end of such Business Day.

     

    
      
        
        

      

      
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    (iii) The
      Trustee shall keep a complete and accurate record of the amount of interest
      and
      principal paid in respect of the Class AM Certificates from moneys received
      under the Certificate Guaranty Insurance Policy. The Certificate Insurer shall
      have the right to inspect such records at reasonable times during normal
      business hours upon one Business Day’s prior notice to the Trustee.

     

    (iv) In
      the
      event that the Trustee has received a certified copy of an order of the
      appropriate court that any Insured Amount has been voided in whole or in part
      as
      a preference payment under applicable bankruptcy law, the Trustee shall so
      notify the Certificate Insurer, shall comply with the provisions of the
      Certificate Guaranty Insurance Policy to obtain payment by the Certificate
      Insurer of such Preference Amount in the amount of such voided Insured Amount,
      and shall, at the time it provides notice to the Certificate Insurer, notify,
      by
      mail the Holders of the Class AM Certificates that, in the event any Holder’s
      Insured Amount is so recovered, such Holder of a Class AM Certificate will
      be
      entitled to payment pursuant to the Certificate Guaranty Insurance Policy,
      a
      copy of which shall be made available through the Trustee or the Certificate
      Insurer, and the Trustee shall furnish to the Certificate Insurer, its records
      evidencing the payments which have been made by the Trustee and subsequently
      recovered from the Holders of the Class AM Certificates and dates on which
      such
      payments were made.

     

    (v) The
      Trustee shall promptly notify the Certificate Insurer of any proceeding or
      the
      institution of any action, of which a Responsible Officer of the Trustee has
      actual knowledge, seeking the avoidance as a preferential transfer under
      applicable bankruptcy, insolvency, receivership or similar law (a “Preference
      Claim”) of any distribution made with respect to the Class AM Certificates. Each
      Holder of a Class AM Certificate, by its purchase of such Class AM Certificate,
      the Depositor and the Trustee agree that the Certificate Insurer (so long as
      no
      Certificate Insurer Default exists) may at any time during the continuation
      of
      any proceeding relating to a Preference Claim direct all matters relating to
      such Preference Claim, including, without limitation, (i) the direction of
      any
      appeal of any order relating to such Preference Claim and (ii) the posting
      of
      any surety or performance bond pending any such appeal. In addition and without
      limitation of the foregoing, the Certificate Insurer shall be subrogated to,
      and
      each Holder of a Class AM Certificate and the Trustee hereby delegates and
      assigns to the Certificate Insurer, to the fullest extent permitted by law,
      the
      rights of the Trustee and each Holder of a Class AM Certificate in the conduct
      of any such Preference Claim, including, without limitation, all rights of
      any
      party to any adversary proceeding or action with respect to any court order
      issued in connection with any such Preference Claim.

     

    (vi) The
      Trustee shall, upon retirement of the Class AM Certificates, furnish to the
      Certificate Insurer a notice of such retirement, and, upon retirement of the
      Class AM Certificates and the expiration of the term of the Certificate Guaranty
      Insurance Policy, surrender the Certificate Guaranty Insurance Policy to the
      Certificate Insurer for cancellation.

     

    (vii) The
      Trustee will hold the Certificate Guaranty Insurance Policy in trust as agent
      for the Holders of the Class AM Certificates for the purpose of making claims
      thereon and distributing the proceeds thereof. Neither the Certificate Guaranty
      Insurance Policy nor the amounts paid on the Certificate Guaranty Insurance
      Policy will constitute part of the Trust Fund created by this Agreement. Each
      Holder of the Class AM Certificates, by accepting its Class AM Certificates,
      appoints the Trustee as attorney in fact for the purpose of making claims on
      the
      Certificate Guaranty Insurance Policy.

     

    
      
        
        

      

      
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    (viii) Anything
      herein to the contrary notwithstanding, any payment with respect to principal
      of
      or interest on the Class AM Certificates, which is made with moneys received
      pursuant to the terms of the Certificate Guaranty Insurance Policy, shall not
      be
      considered payment of the Class AM Certificates from the Trust Fund. The
      Depositor and the Trustee acknowledge, and each Holder by its acceptance of
      a
      Class AM Certificate agrees, that without the need for any further action on
      the
      part of the Certificate Insurer, the Depositor or the Trustee (a) to the extent
      the Certificate Insurer makes payments, directly or indirectly, on account
      of
      principal or interest on the Class AM Certificates to the Holders of such Class
      AM Certificates, the Certificate Insurer will be fully subrogated to, and the
      Trustee and each Holder of a Class AM Certificate, hereby delegate and assign
      to
      the Certificate Insurer, to the fullest extent permitted by law, the rights
      of
      such Holders to receive such principal and interest from the Trust Fund,
      including, without limitation, any amounts due to the Holders of the Class
      AM
      Certificates, in respect of securities law violations arising from the offer
      and
      sale of the Class AM Certificates and (b) the Certificate Insurer shall be
      paid
      such amounts from the sources and in the manner provided herein for the payment
      of such amounts and as provided in this Agreement. The Trustee shall cooperate
      in all respects with any reasonable request by the Certificate Insurer for
      action to preserve or enforce the Certificate Insurer’s rights or interests
      under this Agreement without limiting the rights or affecting the interests
      of
      the Holders as otherwise set forth herein.

     

    (ix) By
      accepting its Class AM Certificate, each Holder of a Class AM Certificate agrees
      that, unless a Certificate Insurer Default exists, the Certificate Insurer
      shall
      be deemed to be the Holder of the Class AM Certificate for all purposes (other
      than with respect to the receipt of payment on the Class AM Certificates) and
      shall have the right to exercise all rights (including, without limitation,
      voting rights) of the Holders of the Class AM Certificates under this Agreement
      without any further consent of the Holders of the Class AM Certificates. All
      notices, statement reports, certificates or opinions required by this Agreement
      to be sent to any Holders of Class AM Certificates shall also be sent to the
      Certificate Insurer.

     

    Section
      4.13. Class
      M Interest Reserve Fund.

     

    (a) The
      Trustee shall establish and maintain in its name, in trust for the benefit
      of
      the Class M-4, Class M-5, Class M-6 and Class M-7 Certificates, the Class M
      Interest Reserve Fund, which shall be a segregated non-interest bearing trust
      account. On the Closing Date, the Depositor shall deposit into the Class M
      Interest Reserve Fund an amount equal to the sum of the Class M-4 Interest
      Reserve Fund Amount, the Class M-5 Interest Reserve Fund Amount, the Class
      M-6
      Interest Reserve Fund Amount and the Class M-7 Interest Reserve Fund Amount.
      The
      Depositor will have no obligation to contribute additional amounts to the Class
      M Interest Reserve Fund after the Closing Date. The Class M Interest Reserve
      Fund will not receive any amounts from any Net Monthly Excess
      Cashflow.

     

    On
      each
      Distribution Date as to which there is a Net WAC Shortfall Amount payable to
      any
      of the Class M-4, Class M-5, Class M-6 and Class M-7 Certificates, the Trustee
      shall withdraw an amount equal to such Net WAC Shortfall Amount (provided,
      however, that such amount shall not exceed the related Class M Interest Reserve
      Fund Amount) and distribute such amounts to the Holders of the Class M-4, Class
      M-5, Class M-6 and Class M-7 Certificates in respect of such Net WAC Shortfall
      Amount for each such Class in accordance with the fourth paragraph of
      Section 4.01(a). Any amount paid to the Holders of any Class M-4, Class
      M-5, Class M-6 and Class M-7 Certificates pursuant to the preceding sentence
      in
      respect of Net WAC Shortfall Amounts shall not be a payment with respect to
      a
      Regular Interest in a REMIC within the meaning of Section 860G(a)(1) of the
      Code. The Trustee shall not be liable for the selection of investments or
      investment losses incurred thereon.

     

    
      
        
        

      

      
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    (b) The
      Class
      M Interest Reserve Fund is an “outside reserve fund” within the meaning of
      Treasury Regulation Section 1.860G-2(h) and shall be an asset of the Trust
      Fund but not an asset of any REMIC. The Depositor shall be the beneficial owner
      of the Class M Interest Reserve Fund, subject to the power of the Trustee to
      transfer amounts under Section 4.01. Amounts in the Class M Interest
      Reserve Fund shall, at the written direction of the Depositor, be invested
      in
      Permitted Investments that mature no later than the Business Day prior to the
      next succeeding Distribution Date. In the absence of such written direction,
      all
      funds in the Class M Interest Reserve Fund shall remain uninvested. All net
      income and gain from such investments shall be distributed to the Depositor,
      not
      as a distribution in respect of any interest in any REMIC, on each such
      Distribution Date. All amounts earned on amounts on deposit in the Class M
      Interest Reserve Fund shall be taxable to the Depositor. Any losses on such
      investments shall be refunded to the Class M Interest Reserve Fund by the
      Depositor out of its own funds immediately as realized. If any amounts remain
      in
      the Class M Interest Reserve Fund at the termination of the Trust Fund, they
      will be remitted to the Depositor.

     

    Section
      4.14. Pre-Funding
      Account.

     

    (a) No
      later
      than the Closing Date, the Trustee shall establish and maintain a segregated
      trust account or sub-account of a trust account, which shall be titled
“Pre-Funding Account, Deutsche Bank National Trust Company, as trustee for the
      benefit of holders of Impac Secured Assets Corp., Mortgage Pass-Through
      Certificates, Series 2007-3” (the “Pre-Funding Account”). The Pre-Funding
      Account shall be an Eligible Account or a sub-account of an Eligible Account.
      The Trustee shall, promptly upon receipt, deposit in the Pre-Funding Account
      and
      retain therein the Original Pre-Funding Amount remitted on the Closing Date
      to
      the Trustee by the Depositor. Funds deposited in the Pre-Funding Account shall
      be held in trust by the Trustee for the Holders of the Certificates and the
      Certificate Insurer for the uses and purposes set forth herein.

     

    (b) The
      Trustee shall invest funds deposited in the Pre-Funding Account as directed
      by
      the Depositor or its designee in writing in Permitted Investments with a
      maturity date no later than the Business Day immediately preceding the date
      on
      which such funds are required to be withdrawn from such account pursuant to
      this
      Agreement, or, if no written direction is received by the Trustee from the
      Depositor, then funds in such account shall remain uninvested. The
      Trustee shall not be liable for the selection of investments or investment
      losses incurred thereon.
      For
      federal income tax purposes, the Depositor or its designee shall be the owner
      of
      the Pre-Funding Account and shall report all items of income, deduction, gain
      or
      loss arising therefrom. All income and gain realized from investment of funds
      deposited in the Pre-Funding Account shall be transferred to the Interest
      Coverage Account on the Business Day immediately preceding each Distribution
      Date during the Pre-Funding Period. The Depositor or its designee shall deposit
      in the Pre-Funding Account the amount of any net loss incurred in respect of
      any
      such Permitted Investment immediately upon realization of such loss without
      any
      right of reimbursement therefor. At no time will the Pre-Funding Account be
      an
      asset of any REMIC created hereunder.Amounts on deposit in the Pre-Funding
      Account shall be withdrawn by the Trustee as follows:

     

    
      
        
        

      

      
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    (i) On
      any
      Subsequent Transfer Date, the Trustee shall withdraw from the Pre-Funding
      Account an amount equal to 100% of the Stated Principal Balances of the
      subsequent mortgage loans (as identified on the Mortgage Loan Schedule provided
      by the Depositor) transferred and assigned to the Trustee for deposit on such
      Subsequent Transfer Date and remit such amount to the Depositor;

     

    (ii) If
      the
      amount on deposit in the Pre-Funding Account (exclusive of investment income)
      has not been reduced to zero by the close of business on the date of termination
      of the Pre-Funding Period, then at the close of business on such date, the
      Trustee shall deposit into the Distribution Account any amounts remaining in
      the
      Pre-Funding Account (exclusive of investment income) for distribution in
      accordance with Section 4.01; and

     

    (iii) To
      withdraw any amount not required to be deposited in the Pre-Funding Account
      or
      deposited therein in error; and

     

    Withdrawals
      pursuant to clauses (i), (ii) and (iv) shall be treated as contributions of
      cash
      to REMIC I on the date of withdrawal.

     

    Section
      4.15. Interest
      Coverage Account.

     

    (a) No
      later
      than the Closing Date, the Trustee shall establish and maintain a segregated
      trust account or a sub-account of a trust account, which shall be titled
“Interest Coverage Account, Deutsche Bank National Trust Company, as trustee
      for
      the benefit of holders of Impac Secured Assets Corp., Mortgage Pass-Through
      Certificates, Series 2007-3” (the “Interest Coverage Account”). The Interest
      Coverage Account shall be an Eligible Account or a sub-account of an Eligible
      Account. The Trustee shall, promptly upon receipt, deposit in the Interest
      Coverage Account and retain therein the Initial Interest Coverage Deposit
      remitted on the Closing Date to the Trustee by the Depositor and all income
      and
      gain realized from investment of funds on deposit in the Pre-Funding Account
      pursuant to Section 4.14(b). Funds deposited in the Interest Coverage Account
      shall be held in trust by the Trustee for the Certificateholders and the
      Certificate Insurer for the uses and purposes set forth herein.

     

    (b) For
      federal income tax purposes, the Depositor shall be the owner of the Interest
      Coverage Account and shall report all items of income, deduction, gain or loss
      arising therefrom. At no time will the Interest Coverage Account be an asset
      of
      any REMIC created hereunder. All income and gain realized from investment of
      funds deposited in the Interest Coverage Account, which investment shall be
      made
      solely upon the written direction of the Depositor, shall be for the sole and
      exclusive benefit of the Depositor and shall be remitted by the Trustee to
      the
      Depositor no later than the first Business Day following receipt of such income
      and gain by the Trustee. If no written direction with respect to such investment
      shall be received by the Trustee from the Depositor, then funds in such Account
      shall remain uninvested. The Trustee shall not be liable for the selection
      of
      investments or investment losses incurred thereon. The Depositor shall deposit
      in the Interest Coverage Account the amount of any net loss incurred in respect
      of any such Permitted Investment immediately upon realization of such loss
      and
      any additional amounts necessary to make the distributions pursuant to paragraph
      (c) to the extent that amounts on deposit in the Interest Coverage Account
      are
      insufficient.

     

    
      
        
        

      

      
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    (c) On
      each
      Distribution Date during the Pre-Funding Period and on the day of termination
      of
      the Pre-Funding Period, the Trustee shall withdraw from the Interest Coverage
      Account and deposit in the Distribution Account an amount equal to the Interest
      Coverage Distribution Amount for such Distribution Date. Such withdrawal and
      deposit shall be treated as a contribution of cash by the Depositor to REMIC
      I
      on the date thereof. Immediately following any such withdrawal and deposit,
      and
      immediately following the conveyance of any Subsequent Mortgage Loan to the
      Trust on any Subsequent Transfer Date, the Trustee shall, at the request of
      the
      Depositor, withdraw from the Interest Coverage Account and remit to the
      Depositor or its designee an amount equal to the excess, if any, of the amount
      remaining in such Interest Coverage Account over the amount that would be
      required to be withdrawn therefrom (assuming sufficient funds therein) pursuant
      to the first sentence of this paragraph on each subsequent Distribution Date,
      if
      any, that will occur during the Pre-Funding Period or on the day of termination
      of the Pre-Funding Period if no Subsequent Mortgage Loan were acquired by the
      Trust Fund after the end of the Prepayment Period relating to the current
      Distribution Date or the Distribution Date following the end of the Pre-Funding
      Period, as applicable. On the day of termination of the Pre-Funding Period,
      the
      Trustee shall withdraw from the Interest Coverage Account and remit to the
      Depositor or its designee the amount remaining in such Interest Coverage Account
      after payment of the amount required to be withdrawn therefrom pursuant to
      the
      first sentence of this paragraph on the day of termination of the Pre-Funding
      Period. 

     

    (d) Upon
      the
      earliest of (i) the Distribution Date immediately following the end of the
      Pre-Funding Period, (ii) the reduction of the Certificate Principal Balance
      of
      the Certificates to zero and (iii) the termination of this Agreement in
      accordance with Section 9.01, any amount remaining on deposit in the Interest
      Coverage Account after distributions pursuant to paragraph (c) above shall
      be
      withdrawn by the Trustee and paid to the Depositor or its designee.

     

    
      
        
        

      

      
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    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    Section
      5.01. The
      Certificates.

     

    (a) The
      Certificates will be substantially in the respective forms annexed hereto as
      Exhibits A and B-1 through B-5. The Certificates will be issuable in registered
      form only. The Certificates (other than the Class P, Class C and Class R
      Certificates) will be issued in minimum denominations of $25,000 Initial
      Certificate Principal Balance and integral multiples of $1 in excess thereof.
      The Class C Certificates will be issued in minimum denominations of $1.00
      Initial Notional Amount and integral multiples of $1.00 in excess thereof.
      The
      Class P Certificates and the Class R Certificates will each be issuable in
      minimum denominations of any Percentage Interest representing 10.00% and
      multiples of 0.01% in excess thereof.

     

    Upon
      original issue, the Certificates shall, upon the written request of the
      Depositor executed by an officer of the Depositor, be executed and delivered
      by
      the Trustee, authenticated by the Trustee and delivered to or upon the order
      of
      the Depositor upon receipt by the Trustee of the documents specified in
      Section 2.01. The Certificates shall be executed by manual or facsimile
      signature on behalf of the Trustee in its capacity as trustee hereunder by
      a
      Responsible Officer. Certificates bearing the manual or facsimile signatures
      of
      individuals who were at the time they signed the proper officers of the Trustee
      shall bind the Trustee, notwithstanding that such individuals or any of them
      have ceased to hold such offices prior to the authentication and delivery of
      such Certificates or did not hold such offices at the date of such Certificates.
      No Certificate shall be entitled to any benefit under this Agreement, or be
      valid for any purpose, unless there appears on such Certificate a certificate
      of
      authentication substantially in the form provided for herein executed by the
      Trustee by manual signature, and such certificate upon any Certificate shall
      be
      conclusive evidence, and the only evidence, that such Certificate has been
      duly
      authenticated and delivered hereunder. All Certificates issued on the Closing
      Date shall be dated the Closing Date and any Certificates delivered thereafter
      shall be dated the date of their authentication.

     

    (b) The
      Class
      A, Class M and Class B Certificates shall initially be issued as one or more
      Certificates registered in the name of the Depository or its nominee and, except
      as provided below, registration of such Certificates may not be transferred
      by
      the Trustee except to another Depository that agrees to hold such Certificates
      for the respective Certificate Owners with Ownership Interests therein. The
      Certificate Owners shall hold their respective Ownership Interests in and to
      each of such Book-Entry Certificates through the book-entry facilities of the
      Depository and, except as provided below, shall not be entitled to Definitive
      Certificates in respect of such Ownership Interests. All transfers by
      Certificate Owners of their respective Ownership Interests in the Book-Entry
      Certificates shall be made in accordance with the procedures established by
      the
      Depository Participant or brokerage firm representing such Certificate Owner.
      Each Depository Participant shall transfer the Ownership Interests only in
      the
      Book-Entry Certificates of Certificate Owners it represents or of brokerage
      firms for which it acts as agent in accordance with the Depository's normal
      procedures. The Trustee shall not be required to monitor, determine or inquire
      as to compliance with the transfer restrictions with respect to the Book-Entry
      Certificates, and the Trustee shall have no liability for transfers of Ownership
      Interests in the Book Entry Certificates made through the book-entry facilities
      of the Depositary or between or among Depositary Participants or Certificate
      Owners, made in violation of the applicable restrictions.

     

    
      
        
        

      

      
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    The
      Trustee, the Master Servicer and the Depositor may for all purposes (including
      the making of payments due on the respective Classes of Book-Entry Certificates)
      deal with the Depository as the authorized representative of the Certificate
      Owners with respect to the respective Classes of Book-Entry Certificates for
      the
      purposes of exercising the rights of Certificateholders hereunder. The rights
      of
      Certificate Owners with respect to the respective Classes of Book-Entry
      Certificates shall be limited to those established by law and agreements between
      such Certificate Owners and the Depository Participants and brokerage firms
      representing such Certificate Owners. Multiple requests and directions from,
      and
      votes of, the Depository as Holder of any Class of Book-Entry Certificates
      with
      respect to any particular matter shall not be deemed inconsistent if they are
      made with respect to different Certificate Owners. The Trustee may establish
      a
      reasonable record date in connection with solicitations of consents from or
      voting by Certificateholders and shall give notice to the Depository of such
      record date.

     

    If
      (i)(A)
      the Depositor advises the Trustee in writing that the Depository is no longer
      willing or able to properly discharge its responsibilities as Depository and
      (B)
      the Depositor is unable to locate a qualified successor or (ii) the Depositor
      at
      its option advises the Trustee in writing that it elects to terminate the
      book-entry system through the Depository, the Trustee shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to Certificate Owners
      requesting the same. Upon surrender to the Trustee of the Book-Entry
      Certificates by the Depository, accompanied by registration instructions from
      the Depository for registration of transfer, the Trustee shall, at the expense
      of the Depositor, issue the Definitive Certificates. Neither the Depositor,
      the
      Master Servicer nor the Trustee shall be liable for any actions taken by the
      Depository or its nominee, including, without limitation, any delay in delivery
      of such instructions and may conclusively rely on, and shall be protected in
      relying on, such instructions. Upon the issuance of Definitive Certificates
      the
      Trustee and the Master Servicer shall recognize the Holders of the Definitive
      Certificates as Certificateholders hereunder.

     

    (c) Each
      Certificate is intended to be a “security” governed by Article 8 of the Uniform
      Commercial Code as in effect in the State of New York and any other applicable
      jurisdiction, to the extent that any of such laws may be
      applicable.

     

    Section
      5.02. Registration
      of Transfer and Exchange of Certificates.

     

    (a) The
      Trustee shall maintain a Certificate Register in which, subject to such
      reasonable regulations as it may prescribe, the Trustee shall provide for the
      registration of Certificates and of transfers and exchanges of Certificates
      as
      herein provided.

     

    (b) Except
      as
      provided in Section 5.02(c), no transfer, sale, pledge or other disposition
      of a Class P, Class C or Class R Certificate shall be made unless such transfer,
      sale, pledge or other disposition is exempt from the registration requirements
      of the Securities Act of 1933, as amended (the “Act”), and any applicable state
      securities laws or is made in accordance with said Act and laws. In the event
      that a transfer of a Class P, Class C or Class R Certificate is to be made
      under
      this Section 5.02(b), (i) the Trustee shall require an Opinion of Counsel
      acceptable to and in form and substance satisfactory to the Trustee that such
      transfer shall be made pursuant to an exemption, describing the applicable
      exemption and the basis therefor, from said Act and laws or is being made
      pursuant to said Act and laws, which Opinion of Counsel shall not be an expense
      of the Trustee, the Depositor or the Master Servicer, provided that such Opinion
      of Counsel will not be required in connection with the initial transfer of
      any
      such Certificate by the Depositor or any affiliate thereof, to a non-affiliate
      of the Depositor and (ii) the Trustee shall require the transferee to execute
      a
      representation letter, substantially in the form of Exhibit G-1 hereto, and
      the
      Trustee shall require the transferor to execute a representation letter,
      substantially in the form of Exhibit G-2 hereto, each acceptable to and in
      form
      and substance satisfactory to the Trustee certifying to the Depositor and the
      Trustee the facts surrounding such transfer, which representation letters shall
      not be an expense of the Trustee, the Depositor or the Master Servicer;
provided,
      however,
      that
      such representation letters will not be required in connection with any transfer
      of any such Certificate by the Depositor to an affiliate of the Depositor and
      the Trustee shall be entitled to conclusively rely upon a representation (which,
      upon the request of the Trustee, shall be a written representation) from the
      Depositor of the status of such transferee as an affiliate of the Depositor.
      Any
      such Certificateholder desiring to effect such transfer shall, and does hereby
      agree to, indemnify the Trustee, the Depositor and the Master Servicer against
      any liability that may result if the transfer is not so exempt or is not made
      in
      accordance with such applicable federal and state laws.

     

     

    
      
        
        

      

      
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    No
      transfer of any Class C Certificate shall be made unless the proposed transferee
      of such Class C Certificate (1) provides to the Trustee the appropriate tax
      certification forms that would eliminate any withholding or deduction for taxes
      from amounts payable by the Swap Provider, pursuant to the related Interest
      Rate
      Swap Agreement, and by the Cap Counterparties, pursuant to the Cap Contacts,
      to
      the Supplemental Interest Trust (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY,
      W-8EXP or W-8ECI, as applicable (or any successor form thereto), together with
      any applicable attachments) and (2) agrees to update such forms (i) upon
      expiration of any such forms, (ii) as required under then applicable U.S.
      Treasury regulations and (iii) promptly upon learning that such forms have
      become obsolete or incorrect, each as a condition to such transfer. In
      addition, no transfer of any Class C Certificate shall be made if such transfer
      would cause the Supplemental Interest Trust to be beneficially owned by two
      or
      more persons for federal income tax purposes, or continue to be so treated,
      unless (i) each proposed transferee of such Class C Certificate complies with
      the foregoing conditions, and (ii) the proposed majority holder of the Class
      C
      Certificates (or each holder, if there is or would be no majority holder) (A)
      provides, or causes to be provided, on behalf of the Supplemental Interest
      Trust, if applicable, to the Trustee the appropriate tax certification forms
      that would be required from the Supplemental Interest Trust to eliminate any
      withholding or deduction for taxes from amounts payable by the Swap Provider,
      pursuant to the Interest Rate Swap Agreement, and by the Cap Counterparties,
      pursuant to the Cap Contacts, to the Supplemental Interest Trust (i.e., IRS
      Form
      W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or any
      successor form thereto), together with any applicable attachments) and (B)
      agrees to update such forms (x) upon expiration of any such forms, (y) as
      required under then applicable U.S. Treasury regulations and (z) promptly upon
      learning that such forms have become obsolete or incorrect. If, under applicable
      U.S. Treasury regulations, such tax certification forms may only be signed
      by a
      trustee acting on behalf of the Supplemental Interest Trust, then the Trustee,
      as the Supplemental Interest Trust Trustee, shall sign such certification forms
      if so directed by a Holder of the Class C Certificates. Upon receipt of any
      such
      tax certification forms from a proposed transferee or Holder of any Class C
      Certificate, the Trustee,
      as the
      Supplemental Interest Trust Trustee,
      shall
      forward a copy of such tax certification forms provided to it to the Swap
      Provider and the Cap Counterparties. Each Holder of a Class C Certificate and
      each transferee thereof shall be deemed to have consented to the Trustee, as
      the
      Supplemental Interest Trust Trustee, forwarding to the Swap Provider and Cap
      Counterparties any tax certification form it has provided and updated in
      accordance with these transfer restrictions.
      Any
      purported sales or transfers of any Class C Certificate to a transferee which
      does not comply with the requirements of this paragraph shall be deemed null
      and
      void under this Agreement.

     

    
      
        
        

      

      
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    The
      Trustee shall not be liable for the content or truthfulness of any such tax
      certification forms provided to it. The Trustee shall only be required to
      forward any tax certification forms received by it to the Swap Provider and
      Cap
      Counterparties at the last known address provided to it, and shall not be liable
      for the receipt of such tax certification forms by the Swap Provider or the
      Cap
      Counterparties, nor any failure of the Swap Provider or Cap Counterparties
      to
      process such forms or to take any action as required under the respective
      Interest Rate Swap Agreement or Cap Contract, or under applicable law. The
      Trustee shall have no duty to take action to correct any misstatement or
      omission in any tax certification forms provided to it and forwarded to the
      Swap
      Provider and Cap Counterparties.

     

    (c) Notwithstanding
      the requirements of Section 5.02(b), transfers of Class
      B,
      Class P, Class C and Class R
      Certificates may be made in accordance with this Section 5.02(c) if the
      prospective transferee of a Certificate provides the Trustee and the Depositor
      with an investment letter substantially in the form of Exhibit G-3 attached
      hereto, which investment letter shall not be an expense of the Trustee, the
      Depositor or the Master Servicer, and which investment letter states that,
      among
      other things, such transferee is a “qualified institutional buyer” as defined
      under Rule 144A. Such transfers shall be deemed to have complied with the
      requirements of Section 5.02(b) hereof. Any such Certificateholder desiring
      to effect such transfer shall, and does hereby agree to, indemnify the Trustee,
      the Depositor and the Master Servicer against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with such applicable
      federal and state laws.

     

    The
      Trustee shall require an Opinion of Counsel, on which the Trustee, Depositor
      and
      Master Servicer may rely, from a prospective transferee prior to the transfer
      of
      any Class P, Class C and Class R Certificate to any employee benefit plan or
      other retirement arrangement, including individual retirement accounts and
      Keogh
      plans, that is subject to the Employee Retirement Income Security Act of 1974,
      as amended (“ERISA”), or Section 4975 of the Code (any of the foregoing, a
“Plan”), to a trustee or other Person acting on behalf of any Plan, or to any
      other person who is using “plan assets” of any Plan to effect such acquisition
      (including any insurance company using funds in its general or separate accounts
      that may constitute “plan assets” of a Plan). Such Opinion of Counsel must
      establish to the satisfaction of the Trustee that such transfer is permissible
      under applicable law, will not constitute or result in a prohibited transaction
      under Section 406 of ERISA and Section 4975 of the Code, and will not
      subject the Trustee, the Master Servicer or the Depositor to any obligation
      in
      addition to those undertaken in this Agreement. Neither the Depositor, the
      Master Servicer nor the Trustee, will be required to obtain such Opinion of
      Counsel on behalf of any prospective transferee.

     

    
      
        
        

      

      
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    Prior
      to
      the termination of the Supplemental Interest Trust, each beneficial owner of
      a
      Class A, Class M and Class B Certificate or any interest therein, shall be
      deemed to have represented, by virtue of its acquisition or holding of the
      Class
      A, Class M and Class B Certificate, or interest therein, that either (i) it
      is
      not a Plan or (ii) (A) it is an accredited investor within the meaning of
      Prohibited Transaction Exemption 2007-05 (the “Exemption”) and (B) the
      acquisition and holding of such Certificate and the separate right to receive
      payments from the Supplemental Interest Trust are eligible for the exemptive
      relief available under one of Prohibited Transaction Class Exemption (“PTCE”)
      84-14, 91-38, 95-60, 90-1 or 96-23.

     

    Each
      beneficial owner of a Subordinate Certificate or any interest therein which
      is
      acquired subsequent to the termination of the Supplemental Interest Trust shall
      be deemed to have represented, by virtue of its acquisition or holding of that
      Certificate or interest therein, that either (i) it is not a Plan or a trustee
      or other Person acting on behalf of a Plan or using “plan assets” of a Plan to
      effect such acquisition (including any insurance company using funds in its
      general or separate accounts that may constitute “plan assets”), (ii) it has
      acquired and is holding such Certificate in reliance on the Exemption, in the
      case of a privately offered certificate, it is an “accredited investor” as
      defined in Rule 501(a)(1) of Regulation D of the Securities Act of 1933, as
      amended, and that it understands that there are certain conditions to the
      availability of the Exemption, including that the Certificate must be rated,
      at
      the time of purchase, not lower than “BBB-” (or its equivalent) by Standard
& Poor’s, Fitch Ratings, Inc., Moody’s, Dominion Bond Rating Service Limited
      (known as DBRS Limited) or Dominion Bond Rating Service, Inc. (known as DBRS,
      Inc.) and the Certificate is so rated or (iii) (1) it is an insurance company,
      (2) the source of funds used to acquire or hold the Certificate or interest
      therein is an “insurance company general account,” as such term is defined in
      PTCE 95-60, and (3) the conditions in Sections I and III of PTCE 95-60 have
      been
      satisfied.

     

    (d) [Reserved]

     

    (e) (i)
      Each
      Person who has or who acquires any Ownership Interest in a Class R Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      authorized the Trustee or its designee under clause (iii)(A) below to deliver
      payments to a Person other than such Person and to negotiate the terms of any
      mandatory sale under clause (iii)(B) below and to execute all instruments of
      transfer and to do all other things necessary in connection with any such sale.
      The rights of each Person acquiring any Ownership Interest in a Class R
      Certificate are expressly subject to the following provisions:

     

    (A) Each
      Person holding or acquiring any Ownership Interest in a Class R Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

    (B) In
      connection with any proposed Transfer of any Ownership Interest in a Class
      R
      Certificate, the Trustee shall require delivery to it, and shall not register
      the Transfer of any Class R Certificate until its receipt, of (I) an affidavit
      and agreement in the form attached hereto as Exhibit G-5 (a “Transferee
      Affidavit and Agreement”) from the proposed Transferee, in form and substance
      satisfactory to the Trustee representing and warranting, among other things,
      that it is a Permitted Transferee, that it is not acquiring its Ownership
      Interest in the Class R Certificate that is the subject of the proposed Transfer
      as a nominee, trustee or agent for any Person who is not a Permitted Transferee,
      that for so long as it retains its Ownership Interest in a Class R Certificate,
      it will endeavor to remain a Permitted Transferee, and that it has reviewed
      the
      provisions of this Section 5.02 and agrees to be bound by them, and (II) an
      affidavit, in the form attached hereto as Exhibit G-4, from the Holder wishing
      to transfer the Class R Certificate, in form and substance satisfactory to
      the
      Trustee representing and warranting, among other things, that no purpose of
      the
      proposed Transfer is to impede the assessment or collection of tax and that
      it
      has no knowledge that the proposed transferee is not a Permitted Transferee
      (“Transferor Affidavit”).

     

    
      
        
        

      

      
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    (C) Notwithstanding
      the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if a Responsible Officer of the Trustee assigned to
      this
      transaction has actual knowledge that the proposed Transferee is not a Permitted
      Transferee, no Transfer of an Ownership Interest in a Class R Certificate to
      such proposed Transferee shall be effected.

     

    (D) Each
      Person holding or acquiring any Ownership Interest in a Class R Certificate
      shall agree (x) to require a Transferee Affidavit and Agreement from any other
      Person to whom such Person attempts to transfer its Ownership Interest in a
      Class R Certificate and (y) not to transfer its Ownership Interest unless it
      provides a Transferor Affidavit to the Trustee.

     

    (E) Each
      Person holding or acquiring an Ownership Interest in a Class R Certificate,
      by
      purchasing an Ownership Interest in such Certificate, agrees to give the Trustee
      written notice that it is a “pass-through interest holder” within the meaning of
      Temporary Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
      acquiring an Ownership Interest in a Class R Certificate, if it is “a
      pass-through interest holder”, or is holding an Ownership Interest in a Class R
      Certificate on behalf of a “pass-through interest holder.”

     

    (ii) The
      Trustee will register the Transfer of any Class R Certificate only if it shall
      have received the Transferee Affidavit and Agreement, a Transferor Affidavit
      of
      the Holder requesting such transfer and all of such other documents as shall
      have been reasonably required by the Trustee as a condition to such
      registration. Transfers of the Class R Certificates other than to Permitted
      Transferees are prohibited.

     

    (iii) (A) If
      any
      Person other than a Permitted Transferee shall become a Holder of a Class R
      Certificate, then the last preceding Permitted Transferee shall be restored,
      to
      the extent permitted by law, to all rights and obligations as Holder thereof
      retroactive to the date of registration of such Transfer of such Class R
      Certificate. If a transfer of a Class R Certificate is disregarded pursuant
      to
      the provisions of Treasury Regulations Section 1.860E-1 or
      Section 1.860G-3, then the last preceding Permitted Transferee shall be
      restored, to the extent permitted by law, to all rights and obligations as
      Holder thereof retroactive to the date of registration of such transfer of
      such
      Class R Certificate. The prior Holder shall be entitled to recover from any
      purported Holder of a Class R Certificate that was in fact not a Permitted
      Transferee under this Section 5.02(e) at the time it became a Holder all
      payments made on such Class R Certificate. Each Holder of a Class R Certificate,
      by acceptance thereof, shall be deemed for all purposes to have consented to
      the
      provisions of this Section 5.02(e) and to any amendment of this Agreement
      deemed necessary (whether as a result of new legislation or otherwise) by
      counsel of the Depositor to ensure that the Class R Certificates are not
      transferred to any Person who is not a Permitted Transferee and that any
      transfer of such Class R Certificates will not cause the imposition of a tax
      upon the Trust or cause any such REMIC to fail to qualify as a REMIC. Neither
      the Trustee nor the Trustee shall be under any liability to any Person for
      any
      registration of Transfer of a Class R Certificate that is in fact not permitted
      by this Section 5.02 or for making any payments due on such Certificate to
      the Holder thereof or for taking any other action with respect to such Holder
      under the provisions of this Agreement.

     

    
      
        
        

      

      
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    (B)
       If
      any
      purported Transferee shall become a Holder of a Class R Certificate in violation
      of the restrictions in this Section 5.02 and to the extent that the
      retroactive restoration of the rights of the Holder of such Class R Certificate
      as described in clause (iii)(A) above shall be invalid, illegal or
      unenforceable, then the Trustee shall have the right, without notice to the
      Holder or any prior Holder of such Class R Certificate, to sell such Class
      R
      Certificate to a purchaser selected by the Trustee on such terms as the Trustee
      may choose. Such purported Transferee shall promptly endorse and deliver each
      Class R Certificate in accordance with the instructions of the Trustee. Such
      purchaser may be the Trustee itself. The proceeds of such sale, net of the
      commissions (which may include commissions payable to the Trustee), expenses
      and
      taxes due, if any, will be remitted by the Trustee to such purported Transferee.
      The terms and conditions of any sale under this clause (iii)(B) shall be
      determined in the sole discretion of the Trustee, and the Trustee shall not
      be
      liable to any Person having an Ownership Interest in a Class R Certificate
      as a
      result of its exercise of such discretion.

     

    (iv) The
      Trustee shall make available to the Internal Revenue Service and those Persons
      specified by the REMIC Provisions, all information necessary to compute any
      tax
      imposed (A) as a result of the transfer of an ownership interest in a Class
      R
      Certificate to any Person who is a Disqualified Organization, including the
      information regarding “excess inclusions” of such Class R Certificates required
      to be provided to the Internal Revenue Service and certain Persons as described
      in Treasury Regulations Sections 1.860D-1(b)(5) and 1.860E-2(a)(5), and (B)
      as a
      result of any regulated investment company, real estate investment trust, common
      trust fund, partnership, trust, estate or organization described in
      Section 1381 of the Code that holds an Ownership Interest in a Class R
      Certificate having as among its record Holders at any time any Person who is
      a
      Disqualified Organization. The Trustee may charge and shall be entitled to
      reasonable compensation for providing such information as may be required from
      those Persons which may have had a tax imposed upon them as specified in clauses
      (A) and (B) of this paragraph for providing such information.

     

    (f) Subject
      to the preceding paragraphs, upon surrender for registration of transfer of
      any
      Certificate at the office of the Trustee maintained for such purpose, the
      Trustee shall execute and the Trustee shall authenticate and deliver, in the
      name of the designated transferee or transferees, one or more new Certificates
      of the same Class of a like aggregate Percentage Interest. Every Certificate
      surrendered for transfer shall be accompanied by notification of the account
      of
      the designated transferee or transferees for the purpose of receiving
      distributions pursuant to Section 4.01 by wire transfer, if any such
      transferee desires and is eligible for distribution by wire
      transfer.

     

    
      
        
        

      

      
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    (g) At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates of authorized denominations of the same Class of a like aggregate
      Percentage Interest, upon surrender of the Certificates to be exchanged at
      the
      office of the Trustee. Whenever any Certificates are so surrendered for exchange
      the Trustee shall execute, authenticate and deliver the Certificates which
      the
      Certificateholder making the exchange is entitled to receive. Every Certificate
      presented or surrendered for transfer or exchange shall (if so required by
      the
      Trustee) be duly endorsed by, or be accompanied by a written instrument of
      transfer in the form satisfactory to the Trustee duly executed by, the Holder
      thereof or his attorney duly authorized in writing. In addition, with respect
      to
      each Class R Certificate, the Holder thereof may exchange, in the manner
      described above, such Class R Certificate for three separate Certificates,
      each
      representing such Holder's respective Percentage Interest in the Class R-1
      Interest, the Class R-2 Interest and the Class R-3 Interest, respectively,
      in
      each case that was evidenced by the Class R Certificate being
      exchanged.

     

    (h) No
      service charge shall be made to the Certificateholders for any transfer or
      exchange of Certificates, but the Trustee may require payment of a sum
      sufficient to cover any tax or governmental charge that may be imposed in
      connection with any transfer or exchange of Certificates.

     

    (i) All
      Certificates surrendered for transfer and exchange shall be canceled and
      retained by the Trustee in accordance with the Trustee’s standard
      procedures.

     

    Section
      5.03. Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (i)
      any mutilated Certificate is surrendered to the Trustee and the Trustee receives
      evidence to its satisfaction of the destruction, loss or theft of any
      Certificate, and (ii) there is delivered to the Trustee such security or
      indemnity as may be required by it to save it harmless, then, in the absence
      of
      notice to the Trustee that such Certificate has been acquired by a bona fide
      purchaser, the Trustee shall execute, authenticate and deliver, in exchange
      for
      or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
      new
      Certificate of the same Class and Percentage Interest. Upon the issuance of
      any
      new Certificate under this Section, the Trustee may require the payment of
      a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      relation thereto and any other expenses (including the fees and expenses of
      the
      Trustee) connected therewith. Any replacement Certificate issued pursuant to
      this Section shall constitute complete and indefeasible evidence of
      ownership in the Trust Fund, as if originally issued, whether or not the lost,
      stolen or destroyed Certificate shall be found at any time.

     

    Section
      5.04. Persons
      Deemed Owners.

     

    The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the person in whose name any Certificate is registered as the owner of
      such Certificate for the purpose of receiving distributions pursuant to
      Section 4.01 and for all other purposes whatsoever, and neither the
      Depositor, the Master Servicer, the Trustee nor any agent of any of them shall
      be affected by notice to the contrary.

     

     

    
      
        
        

      

      
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    Section
      5.05. Rule
      144A Information.

     

    For
      so
      long as any Class P, Class C and Class R are outstanding and are “restricted
      securities” within the meaning of Rule 144(a)(3) of the Securities Act, (1) the
      Depositor will provide or cause to be provided to any Holder of such
      Certificates and any prospective purchaser thereof designated by such a Holder,
      upon the request of such Holder or prospective purchaser, the information
      required to be provided to such Holder or prospective purchaser by Rule
      144A(d)(4) under the Securities Act; and (2) the Depositor shall update such
      information from time to time in order to prevent such information from becoming
      false and misleading and will take such other actions as are necessary to ensure
      that the safe harbor exemption from the registration requirements of the
      Securities Act under Rule 144A is and will be available for resales of such
      Certificates conducted in accordance with Rule 144A. The Master Servicer shall
      cooperate with the Depositor and furnish the Depositor such information in
      the
      Master Servicer's possession as the Depositor may reasonably
      request.

     

    
      
        
        

      

      
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    ARTICLE
      VI

     

    THE
      DEPOSITOR AND THE MASTER SERVICER

     

    Section
      6.01. Liability
      of the Depositor and the Master Servicer.

     

    The
      Depositor and the Master Servicer each shall be liable in accordance herewith
      only to the extent of the obligations specifically imposed upon and undertaken
      by the Depositor and the Master Servicer herein. Only the Master Servicer,
      any
      successor Master Servicer or the Trustee acting as Master Servicer shall be
      liable with respect to the servicing of the Mortgage Loans and the REO Property
      for actions taken by any such Person in contravention of the Master Servicer's
      duties hereunder.

     

    Section
      6.02. Merger,
      Consolidation or Conversion of the Depositor or the Master
      Servicer.

     

    The
      Depositor and the Master Servicer each will keep in full effect its existence,
      rights and franchises as a corporation under the laws of the state of its
      incorporation, and each will obtain and preserve its qualification to do
      business as a foreign corporation in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, the Certificates or any of the Mortgage Loans
      and to perform its respective duties under this Agreement.

     

    Any
      Person into which the Depositor or the Master Servicer may be merged,
      consolidated or converted, or any corporation resulting from any merger or
      consolidation to which the Depositor or the Master Servicer shall be a party,
      or
      any Person succeeding to the business of the Depositor or the Master Servicer,
      shall be the successor of the Depositor or the Master Servicer, as the case
      may
      be, hereunder, without the execution or filing of any paper or any further
      act
      on the part of any of the parties hereto, anything herein to the contrary
      notwithstanding; provided, however, that the successor or surviving Person to
      the Master Servicer shall be qualified to sell mortgage loans to and service
      mortgage loans for Fannie Mae or Freddie Mac.

     

    Section
      6.03. Limitation
      on Liability of the Depositor, the Master Servicer and Others.

     

    Neither
      the Depositor, the Master Servicer nor any of the directors, officers, employees
      or agents of the Depositor or the Master Servicer shall be under any liability
      to the Trust Fund or the Certificateholders for any action taken or for
      refraining from the taking of any action in good faith pursuant to this
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Depositor or the Master Servicer (but this provision
      shall
      protect the above described persons) against any breach of warranties or
      representations made herein, or against any specific liability imposed on the
      Master Servicer pursuant to Section 3.01 or any other Section hereof;
      and provided further that this provision shall not protect the Depositor, the
      Master Servicer or any such person, against any liability which would otherwise
      be imposed by reason of willful misfeasance, bad faith or gross negligence
      in
      the performance of duties or by reason of reckless disregard of obligations
      and
      duties hereunder. The Depositor, the Master Servicer and any director, officer,
      employee or agent of the Depositor or the Master Servicer may rely in good
      faith
      on any document of any kind prima
      facie
      properly
      executed and submitted by any Person respecting any matters arising hereunder.
      The Depositor, the Master Servicer and any director, officer, employee or agent
      of the Depositor or the Master Servicer shall be indemnified and held harmless
      by the Trust Fund against any loss, liability or expense incurred in connection
      with any legal action relating to this Agreement or the Certificates (including
      reasonable legal fees and disbursements of counsel), other than (a) any loss,
      liability or expense related to Master Servicer's servicing obligations with
      respect to any specific Mortgage Loan or Mortgage Loans (except as any such
      loss, liability or expense shall be otherwise reimbursable pursuant to this
      Agreement) or related to the Master Servicer's obligations under
      Section 3.01, or (b) any loss, liability or expense incurred by reason of
      willful misfeasance, bad faith or gross negligence in the performance of duties
      hereunder or by reason of reckless disregard of obligations and duties
      hereunder. Neither the Depositor nor the Master Servicer shall be under any
      obligation to appear in, prosecute or defend any legal action which is not
      incidental to its respective duties under this Agreement and which in its
      opinion may involve it in any expense or liability; provided,
      however,
      that
      the Depositor or the Master Servicer may in its sole discretion undertake any
      such action which it may deem necessary or desirable with respect to this
      Agreement and the rights and duties of the parties hereto and the interests
      of
      the Certificateholders hereunder. In such event, the legal expenses and costs
      of
      such action and any liability resulting therefrom (except any action or
      liability related to the Master Servicer's obligations under Section 3.01)
      shall be expenses, costs and liabilities of the Trust Fund, and the Depositor
      and the Master Servicer shall be entitled to be reimbursed therefor from the
      Certificate Account as provided in Section 3.11, any such right of
      reimbursement being prior to the rights of Certificateholders to receive any
      amount in the Certificate Account.

     

     

    
      
        
        

      

      
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    Section
      6.04. Limitation
      on Resignation of the Master Servicer.

     

    The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it except (a) upon appointment of a successor servicer reasonably acceptable
      to the Trustee and the Certificate Insurer upon receipt by the Trustee and
      Certificate Insurer (unless an Insurer Default has occurred and is continuing)
      of a letter from each Rating Agency (obtained by the Master Servicer and at
      its
      expense) that such a resignation and appointment will not, in and of itself,
      result in a downgrading of the Certificates without taking the Certificate
      Guaranty Insurance Policy into account or (b) upon determination that its duties
      hereunder are no longer permissible under applicable law. Any such determination
      permitting the resignation of the Master Servicer shall be evidenced by an
      Opinion of Counsel (at the expense of the resigning Master Servicer) to such
      effect delivered to the Trustee and the Certificate Insurer. No such resignation
      shall become effective until the Trustee or a successor servicer shall have
      assumed the Master Servicer's responsibilities, duties, liabilities and
      obligations hereunder.

     

    Section
      6.05. Sale
      and Assignment of Master Servicing.

     

    
      
        
        

      

      
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    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in their entirety as Master Servicer under this Agreement;
provided,
      however,
      that:
      (i) the purchaser or transferee accepting such assignment and delegation (a)
      shall be a Person which shall be qualified to service mortgage loans for Fannie
      Mae or Freddie Mac; (b) shall, in the case of successor master servicers only,
      have a net worth of not less than $10,000,000 (unless otherwise approved by
      each
      Rating Agency pursuant to clause (ii) below); (c) shall be reasonably
      satisfactory to the Trustee and the Certificate Insurer (unless an Insurer
      Default has occurred and is continuing) (as evidenced in a writing signed by
      the
      Trustee and the Certificate Insurer) as having a comparable servicing ability
      to
      that of the Master Servicer on the Closing Date; (d) shall execute and deliver
      to the Trustee and the Certificate Insurer an agreement, in form and substance
      reasonably satisfactory to the Trustee and the Certificate Insurer, which
      contains an assumption by such Person of the due and punctual performance and
      observance of each covenant and condition to be performed or observed by it
      as
      master servicer under this Agreement and any custodial agreement, from and
      after
      the effective date of such agreement; (ii) each Rating Agency shall be given
      prior written notice of the identity of the proposed successor to the Master
      Servicer and each Rating Agency's rating of the Certificates in effect
      immediately prior to such assignment, sale and delegation will not be downgraded
      or withdrawn as a result of such assignment, sale and delegation without taking
      the Certificate Guaranty Insurance Policy into account, as evidenced by a letter
      to such effect obtained by the Master Servicer at its expense and delivered
      to
      the Trustee; and (iii) the Master Servicer assigning and selling the master
      servicing shall deliver to the Trustee an Officer's Certificate and an Opinion
      of Counsel (at the expense of the Master Servicer), each stating that all
      conditions precedent to such action under this Agreement have been completed
      and
      such action is permitted by and complies with the terms of this Agreement.
      No
      such assignment or delegation shall affect any liability of the Master Servicer
      arising prior to the effective date thereof.

     

    
      
        
        

      

      
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    ARTICLE
      VII

     

    DEFAULT

     

    Section
      7.01. Events
      of Default.

     

    “Event
      of
      Default”, wherever used herein, means any one of the following
      events:

     

    (i) any
      failure by the Master Servicer to deposit into the Certificate Account on each
      Certificate Account Deposit Date the amounts required to be deposited therein
      (other than an Advance) under the terms of this Agreement which continues
      unremedied for two (2) Business Days after such amount was required to be
      remitted; or

     

    (ii) any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in the Certificates or in this Agreement (including
      any breach of the Master Servicer's representations and warranties pursuant
      to
      Section 2.03(a) which materially and adversely affects the interests of the
      Certificateholders) which continues unremedied for a period of 60 days after
      the
      date on which written notice of such failure, requiring the same to be remedied,
      shall have been given to the Master Servicer by the Trustee or the Certificate
      Insurer, or to the Master Servicer, the Certificate Insurer and the Trustee
      by
      the Holders of Certificates entitled to at least 25% of the Voting Rights;
      or

     

    (iii) a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in an
      involuntary case under any present or future federal or state bankruptcy,
      insolvency or similar law or the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshaling of assets and
      liabilities or similar proceedings, or for the winding-up or liquidation of
      its
      affairs, shall have been entered against the Master Servicer and such decree
      or
      order shall have remained in force undischarged or unstayed for a period of
      60
      consecutive days; or

     

    (iv) the
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshaling of assets and
      liabilities or similar proceedings of or relating to the Master Servicer or
      of
      or relating to all or substantially all of its property; or

     

    (v) the
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of or otherwise
      voluntarily commence a case or proceeding under any applicable bankruptcy,
      insolvency, reorganization or other similar statute, make an assignment for
      the
      benefit of its creditors, or voluntarily suspend payment of its obligations;
      or

     

    (vi) the
      Master Servicer shall fail to deposit in the Certificate Account on any
      Certificate Account Deposit Date an amount equal to any required Advance which
      continues unremedied for the earlier of (a) a period of two (2) Business Days
      or
      (b) the Business Day immediately preceding the Distribution Date.

     

    
      
        
        

      

      
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    If
      an
      Event of Default described in clauses (i) - (v) of this Section shall
      occur, then, and in each and every such case, so long as such Event of Default
      shall not have been remedied, the Trustee, the Certificate Insurer (unless
      an
      Insurer Default has occurred and is continuing) or the Holders of Certificates
      entitled to at least 51% of the Voting Rights (with the consent of the
      Certificate Insurer), by notice in writing to the Master Servicer and the Swap
      Provider (and to the Trustee if given by such Holders of Certificates), with
      a
      copy to the Rating Agencies, may terminate all of the rights and obligations
      (but not the liabilities) of the Master Servicer under this Agreement and in
      and
      to the Trust Fund, other than its rights as a Certificateholder hereunder;
      provided,
      however,
      that
      the successor to the Master Servicer appointed pursuant to Section 7.02
      shall have accepted the duties of Master Servicer effective upon the resignation
      or termination of the Master Servicer. If an Event of Default described in
      clause (vi) hereof shall occur, the Trustee, as applicable, shall, by notice
      to
      the Master Servicer, the Certificate Insurer and the Depositor, terminate all
      of
      the rights and obligations of the Master Servicer under this Agreement and
      in
      and to the Trust Fund, other than its rights as a Certificateholder hereunder;
      provided,
      however,
      that if
      the Trustee, as applicable, determines (in its sole discretion) that the failure
      by the Master Servicer to make any required Advance was due to circumstances
      beyond its control, and the required Advance would have otherwise been made,
      the
      Trustee, as applicable, shall not terminate the Master Servicer. On or after
      the
      receipt by the Master Servicer of such notice, all authority and power of the
      Master Servicer under this Agreement, whether with respect to the Certificates
      (other than as a Holder thereof) or the Mortgage Loans or otherwise, shall
      pass
      to and be vested in the Trustee pursuant to and under this Section, and, without
      limitation, the Trustee is hereby authorized and empowered to execute and
      deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise,
      any
      and all documents and other instruments, and to do or accomplish all other
      acts
      or things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the Mortgage Loans and related documents, or otherwise at the expense of the
      Master Servicer. The Master Servicer agrees to cooperate with (and pay any
      related costs and expenses of) the Trustee in effecting the termination of
      the
      Master Servicer's responsibilities and rights hereunder, including, without
      limitation, the transfer to the Trustee or the successor Master Servicer for
      administration by it of (i) the property and amounts which are then or should
      be
      part of the Trust Fund or which thereafter become part of the Trust Fund; (ii)
      originals or copies of all documents of the Master Servicer reasonably requested
      by the Trustee to enable it to assume the Master Servicer's duties thereunder;
      (iii) the rights and obligations of the Master Servicer under the Sub-Servicing
      Agreements with respect to the Mortgage Loans; and (iv) all cash amounts which
      shall at the time be deposited by the Master Servicer or should have been
      deposited to the Custodial or the Certificate Account or thereafter be received
      with respect to the Mortgage Loans. The Trustee shall not be deemed to have
      breached any obligation hereunder as a result of a failure to make or delay
      in
      making any distribution as and when required hereunder caused by the failure
      of
      the Master Servicer to remit any amounts received by it or to deliver any
      documents held by it with respect to the Mortgage Loans. For purposes of this
      Section 7.01, the Trustee shall not be deemed to have knowledge of an Event
      of Default unless a Responsible Officer of the Trustee has actual knowledge
      thereof or unless notice of any event which is in fact such an Event of Default
      is received by the Trustee as provided in Section 11.05 and such notice
      references the Certificates, the Trust Fund or this Agreement.

     

     

    
      
        
        

      

      
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    Section
      7.02. Trustee
      to Act; Appointment of Successor.

     

    Within
      90
      days of the time the Master Servicer receives a notice of termination pursuant
      to Section 7.01(i) - (vi), the Trustee or its appointed agent shall be the
      successor in all respects to the Master Servicer in its capacity as Master
      Servicer under this Agreement and the transactions set forth or provided for
      herein and shall be subject thereafter to all the responsibilities, duties
      and
      liabilities relating thereto placed on the Master Servicer including the
      obligation to make Advances which have been or will be required to be made
      (except for the responsibilities, duties and liabilities contained in
      Section 2.03 and its obligations to deposit amounts in respect of losses
      pursuant to Section 3.12 and 4.01(i)) by the terms and provisions hereof;
      and provided further, that any failure to perform such duties or
      responsibilities caused by the Master Servicer's failure to provide information
      required by Section 4.03 shall not be considered a default by the Trustee
      hereunder. As compensation therefor, the Trustee shall be entitled to all funds
      relating to the Mortgage Loans which the Master Servicer would have been
      entitled to charge to the Custodial Account if the Master Servicer had continued
      to act hereunder. If the Trustee has become the successor to the Master Servicer
      in accordance with Section 6.04 or Section 7.02, then notwithstanding
      the above, if the Trustee shall be unwilling to so act, or shall be unable
      to so
      act, the Trustee may appoint, or petition a court of competent jurisdiction
      or
      appoint, any established housing and home finance institution, which is also
      a
      Fannie Mae- or Freddie Mac-approved mortgage servicing institution, having
      a net
      worth of not less than $10,000,000 and acceptable to the Certificate Insurer
      as
      evidenced by its prior written consent as the successor to the Master Servicer
      hereunder in the assumption of all or any part of the responsibilities, duties
      or liabilities of the Master Servicer hereunder. Pending appointment of a
      successor to the Master Servicer hereunder, the Trustee shall act in such
      capacity as herein above provided. In connection with such appointment and
      assumption, the Trustee may make such arrangements for the compensation of
      such
      successor out of payments on Mortgage Loans as it and such successor shall
      agree; provided, however, that no such compensation shall be in excess of that
      permitted the Master Servicer hereunder. Each of the Sponsor, the Trustee and
      such successor shall take such action, consistent with this Agreement, as shall
      be necessary to effectuate any such succession. In no event shall the successor
      Master Servicer be liable for the acts or omissions of the predecessor Master
      Servicer.

     

    In
      connection with the termination or resignation of the Master Servicer hereunder,
      either (i) the successor Master Servicer, including the Trustee if the Trustee
      is acting as successor Master Servicer, shall represent and warrant that it
      is a
      member of MERS in good standing and shall agree to comply in all material
      respects with the rules and procedures of MERS in connection with the servicing
      of the Mortgage Loans that are registered with MERS, in which case the
      predecessor Master Servicer shall cooperate with the successor Master Servicer
      in causing MERS to revise its records to reflect the transfer of servicing
      to
      the successor Master Servicer as necessary under MERS' rules and regulations,
      or
      (ii) the predecessor Master Servicer shall cooperate with the successor Master
      Servicer in causing MERS to execute and deliver an assignment of Mortgage in
      recordable form to transfer the Mortgage from MERS to the Trustee and to execute
      and deliver such other notices, documents and other instruments as may be
      necessary or desirable to effect a transfer of such Mortgage Loan or servicing
      of such Mortgage Loan on the MERS® System to the successor Master Servicer. The
      predecessor Master Servicer shall file or cause to be filed any such assignment
      in the appropriate recording office. The predecessor Master Servicer shall
      bear
      any and all fees of MERS, costs of preparing any assignments of Mortgage, and
      fees and costs of filing any assignments of Mortgage that may be required under
      this Section 7.02. The successor Master Servicer shall cause such
      assignment to be delivered to the Trustee promptly upon receipt of the original
      with evidence of recording thereon or a copy certified by the public recording
      office in which such assignment was recorded.

     

    
      
        
        

      

      
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    Any
      successor, including the Trustee, to the Master Servicer shall maintain in
      force
      during its term as master servicer hereunder policies and fidelity bonds to
      the
      same extent as the Master Servicer is so required pursuant to
      Section 3.18.

     

    Notwithstanding
      anything else herein to the contrary, in no event shall the Trustee be liable
      for any Master Servicing Fee or Sub-Servicing Fee or for any differential in
      the
      amount of the Master Servicing Fee or Sub-Servicing Fee paid hereunder and
      the
      amount necessary to induce any successor Master Servicer or Sub-Servicer, as
      applicable, to act as successor Master Servicer or Sub-Servicer, as applicable,
      under this Agreement and the transactions set forth or provided for
      herein.

     

    Section
      7.03. Notification
      to Certificateholders.

     

    (a) Upon
      any
      such termination or appointment of a successor to the Master Servicer, the
      Trustee shall give prompt notice thereof to Certificateholders, the Certificate
      Insurer and to the Rating Agencies.

     

    (b) Within
      60
      days after the occurrence of any Event of Default, the Trustee shall transmit
      by
      mail to all Holders of Certificates, the Certificate Insurer and the Swap
      Provider notice of each such Event of Default hereunder known to the Trustee,
      unless such Event of Default shall have been cured or waived.

     

    Section
      7.04. Waiver
      of Events of Default.

     

    The
      Holders representing at least 51% of the Voting Rights of Certificates affected
      by a default or Event of Default hereunder (with the consent of the Certificate
      Insurer), may waive such default or Event of Default (other than an Event of
      Default set forth in Section 7.01(vi)); provided,
      however,
      that
      (a) a default or Event of Default under clause (i) of Section 7.01 may be
      waived only by all of the Holders of Certificates affected by such default
      or
      Event of Default with the consent of the Certificate Insurer) and (b) no waiver
      pursuant to this Section 7.04 shall affect the Holders of Certificates in
      the manner set forth in the second paragraph of Section 11.01 or materially
      adversely affect any non-consenting Certificateholder. Upon any such waiver
      of a
      default or Event of Default by the Holders representing the requisite percentage
      of Voting Rights of Certificates affected by such default or Event of Default,
      such default or Event of Default shall cease to exist and shall be deemed to
      have been remedied for every purpose hereunder. No such waiver shall extend
      to
      any subsequent or other default or Event of Default or impair any right
      consequent thereon except to the extent expressly so waived. The Master Servicer
      shall give notice of any such waiver to the Rating Agencies.

     

     

    
      
        
        

      

      
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    Section
      7.05. List
      of Certificateholders.

     

    Upon
      written request of the Certificate Insurer or three or more Certificateholders
      of record, for purposes of communicating with other Certificateholders with
      respect to their rights under this Agreement, the Trustee will afford such
      Certificateholders access during business hours to the most recent list of
      Certificateholders held by the Trustee.

     

    
      
        
        

      

      
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    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE

     

    Section
      8.01. Duties
      of Trustee.

     

    The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred, undertakes to perform
      such duties and only such duties as are specifically set forth in this
      Agreement. If an Event of Default occurs, is continuing and has not been waived,
      the Trustee shall exercise such of the rights and powers vested in it by this
      Agreement, and use the same degree of care and skill in their exercise as a
      prudent man would exercise or use under the circumstances in the conduct of
      his
      own affairs. Any permissive right of the Trustee enumerated in this Agreement
      shall not be construed as a duty.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them in accordance with the requirements of this
      Agreement. If any such instrument is found not to conform to the requirements
      of
      this Agreement in a material manner, the Trustee shall take such action as
      it
      deems appropriate to have the instrument corrected, and if the instrument is
      not
      corrected to the Trustee’s satisfaction, the Trustee will provide notice thereof
      to the Certificateholders. Notwithstanding the foregoing, the Trustee shall
      not
      be responsible for the accuracy or content of any resolution, certificate,
      statement, opinion, report, document, order or other instrument furnished by
      the
      Master Servicer hereunder or any Opinion of Counsel required
      hereunder.

     

    The
      Trustee shall prepare and file or cause to be filed on behalf of the Trust
      Fund
      any tax return that is required with respect to REMIC 1, REMIC 2 and REMIC
      3
      pursuant to applicable federal, state or local tax laws.

     

    The
      Trustee covenants and agrees that it shall perform its obligations hereunder
      in
      a manner so as to maintain the status of REMIC 1, REMIC 2 and REMIC 3 under
      the
      REMIC Provisions and to prevent the imposition of any federal, state or local
      income, prohibited transaction, contribution or other tax on any of REMIC 1,
      REMIC 2 or REMIC 3 to the extent that maintaining such status and avoiding
      such
      taxes are within the control of the Trustee and are reasonably within the scope
      of its duties under this Agreement.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own willful misconduct; provided, however, that:

     

    (i) Prior
      to
      the occurrence of an Event of Default, and after the curing or waiver of all
      such Events of Default which may have occurred, the duties and obligations
      of
      the Trustee shall be determined solely by the express provisions of this
      Agreement, the Trustee shall not be liable except for the performance of such
      duties and obligations as are specifically set forth in this Agreement, no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee and, in the absence of bad faith on the part of the Trustee, the Trustee
      may conclusively rely, as to the truth of the statements and the correctness
      of
      the opinions expressed therein, upon any certificates or opinions furnished
      to
      the Trustee and conforming to the requirements of this Agreement;

     

    
      
        
        

      

      
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    (ii) The
      Trustee shall not be liable for an error of judgment made in good faith by
      a
      Responsible Officer or Responsible Officers of the Trustee, unless it shall
      be
      proved that the Trustee was negligent in ascertaining the pertinent facts;
      and

     

    (iii) The
      Trustee shall not be liable with respect to any action taken, suffered or
      omitted to be taken by it in good faith in accordance with the direction of
      the
      Certificate Insurer or the Holders of Certificates entitled to at least 25%
      of
      the Voting Rights relating to the time, method and place of conducting any
      proceeding for any remedy available to the Trustee, or exercising any trust
      or
      power conferred upon the Trustee, under this Agreement.

     

    Section
      8.02. Certain
      Matters Affecting the Trustee.

     

    Except
      as
      otherwise provided in Section 8.01:

     

    (a) The
      Trustee may conclusively rely upon and shall be fully protected in acting or
      refraining from acting in reliance upon any resolution, Officers’ Certificate,
      certificate of auditors or any other certificate, statement, instrument,
      opinion, report, notice, request, consent, order, appraisal, bond or other
      paper
      or document reasonably believed by it to be genuine and to have been signed
      or
      presented by the proper party or parties;

     

    (b) The
      Trustee may consult with counsel and any Opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken or suffered
      or omitted by it hereunder in good faith and in accordance
      therewith;

     

    (c) The
      Trustee shall be under no obligation to exercise any of the trusts or powers
      vested in it by this Agreement, other than its obligation to give notice
      pursuant to this Agreement, or to institute, conduct or defend any litigation
      hereunder or in relation hereto at the request, order or direction of any of
      the
      Certificateholders, pursuant to the provisions of this Agreement, unless such
      Certificateholders or the Certificate Insurer (so long as no Insurer Default
      has
      occurred and is continuing) shall have offered to the Trustee security or
      indemnity satisfactory to it against the costs, expenses and liabilities which
      may be incurred therein or thereby and the Certificate Insurer (so long as
      no
      Insurer Default has occurred and is continuing) has given its consent; nothing
      contained herein shall, however, relieve the Trustee of the obligation, upon
      the
      occurrence of an Event of Default of which a Responsible Officer of the
      Trustee’s corporate trust department has actual knowledge (which has not been
      waived or cured), to exercise such of the rights and powers vested in it by
      this
      Agreement, and to use the same degree of care and skill in their exercise as
      a
      prudent man would exercise or use under the circumstances in the conduct of
      his
      own affairs;

     

    (d) The
      Trustee shall not be liable for any action taken, suffered or omitted by it
      in
      good faith and believed by it to be authorized or within the discretion or
      rights or powers conferred upon it by this Agreement;

     

    
      
        
        

      

      
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    (e) Prior
      to
      the occurrence of an Event of Default hereunder and after the curing or waiver
      of all Events of Default which may have occurred, the Trustee shall not be
      bound
      to make any investigation into the facts or matters stated in any resolution,
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, approval, bond or other paper or document, unless requested in writing
      to
      do so by the Certificate Insurer (so long as no Insurer Default has occurred
      and
      is continuing) or the Holders of Certificates entitled to at least 25% of the
      Voting Rights with the written consent of the Certificate Insurer (so long
      as no
      Insurer Default has occurred and is continuing); provided, however, that if
      the
      payment within a reasonable time to the Trustee of the costs, expenses or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee, reasonably assured to the Trustee by the security
      afforded to it by the terms of this Agreement reasonable expense of every such
      examination shall be paid by the Certificateholders or the Certificate Insurer
      requesting the investigation;

     

    (f) The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, nominees, custodians or
      attorneys appointed with due care, and shall not be responsible for any willful
      misconduct or negligence on the part of any agent, attorney, custodian or
      nominee so appointed;

     

    (g) The
      Trustee shall not be required to give any bond or surety with respect to the
      execution of the trust created hereby or the powers granted hereunder;
      and

     

    (h) Whenever
      in the administration of the provisions of this Agreement the Trustee shall
      deem
      it necessary or desirable that a matter be proved or established prior to taking
      or suffering any action to be taken hereunder, such matter (unless other
      evidence in respect thereof be herein specifically prescribed) may, in the
      absence of gross negligence or bad faith on the part of the Trustee, be deemed
      to be conclusively proved and established by a certificate signed and delivered
      to the Trustee and such certificate, in the absence of gross negligence or
      bad
      faith on the part of the Trustee, shall be full warrant to the Trustee for
      any
      action taken, suffered or omitted by it under the provisions of this Agreement
      upon the faith thereof.

     

    The
      Trustee shall have no obligation to invest and reinvest any cash held in the
      absence of timely and specific written investment direction from the Master
      Servicer. In no event shall the Trustee be liable for the selection of
      investments or for investment losses incurred thereon. The Trustee shall have
      no
      liability in respect of losses incurred as a result of the liquidation of any
      investment incurred as a result of the liquidation of any investment prior
      to
      its stated maturity or the failure of the Master Servicer to provide timely
      written investment direction.

     

    In
      order
      to comply with the laws, rules, regulations and executive orders in effect
      from
      time to time applicable to banking institutions, including those relating to
      the
      funding of terrorist activities and money laundering (“Lending Laws”), the
      Trustee is required to obtain, verify and record certain information relating
      to
      individuals and entities which maintain a business relationship with the
      Trustee. Accordingly, each of the parties agrees to provide to the Trustee
      upon
      its request from time to time such identifying information and documentation
      as
      may be available for such party in order to enable the Trustee to comply with
      the Lending Laws.

     

     

    
      
        
        

      

      
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    Section
      8.03. Trustee
      Not Liable for Certificates or Mortgage Loans.

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Trustee, the authentication of the Trustee on the Certificates, the
      acknowledgments of the Trustee contained in Article II) shall be taken as the
      statements of the Depositor and the Trustee assumes no responsibility for their
      correctness. The Trustee makes no representations or warranties as to the
      validity or sufficiency of this Agreement or of the Certificates (other than
      the
      signature and authentication of the Trustee on the Certificates) or of any
      Mortgage Loan or related document, or of MERS or the MERS® System. The Trustee
      shall not be accountable for the use or application by the Depositor of any
      of
      the Certificates or of the proceeds of such Certificates, or for the use or
      application of any funds paid to the Depositor or the Master Servicer in respect
      of the Mortgage Loans or deposited in or withdrawn from the Custodial Account
      by
      the Master Servicer.

     

    Section
      8.04. Trustee
      May Own Certificates.

     

    The
      Trustee in its individual or any other capacity (other than as Trustee
      hereunder) may become the owner or pledgee of Certificates with the same rights
      it would have if it were not Trustee and may otherwise deal with the parties
      hereto.

     

    Section
      8.05. Trustee’s
      Fees.

     

    On
      each
      Distribution Date, the Trustee shall be entitled to withdraw from the
      Certificate Account as compensation hereunder any amounts earned on funds in
      the
      Certificate Account. Such compensation (which shall not be limited by any
      provision of law in regard to the compensation of a trustee of an express trust)
      shall be paid for all services rendered by it in the execution of the trusts
      hereby created and in the exercise and performance of any of the powers and
      duties hereunder or of the Trustee. Except as otherwise provided in this
      Agreement, the Trustee and any director, officer, employee or agent of the
      Trustee shall be indemnified and held harmless by the Trust Fund against any
      claim, loss, liability, fee or expense incurred in connection with any Event
      of
      Default, any breach of this Agreement or any claim or legal action (including
      any pending or threatened claim or legal action), relating to the acceptance
      or
      administration of its trusts hereunder or the Trustee’s performance under the
      Certificates, other than any claim, loss, liability or expense (i) sustained
      in
      connection with this Agreement related to the willful misfeasance, bad faith
      or
      negligence of the Master Servicer in the performance of its duties hereunder
      or
      (ii) incurred in connection with a breach constituting willful misfeasance,
      bad
      faith or negligence of the Trustee in the performance of its duties hereunder
      or
      by reason of reckless disregard of its obligations and duties
      hereunder.

     

    The
      Master Servicer shall indemnify the Trustee and any director, officer, employee
      or agent of the Trustee against any such claim or legal action (including any
      pending or threatened claim or legal action), loss, liability, fee or expense
      that may be sustained in connection with this Agreement related to the willful
      misfeasance, bad faith, or negligence in the performance of the Master
      Servicer's duties hereunder.

     

    The
      provisions of this Section 8.05 shall survive the resignation or removal of
      the Trustee or the termination of this Agreement.

     

     

    
      
        
        

      

      
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    Section
      8.06. Eligibility
      Requirements for Trustee.

     

    The
      Trustee hereunder shall at all times be a corporation or a national banking
      association organized and doing business under the laws of any state or the
      United States of America or the District of Columbia, authorized under such
      laws
      to exercise corporate trust powers, having a combined capital and surplus of
      at
      least $50,000,000 and subject to supervision or examination by federal or state
      authority. In addition, the Trustee shall at all times be acceptable to the
      Rating Agency rating the Certificates. If such corporation publishes reports
      of
      condition at least annually, pursuant to law or to the requirements of the
      aforesaid supervising or examining authority, then for the purposes of this
      Section the combined capital and surplus of such corporation shall be
      deemed to be its combined capital and surplus as set forth in its most recent
      report of condition so published. In case at any time the Trustee shall cease
      to
      be eligible in accordance with the provisions of this Section, the Trustee
      shall
      resign immediately in the manner and with the effect specified in
      Section 8.07. The corporation or national banking association serving as
      Trustee may have normal banking and trust relationships with the Sponsor and
      their affiliates or the Master Servicer and its affiliates; provided,
      however,
      that
      such corporation cannot be an affiliate of the Master Servicer other than the
      Trustee in its role as successor to the Master Servicer.

     

    Section
      8.07. Resignation
      and Removal of the Trustee.

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice thereof to the Master Servicer; with a copy to the
      Rating Agencies, the Certificate Insurer and the Swap Provider; provided,
      that
      such resignation shall not be effective until successor trustee is appointed
      and
      accepts appointment in accordance with the following provisions; provided,
      however,
      that
      the resigning trustee shall not resign and be discharged from the trusts hereby
      created until such time as the Rating Agency rating the Certificates and the
      Certificate Insurer approves the successor trustee. Upon receiving such notice
      of resignation, the Master Servicer shall promptly appoint successor trustee
      who
      meets the eligibility requirements of Section 8.06 by written instrument,
      in triplicate, one copy of which instrument shall be delivered to the resigning
      trustee and to the successor trustee. If no successor trustee shall have been
      so
      appointed and have accepted appointment within 30 days after the giving of
      such
      notice of resignation, the resigning trustee may petition any court of competent
      jurisdiction for the appointment of a successor trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Master Servicer, or if at any time the Trustee shall become incapable of acting,
      or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or
      of
      its property shall be appointed, or any public officer shall take charge or
      control of the Trustee or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation, the Master Servicer with the
      consent of the Certificate Insurer (so long as no Insurer Default has occurred
      and is continuing), which consent shall not be unreasonably withheld, may remove
      the Trustee and appoint successor trustee who meets the eligibility requirements
      of Section 8.06 by written instrument, in triplicate, which instrument
      shall be delivered to the Trustee so removed and to the successor
      trustee.

     

    
      
        
        

      

      
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    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section shall not become
      effective until acceptance of appointment by the successor trustee as provided
      in Section 8.08.

     

    Section
      8.08. Successor
      Trustee.

     

    Any
      successor trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the Master Servicer an instrument accepting such
      appointment hereunder, and thereupon the resignation or removal of the
      predecessor trustee shall become effective and such successor trustee, without
      any further act, deed or conveyance, shall become fully vested with all the
      rights, powers, duties and obligations of its predecessor hereunder, with the
      like effect as if originally named as trustee herein. The predecessor trustee
      shall after payment of its outstanding fees and expenses, promptly deliver
      to
      the successor trustee all assets and records of the Trust Fund held by it
      hereunder, and the Master Servicer and the predecessor trustee shall execute
      and
      deliver all such instruments and do such other things as may reasonably be
      required for more fully and certainly vesting and confirming in the successor
      trustee all such rights, powers, duties and obligations.

     

    No
      successor trustee shall accept appointment as provided in this
      Section unless at the time of such acceptance such successor trustee shall
      be eligible under the provisions of Section 8.06.

     

    Upon
      acceptance of appointment by successor trustee as provided in this Section,
      the
      Master Servicer shall mail notice of the succession of such trustee hereunder
      to
      all Holders of Certificates at their addresses as shown in the Certificate
      Register. If the Master Servicer fails to mail such notice within ten days
      after
      acceptance of appointment by the successor trustee, the successor trustee shall
      cause such notice to be mailed at the expense of the Master
      Servicer.

     

    Any
      person appointed as successor trustee pursuant to Section 8.08 shall also be
      required to serve as successor supplemental interest trust trustee under the
      derivative documents.

     

    Section
      8.09. Merger
      or Consolidation of Trustee.

     

    Any
      state
      bank or trust company or corporation or national banking association into which
      the Trustee may be merged or converted or with which it may be consolidated
      or
      any state bank or trust company or national banking association resulting from
      any merger, conversion or consolidation to which the Trustee shall be a party,
      or any state bank or trust company or corporation or national banking
      association succeeding to all or substantially all of the corporate trust
      business of the Trustee, shall be the successor of the Trustee hereunder,
      provided such state bank or trust company or corporation or national banking
      association shall be eligible under the provisions of Section 8.06 without
      the execution or filing of any paper or any further act on the part of any
      of
      the parties hereto, anything herein to the contrary
      notwithstanding.

     

    Section
      8.10. Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of the Trust Fund or property
      securing the same may at the time be located, the Master Servicer and the
      Trustee acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee to act as
      co-trustee or co-trustees, jointly with the Trustee or separate trustee or
      separate trustees, of all or any part of the Trust Fund, and to vest in such
      Person or Persons, in such capacity, such title to the Trust Fund, or any part
      thereof, and, subject to the other provisions of this Section 8.10, such
      powers, duties, obligations, rights and trusts as the Master Servicer and the
      Trustee may consider necessary or desirable. If the Master Servicer shall not
      have joined in such appointment within 15 days after the receipt by it of a
      request so to do, or in case an Event of Default shall have occurred and be
      continuing, the Trustee alone shall have the power to make such appointment
      without the Master Servicer. No co-trustee or separate trustee hereunder shall
      be required to meet the terms of eligibility as successor trustee under
      Section 8.06 hereunder and no notice to Holders of Certificates of the
      appointment of co-trustee(s) or separate trustee(s) shall be required under
      Section 8.08 hereof.

     

    
      
        
        

      

      
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    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 8.10, all rights, powers, duties and obligations conferred or
      imposed upon the Trustee and required to be conferred or such co-trustee shall
      be conferred or imposed upon and exercised or performed by the Trustee and
      such
      separate trustee or co-trustee jointly, except to the extent that under any
      law
      of any jurisdiction in which any particular act or acts are to be performed
      (whether as Trustee hereunder or as successor to the Master Servicer hereunder),
      the Trustee shall be incompetent or unqualified to perform such act or acts,
      in
      which event such rights, powers, duties and obligations (including the holding
      of title to the Trust Fund or any portion thereof in any such jurisdiction)
      shall be exercised and performed by such separate trustee or co-trustee at
      the
      direction of the Trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. Each separate trustee and co-trustee, upon its acceptance of the trusts
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee to the extent permitted by law, without the appointment of a new or
      successor trustee.

     

    
      
        
        

      

      
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    ARTICLE
      IX

     

    TERMINATION

     

    Section
      9.01. Termination
      Upon Repurchase or Liquidation of All Mortgage Loans or upon Purchase of
      Certificates.

     

    (a) Subject
      to Section 9.03, the respective obligations and responsibilities of the
      Depositor, the Master Servicer and the Trustee created hereby (other than the
      obligations of the Master Servicer to the Trustee pursuant to Section 8.05
      and of the Master Servicer to provide for and the Trustee to make payments
      to
      Certificateholders as hereafter set forth) shall terminate upon payment to
      the
      Certificateholders of all amounts held by or on behalf of the Trustee and
      required to be paid to them hereunder following the earlier to occur of (i)
      the
      repurchase by the Master Servicer or its designee of all Mortgage Loans and
      each
      REO Property in respect thereof remaining in the Trust Fund at a price in cash
      equal to (a) 100% of the unpaid principal balance of each Mortgage Loan (other
      than one as to which a REO Property was acquired) on the day of repurchase
      together with accrued interest on such unpaid principal balance at the Net
      Mortgage Rate to the first day of the month in which the proceeds of such
      repurchase are to be distributed, plus (b) the appraised value of any REO
      Property (but not more than the unpaid principal balance of the related Mortgage
      Loan, together with accrued interest on that balance at the Net Mortgage Rate
      to
      the first day of the month such repurchase price is distributed), less the
      good
      faith estimate of the Master Servicer of liquidation expenses to be incurred
      in
      connection with its disposal thereof, such appraisal to be conducted by an
      appraiser selected by the Master Servicer at the expense of the Master Servicer,
      plus (c) any Swap Termination Payment (which
      shall include any Net Swap Payment payable for the final Distribution
      Date)
      payable
      to the Swap Provider pursuant to the Interest Rate Swap Agreement which remains
      unpaid or which is due to the exercise of such option (a “Swap Optional
      Termination Payment”) and plus (d) any unreimbursed amounts owed to the
      Certificate Insurer under the Certificate Guaranty Insurance Policy, the
      Insurance Agreement and this Agreement, and (ii) the final payment or other
      liquidation (or any Advance with respect thereto) of the last Mortgage Loan
      remaining in the Trust Fund (or the disposition of all REO Property in respect
      thereof); provided,
      however,
      that in
      no event shall the trust created hereby continue beyond the earlier of (i)
      the
      Distribution Date occurring in September 2037 (ii) the expiration of 21 years
      from the death of the last survivor of the descendants of Joseph P. Kennedy,
      the
      late ambassador of the United States to the Court of St. James, living on the
      date hereof and (iii) the “latest possible maturity date” specified in the
      Preliminary Statement with respect to the related Regular Interests and
      Certificates, and provided further,
      that
      the purchase price set forth above shall be increased as is necessary, as
      determined by the Master Servicer, to avoid disqualification of any of REMIC
      1,
      REMIC 2 or REMIC 3 as a REMIC. In the case of any repurchase by the Master
      Servicer pursuant to clause (i), the Master Servicer shall exercise reasonable
      efforts to cooperate fully with the Trustee in effecting such repurchase and
      the
      transfer of the Mortgage Loans and related Mortgage Files and related records
      to
      the Master Servicer.

     

    The
      right
      of the Master Servicer or its designee to repurchase all Mortgage Loans pursuant
      to (i) above shall
      be
      conditioned upon the Aggregate Stated Principal Balance of such Mortgage Loans
      at the time of any such repurchase aggregating to an amount equal to or less
      than 10% of the Cut-off Date Balance;
      provided,
      however,
      that no
      such purchase will be permitted if it would result in a draw on the Certificate
      Guaranty Insurance Policy or any amounts owed to the Certificate Insurer would
      remain unpaid, unless the Certificate Insurer consents in writing to such
      purchase. If such right is exercised, the Master Servicer upon such repurchase
      shall provide to the Trustee, and the Certificate Insurer notice of such
      exercise prior to the Determination Date in the month preceding the month of
      purchase and the certification required by Section 3.16.

     

    
      
        
        

      

      
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    In
      the
      case of a repurchase of Mortgage Loans and REO Property pursuant to clause
      (a)(i) above, only an amount equal to the repurchase price specified in such
      clause (a)(i) above for such Mortgage Loans and REO Property, less any Swap
      Optional Termination Payment and any portion of the repurchase price consisting
      of the unreimbursed amounts owed to the Certificate Insurer, shall be made
      available for distribution to the Regular Certificates and Class IO Interests.
      The Swap Optional Termination Payment shall be withdrawn by the Trustee from
      the
      Certificate Account and remitted to the Supplemental Interest Trust to be paid
      in accordance with Section 4.09(ii). The Swap Optional Termination Payment
      shall not be part of any REMIC and shall not be paid into any account which
      is
      part of any REMIC.

     

    (b) The
      Master Servicer has the right to repurchase all of the Mortgage Loans and
      related REO Properties pursuant to clause (i) of Section 9.01(a),
      conditioned upon the Aggregate Stated Principal Balance of such Mortgage Loans
      at the time of any such repurchase aggregating to an amount equal to or less
      than 10% of the Cut-off Date Balance. If the Master Servicer elects to terminate
      the Trust pursuant to this Section 9.01 (such termination, an “Optional
      Termination”), the Master Servicer shall, at least 20 days prior to the last
      date on which notice of such Optional Termination is required to be mailed
      to
      the Certificateholders pursuant to 9.01(f), notify in writing (which may be
      done
      in electronic format) the Depositor, the Master Servicer, the Trustee and the
      Swap Provider of the final Distribution Date on which the Master Servicer
      intends to terminate the Trust Fund. 

     

    (c) In
      connection with any Optional Termination, four Business Days prior to the final
      Distribution Date specified in the notice required pursuant to
      Section 9.01(f), the Master Servicer shall, no later than 4:00 pm New York
      City time on such day, request in writing (in accordance with the applicable
      provision of the Interest Rate Swap Agreement) and by phone from the Swap
      Provider the amount of the Estimated Swap Termination Payment. The Swap Provider
      shall, no later than 2:00 pm on the following Business Day, notify in writing
      (which may be done in electronic format) the Trustee of the amount of the
      Estimated Swap Termination Payment; the Trustee shall promptly on the same
      day
      notify the Master Servicer of the amount of the Estimated Swap Termination
      Payment. 

     

    (d) Two
      Business Days prior to the final Distribution Date specified in the notice
      required pursuant to Section 9.01(f), (i) the Master Servicer shall, no
      later than 1:00 pm New York City time on such day, deposit funds in the
      Certificate Account in an amount equal to the sum of the purchase price (other
      than the Swap Optional Termination Payment) and the Estimated Swap Termination
      Payment, and (ii) if Trustee is notified in writing that the aggregate Stated
      Principal Balance of all of the Mortgage Loans in the Trust Fund as of the
      related Determination Date is not more than 10% of the aggregate Cut-off Date
      Balance of all of the Mortgage Loans, and the requirements of the Optional
      Termination set forth in this Section 9.01 and Section 9.03 have been
      met, including the deposit required pursuant to the immediately preceding clause
      (i) then the Trustee shall, on the same Business Day, provide written notice
      to
      the Depositor, the Certificate Insurer, the Master Servicer, the Trustee on
      behalf of the Supplemental Interest Trust and the Swap Provider confirming
      (in
      accordance with the applicable provisions of the Interest Rate Swap Agreement)
      its receipt of the purchase price (other than the Swap Optional Termination
      Payment) and the Estimated Swap Termination Payment. Upon the Trustee’s
      providing the notice described in the preceding sentence, the Optional
      Termination shall become irrevocable, the notice to the related
      Certificateholders of such Optional Termination provided pursuant to the second
      paragraph of Section 9.01(f) shall become unrescindable, the Swap Provider
      shall determine the Swap Optional Termination Payment in accordance with the
      Interest Rate Swap Agreement, and the Swap Provider shall provide to the Trustee
      written notice of the amount of the Swap Optional Termination Payment not later
      than one Business Day prior to the final Distribution Date specified in the
      notice required pursuant to Section 9.01(f) and in the event the Trustee
      fails to provide the notice described in the preceding sentence, any notice
      provided under Section 9.01(f) shall be deemed rescinded. 

     

    
      
        
        

      

      
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    (e) In
      connection with any Optional Termination, only an amount equal to the purchase
      price less any Swap Optional Termination Payment and less any amounts payable
      to
      the Certificate Insurer shall be made available for distribution to the related
      Regular Certificates; provided that the amount to be distributed to the Class
      AM
      Certificates and to the Certificate Insurer must not result in a draw on the
      Certificate Guaranty Insurance Policy or leave any amount owed to the
      Certificate Insurer unpaid. Any Estimated Swap Termination Payment deposited
      into the Distribution
      Account
      by the Master Servicer shall be withdrawn by the Trustee from the Distribution
      Account on the related final Distribution Date (prior to the distribution of
      any
      amounts pursuant to Section 9.01(f)) and distributed as follows: (i) to the
      Supplemental Interest Trust for payment to the Swap Provider in accordance
      with
      Section 4.09(ii), as applicable, an amount equal to the Swap Optional
      Termination Amount calculated pursuant to the Interest Rate Swap Agreement,
      provided that in no event shall the amount distributed to the Swap Provider
      in
      respect of the Swap Optional Termination Amount exceed the Estimated Swap
      Termination Payment, and (ii) to the Master Servicer an amount equal to the
      excess, if any, of the Estimated Swap Termination Payment over the Swap Optional
      Termination Payment. The Swap Optional Termination Payment shall not be part
      of
      any REMIC and shall not be paid into any account which is part of any
      REMIC.

     

    (f) Written
      notice of any termination, specifying the Distribution Date upon which the
      Certificateholders may surrender their Certificates to the Trustee for payment
      of the final distribution and cancellation, shall be given promptly by the
      Trustee by letter to the Certificateholders and the Swap Provider and the
      Certificate Insurer mailed (a) in the event such notice is given in connection
      with the Master Servicer's election to repurchase, not earlier than the 15th
      day
      and not later than the 25th day of the month next preceding the month of such
      final distribution or (b) otherwise during the month of such final distribution
      on or before the 15th day of the month (or if such 15th day is not a Business
      Day, on the Business Day immediately preceding such 15th day) in such month,
      in
      each case specifying (i) the Distribution Date upon which final payment of
      such
      Certificates will be made upon presentation and surrender of Certificates at
      the
      office of the Trustee therein designated, (ii) the amount of any such final
      payment and (iii) that the Record Date otherwise applicable to such Distribution
      Date is not applicable, payments being made only upon presentation and surrender
      of such Certificates at the office of the Trustee therein specified. In the
      event such notice is given in connection with the Master Servicer or its
      designee's election to repurchase, the Master Servicer or its designee shall
      deliver to the Trustee for deposit in the Certificate Account on the day which
      is two Business Days immediately preceding the Distribution Date specified
      in
      such notice an amount equal to the above-described repurchase price payable
      out
      of its own funds. Upon presentation and surrender of the Certificates by the
      Certificateholders, the Trustee shall first, pay itself its fee for such
      Distribution Date (as described in Section 8.05 ) and any other amounts
      owing to the Trustee under this Agreement, and second, distribute to such
      Certificateholders and the Certificate Insurer (i) the amount otherwise
      distributable on such Distribution Date, if not in connection with the Master
      Servicer's election to repurchase, or (ii) if the Master Servicer elected to
      so
      repurchase, an amount determined as follows: with respect to each Regular
      Certificate, the outstanding Certificate Principal Balance thereof, plus with
      respect to each Regular Certificate (other than the Class P Certificates) and
      the Class IO Interest, one month's interest thereon at the applicable
      Pass-Through Rate, or otherwise distributable thereto, and any Unpaid Interest
      Shortfall Amount, plus with respect to each Subordinate Certificate, any unpaid
      Allocated Realized Loss Amount; with respect to the Class R Certificates, the
      Percentage Interest evidenced thereby multiplied by the difference, if any,
      between the above described repurchase price (as adjusted in accordance with
      the
      preceding paragraph) and the aggregate amount to be distributed to the Holders
      of the Regular Certificates and the Class IO Interest, subject to the priorities
      set forth in Section 4.01; and with respect to the Certificate Insurer, any
      amounts owed under the Certificate Guaranty Insurance Policy, the Insurance
      Agreement and this Agreement. Upon certification to the Trustee by a Servicing
      Officer, following such final deposit, the Trustee shall promptly release the
      Mortgage Files as directed by the Master Servicer for the remaining Mortgage
      Loans, and the Trustee shall execute all assignments, endorsements and other
      instruments required by the Master Servicer as being necessary to effectuate
      such transfer.

     

    
      
        
        

      

      
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    In
      the
      event that all of the Certificateholders shall not surrender their Certificates
      for cancellation within six months after the time specified in the
      above-mentioned notice, the Trustee shall give a second notice to the remaining
      Certificateholders to surrender their Certificates for cancellation and receive
      the final distribution with respect thereto. If within six months after the
      second notice all of the Certificates shall not have been surrendered for
      cancellation, the Trustee shall take reasonable steps as directed by the
      Depositor in writing, or appoint an agent to take reasonable steps, to contact
      the remaining Certificateholders concerning surrender of their Certificates,
      and
      the cost thereof shall be paid out of the funds and other assets which remain
      subject hereto. If within nine months after the second notice all the
      Certificates shall not have been surrendered for cancellation, the Class R
      Certificateholders shall be entitled to all unclaimed funds and other assets
      which remain subject hereto.

     

    Section
      9.02. Termination
      of REMIC 3 and Retirement of Class R Certificates.

     

    REMIC
      3
      shall be terminated on the earlier of (i) the date on which the last
      distribution due on each of the REMIC 3 Regular Interests and Class R
      Certificates (in respect of the Class R-3 Interest) is made and (ii) the date
      on
      which it is terminated pursuant to an optional repurchase of all of the Mortgage
      Loans in accordance with Section 9.03.
      Notwithstanding anything to the contrary herein, the Class R Certificates will
      not be retired until the retirement of all the other Certificates.

     

     

    
      
        
        

      

      
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    Section
      9.03. Additional
      Termination Requirements.

     

    (a) In
      the
      event the Master Servicer repurchases the Mortgage Loans or REO Property as
      provided in Section 9.01, the Trust Fund shall be terminated in accordance
      with the following additional requirements, unless the Master Servicer, at
      its
      own expense, obtains for the Trustee an Opinion of Counsel (which shall be
      provided to the Trustee at least two Business Days prior to the related
      Distribution Date) to the effect that the failure of the Trust Fund to comply
      with the requirements of this Section 9.03 will not (i) result in the
      imposition on the Trust of taxes on “prohibited transactions,” as described in
      Section 860F of the Code, or (ii) cause either REMIC 1, REMIC 2 or REMIC 3
      to fail to qualify as a REMIC at any time that any Certificate is
      outstanding:

     

    (i) The
      Master Servicer shall establish a 90-day liquidation period and notify the
      Trustee in writing thereof, and the Trustee shall in turn specify the first
      day
      of such period in a statement attached to the Tax Return for each of REMIC
      1,
      REMIC 2 and REMIC 3 pursuant to Treasury Regulation Section 1.860F-1. The
      Master Servicer and the Trustee also shall satisfy all of the requirements
      of a
      qualified liquidation for REMIC 1, REMIC 2 and REMIC 3 under Section 860F
      of the Code and regulations thereunder, as evidenced by an Opinion of Counsel
      obtained at the expense of the Master Servicer, as applicable; 

     

    (ii) During
      such 90-day liquidation period, and at or prior to the time of making the final
      payment on the Certificates, the Trustee shall sell all of the assets of REMIC
      1
      for cash; and

     

    (iii) At
      the
      time of the making of the final payment on the Certificates, the Trustee shall
      distribute or credit, or cause to be distributed or credited, to the Holders
      of
      the Class R Certificates, all cash on hand (other than cash retained to meet
      claims), and REMIC 1 shall terminate at that time.

     

    (b) By
      their
      acceptance of the Certificates, the Holders thereof hereby authorize the
      adoption of a 90-day liquidation period and the adoption of a plan of complete
      liquidation for the REMICs, which authorization shall be binding upon all
      successor Certificateholders.

     

    (c) The
      Trustee as agent for each REMIC hereby agrees to adopt and sign the related
      plan
      of complete liquidation meeting the requirements for a qualified liquidation
      under Section 860F of the Code and any regulations thereunder upon the
      written request of the Master Servicer and the receipt of the Opinion of Counsel
      referred to in clause (a)(i) above and to take such other action in connection
      therewith as may be reasonably requested by the Master Servicer.

     

    

    
      
        
        

      

      
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    ARTICLE
      X

     

    REMIC
      PROVISIONS

     

    Section
      10.01. REMIC
      Administration.

     

    (a) The
      Trustee shall make an election to treat the Trust Fund as three REMICs under
      the
      Code and, if necessary, under applicable state law. Each such election will
      be
      made on Form 1066 or other appropriate federal tax or information return
      (including Form 8811) or any appropriate state return for the taxable year
      ending on the last day of the calendar year in which the Certificates are
      issued. For the purposes of the REMIC elections in respect of the Trust Fund,
      (i) the Class R-1 Interest will constitute the sole class of Residual Interests
      in REMIC 1, the REMIC 1 Regular Interests shall be designated as the Regular
      Interests in REMIC 1 (ii) the Class R-2 Interest will constitute the sole class
      of Residual Interests in REMIC 2, the REMIC 2 Regular Interests shall be
      designated as the Regular Interests in REMIC 2, and (iii) the Class R-3 Interest
      will constitute the sole class of Residual Interests in REMIC 3, and the REMIC
      3
      Regular Interests shall be designated as the Regular Interests in REMIC 3.
      The
      Master Servicer and the Trustee shall not permit the creation of any “interests”
(within the meaning of Section 860G of the Code) in REMIC 1, REMIC 2 or
      REMIC 3 other than the REMIC 1 Regular Interests, REMIC 2 Regular Interests,
      REMIC 3 Regular Interests, the Class R-1 Interest, the Class R-2 Interest and
      the Class R-3 Interest. The Trustee will apply for an Employee Identification
      Number from the Internal Revenue Service via Form SS-4 or any other acceptable
      method for each of REMIC 1, REMIC 2 and REMIC 3.

     

    (b) The
      Closing Date is hereby designated as the “startup day” of the Trust Fund within
      the meaning of Section 860G(a)(9) of the Code.

     

    (c) The
      Trustee shall pay out of its own funds, without any right of reimbursement,
      any
      and all expenses relating to any tax audit of the REMICs (including, but not
      limited to, any professional fees or any administrative or judicial proceedings
      with respect to the REMICs that involve the Internal Revenue Service or state
      tax authorities), other than the expense of obtaining any tax-related Opinion
      of
      Counsel except as specified herein. The Trustee, as agent for the REMICs' Tax
      Matters Person, shall (i) act on behalf of the REMICs in relation to any tax
      matter or controversy involving the Trust Fund and (ii) represent the Trust
      Fund
      in any administrative or judicial proceeding relating to an examination or
      audit
      by any governmental taxing authority with respect thereto. 

     

    (d) The
      Trustee shall prepare, sign and file all of the Tax Returns (including Form
      8811, which must be filed within 30 days of the Closing Date) in respect of
      the
      REMICs created hereunder. The expenses of preparing and filing such returns
      shall be borne by the Trustee without any right of reimbursement therefor.
      The
      Master Servicer shall provide on a timely basis to the Trustee or its designee
      such information with respect to the assets of the REMICs as is in its
      possession and reasonably required by the Trustee to enable it to perform its
      obligations under this Article X.

     

    
      
        
        

      

      
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    (e) The
      Trustee shall perform on behalf of the REMICs all reporting and other tax
      compliance duties that are the responsibility of the REMICs under the Code,
      the
      REMIC Provisions or other compliance guidance issued by the Internal Revenue
      Service or any state or local taxing authority. Among its other duties, as
      required by the Code, the REMIC Provisions or other such compliance guidance,
      the Trustee shall provide (i) to any Transferor of a Class R Certificate such
      information as is necessary for the application of any tax relating to the
      transfer of a Class R Certificate to any Person who is not a Permitted
      Transferee, (ii) to the Certificateholders such information or reports as are
      required by the Code or the REMIC Provisions including reports relating to
      interest, original issue discount and market discount or premium (using the
      Prepayment Assumption as required) and (iii) to the Internal Revenue Service
      the
      name, title, address and telephone number of the Person who will serve as the
      representative of the REMICs. The Master Servicer shall provide on a timely
      basis to the Trustee such information with respect to the assets of the REMICs,
      including, without limitation, the Mortgage Loans, as is in its possession
      and
      reasonably required by the Trustee to enable it to perform its obligations
      under
      this subsection. In addition, the Depositor shall provide or cause to be
      provided to the Trustee, within ten (10) days after the Closing Date, all
      information or data that the Trustee reasonably determines to be relevant for
      tax purposes as to the valuations and issue prices of the Certificates,
      including, without limitation, the price, yield, Prepayment Assumption and
      projected cash flow of the Certificates.

     

    (f) The
      Trustee shall take such action and shall cause the REMICs created hereunder
      to
      take such action as shall be necessary to create or maintain the status thereof
      as REMICs under the REMIC Provisions (and the Master Servicer shall assist
      it,
      to the extent reasonably requested by it). The Trustee shall not take any action
      or cause the Trust Fund to take any action, or fail to take (or fail to cause
      to
      be taken), any action that, under the REMIC Provisions, if taken or not taken,
      as the case may be, could
      (i)
      endanger the status of the REMIC 1, REMIC 2 or REMIC 3 as REMICs or (ii) result
      in the imposition of a tax upon the REMICs (including but not limited to the
      tax
      on prohibited transactions as defined in Section 860F(a)(2) of the Code and
      the tax on contributions to a REMIC set forth in Section 860G(d) of the
      Code) (either
      such event, an “Adverse REMIC Event”) unless the Trustee has received an Opinion
      of Counsel, addressed to the Trustee (at the expense of the party seeking to
      take or not take such action, but in no event at the expense of the Trustee)
      to
      the effect that the contemplated action or omission will not, with respect
      to
      the REMICs created hereunder, endanger such status or result in the imposition
      of such a tax; nor shall the Master Servicer take, or fail to take, any action
      (whether or not authorized hereunder) as to which the Trustee has advised it
      in
      writing that it has received an Opinion of Counsel to the effect that an Adverse
      REMIC Event could occur with respect to the taking, or omission of, such action.
      In addition, prior to taking, or failing to take, any action with respect to
      the
      REMICs or the assets of the REMICs, or causing, or failing to cause, the REMICs
      to take any action, which is not contemplated under the terms of this Agreement,
      the Master Servicer will consult with the Trustee or its designee, in writing,
      with respect to whether the taking, or omission of, such action could cause
      an
      Adverse REMIC Event to occur with respect to any REMIC, and the Master Servicer
      shall not take, or fail to take, any such action, or cause, or fail to cause,
      any REMIC to take, any such action as to which the Trustee has advised it in
      writing that an Adverse REMIC Event could occur. The Trustee may consult with
      counsel to provide such written advice, and the cost of same shall be borne
      by
      the party seeking to take or not take the action other than as permitted by
      this
      Agreement, but in no event shall such cost be an expense of the Trustee. At
      all
      times as may be required by the Code, the Trustee will ensure that substantially
      all of the assets of the REMICs created hereunder will consist of “qualified
      mortgages” as defined in Section 860G(a)(3) of the Code and “permitted
      investments” as defined in Section 860G(a)(5) of the Code.

     

    
      
        
        

      

      
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    (g) In
      the
      event that any tax is imposed on “prohibited transactions” of any REMIC created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income
      from foreclosure property” of any REMIC as defined in Section 860G(c) of
      the Code, on any contributions to any REMIC after the Startup Day therefor
      pursuant to Section 860G(d) of the Code, or any other tax is imposed by the
      Code or any applicable provisions of state or local tax laws, such tax shall
      be
      charged (i) to the Trustee pursuant to Section 10.03 hereof, if such tax
      arises out of or results from a breach by the Trustee of any of its obligations
      under this Article X, (ii) to the Master Servicer pursuant to Section 10.03
      hereof, if such tax arises out of or results from a breach by the Master
      Servicer of any of its obligations under Article III or this Article X or
      otherwise, (iii) to the Master Servicer as provided in Section 3.05 and
      (iv) against amounts on deposit in the Certificate Account and shall be paid
      by
      withdrawal therefrom to the extent not required to be paid by the Master
      Servicer or the Trustee pursuant to another provision of this
      Agreement.

     

    (h) On
      or
      before April 15 of each calendar year, commencing April 15, 2008, the Trustee
      shall deliver to the Master Servicer and the Rating Agency a Certificate from
      a
      Responsible Officer of the Trustee stating the Trustee’s compliance with this
      Article X.

     

    (i) The
      Trustee shall, for federal income tax purposes, maintain books and records
      with
      respect to the REMICs on a calendar year and on an accrual basis.

     

    (j) Following
      the Startup Day, the Trustee shall not accept any contributions of assets to
      the
      REMICs other than in connection with any Qualified Substitute Mortgage Loan
      delivered in accordance with Section 2.04 unless it shall have received an
      Opinion of Counsel to the effect that the inclusion of such assets in the REMICs
      will not cause REMIC 1, REMIC 2 or REMIC 3 to fail to qualify as REMICs at
      any
      time that any Certificates are outstanding or subject any of REMIC 1, REMIC
      2 or
      REMIC 3 to any tax under the REMIC Provisions or other applicable provisions
      of
      federal, state and local law or ordinances.

     

    (k) Neither
      the Trustee nor the Master Servicer shall enter into any arrangement under
      which
      the REMICs will receive a fee or other compensation for services nor permit
      the
      REMICs to receive any income from assets other than “qualified mortgages” as
      defined in Section 860G(a)(3) of the Code or “permitted investments” as
      defined in Section 860G(a)(5) of the Code.

     

    Section
      10.02. Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the Master Servicer or the Trustee shall (except as otherwise
      expressly permitted under the terms of this Agreement) (1) sell, dispose of,
      or
      substitute any property for any of, the Mortgage Loans (except in connection
      with (i) the foreclosure of a Mortgage Loan, including but not limited to,
      the
      acquisition or sale of a Mortgaged Property acquired by deed in lieu of
      foreclosure, (ii) the bankruptcy of the Trust Fund, (iii) the termination of
      REMIC 1, REMIC 2 or REMIC 3 pursuant to Article IX of this Agreement, (iv)
      a
      substitution pursuant to Article II of this Agreement or (v) a purchase of
      defective or defaulted Mortgage Loans pursuant to Article II or III of this
      Agreement), (2) acquire any assets for the Trust Fund (other than REO Property
      acquired in respect of a defaulted Mortgage Loan), (3) sell or dispose of any
      investments in the Custodial Account or the Certificate Account for gain, (4)
      accept any contributions to the REMICs after the Closing Date (other than a
      Qualified Substitute Mortgage Loan delivered in accordance with
      Section 2.04), in each case, unless it has received an Opinion of Counsel,
      addressed to the Trustee (at the expense of the party seeking to cause such
      sale, disposition, substitution, acquisition or contribution, but in no event
      at
      the expense of the Trustee) that such sale, disposition, substitution,
      acquisition or contribution will not (a) affect adversely the status of REMIC
      1,
      REMIC 2 or REMIC 3 as REMICs or (b) cause the Trust Fund to be subject to a
      tax
      on “prohibited transactions” or “contributions” pursuant to the REMIC
      Provisions.

     

     

    
      
        
        

      

      
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    Section
      10.03. Master
      Servicer and Trustee Indemnification.

     

    (a) The
      Trustee agrees to indemnify the Trust Fund, the Depositor, and the Master
      Servicer for any taxes and costs including, without limitation, any reasonable
      attorneys' fees imposed on or incurred by the Trust Fund, the Depositor or
      the
      Master Servicer, as a result of a breach of the Trustee’s covenants set forth in
      this Article X.

     

    (b) The
      Master Servicer agrees to indemnify the Trust Fund, the Depositor and the
      Trustee for any taxes and costs including, without limitation, any reasonable
      attorneys' fees imposed on or incurred by the Trust Fund, the Certificate
      Insurer, the Depositor or the Trustee, as a result of a breach of the Master
      Servicer's covenants set forth in Article III or this Article X, in each case
      with respect to compliance with the REMIC Provisions.

     

    
      
        
        

      

      
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    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01. Amendment.

     

    This
      Agreement may be amended from time to time by the Depositor, the Master Servicer
      and the Trustee, with the consent of the Certificate Insurer (so long as no
      Insurer Default has occurred and is continuing) and without the consent of
      any
      of the Certificateholders or the Swap Provider, (i) to cure any ambiguity,
      (ii)
      to correct or supplement any provisions herein which may be defective or
      inconsistent with any other provisions herein or to correct any error, (iii)
      to
      amend this Agreement in any respect subject to the provisions in clauses (A)
      and
      (B) below, or (iv) if such amendment, as evidenced by an Opinion of Counsel
      (provided by the Person requesting such amendment) delivered to the Trustee,
      is
      reasonably necessary to comply with any requirements imposed by the Code or
      any
      successor or amendatory statute or any temporary or final regulation, revenue
      ruling, revenue procedure or other written official announcement or
      interpretation relating to federal income tax laws or any proposed such action
      which, if made effective, would apply retroactively to the Trust Fund at least
      from the effective date of such amendment; provided
      that
      such action (except any amendment described in (iv) above) shall not adversely
      affect in any material respect the interests of any Certificateholder (other
      than Certificateholders who shall consent to such amendment), the Certificate
      Insurer (if an Insurer Default has occurred and is continuing) and the Swap
      Provider, as evidenced by (A) an Opinion of Counsel (provided by the Person
      requesting such amendment) delivered to the Trustee, the Swap Provider and
      the
      Certificate Insurer and (B) a letter from each Rating Agency, confirming that
      such amendment shall not cause it to lower its rating on any of the Certificates
      without taking the Certificate Guaranty Insurance Policy into
      account.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer and the Trustee with the consent of the
      Certificate Insurer and
      Holders of Certificates entitled to at least 66-2/3% of the Voting Rights for
      the purpose of adding any provisions to or changing in any manner or eliminating
      any of the provisions of this Agreement or of modifying in any manner the rights
      of the Holders of Certificates; provided,
      however,
      that no
      such amendment shall (i) reduce in any manner the amount of, or delay the timing
      of, payments received on Mortgage Loans which are required to be distributed
      on
      any Certificate without the consent of the Holder of such Certificate, (ii)
      adversely affect in any material respect the interests of the Holders of any
      Class of Certificates in a manner other than as described in (i), without the
      consent of the Holders of Certificates of such Class evidencing at least 66-2/3%
      of the Voting Rights of such Class, or (iii) reduce the aforesaid percentage
      of
      Certificates the Holders of which are required to consent to any such amendment,
      without the consent of the Holders of all Certificates then outstanding.
      Notwithstanding any other provision of this Agreement, for purposes of the
      giving or withholding of consents pursuant to this Section 11.01,
      Certificates registered in the name of the Sponsor or the Master Servicer or
      any
      affiliate thereof shall be entitled to Voting Rights with respect to matters
      described in (i), (ii) and (iii) of this paragraph.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel (provided by the Person requesting such amendment) to the effect that
      such amendment will not result in the imposition of any tax on any of REMIC
      1,
      REMIC 2 or REMIC 3 pursuant to the REMIC Provisions or cause any of REMIC 1,
      REMIC 2 or REMIC 3 to fail to qualify as a REMIC at any time that any
      Certificates are outstanding.

     

    
      
        
        

      

      
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    Notwithstanding
      any of the other provisions of this Section 11.01, none of the Depositor,
      the Master Servicer or the Trustee shall (i) enter into any amendment to
      Section 4.09, Section 4.01(e)(vi) or Section 9.01 of this
      Agreement without the prior written consent of the Swap Provider nor (ii) enter
      into an amendment of this Agreement, as evidenced by an Officer’s Certificate of
      the Depositor, that could reasonably be expected to have a material adverse
      effect on the interests of the Swap Provider without the Swap Provider’s consent
      (such consent shall not be unreasonably withheld, conditioned or
      delayed).

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish a copy
      of
      such amendment or a written statement describing the amendment to each
      Certificateholder, with a copy to the Rating Agencies, the Certificate Insurer
      and the Swap Provider.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 11.01 to approve the particular form of any proposed amendment, but
      it shall be sufficient if such consent shall approve the substance thereof.
      The
      manner of obtaining such consents and of evidencing the authorization of the
      execution thereof by Certificateholders shall be subject to such reasonable
      regulations as the Trustee may prescribe.

     

    Prior
      to
      executing any amendment pursuant to this Section, the Trustee shall be entitled
      to receive an Opinion of Counsel (provided by the Person requesting such
      amendment) to the effect that such amendment is authorized or permitted by
      this
      Agreement. The cost of any Opinion of Counsel delivered pursuant to this
      Section 11.01 shall be an expense of the party requesting such amendment,
      but in any case shall not be an expense of the Trustee.

     

    The
      Trustee may, but shall not be obligated to, enter into any amendment pursuant
      to
      this Section that affects its rights, duties and immunities under this Agreement
      or otherwise.

     

    Section
      11.02. Recordation
      of Agreement; Counterparts.

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Master Servicer at the
      expense of the Certificateholders, but only upon direction of the Depositor
      accompanied by an Opinion of Counsel to the effect that such recordation
      materially and beneficially affects the interests of the
      Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

     

    
      
        
        

      

      
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    Section
      11.03. Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust Fund, nor entitle such Certificateholder's legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust Fund, nor
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    No
      Certificateholder shall have any right to vote (except as expressly provided
      for
      herein) or in any manner otherwise control the operation and management of
      the
      Trust Fund, or the obligations of the parties hereto, nor shall anything herein
      set forth, or contained in the terms of the Certificates, be construed so as
      to
      constitute the Certificateholders from time to time as partners or members
      of an
      association; nor shall any Certificateholder be under any liability to any
      third
      party by reason of any action taken by the parties to this Agreement pursuant
      to
      any provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a notice of an Event of Default, or of a default
      by
      the Sponsor or the Trustee in the performance of any obligation hereunder,
      and
      of the continuance thereof, as hereinbefore provided, and unless also the
      Holders of Certificates entitled to at least 51% of the Voting Rights shall
      have
      made written request upon the Trustee to institute such action, suit or
      proceeding in its own name as Trustee hereunder and shall have offered to the
      Trustee such reasonable indemnity as it may require against the costs, expenses
      and liabilities to be incurred therein or thereby, and the Trustee, for 60
      days
      after its receipt of such notice, request and offer of indemnity, shall have
      neglected or refused to institute any such action, suit or proceeding. It is
      understood and intended, and expressly covenanted by each Certificateholder
      with
      every other Certificateholder, the Trustee, that no one or more Holders of
      Certificates shall have any right in any manner whatever by virtue of any
      provision of this Agreement to affect, disturb or prejudice the rights of the
      Holders of any other of such Certificates, or to obtain or seek to obtain
      priority over or preference to any other such Holder, or to enforce any right
      under this Agreement, except in the manner herein provided and for the equal,
      ratable and common benefit of all Certificateholders. For the protection and
      enforcement of the provisions of this Section, each and every Certificateholder
      and the Trustee shall be entitled to such relief as can be given either at
      law
      or in equity.

     

    Section
      11.04. Governing
      Law.

     

    This
      Agreement and the Certificates shall be construed in accordance with the laws
      of
      the State of New York and the obligations, rights and remedies of the parties
      hereunder shall be determined in accordance with such laws.

     

    Section
      11.05. Notices.

     

    All
      demands, notices and direction hereunder shall be in writing and shall be deemed
      effective upon receipt when delivered to (a) in the case of the Depositor,
      19500
      Jamboree Road, Irvine, California 92612, Attention: General Counsel, or such
      other address as may hereafter be furnished to the other parties hereto in
      writing; (b) in the case of Impac Funding, 19500 Jamboree Road, Irvine,
      California 92612, Attention: General Counsel, or such other address as may
      hereafter be furnished to the other parties hereto in writing; (c) in the case
      of the Trustee, to its Corporate Trust Offices, or such other address as may
      hereafter be furnished to the other parties hereto in writing; (d) in the case
      of the Rating Agencies, Standard & Poor’s, 55 Water Street, 41st
      Floor,
      New York, New York 10041, Attention: Asset Backed Surveillance Department;
      and
      Moody’s, Moody’s Investors Service, Inc., Residential Mortgage Monitoring
      Department, 99 Church Street, New York, New York 10007; (e) in the case of
      the
      Certificate Insurer, Ambac Assurance Corporation, One State Street Plaza, New
      York, New York 10004, Attention: Consumer Asset-Backed Securities Group or
      such
      other address as may be hereafter furnished to the Depositor, the Trustee and
      the Master Servicer in writing by the Certificate Insurer; and (f) in the case
      of Lehman Brothers Special Financing Inc., 745 Seventh Ave., 19th
      Floor,
      New York, New York 10019. Any notice required or permitted to be mailed to
      a
      Certificateholder shall be given by first class mail, postage prepaid, at the
      address of such Holder as shown in the Certificate Register. Any notice so
      mailed within the time prescribed in this Agreement shall be conclusively
      presumed to have been duly given, whether or not the Certificateholder receives
      such notice.

     

     

    
      
        
        

      

      
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    Section
      11.06. Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    Section
      11.07. Successors
      and Assigns.

     

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto, and all such
      provisions shall inure to the benefit of the Trustee, the Certificate Insurer
      and the Certificateholders.

     

    Section
      11.08. Article
      and Section Headings.

     

    The
      article and Section headings herein are for convenience of reference only,
      and
      shall not limit or otherwise affect the meaning hereof.

     

    Section
      11.09. Notice
      to Rating Agencies.

     

    The
      Trustee shall use its best efforts to promptly provide notice to each Rating
      Agency and the Certificate Insurer referred to below with respect to each of
      the
      following of which it has actual knowledge:

     

    1. Any
      material change or amendment to this Agreement;

     

    2. The
      occurrence of any Event of Default that has not been cured;

     

    3. The
      resignation or termination of the Master Servicer or the Trustee;

     

    
      
        
        

      

      
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    4. The
      repurchase or substitution of Mortgage Loans pursuant to
      Section 2.04;

     

    5. The
      final
      payment to Certificateholders; and

     

    6. Any
      change in the location of the Custodial Account or the Certificate
      Account.

     

    In
      addition, the Trustee shall promptly furnish to each Rating Agency copies of
      each report to Certificateholders described in Section 4.02; and the Master
      Servicer shall promptly furnish to each Rating Agency copies of each annual
      independent public accountants’ servicing report received as described in
      Section 3.20.

     

    Any
      such
      notice pursuant to this Section 11.09 shall be in writing and shall be
      deemed to have been duly given if personally delivered or mailed by first class
      mail, postage prepaid, or by express delivery service to (i) in the case of
      Standard & Poor's, 55 Water Street, 41st
      Floor,
      New York, New York 10041, Attention: Asset Backed Surveillance Department and
      (ii) in the case of Moody's, Residential Mortgage Monitoring Department, 99
      Church Street, New York, New York 10007, or, in each case, such other address
      as
      either such Rating Agency may designate in writing to the parties
      thereto.

     

    Section
      11.10. Rights
      of the Certificate Insurer.

     

    (a) The
      Certificate Insurer is an express third-party beneficiary of this
      Agreement.

     

    (b) On
      each
      Distribution Date the Trustee shall make available to the Certificate Insurer
      a
      copy of the reports made available to the Certificateholders and the Depositor
      on such Distribution Date.

     

    (c) The
      Trustee shall provide to the Certificate Insurer copies of any report, notice,
      Opinion of Counsel, Officers’ Certificate, request for consent or request for
      amendment to any document related hereto promptly upon the Trustee’s production
      or receipt thereof.

     

    (d) Unless
      an
      Insurer Default exists, the Trustee, the Depositor and the Master Servicer
      shall
      not agree to any amendment to this Agreement without first having obtained
      the
      prior written consent of the Certificate Insurer, which consent shall not be
      unreasonably withheld.

     

    (e) So
      long
      as there does not exist a failure by the Certificate Insurer to make a required
      payment under the Certificate Guaranty Insurance Policy, the Certificate Insurer
      will have the right to exercise all rights of the Holders of the Class AM
      Certificates under this Agreement (including voting rights) without the consent
      of the Holders.

     

    Section
      11.11. Control
      by the Certificate Insurer. 

     

    With
      respect to the Class AM Certificates only, the Certificate Insurer, or, if
      an
      Insurer Default exists, the Holders of a majority of the Class AM Certificates
      shall have the right (subject to the provisions of Section 11.03) to direct
      the time, method and place of conducting any proceeding for any remedy available
      to the Trustee with respect to the Class AM Certificates or exercising any
      trust
      or power conferred on the Trustee; provided that:

     

    
      
        
        

      

      
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    (i) such
      direction shall not be in conflict with any rule of law or with this
      Agreement:

     

    (ii) if
      an
      Insurer Default exists, any direction to the Trustee to sell or liquidate the
      Trust Fund shall be by Holders of Certificates representing not less than 100%
      of the Certificate Principal Balance of the Certificates;

     

    (iii) the
      Trustee may take any other action deemed proper by the Trustee that is not
      inconsistent with such direction of the Holders of Certificates representing
      a
      majority of the Certificate Principal Balance of the Certificates.

     

    Notwithstanding
      the rights of Certificateholders set forth in this Section 11.11 the
      Trustee need not take any action that it determines might involve it in
      liability unless such Holders of Certificates or the Certificate Insurer shall
      have offered security or indemnity satisfactory to the Trustee, against the
      costs, expenses and liabilities which might be incurred by it in compliance
      with
      such request, order or direction. 

     

    The
      Trustee shall not be deemed to have knowledge of an Insurer Default unless
      a
      Responsible Officer of the Trustee has actual knowledge thereof or unless the
      Trustee received written notice of such Insurer Default.

     

    Section
      11.12. Third
      Party Rights.

     

    The
      Swap
      Provider and the Cap Counterparties shall be express third-party beneficiaries
      of this Agreement to the extent of their express rights to receive payments
      under this Agreement or any other express rights of the Swap Provider and the
      Cap Counterparties explicitly stated in this Agreement, and shall have the
      right
      to enforce such rights under this Agreement as if the Swap Provider and the
      Cap
      Counterparties were parties hereto. 

    
      
        
        

      

      
        161

        
          

        

      

      
        
        

      

    

     

    
      IN
        WITNESS WHEREOF, the Depositor, the Master Servicer and the Trustee have
        caused
        their names to be signed hereto by their respective officers thereunto duly
        authorized all as of the day and year first above written.

       

       

      IMPAC
        SECURED ASSETS CORP.,

      Depositor

       

      By:
        /s/ Gretchen Verdugo        

      Name:
        Gretchen Verdugo

      Title:
        EVP, CFO

       

       

      IMPAC
        FUNDING CORPORATION,

      Master
        Servicer

       

      By:
        /s/ Nancy Pollard        

      Name:
        Nancy
        Pollard

      Title:
        EVP

       

       

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY,

      Trustee

       

      By:
        /s/ Marion Hogan        

      Name:
        Marion Hogan 

      Title:
        Associate

       

      By:
        /s/ Jennifer Hermansader        

      Name:
        Jennifer Hermansader 

      Title:
        Associate 

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Agreed
        and accepted to with respect to 

      its
        obligations under Section 9.01(a)

       

      IMPAC
        MORTGAGE HOLDINGS, INC.

      (solely
        with respect to its obligations under 

      Section
        9.01(a))

       

       

      By:
        /s/ Gretchen Verdugo        

      Name:
        Gretchen Verdugo

      Title:
        EVP, CFO

       

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            
	 	 

    

    On
      the
      30th
      day of
      April, 2007, before me, a notary public in and for said State, personally
      appeared Gretchen Verdugo, known to me to be the Chief Financial Officer of
      Impac Secured Assets Corp., one of the corporations that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation, and acknowledged to me that such corporation executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

                        

    Notary
      Public

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      
        	
                STATE
                  OF CALIFORNIA

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF ORANGE

              	
                )

              
	 	 

      

    

    On
      the
      30th
      day of
      April, 2007, before me, a notary public in and for said State, personally
      appeared Nancy Pollard, known to me to be an Executive Vice President of Impac
      Funding Corporation, one of the corporations that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation, and acknowledged to me that such corporation executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

                        

    Notary
      Public

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                STATE
                  OF CALIFORNIA

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF ORANGE

              	
                )

              
	 	 

      

    

    On
      the
      30th
      day of
      April, 2007, before me, a notary public in and for said State, personally
      appeared __________________, known to me to be a(n) ___________________ of
      Deutsche Bank National Trust Company, one of the entities that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said entity, and acknowledged to me that such corporation executed
      the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

                    

    Notary
      Public

     

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                STATE
                  OF CALIFORNIA

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF ORANGE

              	
                )

              
	 	 

      

    

    On
      the
      30th
      day of
      April, 2007, before me, a notary public in and for said State, personally
      appeared __________________, known to me to be a(n) ___________________of
      Deutsche Bank National Trust Company, one of the entities that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said entity, and acknowledged to me that such corporation executed
      the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

                

    Notary
      Public

     

    [Notarial
      Seal]

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    
      
        	
                STATE
                  OF CALIFORNIA

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF ORANGE

              	
                )

              
	 	 

      

    

    On
      the
      30th
      day of
      April, 2007, before me, a notary public in and for said State, personally
      appeared Gretchen Verdugo, known to me to be the Executive Vice President and
      Chief Financial Officer of Impac Mortgage Holdings, Inc., one of the
      corporations that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

                    

    Notary
      Public

     

    [Notarial
      Seal]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      EXHIBIT
        A

       

      FORM
        OF
        CLASS A CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
        INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986 (THE “CODE”).

       

      THIS
        CERTIFICATE SHALL INITIALLY BE ISSUED AS ONE OR MORE CERTIFICATES REGISTERED
        IN
        THE NAME OF THE DEPOSITORY OR ITS NOMINEE AND, EXCEPT AS PROVIDED BELOW,
        REGISTRATION OF SUCH CERTIFICATES MAY NOT BE TRANSFERRED BY THE TRUSTEE EXCEPT
        TO ANOTHER DEPOSITORY THAT AGREES TO HOLD SUCH CERTIFICATES FOR THE RESPECTIVE
        CERTIFICATE OWNERS WITH OWNERSHIP INTERESTS THEREIN. THE CERTIFICATE OWNERS
        SHALL HOLD THEIR RESPECTIVE OWNERSHIP INTERESTS IN AND TO EACH OF SUCH
        BOOK-ENTRY CERTIFICATES THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY
        AND,
        EXCEPT AS PROVIDED BELOW, SHALL NOT BE ENTITLED TO DEFINITIVE CERTIFICATES
        IN
        RESPECT OF SUCH OWNERSHIP INTERESTS. ALL TRANSFERS BY CERTIFICATE OWNERS
        OF
        THEIR RESPECTIVE OWNERSHIP IN THE BOOK-ENTRY CERTIFICATES SHALL BE MADE IN
        ACCORDANCE WITH THE PROCEDURES ESTABLISHED BY THE DEPOSITORY PARTICIPANT
        OR
        BROKERAGE FIRM REPRESENTING SUCH CERTIFICATE OWNER. EACH DEPOSITORY PARTICIPANT
        SHALL TRANSFER THE OWNERSHIP INTERESTS ONLY IN THE BOOK-ENTRY CERTIFICATES
        OF
        CERTIFICATE OWNERS IT REPRESENTS OR OF BROKERAGE FIRMS FOR WHICH IT ACTS
        AS
        AGENT IN ACCORDANCE WITH THE DEPOSITORY'S NORMAL PROCEDURES. THE TRUSTEE
        SHALL
        NOT BE REQUIRED TO MONITOR, DETERMINE OR INQUIRE AS TO COMPLIANCE WITH THE
        TRANSFER RESTRICTIONS WITH RESPECT TO THE BOOK-ENTRY CERTIFICATES, AND THE
        TRUSTEE SHALL HAVE NO LIABILITY FOR TRANSFERS OF OWNERSHIP INTERESTS IN THE
        BOOK-ENTRY CERTIFICATES MADE THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY
        OR BETWEEN OR AMONG DEPOSITORY PARTICIPANTS OR CERTIFICATE OWNERS, MADE IN
        VIOLATION OF THE APPLICABLE RESTRICTIONS.

       

      PRIOR
        TO THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE SHALL
        BE
        DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 5.02(c) OF THE AGREEMENT
        (AS
        DEFINED BELOW).

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No. 1

              	 	
                Adjustable
                  Rate

              
	 	 	 
	
                Class
                  A[1-A][1-B][1-C][-M] Senior

              	 	 
	 	 	 
	
                Date
                  of Pooling and Servicing Agreement and Cut-off Date: April 1,
                  2007

              	 	
                Percentage
                  Interest: 100%

              
	 	 	 
	
                First
                  Distribution Date: 

                May
                  25, 2007

              	 	
                Aggregate
                  Initial Certificate Principal Balance of the Class A[1-A][1-B][1-C][-M]
                  Certificates: $[_____________]

              
	 	 	 
	
                Master
                  Servicer:

                Impac
                  Funding Corporation

              	 	
                Initial
                  Certificate Principal Balance of this Certificate:
                  $[____________]

                 

              
	 	 	 
	
                Assumed
                  Final

                Distribution
                  Date: September 25, 2037

              	 	
                CUSIP:
                  [_________]

              

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2007-3

       

      evidencing
        a percentage interest in the distributions allocable to the Class
        A[1-A][1-B][1-C][-M] Certificates with respect to a Trust Fund consisting
        primarily of a pool of one- to four-family adjustable-rate first lien and
        fixed-rate first and second lien mortgage loans formed and sold by IMPAC
        SECURED
        ASSETS CORP.

       

      This
        Certificate is payable solely from the assets of the Trust Fund and does
        not
        represent an obligation of or interest in Impac Secured Assets Corp., the
        Master
        Servicer, the Trustee referred to below or any of their affiliates. Neither
        this
        Certificate nor the underlying Mortgage Loans are guaranteed or insured by
        any
        governmental agency or instrumentality or by Impac Secured Assets Corp.,
        the
        Master Servicer, the Trustee or any of their affiliates. None of the Company,
        the Master Servicer or any of their affiliates will have any obligation with
        respect to any certificate or other obligation secured by or payable from
        payments on the Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Initial Certificate
        Principal Balance of this Certificate by the aggregate Initial Certificate
        Principal Balance of all Class A Certificates, both as specified above) in
        certain distributions with respect to the Trust Fund consisting primarily
        of an
        interest in a pool of one- to four-family adjustable-rate first lien and
        fixed-rate first and second lien mortgage loans (the “Mortgage Loans”), formed
        and sold by Impac Secured Assets Corp. (hereinafter called the “Company,” which
        term includes any successor entity under the Agreement referred to below).
        The
        Trust Fund was created pursuant to a Pooling and Servicing Agreement, dated
        as
        specified above (the “Agreement”), among the Company, the Master Servicer and
        Deutsche Bank National Trust Company, as trustee (the “Trustee”), a summary of
        certain of the pertinent provisions of which is set forth hereafter. To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Certificate is issued under and is subject
        to
        the terms, provisions and conditions of the Agreement, to which Agreement
        the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound.

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

      

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, the Business Day
        immediately following (the "Distribution Date”), commencing as described in the
        Agreement, to the Person in whose name this Certificate is registered on
        the
        Business Day immediately preceding such Distribution Date (the “Record Date”),
        from the Available Funds in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount of interest and principal,
        if any, required to be distributed to Holders of Class A[1-A][1-B][1-C][-M]
        Certificates on such Distribution Date.

       

      Distributions
        on this Certificate will be made either by the Trustee or by a Paying Agent
        appointed by the Trustee either in immediately available funds (by wire transfer
        or otherwise) for the account of the Person entitled thereto if such Person
        shall have so notified the Trustee or such Paying Agent at least 5 Business
        Days
        prior to the related Record Date, or by check mailed to the address of the
        Person entitled thereto, as such name and address shall appear on the
        Certificate Register.

       

      Notwithstanding
        the above, the final distribution on this Certificate will be made after
        due
        notice of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the Trustee
        for that purpose in the City and State of New York. The Initial Certificate
        Principal Balance of this Certificate is set forth above. The Certificate
        Principal Balance hereof will be reduced to the extent of distributions
        allocable to principal.

       

      This
        Certificate is one of a duly authorized issue of Certificates issued in several
        Classes designated as Mortgage Pass-Through Certificates of the Series specified
        hereon (herein collectively called the “Certificates”).

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. In the event the Master Servicer advances funds
        with respect to any Mortgage Loan, such advance is reimbursable to the Master
        Servicer, to the extent provided in the Agreement, from related recoveries
        on
        such Mortgage Loan or from other cash that would have been distributable
        to
        Certificateholders.

       

      For
        the Class AM Certificates: Ambac Assurance
        Corporation, in consideration of the payment of the premium and subject to
        the
        terms of the Certificate Guaranty Insurance Policy, has unconditionally and
        irrevocably guaranteed the payment of an amount equal to the Insured Amount
        (as
        defined in the Certificate Guaranty Insurance Policy) with respect to the
        Class
        AM Certificates with respect to each Distribution Date.

       

      As
        provided in the Agreement, withdrawals from the Custodial Account and/or
        the
        Certificate Account created for the benefit of Certificateholders may be
        made by
        the Master Servicer from time to time for purposes other than distributions
        to
        Certificateholders, such purposes including without limitation reimbursement
        to
        the Trustee, the Company and the Master Servicer of advances made, or certain
        expenses incurred, by either of them.

       

      
        
          
          

        

        
          A-3

          
            

          

        

        
          
          

        

      

      

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        of
        the Agreement and the modification of the rights and obligations of the Company,
        the Master Servicer and the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Company, the Master Servicer and the
        Trustee with the consent of the Holders of Certificates evidencing in the
        aggregate not less than 66-2/3% of the Percentage Interests of each Class
        of
        Certificates affected thereby and with consent of the Certificate Insurer.
        Any
        such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in exchange herefor or in
        lieu
        hereof whether or not notation of such consent is made upon the Certificate.
        The
        Agreement also permits the amendment thereof in certain circumstances with
        the
        consent of the Certificate Insurer and without the consent of the Holders
        of any
        of the Certificates and, in certain additional circumstances, without the
        consent of the Holders of certain Classes of Certificates.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any transferee shall
        be
        deemed to have made the representations in Section 5.02(c) of the
        Agreement.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trustee, duly endorsed by, or accompanied by an
        assignment in the form below or other written instrument of transfer in form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        Holder hereof or such Holder's attorney duly authorized in writing, and
        thereupon one or more new Certificates of authorized denominations evidencing
        the same Class and aggregate Percentage Interest will be issued to the
        designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        Classes and in denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, Certificates
        are
        exchangeable for new Certificates of authorized denominations evidencing
        the
        same Class and aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Company, the Master Servicer and the Trustee and any agent of the Company,
        the
        Master Servicer or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and neither
        the
        Company, the Master Servicer, the Trustee nor any such agent shall be affected
        by notice to the contrary.

       

      This
        Certificate shall be governed by and construed in accordance with the laws
        of
        the State of New York.

       

      
        
          
          

        

        
          A-4

          
            

          

        

        
          
          

        

      

      

       

      The
        Mortgage Loans are subject to termination in whole, but not in part, by the
        Master Servicer, on or after the Distribution Date on which the aggregate
        Stated
        Principal Balance of the Mortgage Loans is less than or equal to 10% of the
        Cut-of Date balance; provided, however, that no such purchase will be
        permitted if it would result in a draw on the Certificate Guaranty Insurance
        Policy, unless the Certificate Insurer consents in writing to such
        purchase.

       

      Unless
        the certificate of authentication hereon has been executed by the Trustee,
        by
        manual signature, this Certificate shall not be entitled to any benefit under
        the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          A-5

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

      
        	
                Dated:
                  April 30, 2007

              	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

              
	 	
                as
                  Trustee 

              
	 	 
	 	 
	 	
                By:
                  _____________________________

              
	 	
                Authorized
                  Signatory

              

      

       

       

       

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class A[1-A][1-B][1-C][-M] Certificates referred to in the
        within-mentioned Agreement.

      
         

        
          	
                   

                	
                  DEUTSCHE
                    BANK NATIONAL TRUST COMPANY,

                
	 	
                  as
                    Trustee 

                
	 	 
	 	 
	 	
                  By:
                    _____________________________

                
	 	
                  Authorized
                    Signatory

                

        

         

      

       

      
        
          
          

        

        
          A-6

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _____________________________________ (Please print or typewrite name and
        address including postal zip code of assignee) a Percentage Interest evidenced
        by the within Mortgage Pass-Through Certificate and hereby authorizes the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:                                                                                                                     
                                                                                                                                                                           

      
        	
                Dated:
                  

              	
                                                                                                      

              
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	 
	 	
                                                                                        

              
	 	
                Signature
                  Guaranteed

              

      

       

       

       

       

       

      
 

      
        
          
          

        

        
          A-7

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to___________________________________________ for the account of
        ______________________________ account number _________________,or, if mailed
        by
        check, to _____________________________ Applicable statements should be mailed
        to _____________________________________________. 

       

      This
        information is provided by ________________________, the assignee named above,
        or _________________________, as its agent.

       

      

      
        
          
          

        

        
          A-8

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-1

       

      FORM
        OF
        CLASS M CERTIFICATE

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
        [,]
        [AND] [THE CLASS M-1 CERTIFICATES] [,] [AND] [THE CLASS M-2 CERTIFICATES]
        [,]
        [AND] [THE CLASS M-3 CERTIFICATES] [,] [AND] [THE CLASS M-4 CERTIFICATES]
        [,]
        [AND] [THE CLASS M-5 CERTIFICATES] [,] [AND] [THE CLASS M-6 CERTIFICATES]
        [,]
        [AND] [THE CLASS M-7 CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED
        BELOW).

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
        INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986 (THE “CODE”).

       

      THIS
        CERTIFICATE SHALL INITIALLY BE ISSUED AS ONE OR MORE CERTIFICATES REGISTERED
        IN
        THE NAME OF THE DEPOSITORY OR ITS NOMINEE AND, EXCEPT AS PROVIDED BELOW,
        REGISTRATION OF SUCH CERTIFICATES MAY NOT BE TRANSFERRED BY THE TRUSTEE EXCEPT
        TO ANOTHER DEPOSITORY THAT AGREES TO HOLD SUCH CERTIFICATES FOR THE RESPECTIVE
        CERTIFICATE OWNERS WITH OWNERSHIP INTERESTS THEREIN. THE CERTIFICATE OWNERS
        SHALL HOLD THEIR RESPECTIVE OWNERSHIP INTERESTS IN AND TO EACH OF SUCH
        BOOK-ENTRY CERTIFICATES THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY
        AND,
        EXCEPT AS PROVIDED BELOW, SHALL NOT BE ENTITLED TO DEFINITIVE CERTIFICATES
        IN
        RESPECT OF SUCH OWNERSHIP INTERESTS. ALL TRANSFERS BY CERTIFICATE OWNERS
        OF
        THEIR RESPECTIVE OWNERSHIP IN THE BOOK-ENTRY CERTIFICATES SHALL BE MADE IN
        ACCORDANCE WITH THE PROCEDURES ESTABLISHED BY THE DEPOSITORY PARTICIPANT
        OR
        BROKERAGE FIRM REPRESENTING SUCH CERTIFICATE OWNER. EACH DEPOSITORY PARTICIPANT
        SHALL TRANSFER THE OWNERSHIP INTERESTS ONLY IN THE BOOK-ENTRY CERTIFICATES
        OF
        CERTIFICATE OWNERS IT REPRESENTS OR OF BROKERAGE FIRMS FOR WHICH IT ACTS
        AS
        AGENT IN ACCORDANCE WITH THE DEPOSITORY'S NORMAL PROCEDURES. THE TRUSTEE
        SHALL
        NOT BE REQUIRED TO MONITOR, DETERMINE OR INQUIRE AS TO COMPLIANCE WITH THE
        TRANSFER RESTRICTIONS WITH RESPECT TO THE BOOK-ENTRY CERTIFICATES, AND THE
        TRUSTEE SHALL HAVE NO LIABILITY FOR TRANSFERS OF OWNERSHIP INTERESTS IN THE
        BOOK-ENTRY CERTIFICATES MADE THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY
        OR BETWEEN OR AMONG DEPOSITORY PARTICIPANTS OR CERTIFICATE OWNERS, MADE IN
        VIOLATION OF THE APPLICABLE RESTRICTIONS.

       

      
        
          
          

        

        
          B-1-1

          
            

          

        

        
          
          

        

      

      

       

      ANY
        TRANSFEREE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN
        SECTION
        5.02(c) OF THE AGREEMENT.

       

      
        
          
          

        

        
          B-1-2

          
            

          

        

        
          
          

        

      

      

       

      
        	
                Certificate
                  No. 1

              	
                Adjustable
                  Rate

              
	 	 
	
                Class
                  M-[1][2][3][4][5][6]

              	
                Aggregate
                  Initial Certificate

              
	
                [7][8]

              	
                Principal
                  Balance of the Class M-

              
	 	
                [1][2][3][4][5][6][7][8]
                  Certificates:

              
	 	
                $[__________]

              
	
                Date
                  of Pooling and Servicing

              	
                Initial
                  Certificate Principal Balance

              
	
                Agreement
                  and Cut-off Date:

              	
                of
                  this Certificate:

              
	
                April
                  1, 2007

              	
                $[__________]

              
	 	 
	
                First
                  Distribution Date:

              	
                CUSIP:
                  [__________]

              
	
                May
                  25, 2007

              	 
	 	 
	
                Master
                  Servicer:

              	 
	
                Impac
                  Funding Corporation

              	 
	 	 
	
                Assumed
                  Final Distribution Date:

              	 
	
                September
                  25, 2037

              	 

      

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2007-3

       

      evidencing
        a percentage interest in any distributions allocable to the Class M-[1][2][3][4][5][6][7][8]
        Certificates with respect to the Trust Fund consisting primarily of a pool
        of
        one- to four-family adjustable-rate first lien and fixed rate first and second
        lien mortgage loans formed and sold by IMPAC SECURED ASSETS CORP.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Impac Secured Assets Corp., the
        Master
        Servicer, the Trustee referred to below or any of their affiliates. Neither
        this
        Certificate nor the underlying Mortgage Loans are guaranteed or insured by
        any
        governmental agency or instrumentality or by Impac Secured Assets Corp.,
        the
        Master Servicer, the Trustee or any of their affiliates. None of the Company,
        the Master Servicer or any of their affiliates will have any obligation with
        respect to any certificate or other obligation secured by or payable from
        payments on the Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Initial Certificate
        Principal Balance of this Certificate by the aggregate Initial Certificate
        Principal Balance of all Class M Certificates, both as specified above) in
        certain distributions with respect to a Trust Fund consisting primarily of
        a
        pool of one- to four-family adjustable-rate first lien and fixed rate first
        and
        second lien mortgage loans (the “Mortgage Loans”), formed and sold by Impac
        Secured Assets Corp. (hereinafter called the “Company,” which term includes any
        successor entity under the Agreement referred to below). The Trust Fund was
        created pursuant to a Pooling and Servicing Agreement, dated as specified
        above
        (the “Agreement”), among the Company, the Master Servicer and Deutsche Bank
        National Trust Company, as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      
        
          
          

        

        
          B-1-3

          
            

          

        

        
          
          

        

      

      

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, the Business Day
        immediately following (the "Distribution Date”), commencing as described in the
        Agreement, to the Person in whose name this Certificate is registered on
        the
        Business Day immediately preceding such Distribution Date (the “Record Date”),
        from the Available Funds in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount of interest and principal,
        if any, required to be distributed to Holders of Class
        M-[1][2][3][4][5][6][7][8] Certificates on such Distribution Date.

       

      Distributions
        on this Certificate will be made either by the Trustee or by a Paying Agent
        appointed by the Trustee either in immediately available funds (by wire transfer
        or otherwise) for the account of the Person entitled thereto if such Person
        shall have so notified the Trustee or such Paying Agent at least 5 Business
        Days
        prior to the related Record Date, or by check mailed to the address of the
        Person entitled thereto, as such name and address shall appear on the
        Certificate Register.

       

      Notwithstanding
        the above, the final distribution on this Certificate will be made after
        due
        notice of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the Trustee
        for that purpose in the City and State of New York. The Initial Certificate
        Principal Balance of this Certificate is set forth above. The Certificate
        Principal Balance hereof will be reduced to the extent of the distributions
        allocable to principal and any Realized Losses allocable hereto.

       

      This
        Certificate is one of a duly authorized issue of Certificates issued in several
        Classes designated as Mortgage Pass-Through Certificates of the Series specified
        hereon (herein collectively called the “Certificates”).

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. In the event the Master Servicer advances funds
        with respect to any Mortgage Loan, such advance is reimbursable to the Master
        Servicer, to the extent provided in the Agreement, from related recoveries
        on
        such Mortgage Loan or from other cash that would have been distributable
        to
        Certificateholders.

       

      As
        provided in the Agreement, withdrawals from the Custodial Account and/or
        the
        Certificate Account created for the benefit of Certificateholders may be
        made by
        the Master Servicer from time to time for purposes other than distributions
        to
        Certificateholders, such purposes including without limitation reimbursement
        to
        the Trustee, the Company and the Master Servicer of advances made, or certain
        expenses incurred, by either of them.

       

      
        
          
          

        

        
          B-1-4

          
            

          

        

        
          
          

        

      

      

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        of
        the Agreement and the modification of the rights and obligations of the Company,
        the Master Servicer and the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Company, the Master Servicer and the
        Trustee with the consent of the Holders of Certificates evidencing in the
        aggregate not less than 66-2/3% of the Percentage Interests of each Class
        of
        Certificates affected thereby and with the consent of the Certificate Insurer.
        Any such consent by the Holder of this Certificate shall be conclusive and
        binding on such Holder and upon all future holders of this Certificate and
        of
        any Certificate issued upon the transfer hereof or in exchange herefor or
        in
        lieu hereof whether or not notation of such consent is made upon the
        Certificate. The Agreement also permits the amendment thereof in certain
        circumstances with the consent of the Certificate Insurer and without the
        consent of the Holders of any of the Certificates and, in certain additional
        circumstances, without the consent of the Holders of certain Classes of
        Certificates.

       

      Any
        transferee shall be deemed to have made the representations set forth in
        Section
        5.02(c) of the Agreement.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trustee, duly endorsed by, or accompanied by an
        assignment in the form below or other written instrument of transfer in form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        Holder hereof or such Holder's attorney duly authorized in writing, and
        thereupon one or more new Certificates of authorized denominations evidencing
        the same Class and aggregate Percentage Interest will be issued to the
        designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        Classes and in denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, Certificates
        are
        exchangeable for new Certificates of authorized denominations evidencing
        the
        same Class and aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Company, the Master Servicer and the Trustee and any agent of the Company,
        the
        Master Servicer or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and neither
        the
        Company, the Master Servicer, the Trustee nor any such agent shall be affected
        by notice to the contrary.

       

      This
        Certificate shall be governed by and construed in accordance with the laws
        of
        the State of New York.

       

      The
        Mortgage Loans are subject to termination in whole, but not in part, by the
        Master Servicer, on or after the Distribution Date on which the aggregate
        Stated
        Principal Balance of the Mortgage Loans is less than or equal to 10% of the
        Cut-of Date balance; provided, however, that no such purchase will be
        permitted if it would result in a draw on the Certificate Guaranty Insurance
        Policy, unless the Certificate Insurer consents in writing to such
        purchase.

       

      
        
          
          

        

        
          B-1-5

          
            

          

        

        
          
          

        

      

      

       

      Unless
        the certificate of authentication hereon has been executed by the Trustee,
        by
        manual signature, this Certificate shall not be entitled to any benefit under
        the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          B-1-6

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

      
        	
                Dated:
                  April 30, 2007

              	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

              
	 	
                as
                  Trustee 

              
	 	
                By:
                  ____________________________

              
	 	
                Authorized
                  Signatory

              

      

       

       

       

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class M-[1][2][3][4][5][6][7][8] Certificates referred to in the
        within-mentioned Agreement.

      
         

        
          	
                   

                	
                  DEUTSCHE
                    BANK NATIONAL TRUST COMPANY,

                
	 	
                  as
                    Trustee 

                
	 	
                  By:
                    ____________________________

                
	 	
                  Authorized
                    Signatory

                

        

         

      

      
        
          
          

        

        
          B-1-7

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _____________________________________ (Please print or typewrite name and
        address including postal zip code of assignee) a Percentage Interest evidenced
        by the within Mortgage Pass-Through Certificate and hereby authorizes the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:                                                                                                                                                      &
amp;a
        mp;a mp;a mp; #160
        ;                                                                                                                                                    

       

      

        
          	
                  Dated:
                    

                	
                                                                                                        

                
	 	
                  Signature
                    by or on behalf of assignor

                
	 	 
	 	 
	 	 
	 	
                                                                                          

                
	 	
                  Signature
                    Guaranteed

                

        

         

      

       

      
        
          
          

        

        
          B-1-8

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to                                                                                    
        for the
        account of                                         
        account
        number                     
        ,or,
        if
        mailed by check, to                                                     Applicable
        statements should be mailed to                                                                                   
        . 

       

      This
        information is provided by                                 ,
        the
        assignee named above, or                           ,
        as its
        agent.

       

      

      
        
          
          

        

        
          B-1-9

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-2

       

      FORM
        OF
        CLASS B CERTIFICATE

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
        AND
        THE CLASS M CERTIFICATES AS DESCRIBED IN THE AGREEMENT (AS DEFINED
        BELOW).

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
        INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986 (THE “CODE”).

       

      THIS
        CERTIFICATE SHALL INITIALLY BE ISSUED AS ONE OR MORE CERTIFICATES REGISTERED
        IN
        THE NAME OF THE DEPOSITORY OR ITS NOMINEE AND, EXCEPT AS PROVIDED BELOW,
        REGISTRATION OF SUCH CERTIFICATES MAY NOT BE TRANSFERRED BY THE TRUSTEE EXCEPT
        TO ANOTHER DEPOSITORY THAT AGREES TO HOLD SUCH CERTIFICATES FOR THE RESPECTIVE
        CERTIFICATE OWNERS WITH OWNERSHIP INTERESTS THEREIN. THE CERTIFICATE OWNERS
        SHALL HOLD THEIR RESPECTIVE OWNERSHIP INTERESTS IN AND TO EACH OF SUCH
        BOOK-ENTRY CERTIFICATES THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY
        AND,
        EXCEPT AS PROVIDED BELOW, SHALL NOT BE ENTITLED TO DEFINITIVE CERTIFICATES
        IN
        RESPECT OF SUCH OWNERSHIP INTERESTS. ALL TRANSFERS BY CERTIFICATE OWNERS
        OF
        THEIR RESPECTIVE OWNERSHIP IN THE BOOK-ENTRY CERTIFICATES SHALL BE MADE IN
        ACCORDANCE WITH THE PROCEDURES ESTABLISHED BY THE DEPOSITORY PARTICIPANT
        OR
        BROKERAGE FIRM REPRESENTING SUCH CERTIFICATE OWNER. EACH DEPOSITORY PARTICIPANT
        SHALL TRANSFER THE OWNERSHIP INTERESTS ONLY IN THE BOOK-ENTRY CERTIFICATES
        OF
        CERTIFICATE OWNERS IT REPRESENTS OR OF BROKERAGE FIRMS FOR WHICH IT ACTS
        AS
        AGENT IN ACCORDANCE WITH THE DEPOSITORY'S NORMAL PROCEDURES. THE TRUSTEE
        SHALL
        NOT BE REQUIRED TO MONITOR, DETERMINE OR INQUIRE AS TO COMPLIANCE WITH THE
        TRANSFER RESTRICTIONS WITH RESPECT TO THE BOOK-ENTRY CERTIFICATES, AND THE
        TRUSTEE SHALL HAVE NO LIABILITY FOR TRANSFERS OF OWNERSHIP INTERESTS IN THE
        BOOK-ENTRY CERTIFICATES MADE THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY
        OR BETWEEN OR AMONG DEPOSITORY PARTICIPANTS OR CERTIFICATE OWNERS, MADE IN
        VIOLATION OF THE APPLICABLE RESTRICTIONS.

       

      ANY
        TRANSFEREE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN
        SECTION
        5.02(c) OF THE AGREEMENT.

       

      
        
          
          

        

        
          B-2-1

          
            

          

        

        
          
          

        

      

      

       

      
        	
                Certificate
                  No. 1

              	
                Variable
                  Pass-Through Rate

              
	 	 
	
                Class
                  B

              	
                Aggregate
                  Initial Certificate Principal

              
	
                 

              	
                Balance
                  of the Class B Certificates:

              
	
                 

              	
                $[__________]

              
	 	 
	
                Date
                  of Pooling and Servicing

              	
                Initial
                  Certificate Principal Balance

              
	
                Agreement
                  and Cut-off Date:

              	
                of
                  this Certificate:

              
	
                April
                  1, 2007

              	
                $[__________]

              
	 	 
	
                First
                  Distribution Date:

              	
                CUSIP:
                  [__________]

              
	
                May
                  25, 2007

              	 
	 	 
	
                Master
                  Servicer:

              	 
	
                Impac
                  Funding Corporation

              	 
	 	 
	
                Assumed
                  Final Distribution Date:

              	 
	
                September
                  25, 2037

              	 

      

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2007-3

       

      evidencing
        a percentage interest in any distributions allocable to the Class B Certificates
        with respect to the Trust Fund consisting primarily of a pool of one- to
        four-family adjustable-rate first lien and fixed rate first and second lien
        mortgage loans formed and sold by IMPAC SECURED ASSETS CORP.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Impac Secured Assets Corp., the
        Master
        Servicer, the Trustee referred to below or any of their affiliates. Neither
        this
        Certificate nor the underlying Mortgage Loans are guaranteed or insured by
        any
        governmental agency or instrumentality or by Impac Secured Assets Corp.,
        the
        Master Servicer, the Trustee or any of their affiliates. None of the Company,
        the Master Servicer or any of their affiliates will have any obligation with
        respect to any certificate or other obligation secured by or payable from
        payments on the Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Initial Certificate
        Principal Balance of this Certificate by the aggregate Initial Certificate
        Principal Balance of all Class B Certificates, both as specified above) in
        certain distributions with respect to a Trust Fund consisting primarily of
        a
        pool of one- to four-family adjustable-rate first lien and fixed rate first
        and
        second lien mortgage loans (the “Mortgage Loans”), formed and sold by Impac
        Secured Assets Corp. (hereinafter called the “Company,” which term includes any
        successor entity under the Agreement referred to below). The Trust Fund was
        created pursuant to a Pooling and Servicing Agreement dated as specified
        above
        (the “Agreement”) among the Company, the Master Servicer and Deutsche Bank
        National Trust Company, as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      
        
          
          

        

        
          B-2-2

          
            

          

        

        
          
          

        

      

      

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, the Business Day
        immediately following (the "Distribution Date”), commencing as described in the
        Agreement, to the Person in whose name this Certificate is registered on
        the
        Business Day immediately preceding such Distribution Date (the “Record Date”),
        from the Available Funds in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount of interest and principal,
        if any, required to be distributed to Holders of Class B Certificates on
        such
        Distribution Date.

       

      Distributions
        on this Certificate will be made either by the Trustee or by a Paying Agent
        appointed by the Trustee either in immediately available funds (by wire transfer
        or otherwise) for the account of the Person entitled thereto if such Person
        shall have so notified the Trustee or such Paying Agent at least 5 Business
        Days
        prior to the related Record Date, or by check mailed to the address of the
        Person entitled thereto, as such name and address shall appear on the
        Certificate Register.

       

      Notwithstanding
        the above, the final distribution on this Certificate will be made after
        due
        notice of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the Trustee
        for that purpose in the City and State of New York. The Initial Certificate
        Principal Balance of this Certificate is set forth above. The Certificate
        Principal Balance hereof will be reduced to the extent of the distributions
        allocable to principal and any Realized Losses allocable hereto.

       

      This
        Certificate is one of a duly authorized issue of Certificates issued in several
        Classes designated as Mortgage Pass-Through Certificates of the Series specified
        hereon (herein collectively called the “Certificates”).

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. In the event the Master Servicer advances funds
        with respect to any Mortgage Loan, such advance is reimbursable to the Master
        Servicer, to the extent provided in the Agreement, from related recoveries
        on
        such Mortgage Loan or from other cash that would have been distributable
        to
        Certificateholders.

       

      As
        provided in the Agreement, withdrawals from the Custodial Account and/or
        the
        Certificate Account created for the benefit of Certificateholders may be
        made by
        the Master Servicer from time to time for purposes other than distributions
        to
        Certificateholders, such purposes including without limitation reimbursement
        to
        the Trustee, the Company and the Master Servicer of advances made, or certain
        expenses incurred, by either of them.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        of
        the Agreement and the modification of the rights and obligations of the Company,
        the Master Servicer and the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Company, the Master Servicer and the
        Trustee with the consent of the Holders of Certificates evidencing in the
        aggregate not less than 66-2/3% of the Percentage Interests of each Class
        of
        Certificates affected thereby and with the consent of the Certificate Insurer.
        Any such consent by the Holder of this Certificate shall be conclusive and
        binding on such Holder and upon all future holders of this Certificate and
        of
        any Certificate issued upon the transfer hereof or in exchange herefor or
        in
        lieu hereof whether or not notation of such consent is made upon the
        Certificate. The Agreement also permits the amendment thereof in certain
        circumstances with the consent of the Certificate Insurer and without the
        consent of the Holders of any of the Certificates and, in certain additional
        circumstances, without the consent of the Holders of certain Classes of
        Certificates.

       

      
        
          
          

        

        
          B-2-3

          
            

          

        

        
          
          

        

      

      

       

      Any
        transferee shall be deemed to have made the representations set forth in
        Section
        5.02(c) of the Agreement.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trustee, duly endorsed by, or accompanied by an
        assignment in the form below or other written instrument of transfer in form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        Holder hereof or such Holder's attorney duly authorized in writing, and
        thereupon one or more new Certificates of authorized denominations evidencing
        the same Class and aggregate Percentage Interest will be issued to the
        designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        Classes and in denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, Certificates
        are
        exchangeable for new Certificates of authorized denominations evidencing
        the
        same Class and aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Company, the Master Servicer and the Trustee and any agent of the Company,
        the
        Master Servicer or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and neither
        the
        Company, the Master Servicer, the Trustee nor any such agent shall be affected
        by notice to the contrary.

       

      This
        Certificate shall be governed by and construed in accordance with the laws
        of
        the State of New York.

       

      The
        Mortgage Loans are subject to termination in whole, but not in part, by the
        Master Servicer, on or after the Distribution Date on which the aggregate
        Stated
        Principal Balance of the Mortgage Loans is less than or equal to 10% of the
        Cut-of Date balance; provided, however, that no such purchase will be
        permitted if it would result in a draw on the Certificate Guaranty Insurance
        Policy, unless the Certificate Insurer consents in writing to such
        purchase.

       

      
        
          
          

        

        
          B-2-4

          
            

          

        

        
          
          

        

      

      

       

      Unless
        the certificate of authentication hereon has been executed by the Trustee,
        by
        manual signature, this Certificate shall not be entitled to any benefit under
        the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          B-2-5

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

      
        	
                Dated:
                  April 30, 2007

              	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

              
	 	
                as
                  Trustee 

              
	 	 
	 	 
	 	
                By:
                  _______________________________

              
	 	
                Authorized
                  Signatory

              

      

       

       

       

       

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class B Certificates referred to in the within-mentioned
        Agreement.

      
         

        
          	
                   

                	
                  DEUTSCHE
                    BANK NATIONAL TRUST COMPANY,

                
	 	
                  as
                    Trustee 

                
	 	 
	 	 
	 	
                  By:
                    _______________________________

                
	 	
                  Authorized
                    Signatory

                

        

         

      

      
        
          
          

        

        
          B-2-6

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _____________________________________ (Please print or typewrite name and
        address including postal zip code of assignee) a Percentage Interest evidenced
        by the within Mortgage Pass-Through Certificate and hereby authorizes the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:                                                                                                                                                      &
amp;a
        mp;a mp;a mp; #160
        ;                                                                                                                                                   

       

      
         

        

          
            	
                    Dated:
                      

                  	
                                                                                                          

                  
	 	
                    Signature
                      by or on behalf of assignor

                  
	 	 
	 	 
	 	 
	 	
                                                                                            

                  
	 	
                    Signature
                      Guaranteed

                  

          

        

      

       

      
        
          
          

        

        
          B-2-7

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to                                                                                    
        for the
        account of                                         
        account
        number                     
        ,or,
        if
        mailed by check, to                                                     Applicable
        statements should be mailed to                                                                                   
        . 

       

      This
        information is provided by                                 ,
        the
        assignee named above, or                           ,
        as its
        agent.

       

      

       

      

      
        
          
          

        

        
          B-2-8

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-3

       

      FORM
        OF
        CLASS C CERTIFICATES

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
        INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986 (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE SHALL BE MADE
        EXCEPT IN COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

       

      
        
          
          

        

        
          B-3-1

          
            

          

        

        
          
          

        

      

      

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE PROPOSED TRANSFEREE
        OF
        SUCH CERTIFICATE (1) PROVIDES TO THE TRUSTEE THE APPROPRIATE TAX CERTIFICATION
        FORMS THAT WOULD ELIMINATE ANY WITHHOLDING OR DEDUCTION FOR TAXES FROM AMOUNTS
        PAYABLE BY THE SWAP PROVIDER, PURSUANT TO THE INTEREST RATE SWAP AGREEMENT,
        AND
        BY THE CAP COUNTERPARTIES, PURSUANT TO THE CAP CONTRACTS, TO THE SUPPLEMENTAL
        INTEREST TRUST (I.E., IRS FORM W-9 OR IRS FORM W-8BEN, W-8IMY, W-8EXP OR
        W-8ECI,
        AS APPLICABLE (OR ANY SUCCESSOR FORM THERETO), TOGETHER WITH ANY APPLICABLE
        ATTACHMENTS) AND (2) AGREES TO UPDATE SUCH FORMS (A) UPON EXPIRATION OF ANY
        SUCH
        FORM, (B) AS REQUIRED UNDER THEN APPLICABLE U.S. TREASURY REGULATIONS AND
        (C)
        PROMPTLY UPON LEARNING THAT SUCH FORMS HAVE BECOME OBSOLETE OR INCORRECT,
        EACH
        AS A CONDITION TO SUCH TRANSFER. IN ADDITION, NO TRANSFER OF THIS CERTIFICATE
        SHALL BE MADE IF SUCH TRANSFER WOULD CAUSE THE SUPPLEMENTAL INTEREST TRUST
        TO BE
        BENEFICIALLY OWNED BY TWO OR MORE PERSONS FOR FEDERAL INCOME TAX PURPOSES,
        OR
        CONTINUE TO BE SO TREATED, UNLESS (I) EACH PROPOSED TRANSFEREE OF SUCH
        CERTIFICATE COMPLIES WITH THE FOREGOING CONDITIONS, AND (II) THE PROPOSED
        MAJORITY HOLDER OF THE CLASS C CERTIFICATES (OR EACH HOLDER, IF THERE IS
        OR
        WOULD BE NO MAJORITY HOLDER) (X) PROVIDES, OR CAUSES TO BE PROVIDED, ON BEHALF
        OF THE SUPPLEMENTAL INTEREST TRUST, IF APPLICABLE, TO
        THE TRUSTEE, THE APPROPRIATE TAX CERTIFICATION FORM THAT WOULD BE REQUIRED
        FROM
        THE SUPPLEMENTAL INTEREST TRUST TO ELIMINATE ANY WITHHOLDING OR DEDUCTION
        FOR
        TAXES FROM AMOUNTS PAYABLE BY THE SWAP PROVIDER, PURSUANT TO THE INTEREST
        RATE
        SWAP AGREEMENT, AND BY THE CAP COUNTERPARTIES, PURSUANT TO THE CAP CONTRACTS,
        TO
        THE SUPPLEMENTAL INTEREST TRUST (I.E., IRS FORM W-9 OR IRS FORM W-8BEN, W-8IMY,
        W-8EXP OR W-8ECI, AS APPLICABLE (OR ANY SUCCESSOR FORM THERETO), TOGETHER
        WITH
        ANY APPLICABLE ATTACHMENTS) AND (Y) AGREES TO UPDATE SUCH FORM (A) UPON
        EXPIRATION OF SUCH FORM, (B) AS REQUIRED UNDER THEM APPLICABLE U.S. TREASURY
        REGULATIONS AND (C) PROMPTLY UPON LEARNING THAT SUCH FORM HAS BECOME OBSOLETE
        OR
        INCORRECT. UNDER THE AGREEMENT, UPON RECEIPT OF ANY TAX CERTIFICATION FORM
        PURSUANT TO THESE TRANSFER RESTRICTIONS FROM A PROPOSED HOLDER OF THIS
        CERTIFICATE, THE TRUSTEE, AS THE SUPPLEMENTAL INTEREST TRUST TRUSTEE, SHALL
        FORWARD SUCH TAX CERTIFICATION FORM PROVIDED TO IT TO THE SWAP PROVIDER AND
        CAP COUNTERPARTIES. EACH HOLDER OF THIS CERTIFICATE AND EACH TRANSFEREE THEREOF
        SHALL BE DEEMED TO HAVE CONSENTED TO THE TRUSTEE, AS THE SUPPLEMENTAL INTEREST
        TRUST TRUSTEE, FORWARDING TO THE SWAP PROVIDER AND CAP COUNTERPARTIES ANY
        TAX CERTIFICATION FORM IT HAS PROVIDED AND UPDATED IN ACCORDANCE WITH THESE
        TRANSFER RESTRICTIONS. ANY PURPORTED SALES OR TRANSFERS OF THIS CERTIFICATE
        TO A
        TRANSFEREE WHICH DOES NOT COMPLY WITH THESE REQUIREMENTS SHALL BE DEEMED
        NULL
        AND VOID UNDER THE AGREEMENT.

      

       

      
        
          
          

        

        
          B-3-2

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No. 1

              	 	 
	 	 	 
	
                Class
                  C

              	 	
                Aggregate
                  Initial Notional Amount of the Class C Certificates:

                $_____________]

              
	 	 	 
	
                Date
                  of Pooling and Servicing

                Agreement
                  and Cut-off Date: 

                April
                  1, 2007

              	 	
                Initial
                  Notional Amount of this Certificate:

                $[_____________]

              
	 	 	 
	
                First
                  Distribution Date:

                May
                  25, 2007

              	 	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate $[_________]

              
	 	 	 
	
                Master
                  Servicer:

                Impac
                  Funding Corporation

              	 	
                Percentage
                  Interest of this 

                Certificate:
                  100%

              
	 	 	 
	
                Assumed
                  Final Distribution Date:

                September
                  25, 2037

              	 	
                CUSIP:
                  [_________]

              

      

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      SERIES
        2007-3

       

      evidencing
        percentage interest in the distributions allocable to the Class C Certificates
        with respect to a Trust Fund consisting primarily of a pool of one- to four-
        family adjustable-rate first lien and fixed rate first and second lien mortgage
        loans formed and sold by IMPAC SECURED ASSETS CORP.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Impac Secured Assets Corp., the
        Master
        Servicer, the Trustee referred to below or any of their affiliates. Neither
        this
        Certificate nor the underlying Mortgage Loans are guaranteed or insured by
        any
        governmental agency or instrumentality or by Impac Secured Assets Corp.,
        the
        Master Servicer, the Trustee or any of their affiliates. None of the Company,
        the Master Servicer or any of their affiliates will have any obligation with
        respect to any certificate or other or obligation secured by or payable from
        payments on the Certificates.

       

      This
        certifies that [___________________] is the registered owner of the Percentage
        Interest evidenced by this Class C Certificate (obtained by dividing the
        Original Class C Certificate by the Original Class Certificate Principal
        Balance) in certain distributions with respect to a Trust consisting primarily
        of the Mortgage Loans deposited by Impac Secured Assets Corp. (the “Company”).
        The Trust was created pursuant to a Pooling and Servicing Agreement dated
        as of
        April 1, 2007 (the “Agreement”) among the Company, Impac Funding Corporation, as
        master servicer (the “Master Servicer”) and Deutsche Bank National Trust
        Company, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class C Certificate is issued under and is subject to the terms, provisions
        and
        conditions of the Agreement, to which Agreement the Holder of this Class
        C
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      
        
          
          

        

        
          B-3-3

          
            

          

        

        
          
          

        

      

      

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, the Business Day
        immediately following (the “Distribution Date”), commencing as described in the
        Agreement, to the Person in whose name this Certificate is registered at
        the
        close of business on the last Business Day of the month immediately preceding
        the month of such Distribution Date (the “Record Date”), from the Available
        Distribution Amount in an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount (of interest, if any) required
        to
        be distributed to Holders of Class C Certificates on such Distribution
        Date.

       

      Distributions
        on this Certificate will be made either by the Trustee or by a Paying Agent
        appointed by the Trustee either in immediately available funds (by wire transfer
        or otherwise) for the account of the Person entitled thereto if such Person
        shall have so notified the Trustee or such Paying Agent at least 5 Business
        Days
        prior to the related Record Date, or by check mailed to the address of the
        Person entitled thereto, as such name and address shall appear on the
        Certificate Register.

       

      Notwithstanding
        the above, the final distribution on this Certificate will be made after
        due
        notice of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the Trustee
        for that purpose in the City and State of New York.

       

      This
        Certificate is one of a duly authorized issue of Certificates issued in several
        Classes designated as Mortgage Pass-Through Certificates of the Series specified
        hereon (herein collectively called the “Certificates”).

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. In the event the Master Servicer advances funds
        with respect to any Mortgage Loan, such advance is reimbursable to the Master
        Servicer, to the extent provided in the Agreement, from related recoveries
        on
        such Mortgage Loan or from other cash that would have been distributable
        to
        Certificateholders.

       

      As
        provided in the Agreement, withdrawals from the Custodial Account and/or
        the
        Certificate Account created for the benefit of Certificateholders may be
        made by
        the Master Servicer from time to time for purposes other than distributions
        to
        Certificateholders, such purposes including without limitation reimbursement
        to
        the Trustee, the Company and the Master Servicer of advances made, or certain
        expenses incurred, by either of them.

       

      
        
          
          

        

        
          B-3-4

          
            

          

        

        
          
          

        

      

      

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Company in writing the facts surrounding the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the act, there shall be delivered to the Trustee and the Company
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Master Servicer or the Company; or there shall be delivered
        to the
        Trustee and the Company a transferor certificate by the transferor and an
        investment letter shall be executed by the transferee. The Holder hereof
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee and the Company against any liability that may result if the transfer
        is
        not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(c) of the Agreement.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        of
        the Agreement and the modification of the rights and obligations of the Company,
        the Master Servicer and the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Company, the Master Servicer and the
        Trustee with the consent of the Holders of Certificates evidencing in the
        aggregate not less than 66-2/3% of the Percentage Interests of each Class
        of
        Certificates affected thereby and with the consent of the Certificate Insurer.
        Any such consent by the Holder of this Certificate shall be conclusive and
        binding on such Holder and upon all future holders of this Certificate and
        of
        any Certificate issued upon the transfer hereof or in exchange herefor or
        in
        lieu hereof whether or not notation of such consent is made upon the
        Certificate. The Agreement also permits the amendment thereof in certain
        circumstances with the consent of the Certificate Insurer and without the
        consent of the Holders of any of the Certificates and, in certain additional
        circumstances, without the consent of the Holders of certain Classes of
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trustee, duly endorsed by, or accompanied by an
        assignment in the form below or other written instrument of transfer in form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        Holder hereof or such Holder's attorney duly authorized in writing, and
        thereupon one or more new Certificates of authorized denominations evidencing
        the same Class and aggregate Percentage Interest will be issued to the
        designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        Classes and in denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, Certificates
        are
        exchangeable for new Certificates of authorized denominations evidencing
        the
        same Class and aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      
        
          
          

        

        
          B-3-5

          
            

          

        

        
          
          

        

      

      

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Company, the Master Servicer and the Trustee and any agent of the Company,
        the
        Master Servicer or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and neither
        the
        Company, the Master Servicer, the Trustee nor any such agent shall be affected
        by notice to the contrary.

       

      This
        Certificate shall be governed by and construed in accordance with the laws
        of
        the State of New York.

       

      The
        Mortgage Loans are subject to termination in whole, but not in part, by the
        Master Servicer, on or after the Distribution Date on which the aggregate
        Stated
        Principal Balance of the Mortgage Loans is less than or equal to 10% of the
        Cut-of Date balance; provided, however, that no such purchase will be
        permitted if it would result in a draw on the Certificate Guaranty Insurance
        Policy, unless the Certificate Insurer consents in writing to such
        purchase.

       

      Unless
        the certificate of authentication hereon has been executed by the Trustee,
        by
        manual signature, this Certificate shall not be entitled to any benefit under
        the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          B-3-6

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

      
        	
                Dated:
                  April 30, 2007

              	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

                as
                  Trustee

                 

                 

                 

                By:______________________________

                   Authorized
                  Signatory

              

      

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class C Certificates referred to in the within-mentioned
        Agreement.

      
         

        
          	
                  Dated:
                    April 30, 2007

                	
                  DEUTSCHE
                    BANK NATIONAL TRUST COMPANY,

                  as
                    Trustee

                   

                   

                   

                  By:______________________________

                     Authorized
                    Signatory

                

        

        

      

      

      
        
          
          

        

        
          B-3-7

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _____________________________________ (Please print or typewrite name and
        address including postal zip code of assignee) a Percentage Interest evidenced
        by the within Mortgage Pass-Through Certificate and hereby authorizes the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address: 

      
        	 
	 

      

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      
        
          
          

        

        
          B-3-8

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ________________________________________________for the account of ______________
        account
        number ___________, or, if mailed by check, to_____________________ Applicable
        statements should be mailed to ______________________________________
        _______________________________________________________________________________________.

       

      This
        information is provided by __________________, the assignee named above,
        or
____________________,
        as its
        agent.

       

      

       

      

      
        
          
          

        

        
          B-3-9

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-4

       

      FORM
        OF
        CLASS P CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR
        INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986, AS AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE SHALL BE MADE
        EXCEPT IN COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

       

      
        
          
          

        

        
          B-4-1

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No. 1

              	 	 
	 	 	 
	
                Class
                  P

              	 	
                Aggregate
                  Initial Certificate Principal

                Balance
                  of the Class P Certificates:

                $100.00

              
	 	 	 
	
                Date
                  of Pooling and Servicing

                Agreement
                  and Cut-off Date:

                April
                  1, 2007

              	 	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate Denomination:

                $100.00

              
	 	 	 
	
                First
                  Distribution Date

                May
                  25, 2007

              	 	
                Percentage
                  Interest of this Certificate:

                100%

              
	 	 	 
	
                Master
                  Servicer

                Impac
                  Funding Corporation

              	 	
                CUSIP:
                  [_________]

              
	 	 	 
	
                Assumed
                  Final Distribution Date:

                September
                  25, 2037

              	 	 

      

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      SERIES
        2007-3

       

      evidencing
        a percentage interest in any distributions allocable to the Class P Certificates
        with respect to the Trust Fund consisting primarily of a pool of one-to
        four-family adjustable-rate first lien and fixed rate first and second lien
        mortgage loans formed and sold by IMPAC SECURED ASSETS CORP.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Impac Secured Assets Corp., the
        Master
        Servicer, the Trustee referred to below or any of their affiliates. Neither
        this
        Certificate nor the underlying Mortgage Loans are guaranteed or insured by
        any
        governmental agency or instrumentality or by Impac Secured Assets Corp.,
        the
        Master Servicer, the Trustee or any of their affiliates. None of the Company,
        the Master Servicer or any of their affiliates will have any obligation with
        respect to any certificate or other obligation secured by or payable from
        payments on the Certificates.

       

      
        
          
          

        

        
          B-4-2

          
            

          

        

        
          
          

        

      

      

       

      This
        certifies that Deutsche Bank National Trust Company on behalf of the Impac
        NIM
        Trust 2007-3 Noteholders is the registered owner of the Percentage Interest
        evidenced by this Class P Certificate (obtained by dividing the Denomination
        of
        this Class P Certificate by the Original Class Certificate Principal Balance)
        in
        certain distributions with respect to a Trust Fund consisting primarily of
        a
        pool of one- to four-family adjustable-rate first lien and fixed rate first
        and
        second lien mortgage loans (the “Mortgage Loans”), formed and sold by Impac
        Secured Assets Corp. (hereinafter called the “Company,” which term includes any
        successor entity under the Agreement referred to below). The Trust Fund was
        created pursuant to a Pooling and Servicing Agreement dated as specified
        above
        (the “Agreement”) among the Company, the Master Servicer and Deutsche Bank
        National Trust Company, as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement; to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, the Business Day
        immediately following (the “Distribution Date”), commencing as described in the
        Agreement, to the Person in whose name this Certificate is registered at
        the
        close of business on the last Business Day of the month immediately preceding
        the month of such Distribution Date (the “Record Date”), from the Available
        Distribution Amount in an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount (of Prepayment Charges and
        principal, if any) required to be distributed to Holders of Class P Certificates
        on such Distribution Date.

       

      Distributions
        on this Certificate will be made either by the Trustee or by a Paying Agent
        appointed by the Trustee either in immediately available funds (by wire transfer
        or otherwise) for the account of the Person entitled thereto if such Person
        shall have so notified the Trustee or such Paying Agent at least 5 Business
        Days
        prior to the related Record Date, or by check mailed to the address of the
        Person entitled thereto, as such name and address shall appear on the
        Certificate Register.

       

      Notwithstanding
        the above, the final distribution on this Certificate will be made after
        due
        notice of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the Trustee
        for that purpose in the City and State of New York. The Initial Certificate
        Principal Balance of this Certificate is set forth above. The Certificate
        Principal Balance hereof will be reduced to the extent of the distributions
        allocable to principal allocable hereto.

       

      This
        Certificate is one of a duly authorized issue of Certificates issued in several
        Classes designated as Mortgage Pass-Through Certificates of the Series specified
        hereon (herein collectively called the “Certificates”).

       

      
        
          
          

        

        
          B-4-3

          
            

          

        

        
          
          

        

      

      

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. In the event the Master Servicer advances funds
        with respect to any Mortgage Loan, such advance is reimbursable to the Master
        Servicer, to the extent provided in the Agreement, from related recoveries
        on
        such Mortgage Loan or from other cash that would have been distributable
        to
        Certificateholders.

       

      As
        provided in the Agreement, withdrawals from the Custodial Account and/or
        the
        Certificate Account created for the benefit of Certificateholders may be
        made by
        the Master Servicer from time to time for purposes other than distributions
        to
        Certificateholders, such purposes including without limitation reimbursement
        to
        the Trustee, the Company and the Master Servicer of advances made, or certain
        expenses incurred, by either of them.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder's prospective transferee shall each
        certify to the Trustee and the Company in writing the facts surrounding the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Company
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Master Servicer or the Company; or there shall be delivered
        to the
        Trustee and the Company a transferor certificate by the transferor and an
        investment letter shall be executed by the transferee. The Holder hereof
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee and the Company against any liability that may result if the transfer
        is
        not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(c) of the Agreement.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        of
        the Agreement and the modification of the rights and obligations of the Company,
        the Master Servicer and the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Company, the Master Servicer and the
        Trustee with the consent of the Holders of Certificates evidencing in the
        aggregate not less than 66-2/3% of the Percentage Interests of each Class
        of
        Certificates affected thereby and with the consent of the Certificate Insurer.
        Any such consent by the Holder of this Certificate shall be conclusive and
        binding on such Holder and upon all future holders of this Certificate and
        of
        any Certificate issued upon the transfer hereof or in exchange herefor or
        in
        lieu hereof whether or not notation of such consent is made upon the
        Certificate. The Agreement also permits the amendment thereof in certain
        circumstances with the consent of the Certificate Insurer and without the
        consent of the Holders of any of the Certificates and, in certain additional
        circumstances, without the consent of the Holders of certain Classes of
        Certificates.

       

      
        
          
          

        

        
          B-4-4

          
            

          

        

        
          
          

        

      

      

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trustee, duly endorsed by, or accompanied by an
        assignment in the form below or other written instrument of transfer in form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        Holder hereof or such Holder's attorney duly authorized in writing, and
        thereupon one or more new Certificates of authorized denominations evidencing
        the same Class and aggregate Percentage Interest will be issued to the
        designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        Classes and in denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, Certificates
        are
        exchangeable for new Certificates of authorized denominations evidencing
        the
        same Class and aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Company, the Master Servicer and the Trustee and any agent of the Company,
        the
        Master Servicer or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and neither
        the
        Company, the Master Servicer, the Trustee nor any such agent shall be affected
        by notice to the contrary.

       

      This
        Certificate shall be governed by and construed in accordance with the laws
        of
        the State of New York.

       

      The
        Mortgage Loans are subject to termination in whole, but not in part, by the
        Master Servicer, on or after the Distribution Date on which the aggregate
        Stated
        Principal Balance of the Mortgage Loans is less than or equal to 10% of the
        Cut-of Date balance; provided, however, that no such purchase will be
        permitted if it would result in a draw on the Certificate Guaranty Insurance
        Policy, unless the Certificate Insurer consents in writing to such
        purchase.

       

      Unless
        the certificate of authentication hereon has been executed by the Trustee,
        by
        manual signature, this Certificate shall not be entitled to any benefit under
        the Agreement or be valid for any purpose.

       

      
        
          
          

        

        
          B-4-5

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

      
        	
                Dated:
                  April 30, 2007

              	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

                as
                  Trustee

                 

                 

                 

                By:______________________________

                   Authorized
                  Signatory

              

      

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class P Certificates referred to in the within-mentioned
        Agreement.

       

      
        	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

                as
                  Trustee

                 

                 

                 

                By:______________________________

                Authorized
                  Signatory

              

      

      

       

      
        
          
          

        

        
          B-4-6

          
            

          

        

        
          
          

        

      

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        
          	 
	 

        

         

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address: 

      
        
          	 
	 

        

         

      

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

       

      

       

      
        
          
          

        

        
          B-4-7

          
            

          

        

        
          
          

        

      

      

       

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ________________________________________________for the account of ______________
        account
        number ___________, or, if mailed by check, to_____________________ Applicable
        statements should be mailed to ______________________________________
        _______________________________________________________________________________________.

       

      This
        information is provided by __________________, the assignee named above,
        or
____________________,
        as its
        agent.

       

      

      
        
          
          

        

        
          B-4-8

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-5

       

      FORM
        OF
        CLASS R CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
        OR A
        DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL
        INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986 (THE “CODE”).

       

      NO
        TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(c) OF THE AGREEMENT
        (AS
        DEFINED BELOW) OR AN OPINION OF COUNSEL AS PROVIDED IN SECTION 5.02(c) THAT
        THE
        PURCHASE OF THIS CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
        CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION
        406 OF
        THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR
        SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY
        OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN
        IN
        THE AGREEMENT.

       

      THIS
        CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      
        
          
          

        

        
          B-5-1

          
            

          

        

        
          
          

        

      

      

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
        AND
        THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
        OR
        POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
        ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B)
        ANY
        ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
        WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
        ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C)
        ANY
        ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE, (D) ANY ELECTING
        LARGE PARTNERSHIP UNDER SECTION 775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED
        IN
        THE FOREGOING CLAUSES (A), (B) (C) OR (D) BEING HEREIN REFERRED TO AS A
“DISQUALIFIED ORGANIZATION”) OR (E) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2)
        NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF
        TAX,
        (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE
        FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND (4) SUCH TRANSFEREE IS
        A
        UNITED STATES PERSON. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE
        REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO
        A
        DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION OR A
        NON-UNITED STATES PERSON, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL
        FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A
        CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO,
        THE
        RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE
        BY
        ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE
        PROVISIONS OF THIS PARAGRAPH.

       

      
        
          
          

        

        
          B-5-2

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No. 1

              	 	 
	 	 	 
	
                Class
                  R Senior

              	 	 
	 	 	 
	
                Date
                  of Pooling and Servicing

                Agreement
                  and Cut-off Date: April 1, 2007

              	 	
                Percentage
                  Interest: 100%

              
	 	 	 
	
                First
                  Distribution Date: May 25, 2007

              	 	 
	 	 	 
	
                Master
                  Servicer:

                Impac
                  Funding Corporation

              	 	 
	 	 	 
	
                Assumed
                  Final Distribution Date: 

                September
                  25, 2037

              	 	
                CUSIP:
                  [_________]

              

      

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE,

       

      SERIES
        2007-3

       

      evidencing
        a percentage interest in any distributions allocable to the Class R Certificates
        with respect to the Trust Fund consisting primarily of a pool of one- to
        four-family adjustable-rate first lien and fixed rate first and second lien
        mortgage loans formed and sold by IMPAC SECURED ASSETS CORP.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Impac Secured Assets Corp., the
        Master
        Servicer, the Trustee referred to below or any of their affiliates. Neither
        this
        Certificate nor the underlying Mortgage Loans are guaranteed or insured by
        any
        governmental agency or instrumentality or by Impac Secured Assets Corp.,
        the
        Master Servicer, the Trustee or any of their affiliates. None of the Company,
        the Master Servicer or any of their affiliates will have any obligation with
        respect to any certificate or other obligation secured by or payable from
        payments on the Certificates.

       

      This
        certifies that [_______________] is the registered owner of the Percentage
        Interest evidenced by this Certificate stated above in certain distributions
        with respect to a Trust Fund, consisting primarily of a pool of one- to
        four-family adjustable-rate first lien and fixed rate first and second lien
        mortgage loans (the “Mortgage Loans”), formed and sold by Impac Secured Assets
        Corp. (hereinafter called the “Company,” which term includes any successor
        entity under the Agreement referred to below). The Trust Fund was created
        pursuant to a Pooling and Servicing Agreement dated as specified above (the
        “Agreement”) among the Company, the Master Servicer and Deutsche Bank National
        Trust Company, as trustee (the “Trustee”), a summary of certain of the pertinent
        provisions of which is set forth hereafter. To the extent not defined herein,
        the capitalized terms used herein have the meanings assigned in the Agreement.
        This Certificate is issued under and is subject to the terms, provisions
        and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      
        
          
          

        

        
          B-5-3

          
            

          

        

        
          
          

        

      

      

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the Patent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        office or agency maintained by the Trustee.

       

      This
        Certificate is one of a duly authorized issue of Certificates issued in several
        Classes designated as Mortgage Pass-Through Certificates of the Series specified
        hereon (herein collectively called the “Certificates”).

       

      As
        provided in the Agreement, withdrawals from the Custodial Account and/or
        the
        Certificate Account created for the benefit of Certificateholders may be
        made by
        the Master Servicer from time to time for purposes other than distributions
        to
        Certificateholders, such purposes including without limitation reimbursement
        to
        the Trustee, the Company and the Master Servicer of advances made, or certain
        expenses incurred, by either of them.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder's prospective transferee shall each
        certify to the Trustee and the Company in writing the facts surrounding the
        transfer. In the event that such a transfer is not to be made pursuant to
        Rule
        144A of the Act, there shall be delivered to the Trustee and the Company
        of an
        Opinion of Counsel that such transfer may be made pursuant to an exemption
        from
        the Act, which Opinion of Counsel shall not be obtained at the expense of
        the
        Trustee, the Master Servicer or the Company; or there shall be delivered
        to the
        Trustee and the Company a transferor certificate by the transferor and an
        investment letter shall be executed by the transferee. The Holder hereof
        desiring to effect such transfer shall, and does hereby agree to, indemnify
        the
        Trustee and the Company against any liability that may result if the transfer
        is
        not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(c) of the Agreement.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest, in
        this
        Certificate may be transferred without delivery to the Trustee of (a) a transfer
        affidavit of the proposed transferee and (b) a transfer certificate of the
        transferor, each of such documents to be in the form described in the Agreement,
        (iii) each person holding or acquiring any Ownership Interest in this
        Certificate must agree to require a transfer affidavit and to deliver a transfer
        certificate to the Trustee as required pursuant to the Agreement, (iv) each
        person holding or acquiring an Ownership Interest in this Certificate must
        agree
        not to transfer an Ownership Interest in this Certificate if it has actual
        knowledge that the proposed transferee is not a Permitted Transferee and
        (v) any
        attempted or purported transfer of any Ownership Interest in this Certificate
        in
        violation of such restrictions will be absolutely null and void and will
        vest no
        rights in the purported transferee. Pursuant to the Agreement, the Trustee
        will
        provide the Internal Revenue Service and any pertinent persons with the
        information needed to compute the tax imposed under the applicable tax laws
        on
        transfers of residual interests to disqualified organizations, if any person
        other than a Permitted Transferee acquires an Ownership Interest on a Class
        R
        Certificate in violation of the restrictions mentioned above.

       

      
        
          
          

        

        
          B-5-4

          
            

          

        

        
          
          

        

      

      

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        of
        the Agreement and the modification of the rights and obligations of the Company,
        the Master Servicer and the Trustee and the rights of the Certificateholders
        under the Agreement at any time by the Company, the Master Servicer and the
        Trustee with the consent of the Holders of Certificates evidencing in the
        aggregate not less than 66-2/3% of the Percentage Interests of each Class
        of
        Certificates affected thereby and with the consent of the Certificate Insurer.
        Any such consent by the Holder of this Certificate shall be conclusive and
        binding on such Holder and upon all future holders of this Certificate and
        of
        any Certificate issued upon the transfer hereof or in exchange herefor or
        in
        lieu hereof whether or not notation of such consent is made upon the
        Certificate. The Agreement also permits the amendment thereof in certain
        circumstances with the consent of the Certificate Insurer and without the
        consent of the Holders of any of the Certificates and, in certain additional
        circumstances, without the consent of the Holders of certain Classes of
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trustee, duly endorsed by, or accompanied by an,
        assignment in the form below or other written instrument of transfer in form
        satisfactory to the Trustee and the Certificate Registrar duly executed by
        the
        Holder hereof or such Holder's attorney duly authorized in writing, and
        thereupon one or more new Certificates of authorized denominations evidencing
        the same Class and aggregate Percentage Interest will be issued to the
        designated transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        Classes and in denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, Certificates
        are
        exchangeable for new Certificates of authorized denominations evidencing
        the
        same Class and aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Company, the Master Servicer and the Trustee and any agent of the Company,
        the
        Master Servicer or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and neither
        the
        Company, the Master Servicer, the Trustee nor any such agent shall be affected
        by notice to the contrary.

       

      
        
          
          

        

        
          B-5-5

          
            

          

        

        
          
          

        

      

      

       

      This
        Certificate shall be governed by and construed in accordance with the laws
        of
        the State of New York.

       

      The
        Mortgage Loans are subject to termination in whole, but not in part, by the
        Master Servicer, on or after the Distribution Date on which the aggregate
        Stated
        Principal Balance of the Mortgage Loans is less than or equal to 10% of the
        Cut-of Date balance; provided, however, that no such purchase will be
        permitted if it would result in a draw on the Certificate Guaranty Insurance
        Policy, unless the Certificate Insurer consents in writing to such
        purchase.

       

      Unless
        the certificate of authentication hereon has been executed by the Trustee,
        by
        manual signature, this Certificate shall not be entitled to any benefit under
        the Agreement or be valid for any purpose.

       

      

      
        
          
          

        

        
          B-5-6

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

      
        	
                Dated:
                  April 30, 2007

              	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

                as
                  Trustee

                 

                 

                By:______________________________

                   Authorized
                  Signatory

              

      

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class R Certificates referred to in the within-mentioned
        Agreement.

       

      
        	 	 
	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

                as
                  Trustee

                 

                 

                By:______________________________

                Authorized
                  Signatory

              

      

       

      
        
          
          

        

        
          B-5-7

          
            

          

        

        
          
          

        

      

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

      
        
          
            	 
	 

          

           

        

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address: 

      
        
          	 
	 

        

         

      

       

      
        

        
          	
                  Dated:

                	 
	 	
                  Signature
                    by or on behalf of assignor

                
	 	 
	 	 
	 	
                  Signature
                    Guaranteed

                

        

        

          
            
              
              

            

            
              B-5-8

              
                

              

            

            
              
              

            

          

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to
        ________________________________________________for the account of ______________
        account
        number ___________, or, if mailed by check, to_____________________ Applicable
        statements should be mailed to ______________________________________
        _______________________________________________________________________________________.

       

      This
        information is provided by __________________, the assignee named above,
        or
____________________,
        as its
        agent.

       

      

      
        
          
          

        

        
          B-5-9

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      FORM
        OF
        TRUSTEE'S INITIAL CERTIFICATION

       

      April
        30,
        2007            

       

      Impac
        Secured Assets Corp.

      19500
        Jamboree Road

      Irvine,
        California 92612

       

      Impac
        Funding Corporation

      19500
        Jamboree Road

      Irvine,
        California 92612

       

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of April 1, 2007, among Impac
                  

                Secured
                  Assets Corp., Impac Funding Corporation and Deutsche Bank National
                  

                Trust
                  Company, relating to Mortgage Pass-Through Certificates, Series
                  2007-3

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of the above-captioned Pooling and Servicing
        Agreement, the undersigned, as Trustee,
        hereby
        certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule
        (other than any Mortgage Loan paid in full or listed on the attachment hereto)
        it has reviewed the Mortgage File and the Mortgage Loan Schedule and has
        determined that: (i) all documents required to be included in the Mortgage
        File
        are in its possession; (ii) such documents have been reviewed by it and appear
        regular on their face and relate to such Mortgage Loan; and (iii) based on
        examination by it, and only as to such documents, the information set forth
        in
        items (iii) and (iv) of the definition or description of “Mortgage Loan
        Schedule” is correct.

       

      The
        Trustee has made no independent examination of any documents contained in
        each
        Mortgage File beyond the review specifically required in the above-referenced
        Pooling and Servicing Agreement. The Trustee makes no representation that
        any
        documents specified in clause (vi) of Section 2.01 should be included in
        any
        Mortgage File. The Trustee makes no representations as to and shall not be
        responsible to verify: (i) the validity, legality, sufficiency, enforceability,
        due authorization, recordability or genuineness of any of the documents
        contained in each Mortgage File of any of the Mortgage Loans identified on
        the
        Mortgage Loan Schedule, (ii) the collectability, insurability, effectiveness
        or
        suitability of any such Mortgage Loan, or (iii) the existence of any assumption,
        modification, written assurance or substitution agreement with respect to
        any
        Mortgage File if no such documents appear in the Mortgage File delivered
        to the
        Trustee.

       

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Pooling and Servicing Agreement.

       

      
        	 	
                [_______________________________]

              
	 	 
	 	 
	 	
                By:
                  ________________________________

              
	 	 
	 	
                Name:

              
	 	 
	 	
                Title:

              

      

      

       

      

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

       

      FORM
        OF
        TRUSTEE FINAL CERTIFICATION

       

      ______________,
        20__            

       

      Impac
        Secured Assets Corp.

      19500
        Jamboree Road

      Irvine,
        California 92612

       

      Impac
        Funding Corporation

      19500
        Jamboree Road

      Irvine,
        California 92612

       

      Ambac
        Assurance Corporation

      One
        State Street Plaza

      New
        York, New York 10004

       

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of April 1, 2007, among Impac
                  

                Secured
                  Assets Corp., Impac Funding
                  Corporation and Deutsche Bank National 

                Trust
                  Company, relating to Mortgage Pass-Through
                  Certificates, Series 2007-3

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of the above-captioned Pooling and Servicing
        Agreement, the undersigned, as Trustee, hereby certifies that as to each
        Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
        Loan
        paid in full or listed on the attachment hereto) it has received the documents
        set forth in Section 2.01.

       

      The
        Trustee has made no independent examination of any documents contained in
        each
        Mortgage File beyond the review specifically required in the above-referenced
        Pooling and Servicing Agreement. The Trustee makes no representation that
        any
        documents specified in clause (vi) of Section 2.01 should be included in
        any
        Mortgage File. The Trustee makes no representations as to and shall not be
        responsible to verify: (i) the validity, legality, sufficiency, enforceability,
        due authorization, recordability or genuineness of any of the documents
        contained in each Mortgage File of any of the Mortgage Loans identified on
        the
        Mortgage Loan Schedule, (ii) the collectability, insurability, effectiveness
        or
        suitability of any such Mortgage Loan or (iii) the existence of any assumption,
        modification, written assurance or substitution agreement with respect to
        any
        Mortgage File if no such documents appear in the Mortgage File delivered
        to the
        Trustee.

       

      

      
        
          
          

        

        
          D-1

          
            

          

        

        
          
          

        

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Pooling and Servicing Agreement.

       

      
        	 	
                [_________________________]

              
	 	 
	 	 
	 	
                By: ________________________________

              
	 	 
	 	
                Name:

              
	 	 
	 	
                Title:

              

      

      

       

      

      
        
          
          

        

        
          D-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      FORM
        OF
        REMITTANCE REPORT

       

      (Provided
        Upon Request)

       

      

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F-1

       

      

       

      REQUEST
        FOR RELEASE

       

      (for
        Trustee)

       

      
        	
                Loan
                  Information

              	 	 
	 	
                Name
                  of Mortgagor:

              	
                ___________________________

              
	 	
                Master
                  Servicer

              	 
	 	
                Loan
                  No.:

              	
                ___________________________

              
	 	 	 
	
                Trustee

              	 	 
	 	
                Name:

              	
                ___________________________

              
	 	
                Address:

              	
                ___________________________

              
	 	 	
                ___________________________

              
	 	 	 
	 	
                Trustee

              	 
	 	
                Mortgage
                  File No.:

              	
                ___________________________

              

      

      
        
          
          

        

        
          F-1-1

          
            

          

        

        
          
          

        

      

      Request
        for Requesting Documents (check one):

       

      
        	
                1.

              	
                Mortgage
                  Loan Liquidated.

              

      

       

      (The
        Master Servicer hereby certifies that all proceeds of foreclosure, insurance
        or
        other liquidation have been finally received and deposited into the Custodial
        Account to the extent required pursuant to the Pooling and Servicing
        Agreement.)

       

      
        	
                2.

              	
                Mortgage
                  Loan in Foreclosure.

              

      

       

      
        	
                3.

              	
                Mortgage
                  Loan Repurchased Pursuant to Section 9.01 of the Pooling and Servicing
                  Agreement.

              

      

       

      
        	
                4.

              	
                Mortgage
                  Loan Repurchased Pursuant to Article II of the Pooling and Servicing
                  Agreement.

              

      

       

      (The
        Master Servicer hereby certifies that the repurchase price has been deposited
        into the Custodial Account pursuant to the Pooling and Servicing
        Agreement.)

       

      
        	
                5.

              	
                Other
                  (explain).

              

      

       

      
        	
                 

              
	
                 

              
	
                 

              
	
                 

              
	
                 

              
	
                 

              
	 

      

      

      
        
          
          

        

        
          F-1-2

          
            

          

        

        
          
          

        

      

      The
        undersigned Master Servicer hereby acknowledges that it has received from
        the
        Trustee for the Holders of Mortgage Pass-Through Certificates, Series 2007-3,
        the documents referred to below (the “Documents”). All capitalized terms not
        otherwise defined in this Request for Release shall have the meanings given
        them
        in the Pooling and Servicing Agreement, dated as of April 1, 2007 (the “Pooling
        and Servicing Agreement”), among Impac Secured Assets Corp., Impac Funding
        Corporation and the Trustee.

       

      
        	
                (
                  )

              	
                Promissory
                  Note dated _________________, 200_, in the original principal sum
                  of
                  $__________, made by __________________, payable to, or endorsed
                  to the
                  order of, the Trustee.

              

      

       

      
        	
                (
                  )

              	
                Mortgage
                  recorded on _________________________ as instrument no. ___________
                  in the
                  County Recorders Office of the County of ______________________,
                  State of
                  _____________________ in book/reel/docket of official records at
                  page/image _______________.

              

      

       

      
        	
                (
                  )

              	
                Deed
                  of Trust recorded on ____________________ as instrument no._____________
                  in the County Recorder's Office of the County of ______________________,
                  State of _____________________in book/reel/docket __________________
                  of
                  official records at page/image
                  ________________.

              

      

       

      
        	
                (
                  )

              	
                Assignment
                  of Mortgage or Deed of Trust to the Trustee, recorded on _______________
                  as instrument no. ______________ in the County Recorder's Office
                  of the
                  County of ________________, State of ___________________ in
                  book/reel/docket ____________ of official records at page/image
                  ___________.

              

      

       

      
        	
                (
                  )

              	
                Other
                  documents, including any amendments, assignments or other assumptions
                  of
                  the Mortgage Note or Mortgage.

              

      

       

      
        	 	
                (
                  )

              	
                ___________________________

              

      

       

      
        	 	
                (
                  )

              	
                ___________________________

              

      

       

      
        	 	
                (
                  )

              	
                ___________________________

              

      

       

      
        	 	
                (
                  )

              	
                ___________________________

              

      

       

      
        
          
          

        

        
          F-1-3

          
            

          

        

        
          
          

        

      

       

      The
        undersigned Master Servicer hereby acknowledges and agrees as
        follows:

       

      (1) The
        Master Servicer shall hold and retain possession of the Documents in trust
        for
        the benefit of the Trustee, solely for the purposes provided in the
        Agreement.

       

      (2) The
        Master Servicer shall not cause or knowingly permit the Documents to become
        subject to, or encumbered by, any claim, liens, security interest, charges,
        writs of attachment or other impositions nor shall the Master Servicer assert
        or
        seek to assert any claims or rights of setoff to or against the Documents
        or any
        proceeds thereof.

       

      (3) The
        Master Servicer shall return each and every Document previously requested
        from
        the Mortgage File to the Trustee when the need therefor no longer exists,
        unless
        the Mortgage Loan relating to the Documents has been liquidated and the proceeds
        thereof have been remitted to the Custodial Account and except as expressly
        provided in the Agreement.

       

      (4) The
        Documents and any proceeds thereof, including any proceeds of proceeds, coming
        into the possession or control of the Master Servicer shall at all times
        be
        earmarked for the account of the Trustee, and the Master Servicer shall keep
        the
        Documents and any proceeds separate and distinct from all other property
        in the
        Master Servicer's possession, custody or control.

       

      
        	 	
                IMPAC
                  FUNDING CORPORATION

              
	 	 
	 	 
	 	
                By:
                  ___________________________

                 

                Title:
                  ___________________________

              

      

      Date:
        _________________, 200_

       

      

      
        
          
          

        

        
          F-1-4

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F-2

       

      REQUEST
        FOR RELEASE

       

      [Mortgage
        Loans Paid in Full]

       

      OFFICER’S
        CERTIFICATE AND TRUST RECEIPT

       

      MORTGAGE
        PASS-THROUGH CERTIFICATES

       

      SERIES
        2007-3

       

      _____________________________________
        HEREBY CERTIFIES THAT HE/SHE IS AN OFFICER OF THE MASTER SERVICER, HOLDING
        THE
        OFFICE SET FORTH BENEATH HIS/HER SIGNATURE, AND HEREBY FURTHER CERTIFIES
        AS
        FOLLOWS:

       

      WITH
        RESPECT TO THE MORTGAGE LOANS, AS THE TERM IS DEFINED IN THE POOLING AND
        SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

       

      ALL
        PAYMENTS OF PRINCIPAL, PREMIUM (IF ANY), AND INTEREST HAVE BEEN
        MADE.

       

       

      
        	
                LOAN
                  NUMBER: _____________________

              	
                BORROWER'S
                  NAME: ________________

              
	 	 
	
                COUNTY:
                  ___________________________

              	 

      

      

      
        
          
          

        

        
          F-2-1

          
            

          

        

        
          
          

        

      

      WE
        HEREBY
        CERTIFY THAT ALL AMOUNTS RECEIVED IN CONNECTION WITH SUCH PAYMENTS, WHICH
        ARE
        REQUIRED TO BE DEPOSITED IN THE CUSTODIAL ACCOUNT PURSUANT TO SECTION 3.10
        OF
        THE POOLING AND SERVICING AGREEMENT, HAVE BEEN OR WILL BE CREDITED.

       

      
        	
                _________
                  ____________

              	
                DATED:
                  _____________________

              

      

      

       

      // VICE
        PRESIDENT

       

      

      // ASSISTANT
        VICE PRESIDENT

       

      

      
        
          
          

        

        
          F-2-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G-1

       

      FORM
        OF
INVESTOR
        REPRESENTATION LETTER

       

      ___________,
        200__            

       

      Impac
        Secured Assets Corp.

      19500
        Jamboree Road

      Irvine,
        California 92612

       

      DB
        Services Tennessee

      648
        Grassmere Park Rd.

      Nashville,
        TN 37211

      Attn:
        Transfer Unit

       

      
        	 	
                Re:

              	
                Impac
                  Secured Assets Corp.

              

      

      Mortgage
        Pass-Through Certificates Series 2007-3, Class [_] Certificates

       

      Ladies
        and Gentlemen:

       

      ______________
        (the “Purchaser”) intends to purchase from ______________ (the “Seller”)
        $_________ Initial Certificate Principal Balance of Mortgage Pass-Through
        Certificates, Series 2007-3, Class _____ (the “Certificates”), issued pursuant
        to the Pooling and Servicing Agreement, dated as of April 1, 2007 (the “Pooling
        and Servicing Agreement”), among Impac Secured Assets Corp., as depositor (the
“Company”), Impac Funding Corporation, as master servicer, and Deutsche Bank
        National Trust Company, as trustee (the “Trustee”). All terms used herein and
        not otherwise defined shall have the meanings set forth in the Pooling and
        Servicing Agreement. The Purchaser hereby certifies, represents and warrants
        to,
        and covenants with, the Company and the Trustee that:

       

      1. The
        Purchaser understands that (a) the Certificates have not been and will not
        be
        registered or qualified under the Securities Act of 1933, as amended (the
“Act”)
        or any state securities law, (b) the Company is not required to so register
        or
        qualify the Certificates, (c) the Certificates may be resold only if registered
        and qualified pursuant to the provisions of the Act or any state securities
        law,
        or if an exemption from such registration and qualification is available,
        (d)
        the Pooling and Servicing Agreement contains restrictions regarding the transfer
        of the Certificates and (e) the Certificates will bear a legend to the foregoing
        effect.

       

      2. The
        Purchaser is acquiring the Certificates for its own account for investment
        only
        and not with a view to or for sale in connection with any distribution thereof
        in any manner that would violate the Act or any applicable state securities
        laws.

       

      
        
          
          

        

        
          G-1-1

          
            

          

        

        
          
          

        

      

      

       

      3. The
        Purchaser is (a) a substantial, sophisticated institutional investor having
        such
        knowledge and experience in financial and business matters, and, in particular,
        in such matters related to securities similar to the Certificates, such that
        it
        is capable of evaluating the merits and risks of investment in the Certificates,
        (b) able to bear the economic risks of such an investment and (c) an “accredited
        investor” within the meaning of Rule 501(a) (1)-(3) and (7) of Regulation D
        promulgated pursuant to the Act.

       

      4. The
        Purchaser has been furnished with, and has had an opportunity to review (a)
        a
        copy of the Pooling and Servicing Agreement and (b) such other information
        concerning the Certificates, the Mortgage Loans and the Company as has been
        requested by the Purchaser from the Company or the Seller and is relevant
        to the
        Purchaser's decision to purchase the Certificates. The Purchaser has had
        any
        questions arising from such review answered by the Company or the Seller
        to the
        satisfaction of the Purchaser.

       

      5. The
        Purchaser has not and will not nor has it authorized or will it authorize
        any
        person to (a) offer, pledge, sell, dispose of or otherwise transfer any
        Certificate, any interest in any Certificate or any other similar security
        to
        any person in any manner, (b) solicit any offer to buy or to accept a pledge,
        disposition of other transfer of any Certificate, any interest in any
        Certificate or any other similar security from any person in any manner,
        (c)
        otherwise approach or negotiate with respect to any Certificate, any interest
        in
        any Certificate or any other similar security with any person in any manner,
        (d)
        make any general solicitation by means of general advertising or in any other
        manner or (e) take any other action, that (as to any of (a) through (e) above)
        would constitute a distribution of any Certificate under the Act, that would
        render the disposition of any Certificate a violation of Section 5 of the
        Act or
        any state securities law, or that would require registration or qualification
        pursuant thereto. The Purchaser will not sell or otherwise transfer any of
        the
        Certificates, except in compliance with the provisions of the Pooling and
        Servicing Agreement.

       

      
        	 	
                Very
                  truly yours,

                 

                _____________________________

                (Purchaser)

              
	 	 
	 	
                By:
                  __________________________

                 

                Name:
                  ________________________

                 

                Title:
                  _________________________

              

      

      

      
        
          
          

        

        
          G-1-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G-2

       

      FORM
        OF
        TRANSFEROR REPRESENTATION LETTER

       

      ______________,
        200___            

       

      Impac
        Secured Assets Corp.

      19500
        Jamboree Road

      Irvine,
        California 92612

       

      DB
        Services Tennessee

      648
        Grassmere Park Rd.

      Nashville,
        TN 37211

      Attn:
        Transfer Unit

       

      
        	 	
                Re:

              	
                Impac
                  Secured Assets Corp.

              

      

      Mortgage
        Pass-Through Certificates, Series 2007-3, Class [_]
        Certificates

       

      Ladies
        and Gentlemen:

       

      In
        connection with the sale by ___________ (the “Seller”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Mortgage
        Pass-Through Certificates, Series 2007-3, Class _____ (the “Certificates”),
        issued pursuant to the Pooling and Servicing Agreement, dated as of April
        1,
        2007 (the “Pooling and Servicing Agreement”), among Impac Secured Assets Corp.,
        as depositor (the “Company”), Impac Funding Corporation, as master servicer, and
        Deutsche Bank National Trust Company, as trustee (the “Trustee”). The Seller
        hereby certifies, represents and warrants to, and covenants with, the Company
        and the Trustee that:

       

      Neither
        the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
        disposed of or otherwise transferred any Certificate, any interest in any
        Certificate or any other similar security to any person in any manner, (b)
        has
        solicited any offer to buy or to accept a pledge, disposition or other transfer
        of any Certificate, any interest in any Certificate or any other similar
        security from any person in any manner, (c) has otherwise approached or
        negotiated with respect to any Certificate, any interest in any Certificate
        or
        any other similar security with any person in any manner, (d) has made any
        general solicitation by means of general advertising or in any other manner,
        or
        (e) has taken any other action, that (as to any of (a) through (e) above)
        would
        constitute a distribution of the Certificates under the Securities Act of
        1933
        (the “Act”), that would render the disposition of any Certificate a violation of
        Section 5 of the Act or any state securities law, or that would require
        registration or qualification pursuant thereto. The Seller will not act in
        any
        manner set forth in the foregoing sentence with respect to any Certificate.
        The
        Seller has not and will not sell or otherwise transfer any of the Certificates,
        except in compliance with the provisions of the Pooling and Servicing
        Agreement.

       

      
        
          
          

        

        
          G-2-1

          
            

          

        

        
          
          

        

      

      

      
        	 	
                Very
                  truly yours,

                 

                _____________________
                  

                (Seller)

              
	 	 
	 	
                By:
                  _____________________

                 

                Name:
                  ___________________

                 

                Title:
                  _____________________

              

      

      

      
        
          
          

        

        
          G-2-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G-3

       

      FORM
        OF
        RULE 144A INVESTMENT REPRESENTATION

       

      Description
        of Rule 144A Securities, including numbers:

       

      Impac
        Secured Assets Corp.

       

      Mortgage
        Pass-Through Certificates

       

      Series
        2007-3, Class ____, No. ____

       

      The
        undersigned seller, as registered holder (the “Transferor”), intends to transfer
        the Rule 144A Securities described above to the undersigned buyer (the
“Buyer”).

       

      1.
        In
        connection with such transfer and in accordance with the agreements pursuant
        to
        which the Rule 144A Securities were issued, the Transferor hereby certifies
        the
        following facts: Neither the Transferor nor anyone acting on its behalf has
        offered, transferred, pledged, sold or otherwise disposed of the Rule 144A
        Securities, any interest in the Rule 144A Securities or any other similar
        security to, or solicited any offer to buy or accept a transfer, pledge or
        other
        disposition of the Rule 144A Securities, or otherwise approached or negotiated
        with respect to the Rule 144A Securities, any interest in the Rule 144A
        Securities or any other similar security with, any person in any manner,
        or made
        any general solicitation by means of general advertising or in any other
        manner,
        or taken any other action, which would constitute a distribution of the Rule
        144A Securities under the Securities Act of 1933, as amended (the “1933 Act”),
        or which would render the disposition of the Rule 144A Securities a violation
        of
        Section 5 of the 1933 Act or require registration pursuant thereto, and that
        the
        Transferor has not offered the Rule 144A Securities to any person other than
        the
        Buyer or another “qualified institutional buyer” as defined in Rule 144A under
        the 1933 Act.

       

      2.
        The
        Buyer warrants and represents to, and covenants with, the Transferor, the
        Trustee, the Master Servicer and the Depositor pursuant to Section 5.02 of
        the
        Pooling and Servicing Agreement, dated as of April 1, 2007 (the “Pooling and
        Servicing Agreement”), among Impac Secured Assets Corp., as depositor (the
“Depositor”), Impac Funding Corporation, as master servicer (the “Master
        Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”),
        as follows:

       

      a.
        The
        Buyer understands that the Rule 144A Securities have not been registered
        under
        the 1933 Act or the securities laws of any state.

       

      b.
        The
        Buyer considers itself a substantial, sophisticated institutional investor
        having such knowledge and experience in financial and business matters that
        it
        is capable of evaluating the merits and risks of investment in the Rule 144A
        Securities.

       

      
        
          
          

        

        
          G-3-1

          
            

          

        

        
          
          

        

      

      

       

      c.
        The
        Buyer has been furnished with all information regarding the Rule 144A Securities
        that it has requested from the Transferor, the Trustee or the Master
        Servicer.

       

      d.
        Neither the Buyer nor anyone acting on its behalf has offered, transferred,
        pledged, sold or otherwise disposed of the Rule 144A Securities, any interest
        in
        the Rule 144A Securities or any other similar security to, or solicited any
        offer to buy or accept a transfer, pledge or other disposition of the Rule
        144A
        Securities, any interest in the Rule 144A Securities or any other similar
        security from, or otherwise approached or negotiated with respect to the
        Rule
        144A Securities, any interest in the Rule 144A Securities or any other similar
        security with, any person in any manner, or made any general solicitation
        by
        means of general advertising or in any other manner, or taken any other action,
        that would constitute a distribution of the Rule 144A Securities under the
        1933
        Act or that would render the disposition of the Rule 144A Securities a violation
        of Section 5 of the 1933 Act or require registration pursuant thereto, nor
        will
        it act, nor has it authorized or will it authorize any person to act, in
        such
        manner with respect to the Rule 144A Securities.

       

      e.
        The
        Buyer is a “qualified institutional buyer” as that term is defined in Rule 144
        under the 1933 Act and has completed either of the forms of certification
        to
        that effect attached hereto as Annex 1 or Annex 2. The Buyer is aware that
        the
        sale to it is being made in reliance on Rule 144A. The Buyer is acquiring
        the
        Rule 144A Securities for its own account or the account of other qualified
        institutional buyers, understands that such Rule 144 Securities may be resold,
        pledged or transferred only (i) to a person reasonably believed to be a
        qualified institutional buyer that purchases for its own account or for the
        account of a qualified institutional buyer to whom notice is given that the
        resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
        pursuant to another exemption from registration under the 1933 Act.

       

      3.
        The
        Buyer warrants and represents to, and covenants with, the Transferor, the
        Master
        Servicer and the Depositor that either (1) the Buyer is not an employee benefit
        plan within the meaning of Section 3(3) of the Employee Retirement Income
        Security Act of 1974, as amended (“ERISA”) (“Plan”), or a plan within the
        meaning of Section 4975(e)(1) of the Internal Revenue Code of 1986 (the “Code”)
        (also a “Plan”), and the Buyer is not directly or indirectly purchasing the Rule
        144A Securities on behalf of, as investment manager of, as named fiduciary
        of,
        as trustee of, or with assets of a Plan, or (2) the Buyer has provided the
        Trustee with the opinion letter required by section 5.02(c) of the Pooling
        and
        Servicing Agreement.

       

      4.
        This
        document may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same document.

       

      

      
        
          
          

        

        
          G-3-2

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, each of the parties has executed this document as of the
        date
        set forth below.

       

      

      
        	
                ________________________________

                Print
                  Name of Transferor

              	
                ________________________________

                Print
                  Name of Buyer

              
	 	 
	 	 
	 	 
	
                By:
                  ________________________________

                 

                Name:

                 

                Title:

              	
                By:
                  ________________________________

                Name:

                Title:

              
	 	 
	 	 
	
                Taxpayer
                  Identification:

                 

                 

                No.
                  ________________________________

                 

                 

                Date:     

              	
                Taxpayer
                  Identification:

                 

                 

                No.
                  ________________________________

                 

                 

                Date:     

              

      

      

      

      
        
          
          

        

        
          G-3-3

          
            

          

        

        
          
          

        

      

      ANNEX
        1 TO EXHIBIT G-3

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Buyers Other Than Registered Investment Companies]

       

       

      The
        undersigned hereby certifies as follows in connection with the Rule 144A
        Investment Representation to which this Certification is attached:

       

      1.
        As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the Buyer.

       

      2.
        In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933
        (“Rule 144A”) because (i) the Buyer owned and/or invested on a discretionary
        basis $____________________1
        in
        securities (except for the excluded securities referred to below) as of the
        end
        of the Buyer's most recent fiscal year (such amount being calculated in
        accordance with Rule 144A) and (ii) the Buyer satisfies the criteria in the
        category marked below.

       

      
        	
                ____

              	
                Corporation,
                  etc.
                  The Buyer is a corporation (other than a bank, savings and loan
                  association or similar institution), Massachusetts or similar business
                  trust, partnership, or charitable organization described in Section
                  501(c)(3) of the Internal Revenue
                  Code.

              

      

       

      
        	
                ____

              	
                Bank.
                  The Buyer (a) is a national bank or banking institution organized
                  under
                  the laws of any State, territory or the District of Columbia, the
                  business
                  of which is substantially confined to banking and is supervised
                  by the
                  State or territorial banking commission or similar official or
                  is a
                  foreign bank or equivalent institution, and (b) has an audited
                  net worth
                  of at least $25,000,000 as demonstrated in its latest annual financial
                  statement, a copy of which is attached
                  hereto.

              

      

       

      
        	
                ____

              	
                Savings
                  and Loan.
                  The Buyer (a) is a savings and loan association, building and loan
                  association, cooperative bank, homestead association or similar
                  institution, which is supervised and examined by a State or Federal
                  authority having supervision over any such institutions or is a
                  foreign
                  savings and loan association or equivalent institution and (b)
                  has an
                  audited net worth of at least $25,000,000 as demonstrated in its
                  latest
                  annual financial statements.

              

      

       

      
        	
                ____

              	
                Broker-dealer.
                  The Buyer is a dealer registered pursuant to Section 15 of the
                  Securities
                  Exchange Act of 1934.

              

      

       

      _____________________

      
        
          1    Buyer
            must own and/or invest on a discretionary basis at least $100,000,000
            in
            securities unless Buyer is a dealer, and, in that case, Buyer must own
            and/or
            invest on a discretionary basis at least $10,000,000 in
            securities.

        

      

      
        
          
          

        

        
          G-3-4

          
            

          

        

        
          
          

        

      

       

      
        	
                ____

              	
                Insurance
                  Company.
                  The Buyer is an insurance company whose primary and predominant
                  business
                  activity is the writing of insurance or the reinsuring of risks
                  underwritten by insurance companies and which is subject to supervision
                  by
                  the insurance commissioner or a similar official or agency of a
                  State,
                  territory or the District of
                  Columbia.

              

      

       

      
        	
                ____

              	
                State
                  or Local Plan.
                  The Buyer is a plan established and maintained by a State, its
                  political
                  subdivisions, or any agency or instrumentality of the State or
                  its
                  political subdivisions, for the benefit of its
                  employees.

              

      

       

      
        	
                ____

              	
                ERISA
                  Plan.
                  The Buyer is an employee benefit plan within the meaning of Title
                  I of the
                  Employee Retirement Income Security Act of
                  1974.

              

      

       

      
        	
                ____

              	
                Investment
                  Adviser.
                  The Buyer is an investment adviser registered under the Investment
                  Advisers Act of 1940.

              

      

       

      
        	
                ____

              	
                SBIC.
                  The Buyer is a Small Business Investment Company licensed by the
                  U.S.
                  Small Business Administration under Section 301(c) or (d) of the
                  Small
                  Business Investment Act of 1958.

              

      

       

      
        	
                ____

              	
                Business
                  Development Company.
                  The Buyer is a business development company as defined in Section
                  202(a)(22) of the Investment Advisers Act of
                  1940.

              

      

       

      
        	
                ____

              	
                Trust
                  Fund.
                  The Buyer is a trust fund whose trustee is a bank or trust company
                  and
                  whose participants are exclusively (a) plans established and maintained
                  by
                  a State, its political subdivisions, or any agency or instrumentality
                  of
                  the State or its political subdivisions, for the benefit of its
                  employees,
                  or (b) employee benefit plans within the meaning of Title I of
                  the
                  Employee Retirement Income Security Act of 1974, but is not a trust
                  fund
                  that includes as participants individual retirement accounts or
                  H.R. 10
                  plans.

              

      

       

      3.
        The
        term “securities”
as
        used
        herein does
        not include
        (i)
        securities of issuers that are affiliated with the Buyer, (ii) securities
        that
        are part of an unsold allotment to or subscription by the Buyer, if the Buyer
        is
        a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
        participations, (v) repurchase agreements, (vi) securities owned but subject
        to
        a repurchase agreement and (vii) currency, interest rate and commodity
        swaps.

       

      4.
        For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph. Further, in determining such aggregate amount, the
        Buyer may have included securities owned by subsidiaries of the Buyer, but
        only
        if such subsidiaries are consolidated with the Buyer in its financial statements
        prepared in accordance with generally accepted accounting principles and
        if the
        investments of such subsidiaries are managed under the Buyer's direction.
        However, such securities were not included if the Buyer is a majority-owned,
        consolidated subsidiary of another enterprise and the Buyer is not itself
        a
        reporting company under the Securities Exchange Act of 1934.

       

      
        
          
          

        

        
          G-3-5

          
            

          

        

        
          
          

        

      

      

       

      5.
        The
        Buyer acknowledges that it is familiar with Rule 144A and understands that
        the
        seller to it and other parties related to the Certificates are relying and
        will
        continue to rely on the statements made herein because one or more sales
        to the
        Buyer may be in reliance on Rule 144A.

       

      
        	
                ___

              	
                ___

              	 	
                Will
                  the Buyer be purchasing the Rule 144A

              
	
                Yes

              	
                No

              	 	
                Securities
                  only for the Buyer's own account?

              

      

       

      6.
        If the
        answer to the foregoing question is “no”, the Buyer agrees that, in connection
        with any purchase of securities sold to the Buyer for the account of a third
        party (including any separate account) in reliance on Rule 144A, the Buyer
        will
        only purchase for the account of a third party that at the time is a “qualified
        institutional buyer” within the meaning of Rule 144A. In addition, the Buyer
        agrees that the Buyer will not purchase securities for a third party unless
        the
        Buyer has obtained a current representation letter from such third party
        or
        taken other appropriate steps contemplated by Rule 144A to conclude that
        such
        third party independently meets the definition of “qualified institutional
        buyer” set forth in Rule 144A.

       

      7.
        The
        Buyer will notify each of the parties to which this certification is made
        of any
        changes in the information and conclusions herein. Until such notice is given,
        the Buyer's purchase of Rule 144A Securities will constitute a reaffirmation
        of
        this certification as of the date of such purchase.

       

      

      
        	 	
                ________________________________

                Print
                  Name of Buyer

              
	 	 
	 	 
	 	
                By:
                  ________________________________

                Name:

                Title:

                 

                Date:
                  ________________________________

              

      

      

       

      
        
          
          

        

        
          G-3-6

          
            

          

        

        
          
          

        

      

      ANNEX
        2 TO EXHIBIT G-3

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Buyers That Are Registered Investment Companies]

       

      The
        undersigned hereby certifies as follows in connection with the Rule 144A
        Investment Representation to which this Certification is attached:

       

      1. As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933 (“Rule 144A”) because Buyer is part of a Family of Investment
        Companies (as defined below), is such an officer of the Adviser.

       

      2. In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, and (ii) as
        marked
        below, the Buyer alone, or the Buyer's Family of Investment Companies, owned
        at
        least $100,000,000 in securities (other than the excluded securities referred
        to
        below) as of the end of the Buyer's most recent fiscal year. For purposes
        of
        determining the amount of securities owned by the Buyer or the Buyer's Family
        of
        Investment Companies, the cost of such securities was used.

       

      
        	
                ____

              	
                The
                  Buyer owned $_______________ in securities (other than the excluded
                  securities referred to below) as of the end of the Buyer's most
                  recent
                  fiscal year (such amount being calculated in accordance with Rule
                  144A).

              

      

       

      
        	
                ____

              	
                The
                  Buyer is part of a Family of Investment Companies which owned in
                  the
                  aggregate $____________ in securities (other than the excluded
                  securities
                  referred to below) as of the end of the Buyer's most recent fiscal
                  year
                  (such amount being calculated in accordance with Rule
                  144A).

              

      

       

      3. The
        term
“Family
        of Investment Companies”
as
        used
        herein means two or more registered investment companies (or series thereof)
        that have the same investment adviser or investment advisers that are affiliated
        (by virtue of being majority owned subsidiaries of the same parent or because
        one investment adviser is a majority owned subsidiary of the
        other).

       

      4. The
        term
“securities”
as
        used
        herein does not include (i) securities of issuers that are affiliated with
        the
        Buyer or are part of the Buyer's Family of Investment Companies, (ii) bank
        deposit notes and certificates of deposit, (iii) loan participations, (iv)
        repurchase agreements, (v) securities owned but subject to a repurchase
        agreement and (vi) currency, interest rate and commodity swaps.

       

      5. The
        Buyer
        is familiar with Rule 144A and understands that each of the parties to which
        this certification is made are relying and will continue to rely on the
        statements made herein because one or more sales to the Buyer will be in
        reliance on Rule 144A. In addition, the Buyer will only purchase for the
        Buyer's
        own account.

       

      
        
          
          

        

        
          G-3-7

          
            

          

        

        
          
          

        

      

      

       

      6. The
        undersigned will notify each of the parties to which this certification is
        made
        of any changes in the information and conclusions herein. Until such notice,
        the
        Buyer's purchase of Rule 144A Securities will constitute a reaffirmation
        of this
        certification by the undersigned as of the date of such purchase.

       

      
        	 	
                ________________________________

                Print
                  Name of Buyer

              
	 	 
	 	 
	 	
                By:
                  ________________________________

                Name:

                Title:

              
	 	 
	 	 
	 	
                IF
                  AN ADVISER:

              
	 	 
	 	
                ________________________________

                Print
                  Name of Buyer

              
	 	 
	 	 
	 	
                Date:
                  ________________________________

              

      

      

      

      
        
          
          

        

        
          G-3-8

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G-4

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

      ______________,
        200__                

       

      Impac
        Secured Assets Corp.

      19500
        Jamboree Road

      Irvine,
        California 92612

       

      DB
        Services Tennessee

      648
        Grassmere Park Rd.

      Nashville,
        TN 37211

      Attn:
        Transfer Unit

       

      
        	 	
                Re:

              	
                Impac
                  Secured Assets Corp.

              

      

      Mortgage
        Pass-Through Certificates Series 2007-3, Class R Certificates

       

      Ladies
        and Gentlemen:

       

      This
        letter is delivered to you in connection with the sale by ____________ (the
        “Seller”) to _______________ (the “Purchaser”) of a ____% Percentage Interest in
        the Mortgage Pass-Through Certificates, Series 2007-3,
        Class R
        Certificates (the “Certificates”), issued pursuant to Section 5.02 of the
        Pooling and Servicing Agreement, dated as of April 1, 2007 (the “Pooling and
        Servicing Agreement”), among Impac Secured Assets Corp., as depositor (the
“Company”), Impac Funding Corporation, as master servicer (the “Master
        Servicer”), and Deutsche Bank National Trust Company, as trustee (the
“Trustee”). All terms used herein and not otherwise defined shall have the
        meaning set forth in the Pooling and Servicing Agreement. The Seller hereby
        certifies, represents and warrants to, and covenants with, the Company and
        the
        Trustee that:

       

      1. No
        purpose of the Seller relating to the sale of the Certificates by the Seller
        to
        the Purchaser is or will be to impede the assessment or collection of any
        tax.

       

      2. The
        Seller understands that the Purchaser has delivered to the Trustee and the
        Company a transfer affidavit and agreement in the form attached to the Pooling
        and Servicing Agreement as Exhibit G-5. The Seller does not know or believe
        that
        any representation contained therein is false.

       

      3. The
        Seller has at the time of the transfer conducted a reasonable investigation
        of
        the financial condition of the Purchaser as contemplated by Treasury Regulations
        Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Seller
        has
        determined that the Purchaser has historically paid its debts as they have
        become due and has found no significant evidence to indicate that the Purchaser
        will not continue to pay its debts as they become due in the future. The
        Seller
        understands that the transfer of the Certificates may not be respected for
        United States income tax purposes (and the Seller may continue to be liable
        for
        United States income taxes associated therewith) unless the Seller has conducted
        such an investigation.

       

      
        
          
          

        

        
          G-4-1

          
            

          

        

        
          
          

        

      

      

       

      4. The
        Seller has no actual knowledge that the proposed Transferee is not a Permitted
        Transferee.

       

      

      
        	 	
                Very
                  truly yours,

                 

                ________________________________
                  

                (Seller)

              
	 	 
	 	 
	 	
                By:
                  ________________________________

                 

                Name________________________________

                 

                Title:
                  ________________________________

              

      

      

      

      
        
          
          

        

        
          G-4-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G-5

       

      FORM
        OF
        TRANSFER AFFIDAVIT AND AGREEMENT

       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                :ss.

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      ___________________,
        being first duly sworn, deposes, represents and warrants:

       

      1. That
        he/she is [Title of Officer] of [Name of Owner], a [savings institution]
        [corporation] duly organized and existing under the laws of [the State of
        __________] [the United States], (the “Investor”), (record or beneficial owner
        of the Class R Certificates (the “Certificates”) on behalf of which he/she makes
        this affidavit and agreement). This Class R Certificates were issued pursuant
        to
        the Pooling and Servicing Agreement, dated as of April 1, 2007 (the
“Agreement”), among Impac Secured Assets Corp., as depositor (the “Depositor”),
        Impac Funding Corporation, as master servicer (the “Master Servicer”), and
        Deutsche Bank National Trust Company, as trustee (the “Trustee”). 

       

      1. The
        Investor is, as of the date hereof, and will be, as of the date of the Transfer,
        a Permitted Transferee. The Investor is not acquiring its Ownership Interest
        in
        the Certificates for the account of a Person other than a Permitted Transferee.
        

       

      2. The
        Investor has been advised and understands that (i) a tax will be imposed on
        Transfers of the Certificates to Persons that are not Permitted Transferees;
        (ii) such tax will be imposed on the Transferor, or, if such Transfer is
        through an agent (which includes a broker, nominee or middleman) for a Person
        that is not a Permitted Transferee, on the agent; and (iii) the Person
        otherwise liable for the tax shall be relieved of liability for the tax if
        a
        subsequent transferee furnishes to such Person an affidavit that such subsequent
        transferee is a Permitted Transferee, and at the time of Transfer, such Person
        does not have actual knowledge that the affidavit is false.

       

      3. The
        Investor has been advised and understands that a tax will be imposed on a
        “pass-through entity” holding the Certificates if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity. The Investor understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (For this purpose, a “pass-through
        entity” includes a regulated investment company, a real estate investment trust
        or common trust fund, a partnership, trust or estate, and certain cooperatives
        and, except as may be provided in Treasury regulations, Persons holding
        interests in pass-through entities as a nominee for another
        Person.)

       

      4. The
        Investor has reviewed the provisions of Section 5.02(e) of the Agreement
        and
        understands the legal consequences of the acquisition of an Ownership Interest
        in the Certificates, including, without limitation, the restrictions on
        subsequent Transfers and the provisions regarding voiding any prohibited
        Transfers and mandatory sales. The Investor expressly agrees to be bound
        by, and
        to abide by, such provisions of the Agreement and the restrictions noted
        on the
        face of the Certificates. The Investor understands and agrees that any breach
        of
        any of the representations included herein shall render the Transfer of the
        Certificates to the Investor contemplated hereby null and void. The Investor
        consents to any amendment of the Agreement that shall be deemed necessary
        by the
        Depositor (upon advice of nationally recognized counsel) to constitute a
        reasonable arrangement to ensure that the Certificate will not be owned directly
        or indirectly by a Person other than a Permitted Transferee.

      
        
          
          

        

        
          G-5-1

          
            

          

        

        
          
          

        

      

       

      5. The
        Investor agrees not to Transfer the Certificates, or cause the Transfer of
        the
        Certificates by a Person for whom the Investor is acting as nominee, trustee
        or
        agent, in each case unless (i) it has received an affidavit in substantially
        the
        same form as this affidavit containing these same representations and covenants
        from the subsequent transferee. In connection with any such Transfer by the
        Investor, the Investor agrees to deliver to the Trustee a certificate
        substantially in the form set forth as Exhibit G-4 to the Agreement to the
        effect that the Investor has no actual knowledge that the Person to which
        the
        Transfer is to be made is not a Permitted Transferee.

       

      6. The
        Investor has historically paid its debts as they have come due, intends to
        pay
        its debts as they come due in the future, and understands that the taxes
        associated with holder an Ownership Interest in the Certificates may exceed
        the
        cash flow with respect thereto in some or all periods and intends to pay
        such
        taxes as they become due. The Investor does not have the intention, and no
        purpose of the Transfer of the Certificates to the Investor is, to impede
        the
        assessment or collection of any tax legally required to be paid with respect
        to
        the Certificates.

       

      7. The
        Investor’s U.S. taxpayer identification number is [_____________].

       

      8. The
        Investor is a United States Person.

       

      9. The
        Investor is aware that the Certificates may be a “noneconomic residual interest”
within the meaning of Treasury regulations promulgated under Section 860E
        of the
        Code and that the transferor of a noneconomic residual interest will remain
        liable for any taxes due with respect to the income on such residual interest,
        unless no significant purpose of the transfer was to impede the assessment
        or
        collection of tax.

       

      10. The
        Investor will not cause income from the Certificates to be attributable to
        a
        foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of the Investor or any other United States
        Person.

       

      11. Check
        one
        of the following:

       

      o  
The
        Transfer of the Certificates complies with U.S. Treasury Regulation Sections
        1.860E-1(c)(7) and (8) and, accordingly:

       

      (i) the
        present value of the anticipated tax liabilities associated with holding
        the
        Certificates does not exceed the sum of:

      
        
          
          

        

        
          G-5-2

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (a)

              	
                the
                  present value of any consideration given to the Investor to acquire
                  such
                  Certificates;

              

      

       

      
        	 	
                (b)

              	
                the
                  present value of the expected future distributions on such Certificates;
                  and

              

      

       

      
        	 	
                (c)

              	
                the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificates as the related REMIC generates losses;
                  and

              

      

       

      (ii) the
        Transfer of the Certificates will not result in such Certificates being held,
        directly or indirectly, by a foreign permanent establishment or fixed base,
        within the meaning of an applicable income tax treaty, of the Investor or
        any
        other United States Person.

       

      For
        purposes of the calculation in clause (i) above, (x) the Investor is assumed
        to
        pay tax at the highest rate currently specified in Section 11(b)(1) of the
        Code
        (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of
        the highest rate specified in Section 11(b)(1) of the Code if the Investor
        has
        been subject to the alternative minimum tax under Section 55 of the Code
        in the
        preceding two years and will compute its taxable income in the current taxable
        year using the alternative minimum tax rate) and (y) present values are computed
        using a discount rate equal to the short-term Federal rate prescribed by
        Section
        1274(d) of the Code for the month of the transfer and the compounding period
        used by the Investor.

       

      o  
The
        Transfer of the
        Certificates complies with U.S. Treasury Regulation Sections 1.860E-1(c)(5)
        and
        (6) and, accordingly:

       

      
        	 	
                (i)

              	
                the
                  Investor is an “eligible corporation,” as defined in U.S. Treasury
                  Regulation Section 1.860E-1(c)(6)(i), as to which income from the
                  Certificates will only be taxed in the United
                  States;

              

      

       

      
        	 	
                (ii)

              	
                at
                  the time of the Transfer, and at the close of the Investor’s two fiscal
                  years preceding the fiscal year of the transfer, the Investor had
                  gross
                  assets for financial reporting purposes (excluding any obligation
                  of a
                  “related person” to the Investor within the meaning of U.S. Treasury
                  Regulation Section 1.860E-1(c)(6)(ii) and any other asset the principal
                  purpose of which is to permit the Investor to satisfy the condition
                  of
                  this clause (ii)) in excess of $100 million and net assets in excess
                  of
                  $10 million;

              

      

       

      
        	 	
                (iii)

              	
                the
                  Investor will transfer the Certificates only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulation Section
                  1.860E-1(c)(6)(i), in a transaction in which the requirements of
                  U.S. Treasury Regulation Sections 1.860E-1(c)(4)(i), (ii) and (iii)
                  and -1(c)(5) are satisfied and, accordingly, the subsequent transferee
                  provides a similar affidavit with this box checked;
                  and

              

      

       

      
        	 	
                (iv)

              	
                the
                  Investor determined the consideration paid to it to acquire the
                  Certificates based on reasonable market assumptions (including,
                  but not
                  limited to, borrowing and investment rates, prepayment and loss
                  assumptions, expense and reinvestment assumptions, tax rates and
                  other
                  factors specific to the Investor) that it has determined in good
                  faith and
                  has concluded that such consideration, together with other assets
                  of the
                  Investor, will be sufficient to cover the taxes associated with
                  the
                  Certificates.

              

      

      
        
          
          

        

        
          G-5-3

          
            

          

        

        
          
          

        

      

       

      

       

      o  
None
        of the
        above.

      

       

      11. (a)
        The
        Certificates (i) are not being acquired by, and will not be transferred to,
        any
        employee benefit plan within the meaning of Section 3(3) of the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or other
        retirement arrangement, including individual retirement accounts and annuities,
        Keogh plans and bank collective investment funds and insurance company general
        or separate accounts in which such plans, accounts or arrangements are invested,
        that is subject to ERISA or Section 4975 of the Code (any of the foregoing,
        a
“Plan”), (ii) are not being acquired with “plan assets” of a Plan within the
        meaning of the Department of Labor (“DOL”) regulation, 29 C.F.R. § 2510.3-101 or
        otherwise under ERISA, and (iii) will not be transferred to any entity that
        is
        deemed to be investing in plan assets within the meaning of the DOL regulation,
        29 C.F.R. § 2510.3-101 or otherwise under ERISA; or

       

      (b)
        The
        Investor will provide the Trustee with an opinion of counsel, as specified
        in
        Section 5.02(c) of the Agreement, acceptable to and in form and substance
        satisfactory to the Trustee to the effect that the purchase of Certificates
        is
        permissible under applicable law, will not constitute or result in any
        non-exempt prohibited transaction under ERISA or Section 4975 of the Code
        and
        will not subject the Trustee, the Depositor or the Master Servicer to any
        obligation or liability (including obligations or liabilities under ERISA
        or
        Section 4975 of the Code) in addition to those undertaken in the
        Agreement.

       

      In
        addition, the Investor hereby certifies, represents and warrants to, and
        covenants with, the Depositor, the Trustee and the Master Servicer that the
        Investor will not transfer such Certificates to any Plan or person unless
        either
        such Plan or person meets the requirements set forth in either (a) or (b)
        above.

       

      
        
          
          

        

        
          G-5-4

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, by its [Title of Officer] and its corporate seal to be hereunto
        attached, attested by its [Assistant] Secretary, this ______ day of
        _____________, _____.

       

      

      
        	 	
                 

                ________________________________ 

                          
                  [NAME
                  OF INVESTOR]

                 

                 

                 

                 

                By:
                  ________________________________

                [Name
                  of Officer]

                [Title
                  of Officer]

              
	 	 
	
                [Corporate
                  Seal]

                 

                 

                ATTEST:

                 

                 

                 

                ________________________________
                  

                [Assistant]
                  Secretary

              	 

      

      

       

      
        
          
          

        

        
          G-5-5

          
            

          

        

        
          
          

        

      

      FORM
        OF TRANSFEROR AFFIDAVIT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

       

      The
        undersigned is the [Title of Officer] of [Name of Transferor] (the “Owner”), the
        proposed transferor of an Ownership Interest in the Impac Secured Assets
        Corp.,
        Mortgage pass-through Certificates, Series 2007-3,
        Class R
        Certificate (the “Certificate”) issued pursuant to the Pooling and Servicing
        Agreement (the “Agreement”) relating to the Certificate, dated as of [ ], 2007,
        among [ ], as depositor (the “Depositor”), [ ], as master servicer (“the Master
        Servicer”) and [ ], as trustee (the “Trustee”), and makes this affidavit on
        behalf of the Owner for the benefit of the Depositor and the Trustee.
        Capitalized terms used, but not defined herein, shall have the meanings ascribed
        to such terms in the Agreement.

       

      1.
         The
        Owner
        is not transferring the Certificate to impede the assessment or collection
        of
        any tax.

       

      2.
         The
        Owner
        has no actual knowledge that the proposed Transferee of the Certificate:
        (i) has
        insufficient assets to pay any taxes that would be owed by such Transferee
        as
        Holder of the Certificate; (ii) may become insolvent or subject to a bankruptcy
        proceeding for so long as the Certificate remains outstanding; and (iii)
        is not
        a Permitted Transferee.

       

      3.
         The
        Owner
        understands that the proposed Transferee has delivered to the Trustee a transfer
        affidavit and agreement in the form attached to the Pooling and Servicing
        Agreement as Exhibit F-2. The Owner does not know or believe that any
        representation contained therein is false.

       

      4.
         At
        the
        time of transfer, the Owner has conducted a reasonable investigation of the
        financial condition of the proposed Transferee as contemplated by Treasury
        Regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation,
        the
        Owner has determined that the proposed Transferee has historically paid its
        debts as they became due and has found no significant evidence to indicate
        that
        the proposed Transferee will not continue to pay its debts as they become
        due in
        the future. The Owner understands that the transfer of the Certificate may
        not
        be respected for U.S. federal income tax purposes (and the Owner may continue
        to
        be liable for U.S. federal income taxes associated therewith) unless the
        Owner
        has conducted such an investigation.

       

      
        
          
          

        

        
          G-5-6

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to authority of its Board of Directors, by its [Title of
        Officer] this ____ day of _________, 20__.

       

      
        	 	 	 	 	 	 	
                [NAME
                  OF OWNER]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	
                Name:

              	
                [Name
                  of Officer]

              
	 	 	 	 	 	 	
                Title:

              	
                [Title
                  of Officer]

              

      

      

      

       

      Personally
        appeared before me the above-named [Name of Officer], known or proved to
        me to
        be the same person who executed the foregoing instrument and to be the [Title
        of
        Officer] of the Owner, and acknowledged to me that he/she executed the same
        as
        his/her free act and deed and the free act and deed of the Owner.

       

      Subscribed
        and sworn before me this ___ day of _________, 20___.

       

      NOTARY
        PUBLIC

       

      COUNTY
        OF

       

      STATE
        OF

       

      My
        commission expires the ___ day of ___________________, 20___.

      

      
        
          
          

        

        
          G-5-7

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

       

      MORTGAGE
        LOAN SCHEDULE

       

         LOAN_ID   CITY1                                             ZIP_CODE    STATE                    FIRST_PAY_DATE            MATURITY_DATE   AM_TYPE                 BALLOON                        STATED_ORIGINAL_TERM            AMORT_TERM1              STATED_REM_TERM               ORIGINAL_BALANCE                CURRENT_BALANCE   LIEN                              SR_LIEN_BALANCE            TOTAL_BAL              JR_LIEN_BALANCE            SALES_PRICE           APPRAISAL            LOAN_TO_VALUE           COMBO_LTV   MI                        MTG_INS                 MI_PCT                     CURRENT_GROSS_COUPON          SERV_FEE        MSERV      LPMI          TOTAL_STRIP
      1103143549   SAN DIMAS                                            91733    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     280,000.00                     280,000.00   First Lien                                      0           280,000.00                         0.00                      -          400,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103445953   SHORT HILLS                                          07078    NJ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     800,000.00                     800,000.00   First Lien                                      0         1,000,000.00                   200,000.00                      -        1,000,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103541312   IRVINE                                               92620    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     213,500.00                     213,500.00   First Lien                                      0           213,500.00                         0.00                      -          305,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103581621   LA PUENTE                                            91744    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     392,000.00                     392,000.00   First Lien                                      0           416,500.00                    24,500.00                 490000              495000                    80.00               85.00   No MI                     NO MI                        0                                   6.0000            0.3750       0.0325    0.0000               0.4075
      1103605926   LAKE WALES                                           33898    FL                             20070101                 20220401   FIXED                   Yes                                             180                    360                          176                      32,000.00                      31,974.17   Second Lien                                120000           152,000.00                         0.00                 160000              164000                    95.00               95.00   No MI                     NO MI                        0                                  13.6250            0.5000       0.0325    0.0000               0.5325
      1103611487   PEYTON                                               80831    CO                             20061101                 20211201   FIXED                   Yes                                             180                    360                          174                      47,671.00                      47,601.92   Second Lien                                178766           226,437.00                         0.00                 238355              239000                    95.00               95.00   No MI                     NO MI                        0                                  12.8750            0.5000       0.0325    0.0000               0.5325
      1103611552   TUSTIN                                               92782    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     462,900.00                     462,900.00   First Lien                                      0           520,700.00                    57,800.00                 578655              579000                    80.00               89.99   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103612837   GREENSBORO                                           27406    NC                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     227,500.00                     227,500.00   First Lien                                      0           227,500.00                         0.00                 252814              253000                    89.99               89.99   PMI                       BPMI                        25                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103612902   SIMPSONVILLE                                         29680    SC                             20070101                 20361201   ARMS                    No                                              360                    360                          356                     146,800.00                     146,440.48   First Lien                                      0           174,325.00                    27,525.00                 186000              186000                    78.93               93.73   No MI                     NO MI                        0                                   8.5000            0.3750       0.0325    0.0000               0.4075
      1103613763   CLEMMONS                                             27012    NC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     228,200.00                     228,200.00   First Lien                                      0           228,200.00                         0.00                 240217              245000                    95.00               95.00   PMI                       BPMI                        30                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103615320   WESTMINSTER                                          92683    CA                             20061001                 20220401   FIXED                   Yes                                             180                    360                          173                     118,000.00                     117,780.60   Second Lien                                472000           590,000.00                         0.00                 590000              600000                   100.00              100.00   No MI                     NO MI                        0                                  11.7500            0.5000       0.0325    0.0000               0.5325
      1103618814   LA PUENTE                                            91744    CA                             20061201                 20361101   FIXED                   No                                              360                    360                          355                      50,200.00                      50,130.70   Second Lien                                400000           450,200.00                         0.00                      -          502,000.00                    89.69               89.69   No MI                     NO MI                        0                                   12.250             0.500       0.0325     0.000               0.5325
      1103620173   LEHIGH ACRES                                         33972    FL                             20061201                 20220401   FIXED                   Yes                                             180                    360                          175                      51,050.00                      50,975.48   Second Lien                                191550           242,600.00                         0.00                 255400              256000                    94.99               94.99   No MI                     NO MI                        0                                  12.0000            0.5000       0.0325    0.0000               0.5325
      1103624061   CASTAIC                                              91384    CA                             20061201                 20211101   FIXED                   Yes                                             180                    360                          175                      53,250.00                      53,176.45   Second Lien                                284000           337,250.00                         0.00                 355000              355000                    95.00               95.00   No MI                     NO MI                        0                                  12.2500            0.5000       0.0325    0.0000               0.5325
      1103624733   ZIMMERMAN                                            55398    MN                             20061201                 20211101   FIXED                   Yes                                             180                    360                          175                      65,625.00                      65,567.23   Second Lien                                183750           249,375.00                         0.00                 262500              270000                    95.00               95.00   No MI                     NO MI                        0                                  14.2500            0.5000       0.0325    0.0000               0.5325
      1103626197   BALTIMORE                                            21218    MD                             20061201                 20211101   FIXED                   Yes                                             180                    360                          175                      33,000.00                      32,944.73   Second Lien                                169400           202,400.00                         0.00                      -          242,000.00                    83.64               83.64   No MI                     NO MI                        0                                   11.375             0.500       0.0325     0.000               0.5325
      1103627011   ORANGE                                               07050    NJ                             20070101                 20261201   FIXED                   No                                              240                    240                          236                      75,000.00                      74,717.88   Second Lien                                210000           285,000.00                         0.00                 300000              300000                    95.00               95.00   No MI                     NO MI                        0                                  12.6500            0.5000       0.0325    0.0000               0.5325
      1103632043   DORAL                                                33166    FL                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      66,475.00                      66,422.53   Second Lien                                186130           252,605.00                         0.00                 265900              266000                    95.00               95.00   No MI                     NO MI                        0                                  12.4250            0.5000       0.0325    0.0000               0.5325
      1103632215   FREDERICKSBURG                                       22407    VA                             20061201                 20361101   FIXED                   No                                              360                    360                          355                      74,400.00                      74,256.44   Second Lien                                173600           248,000.00                         0.00                 248000              300000                   100.00              100.00   No MI                     NO MI                        0                                  12.3750            0.5000       0.0325    0.0000               0.5325
      1103632233   SALT LAKE CITY                                       84106    UT                             20070101                 20220401   FIXED                   Yes                                             180                    360                          176                      30,750.00                      30,711.20   Second Lien                                153750           184,500.00                         0.00                      -          205,000.00                    90.00               90.00   No MI                     NO MI                        0                                   11.625             0.500       0.0325     0.000               0.5325
      1103632320   ROCKFORD                                             61107    IL                             20070101                 20211201   FIXED                   Yes                                             180                    360                          176                      37,000.00                      36,972.08   Second Lien                                103600           140,600.00                         0.00                      -          148,000.00                    95.00               95.00   No MI                     NO MI                        0                                   13.925             0.500       0.0325     0.000               0.5325
      1103632732   RAWLINS                                              82301    WY                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     100,600.00                     100,474.51   First Lien                                      0           120,650.00                    20,050.00                      -          138,000.00                    72.90               87.43   No MI                     NO MI                        0                                    8.375             0.375       0.0325     0.000               0.4075
      1103632897   CORONA                                               92882    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     315,000.00                     315,000.00   First Lien                                      0           315,000.00                         0.00                      -          420,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103633116   DAVENPORT                                            33837    FL                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      40,000.00                      39,971.46   Second Lien                                150000           190,000.00                         0.00                 200000              200000                    95.00               95.00   No MI                     NO MI                        0                                  12.8750            0.5000       0.0325    0.0000               0.5325
      1103633980   BALTIMORE                                            21206    MD                             20070101                 20220101   FIXED                   Yes                                             180                    360                          176                      36,975.00                      36,944.82   Second Lien                                103530           140,505.00                         0.00                 147900              147900                    95.00               95.00   No MI                     NO MI                        0                                  13.5750            0.5000       0.0325    0.0000               0.5325
      1103634228   COLORADO SPRINGS                                     80916    CO                             20070101                 20211201   FIXED                   Yes                                             180                    360                          176                      41,862.00                      41,828.02   Second Lien                                117215           159,077.00                         0.00                 167450              171000                    95.00               95.00   No MI                     NO MI                        0                                  13.6000            0.5000       0.0325    0.0000               0.5325
      1103634326   PASSAIC                                              07055    NJ                             20070201                 20220101   FIXED                   No                                              180                    180                          177                      43,350.00                      43,140.56   Second Lien                                231200           274,550.00                         0.00                 289000              300000                    95.00               95.00   No MI                     NO MI                        0                                  14.3750            0.5000       0.0325    0.0000               0.5325
      1103634352   ANAHEIM                                              92804    CA                             20070101                 20211201   FIXED                   No                                              180                    180                          176                     127,000.00                     127,000.00   Second Lien                                508000           635,000.00                         0.00                      -          635,000.00                   100.00              100.00   No MI                     NO MI                        0                                   11.550             0.500       0.0325     0.000               0.5325
      1103635040   WEST HARRISON                                        10604    NY                             20061201                 20211201   FIXED                   Yes                                             180                    360                          175                     106,600.00                     106,047.43   Second Lien                                569050           675,650.00                         0.00                 711341              713500                    94.99               94.99   No MI                     NO MI                        0                                  12.3750            0.5000       0.0325    0.0000               0.5325
      1103635229   NORWALK                                              90650    CA                             20061201                 20211101   FIXED                   Yes                                             180                    360                          175                     109,600.00                     108,913.54   Second Lien                                438400           548,000.00                         0.00                 548000              550000                   100.00              100.00   No MI                     NO MI                        0                                   9.2500            0.5000       0.0325    0.0000               0.5325
      1103635362   BALTIMORE                                            21215    MD                             20070101                 20211101   FIXED                   Yes                                             180                    360                          176                      26,000.00                      25,973.26   Second Lien                                 97500           123,500.00                         0.00                 130000              130000                    95.00               95.00   No MI                     NO MI                        0                                  12.5500            0.5000       0.0325    0.0000               0.5325
      1103635710   DENVER                                               80221    CO                             20070201                 20211201   FIXED                   Yes                                             180                    360                          177                      64,000.00                      63,963.61   Second Lien                                240000           304,000.00                         0.00                      -          320,000.00                    95.00               95.00   No MI                     NO MI                        0                                   13.875             0.500       0.0325     0.000               0.5325
      1103636278   EVANS                                                80620    CO                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      33,800.00                      33,787.03   Second Lien                                126750           160,550.00                         0.00                 169000              169000                    95.00               95.00   No MI                     NO MI                        0                                  13.8000            0.5000       0.0325    0.0000               0.5325
      1103636476   HASTINGS                                             55033    MN                             20070201                 20220201   FIXED                   Yes                                             180                    360                          177                     100,050.00                      99,976.59   Second Lien                                195650           295,700.00                         0.00                 311300              317000                    94.99               94.99   No MI                     NO MI                        0                                  12.7500            0.5000       0.0325    0.0000               0.5325
      1103637015   LAS VEGAS                                            89107    NV                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      45,000.00                      44,972.98   Second Lien                                168750           213,750.00                         0.00                 225000              225000                    95.00               95.00   No MI                     NO MI                        0                                  13.7500            0.5000       0.0325    0.0000               0.5325
      1103637096   PEWAUKEE                                             53072    WI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     368,000.00                     368,000.00   First Lien                                      0           460,000.00                    92,000.00                      -          460,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103638302   LOS ANGELES                                          90037    CA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      65,000.00                      64,963.85   Second Lien                                182000           247,000.00                         0.00                 260000              415000                    95.00               95.00   No MI                     NO MI                        0                                  13.9750            0.5000       0.0325    0.0000               0.5325
      1103638697   AURORA                                               80013    CO                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      51,750.00                      51,723.74   Second Lien                                144900           196,650.00                         0.00                 207000              207000                    95.00               95.00   No MI                     NO MI                        0                                  14.3750            0.5000       0.0325    0.0000               0.5325
      1103638853   BLUE SPRINGS                                         64015    MO                             20070101                 20220101   FIXED                   Yes                                             180                    360                          176                      40,000.00                      39,948.11   Second Lien                                112000           152,000.00                         0.00                 160000              160000                    95.00               95.00   No MI                     NO MI                        0                                  11.5000            0.5000       0.0325    0.0000               0.5325
      1103638909   DENVER                                               80221    CO                             20070201                 20211201   FIXED                   Yes                                             180                    360                          177                      26,250.00                      26,250.00   Second Lien                                 73500            99,750.00                         0.00                 105000              122000                    95.00               95.00   No MI                     NO MI                        0                                  13.6250            0.5000       0.0325    0.0000               0.5325
      1103638943   LAS VEGAS                                            89123    NV                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                     106,168.00                     106,121.87   Second Lien                                297270           403,438.00                         0.00                 424672              480000                    95.00               95.00   No MI                     NO MI                        0                                  13.2500            0.5000       0.0325    0.0000               0.5325
      1103638971   GARDEN GROVE                                         92843    CA                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     420,000.00                     419,140.29   First Lien                                      0           420,000.00                         0.00                      -          550,000.00                    76.37               76.37   No MI                     NO MI                        0                                    7.950             0.375       0.0325     0.000               0.4075
      1103639013   DANA POINT                                           92629    CA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                     141,800.00                     141,695.40   Second Lien                                496300           638,100.00                         0.00                      -          709,000.00                    90.00               90.00   No MI                     NO MI                        0                                   12.725             0.500       0.0325     0.000               0.5325
      1103639110   ALTAMONTE SPRINGS                                    32714    FL                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     123,000.00                     123,000.00   First Lien                                      0           153,900.00                    30,900.00                 153900              157000                    79.93              100.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      1103639385   LONG BEACH                                           90813    CA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      86,000.00                      85,923.35   Second Lien                                344000           430,000.00                         0.00                      -          430,000.00                   100.00              100.00   No MI                     NO MI                        0                                   11.875             0.500       0.0325     0.000               0.5325
      1103639597   ABERDEEN                                             21001    MD                             20070101                 20220101   FIXED                   Yes                                             180                    360                          176                      25,500.00                      25,467.82   Second Lien                                191900           217,400.00                         0.00                      -          255,900.00                    84.96               84.96   No MI                     NO MI                        0                                   11.625             0.500       0.0325     0.000               0.5325
      1103639598   GAITHERSBURG                                         20879    MD                             20070101                 20211201   FIXED                   Yes                                             180                    360                          176                      59,750.00                      59,660.95   Second Lien                                202500           262,250.00                         0.00                      -          275,000.00                    95.37               95.37   No MI                     NO MI                        0                                   12.990             0.500       0.0325     0.000               0.5325
      1103639786   SMITHFIELD                                           23430    VA                             20070101                 20211201   FIXED                   Yes                                             180                    360                          176                     123,750.00                     123,617.70   Second Lien                                371250           495,000.00                         0.00                      -          495,000.00                   100.00              100.00   No MI                     NO MI                        0                                   12.375             0.500       0.0325     0.000               0.5325
      1103639789   WALDORF                                              20601    MD                             20061201                 20211201   FIXED                   Yes                                             180                    360                          175                      52,000.00                      51,939.10   Second Lien                                208000           260,000.00                         0.00                 260000              300000                   100.00              100.00   No MI                     NO MI                        0                                  12.9900            0.5000       0.0325    0.0000               0.5325
      1103639790   DUMFRIES                                             22026    VA                             20061201                 20211101   FIXED                   Yes                                             180                    360                          175                      63,800.00                      63,725.29   Second Lien                                255200           319,000.00                         0.00                 319000              340000                   100.00              100.00   No MI                     NO MI                        0                                  12.9900            0.5000       0.0325    0.0000               0.5325
      1103639791   ALEXANDRIA                                           22310    VA                             20061201                 20211101   FIXED                   Yes                                             180                    360                          175                      88,000.00                      87,896.94   Second Lien                                352000           440,000.00                         0.00                 440000              469000                   100.00              100.00   No MI                     NO MI                        0                                  12.9900            0.5000       0.0325    0.0000               0.5325
      1103639792   SUFFOLK                                              23435    VA                             20061201                 20211101   FIXED                   Yes                                             180                    360                          175                      44,000.00                      43,923.91   Second Lien                                176000           220,000.00                         0.00                 220000              220000                   100.00              100.00   No MI                     NO MI                        0                                  12.9900            0.5000       0.0325    0.0000               0.5325
      1103639793   BALTIMORE                                            21237    MD                             20061201                 20211101   FIXED                   Yes                                             180                    360                          175                      33,700.00                      33,650.09   Second Lien                                169500           203,200.00                         0.00                      -          226,000.00                    89.92               89.92   No MI                     NO MI                        0                                   12.000             0.500       0.0325     0.000               0.5325
      1103639848   BROOKLYN CENTER                                      55430    MN                             20070101                 20361201   ARMS                    No                                              360                    360                          356                     124,124.00                     124,116.84   First Lien                                      0           168,454.00                    44,330.00                 177320              230000                    70.00               95.00   No MI                     NO MI                        0                                   6.0000            0.3750       0.0325    0.0000               0.4075
      1103639907   TAKOMA PARK                                          20912    MD                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      80,000.00                      79,933.26   Second Lien                                224000           304,000.00                         0.00                 320000              320000                    95.00               95.00   No MI                     NO MI                        0                                  12.1750            0.5000       0.0325    0.0000               0.5325
      1103640641   DALLAS                                               75201    TX                             20070118                 20220101   FIXED                   Yes                                             180                    360                          176                     115,000.00                     114,820.25   Second Lien                                322000           437,000.00                         0.00                 460000              460000                    95.00               95.00   No MI                     NO MI                        0                                  12.9000            0.5000       0.0325    0.0000               0.5325
      1103640736   LODI                                                 95242    CA                             20070201                 20211201   FIXED                   Yes                                             180                    360                          177                     108,750.00                     108,652.53   Second Lien                                304500           413,250.00                         0.00                      -          435,000.00                    95.00               95.00   No MI                     NO MI                        0                                   11.850             0.500       0.0325     0.000               0.5325
      1103640941   COLORADO SPRINGS                                     80918    CO                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      65,000.00                      64,966.08   Second Lien                                182000           247,000.00                         0.00                 260000              264000                    95.00               95.00   No MI                     NO MI                        0                                  14.2500            0.5000       0.0325    0.0000               0.5325
      1103641203   YORBA LINDA                                          92886    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     520,000.00                     519,518.38   First Lien                                      0           520,000.00                         0.00                      -        1,125,000.00                    46.23               46.23   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103641208   ALISO VIEJO                                          92656    CA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      88,000.00                      87,894.17   Second Lien                                352000           440,000.00                         0.00                      -          440,000.00                   100.00              100.00   No MI                     NO MI                        0                                   10.500             0.500       0.0325     0.000               0.5325
      1103641222   CHULA VISTA                                          91911    CA                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                     155,000.00                     154,849.13   Second Lien                                434000           589,000.00                         0.00                      -          620,000.00                    95.00               95.00   No MI                     NO MI                        0                                   11.475             0.500       0.0325     0.000               0.5325
      1103641481   PERRIS                                               92571    CA                             20070201                 20370101   FIXED                   No                                              360                    360                          357                      64,000.00                      63,938.04   Second Lien                                256000           320,000.00                         0.00                 320000              365000                   100.00              100.00   No MI                     NO MI                        0                                  11.5000            0.5000       0.0325    0.0000               0.5325
      1103641496   SAN PEDRO                                            90731    CA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                     110,000.00                     109,912.28   Second Lien                                650000           760,000.00                         0.00                      -          980,000.00                    77.56               77.56   No MI                     NO MI                        0                                   12.375             0.500       0.0325     0.000               0.5325
      1103641545   OROVILLE                                             95966    CA                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      44,000.00                      43,961.62   Second Lien                                154000           198,000.00                         0.00                      -          220,000.00                    90.00               90.00   No MI                     NO MI                        0                                   11.975             0.500       0.0325     0.000               0.5325
      1103641549   LAS VEGAS                                            89148    NV                             20070201                 20370101   FIXED                   No                                              360                    360                          357                      45,750.00                      45,750.00   Second Lien                                244000           289,750.00                         0.00                 305000              305000                    95.00               95.00   No MI                     NO MI                        0                                  12.9250            0.5000       0.0325    0.0000               0.5325
      1103641582   SAN JOSE                                             95136    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     549,000.00                     549,000.00   First Lien                                      0           624,100.00                    75,100.00                      -          732,000.00                    75.00               85.26   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103641703   KISSIMMEE                                            34741    FL                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      42,000.00                      41,975.91   Second Lien                                157500           199,500.00                         0.00                 210000              230000                    95.00               95.00   No MI                     NO MI                        0                                  12.1250            0.5000       0.0325    0.0000               0.5325
      1103642086   CHINO HILLS                                          91709    CA                             20070201                 20220201   FIXED                   Yes                                             180                    360                          177                     182,500.00                     182,369.83   Second Lien                                511000           693,500.00                         0.00                      -          730,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.875             0.500       0.0325     0.000               0.5325
      1103642187   PORT CHARLOTTE                                       33981    FL                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      38,750.00                      38,716.94   Second Lien                                108500           147,250.00                         0.00                      -          155,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.075             0.500       0.0325     0.000               0.5325
      1103642251   MORENO VALLEY                                        92551    CA                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      70,000.00                      69,999.71   Second Lien                                262500           332,500.00                         0.00                      -          350,000.00                    95.00               95.00   No MI                     NO MI                        0                                   11.875             0.500       0.0325     0.000               0.5325
      1103642335   LA QUINTA                                            92253    CA                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     412,000.00                     412,000.00   First Lien                                      0           412,000.00                         0.00                 515000              550000                    80.00               80.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103642362   VIENNA                                               22180    VA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                     107,000.00                     106,915.58   Second Lien                                401250           508,250.00                         0.00                 535000              545000                    95.00               95.00   No MI                     NO MI                        0                                  12.4250            0.5000       0.0325    0.0000               0.5325
      1103642496   RANDALLSTOWN                                         21133    MD                             20070201                 20220101   ARMS                    Yes                                             360                    480                          357                     125,500.00                     125,339.86   First Lien                                      0           125,500.00                         0.00                 244500              246000                    51.33               51.33   No MI                     NO MI                        0                                   6.6250            0.3750       0.0325    0.0000               0.4075
      1103643071   PEMBROKE PINES                                       33025    FL                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      54,000.00                      53,958.11   Second Lien                                189000           243,000.00                         0.00                      -          270,000.00                    90.00               90.00   No MI                     NO MI                        0                                   12.500             0.500       0.0325     0.000               0.5325
      1103643089   ST PAUL                                              55449    MN                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      37,337.00                      37,309.90   Second Lien                                104545           141,882.00                         0.00                 149350              170000                    95.00               95.00   No MI                     NO MI                        0                                  12.8000            0.5000       0.0325    0.0000               0.5325
      1103643097   RIVERSIDE                                            92504    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     269,500.00                     269,500.00   First Lien                                      0           346,500.00                    77,000.00                      -          385,000.00                    70.00               90.00   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103643276   DAVENPORT                                            33837    FL                             20070201                 20370101   FIXED                   No                                              360                    360                          357                     245,000.00                     242,843.96   First Lien                                      0           245,000.00                         0.00                      -          350,000.00                    70.00               70.00   No MI                     NO MI                        0                                    7.125             0.250       0.0325     0.000               0.2825
      1103643299   LOMITA                                               90717    CA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      99,000.00                      98,943.06   Second Lien                                371250           470,250.00                         0.00                 495000              495000                    95.00               95.00   No MI                     NO MI                        0                                  12.0000            0.5000       0.0325    0.0000               0.5325
      1103643731   WESLEY CHAPEL                                        33543    FL                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     330,000.00                     330,000.00   First Lien                                      0           330,000.00                         0.00                 530000              550000                    62.27               62.27   No MI                     NO MI                        0                                   5.6250            0.3750       0.0325    0.0000               0.4075
      1103643742   LOS ANGELES (PANORAMA CIT                            91402    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     335,000.00                     335,000.00   First Lien                                      0           335,000.00                         0.00                      -          550,000.00                    60.91               60.91   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103644291   BAKERSFIELD                                          93313    CA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      49,900.00                      49,854.27   Second Lien                                199600           249,500.00                         0.00                 249555              250000                    99.98               99.98   No MI                     NO MI                        0                                  11.7500            0.5000       0.0325    0.0000               0.5325
      1103644308   CHULA VISTA                                          91913    CA                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      78,750.00                      78,697.23   Second Lien                                220500           299,250.00                         0.00                 315000              315000                    95.00               95.00   No MI                     NO MI                        0                                  13.1500            0.5000       0.0325    0.0000               0.5325
      1103644382   RIO VISTA                                            94571    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     280,000.00                     279,371.09   First Lien                                      0           365,000.00                    85,000.00                      -          425,000.00                    65.89               85.89   No MI                     NO MI                        0                                    5.375             0.250       0.0325     0.000               0.2825
      1103644392   ARCADIA                                              91007    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     432,000.00                     431,580.12   First Lien                                      0           452,200.00                    20,200.00                      -          540,000.00                    80.00               83.75   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103644400   BAKERSFIELD                                          93304    CA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      46,250.00                      46,231.43   Second Lien                                129500           175,750.00                         0.00                 185000              193000                    95.00               95.00   No MI                     NO MI                        0                                  13.6000            0.5000       0.0325    0.0000               0.5325
      1103644465   KIHEI                                                96753    HI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     560,000.00                     560,000.00   First Lien                                      0           560,000.00                         0.00                      -          750,000.00                    74.67               74.67   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103644519   EARLIMART                                            93219    CA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      20,000.00                      20,000.00   Second Lien                                 83550           103,550.00                         0.00                 109000              122000                    95.00               95.00   No MI                     NO MI                        0                                  12.5000            0.5000       0.0325    0.0000               0.5325
      1103644634   FONTANA                                              92335    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     232,000.00                     231,751.98   First Lien                                      0           232,000.00                         0.00                      -          380,000.00                    61.06               61.06   No MI                     NO MI                        0                                    5.625             0.250       0.0325     0.000               0.2825
      1103644724   SILVER SPRING                                        20904    MD                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     108,000.00                     107,976.66   Second Lien                                405000           513,000.00                         0.00                      -          540,000.00                    95.00               95.00   No MI                     NO MI                        0                                   13.250             0.500       0.0325     0.000               0.5325
      1103644816   SAN DIEGO                                            92127    CA                             20070201                 20220301   FIXED                   Yes                                             180                    360                          177                      57,750.00                      57,702.63   Second Lien                                308000           365,750.00                         0.00                 385000              400500                    95.00               95.00   No MI                     NO MI                        0                                  12.2500            0.5000       0.0325    0.0000               0.5325
      1103644823   POUGHKEEPSIE                                         12601    NY                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      64,375.00                      64,343.50   Second Lien                                180250           244,625.00                         0.00                 257500              260000                    95.00               95.00   No MI                     NO MI                        0                                  12.7250            0.5000       0.0325    0.0000               0.5325
      1103644852   ANTELOPE                                             95843    CA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      72,250.00                      72,209.57   Second Lien                                202300           274,550.00                         0.00                      -          289,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.125             0.500       0.0325     0.000               0.5325
      1103644855   CHESAPEAKE                                           23321    VA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     480,000.00                     480,000.00   First Lien                                      0           600,000.00                   120,000.00                 600000              610000                    80.00              100.00   No MI                     NO MI                        0                                   6.7500            0.2500       0.0325    0.0000               0.2825
      1103644918   DALY CITY                                            94015    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     469,000.00                     469,000.00   First Lien                                      0           669,000.00                   200,000.00                 670000              670000                    70.00               99.86   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103644939   MIAMI                                                33127    FL                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      64,000.00                      63,952.89   Second Lien                                256000           320,000.00                         0.00                 320000              323000                   100.00              100.00   No MI                     NO MI                        0                                  10.8750            0.5000       0.0325    0.0000               0.5325
      1103645004   BELL GARDENS                                         90201    CA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                     112,350.00                     112,256.38   Second Lien                                599200           711,550.00                         0.00                 749000              749000                    95.00               95.00   No MI                     NO MI                        0                                  10.3000            0.5000       0.0325    0.0000               0.5325
      1103645207   PENSACOLA                                            32507    FL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                     135,800.00                     135,728.15   Second Lien                                475500           611,300.00                         0.00                 679319              699000                    89.99               89.99   No MI                     NO MI                        0                                  12.3750            0.5000       0.0325    0.0000               0.5325
      1103645261   HOUSTON                                              77057    TX                             20070301                 20220201   FIXED                   No                                              180                    180                          178                      60,000.00                      59,778.94   Second Lien                                320000           380,000.00                         0.00                 400000              635000                    95.00               95.00   No MI                     NO MI                        0                                  12.9250            0.5000       0.0325    0.0000               0.5325
      1103645266   ENCINITAS                                            92024    CA                             20070201                 20220201   FIXED                   Yes                                             180                    360                          177                     115,000.00                     114,941.68   Second Lien                                431250           546,250.00                         0.00                 575000              600000                    95.00               95.00   No MI                     NO MI                        0                                  14.3750            0.5000       0.0325    0.0000               0.5325
      1103645334   CLINTON TOWNSHIP                                     48035    MI                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      18,800.00                      18,789.00   Second Lien                                 75200            94,000.00                         0.00                  94000               98000                   100.00              100.00   No MI                     NO MI                        0                                  13.7500            0.5000       0.0325    0.0000               0.5325
      1103645336   MONTCLAIR                                            07042    NJ                             20070201                 20220101   FIXED                   No                                              180                    180                          177                      44,000.00                      43,971.76   Second Lien                                396000           440,000.00                         0.00                 495000              500000                    88.89               88.89   No MI                     NO MI                        0                                  13.3750            0.5000       0.0325    0.0000               0.5325
      1103645372   RICHMOND                                             23231    VA                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      26,250.00                      26,230.74   Second Lien                                131250           157,500.00                         0.00                 175000              178000                    90.00               90.00   No MI                     NO MI                        0                                  12.7500            0.5000       0.0325    0.0000               0.5325
      1103645374   NAPLES                                               34113    FL                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      52,500.00                      52,463.52   Second Lien                                157500           210,000.00                         0.00                 210000              210000                   100.00              100.00   No MI                     NO MI                        0                                  12.9900            0.5000       0.0325    0.0000               0.5325
      1103645375   VIRGINIA BEACH                                       23464    VA                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      44,250.00                      44,208.28   Second Lien                                236000           280,250.00                         0.00                      -          295,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.990             0.500       0.0325     0.000               0.5325
      1103645525   RIVERSIDE                                            92504    CA                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     352,000.00                     352,000.00   First Lien                                      0           396,000.00                    44,000.00                      -          440,000.00                    80.00               90.00   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103645552   MIAMI                                                33161    FL                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      81,000.00                      80,938.91   Second Lien                                432000           513,000.00                         0.00                 540000              540000                    95.00               95.00   No MI                     NO MI                        0                                  12.6250            0.5000       0.0325    0.0000               0.5325
      1103645630   LANCASTER                                            93536    CA                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      92,000.00                      91,589.07   Second Lien                                345000           437,000.00                         0.00                      -          460,000.00                    95.00               95.00   No MI                     NO MI                        0                                   10.375             0.500       0.0325     0.000               0.5325
      1103645647   SEATTLE                                              98115    WA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                     106,000.00                     105,946.96   Second Lien                                371000           477,000.00                         0.00                 530000              534000                    90.00               90.00   No MI                     NO MI                        0                                  12.6250            0.5000       0.0325    0.0000               0.5325
      1103645678   ANTIOCH                                              94531    CA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      47,300.00                      47,275.67   Second Lien                                236200           283,500.00                         0.00                      -          315,000.00                    90.00               90.00   No MI                     NO MI                        0                                   12.500             0.500       0.0325     0.000               0.5325
      1103645687   POMONA                                               91767    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     463,900.00                     463,900.00   First Lien                                      0           579,850.00                   115,950.00                 579900              590000                    80.00              100.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103645821   BENICIA                                              94510    CA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                     154,000.00                     153,901.09   Second Lien                                616000           770,000.00                         0.00                      -          770,000.00                   100.00              100.00   No MI                     NO MI                        0                                   11.500             0.500       0.0325     0.000               0.5325
      1103645844   BAKERSFIELD                                          93313    CA                             20070201                 20220201   FIXED                   Yes                                             180                    360                          177                      26,300.00                      26,278.42   Second Lien                                210650           236,950.00                         0.00                 263320              264000                    89.99               89.99   No MI                     NO MI                        0                                  12.2500            0.5000       0.0325    0.0000               0.5325
      1103645898   SPARKS                                               89431    NV                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      23,000.00                      22,987.28   Second Lien                                184000           207,000.00                         0.00                      -          230,000.00                    90.00               90.00   No MI                     NO MI                        0                                   14.000             0.500       0.0325     0.000               0.5325
      1103645975   CONCORD                                              94521    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     430,000.00                     430,000.00   First Lien                                      0           430,000.00                         0.00                      -          820,000.00                    52.44               52.44   No MI                     NO MI                        0                                    5.250             0.250       0.0325     0.000               0.2825
      1103646020   SAN MIGUEL                                           93451    CA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      78,000.00                      77,939.49   Second Lien                                546000           624,000.00                         0.00                      -          780,000.00                    80.00               80.00   No MI                     NO MI                        0                                   12.500             0.500       0.0325     0.000               0.5325
      1103646029   POMONA                                               91767    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     241,200.00                     241,200.00   First Lien                                      0           241,200.00                         0.00                      -          480,000.00                    50.25               50.25   No MI                     NO MI                        0                                    5.375             0.375       0.0325     0.000               0.4075
      1103646126   MANASSAS                                             20111    VA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                     112,500.00                     112,421.79   Second Lien                                337500           450,000.00                         0.00                      -          470,000.00                    95.75               95.75   No MI                     NO MI                        0                                   12.990             0.500       0.0325     0.000               0.5325
      1103646143   TULSA                                                74135    OK                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      29,700.00                      29,683.70   Second Lien                                111375           141,075.00                         0.00                      -          148,500.00                    95.00               95.00   No MI                     NO MI                        0                                   12.425             0.500       0.0325     0.000               0.5325
      1103646254   KAILUA KONA                                          96740    HI                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      53,200.00                      53,172.63   Second Lien                                199500           252,700.00                         0.00                 266000              266000                    95.00               95.00   No MI                     NO MI                        0                                  12.5000            0.5000       0.0325    0.0000               0.5325
      1103646277   LOS ANGELES                                          90037    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     432,000.00                     432,000.00   First Lien                                      0           540,000.00                   108,000.00                 540000              595000                    80.00              100.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103646283   GULF SHORES                                          36542    AL                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                     197,500.00                     197,500.00   Second Lien                                553000           750,500.00                         0.00                 790000              815000                    95.00               95.00   No MI                     NO MI                        0                                  13.5000            0.5000       0.0325    0.0000               0.5325
      1103646302   WATSONVILLE                                          95076    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     626,000.00                     624,837.31   First Lien                                      0           626,000.00                         0.00                      -        2,300,000.00                    27.22               27.22   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103646348   BAKERSFIELD                                          93313    CA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      26,050.00                      26,028.63   Second Lien                                208750           234,800.00                         0.00                 260995              261000                    89.97               89.97   No MI                     NO MI                        0                                  12.2500            0.5000       0.0325    0.0000               0.5325
      1103646463   QUINCY                                               95971    CA                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      34,000.00                      33,976.93   Second Lien                                136000           170,000.00                         0.00                 170000              175000                   100.00              100.00   No MI                     NO MI                        0                                  11.2500            0.5000       0.0325    0.0000               0.5325
      1103646487   CORONA                                               92880    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     560,000.00                     560,000.00   First Lien                                      0           560,000.00                         0.00                      -          700,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103646493   RICHMOND                                             23222    VA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     161,100.00                     161,100.00   First Lien                                      0           161,100.00                         0.00                 179000              180000                    90.00               90.00   PMI                       LPMI                        25                                  11.7500            0.3750       0.0325    1.4600               1.8675
      1103646521   PANAMA CITY                                          32413    FL                             20060501                 20220401   FIXED                   Yes                                             180                    360                          168                      51,900.00                      50,880.27   Second Lien                                415200           467,100.00                         0.00                 519000              790000                    90.00               90.00   No MI                     NO MI                        0                                  13.8750            0.5000       0.0325    0.0000               0.5325
      1103646623   HOMESTEAD                                            33035    FL                             20070301                 20210401   FIXED                   Yes                                             180                    360                          178                      22,000.00                      21,991.47   Second Lien                                175950           197,950.00                         0.00                 219990              220000                    89.99               89.99   No MI                     NO MI                        0                                  13.7500            0.5000       0.0325    0.0000               0.5325
      1103646782   TUSTIN                                               92782    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     824,800.00                     824,800.00   First Lien                                      0           927,900.00                   103,100.00                      -        1,031,000.00                    80.00               90.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103646816   FRESNO                                               93701    CA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      49,500.00                      49,477.88   Second Lien                                138600           188,100.00                         0.00                      -          198,000.00                    95.00               95.00   No MI                     NO MI                        0                                   13.125             0.500       0.0325     0.000               0.5325
      1103646838   KERNERSVILLE                                         27284    NC                             20070301                 20370201   ARMS                    No                                              360                    360                          358                      72,460.00                      72,376.30   First Lien                                      0           103,514.00                    31,054.00                 103515              104000                    70.00              100.00   No MI                     NO MI                        0                                   8.7500            0.3750       0.0325    0.0000               0.4075
      1103646976   LEESBURG                                             20176    VA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                     112,950.00                     112,904.93   Second Lien                                423650           536,600.00                         0.00                 564900              595000                    95.00               95.00   No MI                     NO MI                        0                                  13.6250            0.5000       0.0325    0.0000               0.5325
      1103647092   CHINO                                                91710    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     454,500.00                     454,500.00   First Lien                                      0           454,500.00                         0.00                      -          505,000.00                    90.00               90.00   PMI                       LPMI                        25                                    7.950             0.375       0.0325     0.950               1.3575
      1103647099   LOS BANOS                                            93635    CA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      68,000.00                      67,964.42   Second Lien                                238000           306,000.00                         0.00                      -          340,000.00                    90.00               90.00   No MI                     NO MI                        0                                   12.425             0.500       0.0325     0.000               0.5325
      1103647132   MIAMI                                                33196    FL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      49,975.00                      49,951.35   Second Lien                                139930           189,905.00                         0.00                 199900              203000                    95.00               95.00   No MI                     NO MI                        0                                  12.8750            0.5000       0.0325    0.0000               0.5325
      1103647189   ORANGE                                               92865    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     560,000.00                     560,000.00   First Lien                                      0           700,000.00                   140,000.00                      -          700,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103647199   SPRING VALLEY                                        91977    CA                             20070301                 20370201   ARMS                    Yes                                             360                    480                          358                     248,000.00                     247,893.33   First Lien                                      0           310,000.00                    62,000.00                 310000              315000                    80.00              100.00   No MI                     NO MI                        0                                   8.9900            0.3750       0.0325    0.0000               0.4075
      1103647350   POMPANO BEACH                                        33062    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                   1,000,000.00                   1,000,000.00   First Lien                                      0         1,341,000.00                   341,000.00                1490000             1490000                    67.12               90.00   No MI                     NO MI                        0                                   8.0000            0.3750       0.0325    0.0000               0.4075
      1103647408   ANAHEIM HILLS                                        92807    CA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                     124,000.00                     123,901.01   Second Lien                                496000           620,000.00                         0.00                 620000              625000                   100.00              100.00   No MI                     NO MI                        0                                  10.5000            0.5000       0.0325    0.0000               0.5325
      1103647440   ANAHEIM                                              92805    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     345,000.00                     345,000.00   First Lien                                      0           345,000.00                         0.00                      -          455,000.00                    75.83               75.83   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103647484   WEST PALM BEACH                                      33401    FL                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      36,500.00                      36,482.43   Second Lien                                102200           138,700.00                         0.00                 146000              154000                    95.00               95.00   No MI                     NO MI                        0                                  12.8000            0.5000       0.0325    0.0000               0.5325
      1103647491   POMPANO BEACH                                        33062    FL                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                     341,000.00                     340,919.80   Second Lien                               1000000         1,341,000.00                         0.00                1490000             1490000                    90.00               90.00   No MI                     NO MI                        0                                  12.8750            0.5000       0.0325    0.0000               0.5325
      1103647553   ELIZABETH                                            07201    NJ                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      29,500.00                      29,483.86   Second Lien                                472000           501,500.00                         0.00                      -          590,000.00                    85.00               85.00   No MI                     NO MI                        0                                   12.225             0.500       0.0325     0.000               0.5325
      1103647673   LAKE ARROWHEAD                                       92352    CA                             20070301                 20220201   ARMS                    Yes                                             360                    480                          358                     467,500.00                     467,339.85   First Lien                                      0           467,500.00                         0.00                      -          550,000.00                    85.00               85.00   PMI                       LPMI                        22                                    9.750             0.375       0.0325     1.400               1.8075
      1103647703   HESPERIA                                             92345    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     272,000.00                     272,000.00   First Lien                                      0           272,000.00                         0.00                      -          380,000.00                    71.58               71.58   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103647745   CARSON                                               90745    CA                             20070301                 20370401   ARMS                    Yes                                             360                    480                          358                     422,500.00                     422,280.55   First Lien                                      0           422,500.00                         0.00                      -          530,000.00                    79.72               79.72   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103648022   LA CANADA FLINTRIDGE                                 91011    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     877,232.00                     877,232.00   First Lien                                      0           927,232.00                    50,000.00                      -        1,350,000.00                    64.99               68.69   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      1103648053   MESA                                                 85202    AZ                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      46,000.00                      45,975.65   Second Lien                                161000           207,000.00                         0.00                 230000              235000                    90.00               90.00   No MI                     NO MI                        0                                  12.3750            0.5000       0.0325    0.0000               0.5325
      1103648126   CABAZON AREA                                         92230    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     172,720.00                     172,720.00   First Lien                                      0           215,900.00                    43,180.00                 215900              218000                    80.00              100.00   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      1103648158   RALEIGH                                              27603    NC                             20070301                 20370201   ARMS                    Yes                                             360                    480                          358                     156,000.00                     155,950.22   First Lien                                      0           156,000.00                         0.00                      -          195,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103648203   HOMEWOOD                                             96141    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     616,000.00                     614,679.83   First Lien                                      0           616,000.00                         0.00                 880000              917100                    70.00               70.00   No MI                     NO MI                        0                                   5.6250            0.2500       0.0325    0.0000               0.2825
      1103648241   ANAHEIM                                              92804    CA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      90,000.00                      89,958.62   Second Lien                                450000           540,000.00                         0.00                      -          600,000.00                    90.00               90.00   No MI                     NO MI                        0                                   13.000             0.500       0.0325     0.000               0.5325
      1103648294   CHICO                                                95928    CA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      31,500.00                      31,480.86   Second Lien                                252000           283,500.00                         0.00                 315000              315000                    90.00               90.00   No MI                     NO MI                        0                                  11.7500            0.5000       0.0325    0.0000               0.5325
      1103648355   NEW HOPE                                             55428    MN                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      62,750.00                      62,729.17   Second Lien                                175700           238,450.00                         0.00                      -          251,000.00                    95.00               95.00   No MI                     NO MI                        0                                   14.430             0.500       0.0325     0.000               0.5325
      1103648365   SAN FRANCISCO                                        94124    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     504,000.00                     504,000.00   First Lien                                      0           598,500.00                    94,500.00                 630000              740000                    80.00               95.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103648406   GLENDALE                                             91206    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     591,500.00                     590,290.92   First Lien                                      0           591,500.00                         0.00                 910000              925000                    65.00               65.00   No MI                     NO MI                        0                                   5.8750            0.2500       0.0325    0.0000               0.2825
      1103648432   YUMA                                                 85364    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     157,500.00                     157,433.95   First Lien                                      0           157,500.00                         0.00                      -          175,000.00                    90.00               90.00   PMI                       LPMI                        25                                   10.250             0.375       0.0325     1.340               1.7475
      1103648450   AUBURN HILLS                                         48326    MI                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     644,000.00                     643,311.52   First Lien                                      0           644,000.00                         0.00                      -        1,100,000.00                    58.55               58.55   No MI                     NO MI                        0                                    5.625             0.250       0.0325     0.000               0.2825
      1103648573   HONOLULU                                             96822    HI                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                     162,300.00                     162,201.36   Second Lien                               1217250         1,379,550.00                         0.00                      -        1,623,000.00                    85.00               85.00   No MI                     NO MI                        0                                   11.750             0.500       0.0325     0.000               0.5325
      1103648735   PARKLAND                                             33076    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     652,000.00                     652,000.00   First Lien                                      0           815,000.00                   163,000.00                 815000              820000                    80.00              100.00   No MI                     NO MI                        0                                   7.9000            0.3750       0.0325    0.0000               0.4075
      1103648746   FONTANA                                              92336    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     389,600.00                     389,600.00   First Lien                                      0           389,600.00                         0.00                      -          487,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103648767   BIG BEAR LAKE                                        92315    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     900,000.00                     900,000.00   First Lien                                      0           900,000.00                         0.00                      -        1,500,000.00                    60.00               60.00   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103648834   HUNTINGTON BEACH                                     92646    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     525,000.00                     525,000.00   First Lien                                      0           525,000.00                         0.00                 700000              700000                    75.00               75.00   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      1103648907   NASHVILLE                                            37211    TN                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     126,000.00                     126,000.00   First Lien                                      0           159,600.00                    33,600.00                      -          168,000.00                    75.00               95.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103648931   CHINO                                                91710    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     319,600.00                     319,600.00   First Lien                                      0           399,500.00                    79,900.00                 399500              400000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103649078   LOS ANGELES                                          90020    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     273,600.00                     273,600.00   First Lien                                      0           307,800.00                    34,200.00                 342000              342000                    80.00               90.00   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      1103649142   LAVEEN                                               85339    AZ                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                     133,750.00                     133,679.23   Second Lien                                374500           508,250.00                         0.00                 535000              535000                    95.00               95.00   No MI                     NO MI                        0                                  12.3750            0.5000       0.0325    0.0000               0.5325
      1103649164   GLENDORA                                             91741    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     576,000.00                     576,000.00   First Lien                                      0           576,000.00                         0.00                      -          750,000.00                    76.80               76.80   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103649173   NASHVILLE                                            37209    TN                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     113,000.00                     112,882.02   First Lien                                      0           113,000.00                         0.00                      -          163,000.00                    69.33               69.33   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103649192   CLARKSBURG                                           20871    MD                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     644,300.00                     644,300.00   First Lien                                      0           644,300.00                         0.00                      -          820,000.00                    78.58               78.58   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103649198   FREMONT                                              94538    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     414,000.00                     413,607.18   First Lien                                      0           414,000.00                         0.00                      -          715,000.00                    57.91               57.91   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103649226   HENDERSON                                            89002    NV                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     240,000.00                     239,755.31   First Lien                                      0           270,000.00                    30,000.00                 300000              300000                    80.00               90.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103649241   LOS GATOS                                            95032    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     606,000.00                     606,000.00   First Lien                                      0           686,000.00                    80,000.00                      -        1,100,000.00                    55.10               62.37   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103649244   STOCKTON                                             95210    CA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      37,500.00                      37,479.58   Second Lien                                300000           337,500.00                         0.00                 375000              375000                    90.00               90.00   No MI                     NO MI                        0                                  12.2500            0.5000       0.0325    0.0000               0.5325
      1103649274   LAS VEGAS                                            89119    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     175,550.00                     175,550.00   First Lien                                      0           208,450.00                    32,900.00                 219440              220000                    80.00               95.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103649275   PHOENIX                                              85035    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     135,800.00                     135,800.00   First Lien                                      0           135,800.00                         0.00                      -          230,000.00                    59.05               59.05   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103649342   DALY CITY                                            94014    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     528,000.00                     528,000.00   First Lien                                      0           528,000.00                         0.00                      -          960,000.00                    55.00               55.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103649373   DESERT HOT SPRINGS                                   92240    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     219,200.00                     219,200.00   First Lien                                      0           274,000.00                    54,800.00                 274000              274000                    80.00              100.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103649380   MENIFEE                                              92584    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     263,200.00                     263,200.00   First Lien                                      0           338,400.00                    75,200.00                 376000              384000                    70.00               90.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103649478   CARMEL                                               10512    NY                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     276,000.00                     276,000.00   First Lien                                      0           276,000.00                         0.00                      -          345,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103649499   WHEAT RIDGE                                          80033    CO                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     160,000.00                     160,000.00   First Lien                                      0           186,500.00                    26,500.00                      -          205,000.00                    78.05               90.98   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103649521   ELK GROVE                                            95624    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     285,000.00                     285,000.00   First Lien                                      0           361,000.00                    76,000.00                      -          380,000.00                    75.00               95.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103649550   PHARR                                                78577    TX                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     211,500.00                     211,500.00   First Lien                                      0           211,500.00                         0.00                 235000              235000                    90.00               90.00   PMI                       LPMI                        25                                   9.8750            0.3750       0.0325    1.0900               1.4975
      1103649552   BAKERSFIELD                                          93313    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     239,500.00                     239,010.44   First Lien                                      0           239,500.00                         0.00                      -          325,000.00                    73.70               73.70   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103649572   SAN DIEGO                                            92154    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     416,000.00                     416,000.00   First Lien                                      0           416,000.00                         0.00                      -          520,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103649594   HONOLULU                                             96815    HI                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      63,000.00                      62,982.47   Second Lien                                504000           567,000.00                         0.00                 630000              645000                    90.00               90.00   No MI                     NO MI                        0                                  12.1250            0.5000       0.0325    0.0000               0.5325
      1103649602   IRVINE                                               92620    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     110,000.00                     109,970.88   Second Lien                                412500           522,500.00                         0.00                 550000              550000                    95.00               95.00   No MI                     NO MI                        0                                  12.3500            0.5000       0.0325    0.0000               0.5325
      1103649607   GARDEN GROVE                                         92841    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     345,000.00                     345,000.00   First Lien                                      0           391,000.00                    46,000.00                      -          460,000.00                    75.00               85.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103649618   BOISE                                                83706    ID                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     154,000.00                     153,823.36   First Lien                                      0           204,000.00                    50,000.00                      -          220,000.00                    70.00               92.73   No MI                     NO MI                        0                                    5.250             0.250       0.0325     0.000               0.2825
      1103649626   HACIENDA HEIGHTS AREA                                91745    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     539,000.00                     538,619.58   First Lien                                      0           539,000.00                         0.00                      -          770,000.00                    70.00               70.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103649780   POUGHKEEPSIE                                         12603    NY                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     135,000.00                     135,000.00   First Lien                                      0           135,000.00                         0.00                 150000              150000                    90.00               90.00   PMI                       BPMI                        25                                   8.5000            0.3750       0.0325    0.0000               0.4075
      1103649788   RANCHO PALO VERDES                                   90275    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     759,000.00                     758,226.17   First Lien                                      0         1,259,000.00                   500,000.00                      -        2,200,000.00                    34.50               57.23   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103649828   TAMPA                                                33618    FL                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     306,000.00                     306,000.00   First Lien                                      0           306,000.00                         0.00                      -          340,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.275             0.375       0.0325     1.340               1.7475
      1103649838   DOWNEY                                               90240    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     520,000.00                     520,000.00   First Lien                                      0           520,000.00                         0.00                 650000              650000                    80.00               80.00   No MI                     NO MI                        0                                   6.6250            0.3750       0.0325    0.0000               0.4075
      1103649844   PALMDALE                                             93551    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     424,000.00                     424,000.00   First Lien                                      0           530,000.00                   106,000.00                 530000              530000                    80.00              100.00   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      1103649879   CARMEL BY THE SEA                                    93921    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     420,000.00                     419,601.49   First Lien                                      0           420,000.00                         0.00                      -        1,500,000.00                    28.00               28.00   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103649882   STANTON                                              90680    CA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                     192,500.00                     192,351.22   Second Lien                                577500           770,000.00                         0.00                 770000              775000                   100.00              100.00   No MI                     NO MI                        0                                  10.6500            0.5000       0.0325    0.0000               0.5325
      1103649902   LANCASTER                                            93536    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     384,000.00                     384,000.00   First Lien                                      0           384,000.00                         0.00                      -          480,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103649925   HONOLULU                                             96822    HI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     190,500.00                     190,500.00   First Lien                                      0           190,500.00                         0.00                      -          295,000.00                    64.58               64.58   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103649983   MOUND                                                55364    MN                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     749,250.00                     749,250.00   First Lien                                      0           949,050.00                   199,800.00                 999000             1100000                    75.00               95.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103650057   BAKERSFIELD                                          93311    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     534,000.00                     533,442.47   First Lien                                      0           534,000.00                         0.00                      -          780,000.00                    68.47               68.47   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103650090   GRASS VALLEY                                         95949    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     200,000.00                     200,000.00   First Lien                                      0           200,000.00                         0.00                      -          292,000.00                    68.50               68.50   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103650126   PHOENIX                                              85040    AZ                             20070401                 20220301   FIXED                   No                                              180                    180                          179                     103,000.00                     102,660.68   First Lien                                      0           103,000.00                         0.00                      -          215,000.00                    47.91               47.91   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103650169   LOS ANGELES                                          90037    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     200,000.00                     200,000.00   First Lien                                      0           200,000.00                         0.00                      -          435,000.00                    45.98               45.98   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103650190   SAN BERNARDINO                                       92404    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     160,000.00                     160,000.00   First Lien                                      0           160,000.00                         0.00                      -          310,000.00                    51.62               51.62   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103650205   MENIFEE                                              92584    CA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      70,000.00                      69,932.25   Second Lien                                280000           350,000.00                         0.00                      -          350,000.00                   100.00              100.00   No MI                     NO MI                        0                                   11.500             0.500       0.0325     0.000               0.5325
      1103650238   SAN DIEGO                                            92117    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     240,000.00                     240,000.00   First Lien                                      0           300,000.00                    60,000.00                 300000              300000                    80.00              100.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103650275   ORLANDO                                              32839    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     223,100.00                     223,100.00   First Lien                                      0           278,900.00                    55,800.00                 278900              290000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103650336   SANTA BARBARA                                        93105    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     600,000.00                     599,358.56   First Lien                                      0           600,000.00                         0.00                      -        1,375,000.00                    43.64               43.64   No MI                     NO MI                        0                                    5.625             0.250       0.0325     0.000               0.2825
      1103650353   SAN JOSE                                             95122    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     448,000.00                     448,000.00   First Lien                                      0           448,000.00                         0.00                      -          640,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103650439   BENICIA                                              94510    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     288,000.00                     288,000.00   First Lien                                      0           360,000.00                    72,000.00                      -          360,000.00                    80.00              100.00   No MI                     NO MI                        0                                    5.999             0.375       0.0325     0.000               0.4075
      1103650475   COSTA MESA                                           92627    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     485,000.00                     484,582.43   First Lien                                      0           485,000.00                         0.00                      -          865,000.00                    56.07               56.07   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103650515   LOS ANGELES                                          90043    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     340,000.00                     340,000.00   First Lien                                      0           340,000.00                         0.00                      -          700,000.00                    48.58               48.58   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103650588   WHITTIER                                             90601    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     320,000.00                     319,281.25   First Lien                                      0           320,000.00                         0.00                      -          400,000.00                    80.00               80.00   No MI                     NO MI                        0                                    5.375             0.250       0.0325     0.000               0.2825
      1103650621   LOS ANGELES                                          90291    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     941,000.00                     941,000.00   First Lien                                      0           941,000.00                         0.00                      -        1,600,000.00                    58.82               58.82   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103650646   KOLOA                                                96756    HI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     664,000.00                     663,337.72   First Lien                                      0           664,000.00                         0.00                 830000              830000                    80.00               80.00   No MI                     NO MI                        0                                   5.9900            0.3750       0.0325    0.0000               0.4075
      1103650664   PLACENTIA                                            92870    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     303,000.00                     302,726.08   First Lien                                      0           303,000.00                         0.00                      -          450,000.00                    67.34               67.34   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103650704   CHINO HILLS                                          91709    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     416,000.00                     416,000.00   First Lien                                      0           520,000.00                   104,000.00                 520000              530000                    80.00              100.00   No MI                     NO MI                        0                                   8.8750            0.3750       0.0325    0.0000               0.4075
      1103650762   AZUSA                                                91702    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     380,000.00                     380,000.00   First Lien                                      0           475,000.00                    95,000.00                 475000              485000                    80.00              100.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103650770   PORTERVILLE                                          93257    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     241,600.00                     241,600.00   First Lien                                      0           302,000.00                    60,400.00                      -          310,000.00                    77.94               97.42   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103650880   OCEANSIDE                                            92057    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     454,300.00                     454,300.00   First Lien                                      0           551,650.00                    97,350.00                      -          649,000.00                    70.00               85.00   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103650906   AZUSA                                                91702    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     145,000.00                     144,862.42   First Lien                                      0           145,000.00                         0.00                      -          425,000.00                    34.12               34.12   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103650985   LAGUNA NIGUEL                                        92677    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     115,000.00                     115,000.00   First Lien                                      0           115,000.00                         0.00                      -          355,000.00                    32.40               32.40   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103651112   GARDEN GROVE                                         92840    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     433,500.00                     433,117.53   First Lien                                      0           433,500.00                         0.00                      -          560,000.00                    77.42               77.42   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      1103651126   SALT LAKE CITY                                       84111    UT                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      26,350.00                      26,343.98   Second Lien                                140700           167,050.00                         0.00                 175875              195500                    94.99               94.99   No MI                     NO MI                        0                                  13.0000            0.5000       0.0325    0.0000               0.5325
      1103651168   SPANAWAY                                             98387    WA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     181,762.00                     181,762.00   First Lien                                      0           230,232.00                    48,470.00                 242350              245000                    75.00               95.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103651172   BEL AIR                                              21014    MD                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      42,000.00                      41,978.97   Second Lien                                147000           189,000.00                         0.00                 210000              320000                    90.00               90.00   No MI                     NO MI                        0                                  12.6250            0.5000       0.0325    0.0000               0.5325
      1103651202   AUBURN                                               95602    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     490,000.00                     490,000.00   First Lien                                      0           490,000.00                         0.00                      -          735,000.00                    66.67               66.67   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103651240   WEST PALM BEACH                                      33411    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     178,600.00                     178,600.00   First Lien                                      0           178,600.00                         0.00                 188000              204000                    95.00               95.00   PMI                       BPMI                        30                                   7.9900            0.3750       0.0325    0.0000               0.4075
      1103651250   HOFFMAN ESTATES                                      60192    IL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     200,000.00                     199,810.24   First Lien                                      0           200,000.00                         0.00                      -          510,000.00                    39.22               39.22   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103651275   HELENA                                               35080    AL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     132,000.00                     131,862.18   First Lien                                      0           132,000.00                         0.00                      -          170,000.00                    77.65               77.65   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103651288   COVINA                                               91724    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     404,000.00                     404,000.00   First Lien                                      0           529,000.00                   125,000.00                      -          600,000.00                    67.34               88.17   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103651320   NEWPORT BEACH                                        92663    CA                             20070501                 20220401   FIXED                   No                                              180                    180                          180                     596,300.00                     594,245.21   First Lien                                      0           796,300.00                   200,000.00                      -        1,800,000.00                    33.13               44.24   No MI                     NO MI                        0                                    5.975             0.250       0.0325     0.000               0.2825
      1103651337   ALEXANDRIA                                           22309    VA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     400,000.00                     400,000.00   First Lien                                      0           400,000.00                         0.00                      -          640,000.00                    62.50               62.50   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103651396   REDLANDS                                             92373    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     430,000.00                     430,000.00   First Lien                                      0           430,000.00                         0.00                      -          590,000.00                    72.89               72.89   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103651416   HELENA                                               35080    AL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     279,900.00                     279,578.94   First Lien                                      0           279,900.00                         0.00                 349900              370000                    80.00               80.00   No MI                     NO MI                        0                                   5.2500            0.2500       0.0325    0.0000               0.2825
      1103651419   HOBOKEN                                              07030    NJ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     477,393.00                     477,393.00   First Lien                                      0           613,791.00                   136,398.00                 681990              685000                    70.00               90.00   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      1103651616   IRVINE                                               92603    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     560,000.00                     560,000.00   First Lien                                      0           660,000.00                   100,000.00                      -          900,000.00                    62.23               73.34   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      1103651644   POMONA                                               91767    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     303,920.00                     303,920.00   First Lien                                      0           379,900.00                    75,980.00                 379900              379900                    80.00              100.00   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      1103651658   EL CENTRO                                            92243    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     115,000.00                     114,885.52   First Lien                                      0           115,000.00                         0.00                      -          215,000.00                    53.49               53.49   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103651685   SAN DIEGO                                            92113    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     192,000.00                     192,000.00   First Lien                                      0           192,000.00                         0.00                      -          420,000.00                    45.72               45.72   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103651687   BIG BEAR LAKE                                        92315    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     204,000.00                     204,000.00   First Lien                                      0           242,250.00                    38,250.00                 255000              265000                    80.00               95.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103651721   GAITHERSBURG                                         20879    MD                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     235,200.00                     235,200.00   First Lien                                      0           319,200.00                    84,000.00                 336000              345000                    70.00               95.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103651752   CAMPBELL                                             95008    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     315,000.00                     314,686.42   First Lien                                      0           315,000.00                         0.00                      -          798,000.00                    39.48               39.48   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103651764   PALMDALE                                             93550    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     144,000.00                     144,000.00   First Lien                                      0           144,000.00                         0.00                      -          280,000.00                    51.43               51.43   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103651810   DANVILLE                                             94526    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     564,000.00                     563,464.85   First Lien                                      0           564,000.00                         0.00                      -        1,605,000.00                    35.15               35.15   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103651837   TOLLESON                                             85353    AZ                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     185,000.00                     185,000.00   First Lien                                      0           185,000.00                         0.00                      -          269,000.00                    68.78               68.78   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103651838   LAKE FOREST                                          92630    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     322,200.00                     322,200.00   First Lien                                      0           322,200.00                         0.00                      -          430,000.00                    74.94               74.94   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      1103651856   ALTADENA                                             91001    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     450,000.00                     450,000.00   First Lien                                      0           450,000.00                         0.00                      -          600,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103651876   ANAHEIM                                              92802    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     321,000.00                     321,000.00   First Lien                                      0           321,000.00                         0.00                      -          535,000.00                    60.00               60.00   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103651973   WAHINGTON                                            07882    NJ                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     204,750.00                     204,750.00   First Lien                                      0           283,500.00                    78,750.00                      -          333,000.00                    61.49               85.14   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103652059   LOS ANGELES                                          91331    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     439,200.00                     439,200.00   First Lien                                      0           549,000.00                   109,800.00                 549000              549000                    80.00              100.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      1103652088   RIVERSIDE AREA                                       92509    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     272,000.00                     272,000.00   First Lien                                      0           272,000.00                         0.00                      -          345,000.00                    78.85               78.85   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103652103   REDMOND                                              98053    WA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     418,000.00                     417,563.59   First Lien                                      0           418,000.00                         0.00                      -          800,000.00                    52.25               52.25   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103652104   DAVIE                                                33314    FL                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      34,400.00                      34,382.79   Second Lien                                137600           172,000.00                         0.00                 172000              174000                   100.00              100.00   No MI                     NO MI                        0                                  12.6250            0.5000       0.0325    0.0000               0.5325
      1103652212   SAN DIMAS                                            91773    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     350,000.00                     349,695.64   First Lien                                      0           350,000.00                         0.00                      -          650,000.00                    53.85               53.85   No MI                     NO MI                        0                                    6.699             0.250       0.0325     0.000               0.2825
      1103652218   PLYMOUTH                                             48170    MI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     208,000.00                     208,000.00   First Lien                                      0           247,000.00                    39,000.00                 260000              480000                    80.00               95.00   No MI                     NO MI                        0                                   8.6250            0.3750       0.0325    0.0000               0.4075
      1103652262   WEST COVINA                                          91790    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     352,400.00                     352,400.00   First Lien                                      0           352,400.00                         0.00                      -          489,000.00                    72.07               72.07   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      1103652293   LANCASTER                                            93534    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     188,500.00                     188,500.00   First Lien                                      0           188,500.00                         0.00                      -          290,000.00                    65.00               65.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103652316   DOWNEY                                               90241    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     576,000.00                     576,000.00   First Lien                                      0           720,000.00                   144,000.00                 720000              720000                    80.00              100.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103652329   SAN DIEGO                                            92111    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     399,000.00                     399,000.00   First Lien                                      0           509,000.00                   110,000.00                      -          570,000.00                    70.00               89.30   No MI                     NO MI                        0                                    6.659             0.375       0.0325     0.000               0.4075
      1103652333   WHITEFISH                                            59937    MT                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     234,400.00                     234,400.00   First Lien                                      0           278,350.00                    43,950.00                      -          293,000.00                    80.00               95.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103652335   TRABUCO CANYON                                       92679    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     294,750.00                     294,449.49   First Lien                                      0           393,000.00                    98,250.00                 393000              395000                    75.00              100.00   No MI                     NO MI                        0                                   5.8750            0.2500       0.0325    0.0000               0.2825
      1103652343   LANCASTER                                            93535    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     555,200.00                     555,200.00   First Lien                                      0           694,000.00                   138,800.00                 694000              725000                    80.00              100.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103652351   IRVINE                                               92603    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     404,000.00                     404,000.00   First Lien                                      0           404,000.00                         0.00                      -          660,000.00                    61.22               61.22   No MI                     NO MI                        0                                    6.220             0.375       0.0325     0.000               0.4075
      1103652363   LOS ANGELES                                          91356    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     195,000.00                     195,000.00   First Lien                                      0           195,000.00                         0.00                      -          260,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103652373   GARDENA                                              90249    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     204,000.00                     204,000.00   First Lien                                      0           255,000.00                    51,000.00                 255000              255000                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103652452   OVIEDO                                               32765    FL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     380,000.00                     380,000.00   First Lien                                      0           380,000.00                         0.00                 475000              500000                    80.00               80.00   No MI                     NO MI                        0                                   7.0000            0.2500       0.0325    0.0000               0.2825
      1103652458   WEST SACRAMENTO                                      95605    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     820,000.00                     819,143.87   First Lien                                      0           820,000.00                         0.00                      -        1,025,000.00                    80.00               80.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103652492   NAPERVILLE                                           60565    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     274,800.00                     274,800.00   First Lien                                      0           340,800.00                    66,000.00                      -          343,500.00                    80.00               99.22   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103652510   PASO ROBLES                                          93446    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      97,000.00                      96,975.18   Second Lien                                339500           436,500.00                         0.00                      -          485,000.00                    90.00               90.00   No MI                     NO MI                        0                                   12.500             0.500       0.0325     0.000               0.5325
      1103652537   WOODMERE                                             11598    NY                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     510,000.00                     510,000.00   First Lien                                      0           510,000.00                         0.00                      -          853,000.00                    59.79               59.79   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103652548   DENVER                                               80211    CO                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     330,000.00                     330,000.00   First Lien                                      0           330,000.00                         0.00                      -          480,000.00                    68.75               68.75   No MI                     NO MI                        0                                    7.250             0.250       0.0325     0.000               0.2825
      1103652549   BAKERSFIELD                                          93312    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     320,000.00                     320,000.00   First Lien                                      0           384,670.00                    64,670.00                      -          400,000.00                    80.00               96.17   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103652552   YUCCA VALLEY                                         92284    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     134,640.00                     134,518.28   First Lien                                      0           159,885.00                    25,245.00                 168300              183000                    80.00               95.00   No MI                     NO MI                        0                                   6.5000            0.2500       0.0325    0.0000               0.2825
      1103652565   TEMECULA                                             92592    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     256,000.00                     256,000.00   First Lien                                      0           256,000.00                         0.00                 320000              320000                    80.00               80.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103652605   ORLANDO                                              32817    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     241,600.00                     241,600.00   First Lien                                      0           285,100.00                    43,500.00                      -          302,000.00                    80.00               94.41   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103652607   ESTES PARK                                           80517    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     126,750.00                     126,750.00   First Lien                                      0           126,750.00                         0.00                      -          169,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103652612   PASO ROBLES                                          93446    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     636,000.00                     636,000.00   First Lien                                      0           636,000.00                         0.00                      -          795,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103652631   SAN JOSE                                             95126    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     484,000.00                     484,000.00   First Lien                                      0           605,000.00                   121,000.00                 605000              605000                    80.00              100.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103652634   TOOELE                                               84074    UT                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     171,200.00                     171,200.00   First Lien                                      0           171,200.00                         0.00                      -          214,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103652653   LOS ANGELES                                          90047    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     426,000.00                     425,614.89   First Lien                                      0           426,000.00                         0.00                      -          577,000.00                    73.84               73.84   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103652662   ROSEVILLE                                            95747    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     480,000.00                     480,000.00   First Lien                                      0           480,000.00                         0.00                      -          600,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.200             0.250       0.0325     0.000               0.2825
      1103652674   BIG BEAR LAKE                                        92315    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     560,000.00                     559,455.71   First Lien                                      0           560,000.00                         0.00                      -        1,272,000.00                    44.03               44.03   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103652697   KIHEI                                                96753    HI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     219,200.00                     219,200.00   First Lien                                      0           219,200.00                         0.00                      -          295,000.00                    74.31               74.31   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103652700   HAWAIIAN GARDENS                                     90716    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     400,000.00                     400,000.00   First Lien                                      0           400,000.00                         0.00                      -          535,000.00                    74.77               74.77   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103652713   TEHACHAPI                                            93561    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     352,000.00                     352,000.00   First Lien                                      0           352,000.00                         0.00                 455000              455000                    77.37               77.37   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      1103652729   SALT LAKE CITY                                       84105    UT                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     191,000.00                     191,000.00   First Lien                                      0           191,000.00                         0.00                      -          320,000.00                    59.69               59.69   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103652737   SAN FRANCISCO                                        94122    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     585,000.00                     584,471.15   First Lien                                      0           585,000.00                         0.00                      -          975,000.00                    60.00               60.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103652754   LOS ANGELES                                          90002    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     487,500.00                     487,500.00   First Lien                                      0           650,000.00                   162,500.00                 650000              650000                    75.00              100.00   No MI                     NO MI                        0                                   8.8750            0.3750       0.0325    0.0000               0.4075
      1103652758   DENVER                                               80229    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      81,000.00                      81,000.00   First Lien                                      0           102,600.00                    21,600.00                 108000              108000                    75.00               95.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103652771   LOS ANGELES                                          90042    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     505,000.00                     505,000.00   First Lien                                      0           505,000.00                         0.00                      -          700,000.00                    72.15               72.15   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103652779   DEL MAR                                              92014    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     525,000.00                     525,000.00   First Lien                                      0           525,000.00                         0.00                      -        1,320,000.00                    39.78               39.78   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103652840   CANYON LAKE                                          92587    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     470,400.00                     470,400.00   First Lien                                      0           530,900.00                    60,500.00                      -          915,000.00                    51.41               58.03   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103652841   PURCELLVILLE                                         20132    VA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     500,000.00                     500,000.00   First Lien                                      0           556,700.00                    56,700.00                      -          630,000.00                    79.37               88.37   No MI                     NO MI                        0                                    5.625             0.375       0.0325     0.000               0.4075
      1103652847   TUSTIN                                               92780    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     435,000.00                     435,000.00   First Lien                                      0           435,000.00                         0.00                      -          553,000.00                    78.67               78.67   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103652867   PARKER                                               80138    CO                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     150,120.00                     150,120.00   First Lien                                      0           178,267.00                    28,147.00                 187650              193000                    80.00               95.00   No MI                     NO MI                        0                                   7.3750            0.2500       0.0325    0.0000               0.2825
      1103652876   WATERSOUND                                           32413    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     875,000.00                     875,000.00   First Lien                                      0         1,572,717.00                   697,717.00                      -        1,900,000.00                    46.06               82.78   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103652929   DETROIT                                              48224    MI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      88,000.00                      88,000.00   First Lien                                      0           108,000.00                    20,000.00                 120000              120000                    73.34               90.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103652986   MADERA                                               93636    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     355,000.00                     355,000.00   First Lien                                      0           355,000.00                         0.00                      -          660,000.00                    53.79               53.79   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103653022   OCEANSIDE                                            92057    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     301,000.00                     301,000.00   First Lien                                      0           301,000.00                         0.00                 430000              473000                    70.00               70.00   No MI                     NO MI                        0                                   6.0000            0.3750       0.0325    0.0000               0.4075
      1103653039   DENVER                                               80210    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     350,000.00                     350,000.00   First Lien                                      0           350,000.00                         0.00                 471000              500000                    74.31               74.31   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103653048   ESTES PARK                                           80517    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     736,000.00                     736,000.00   First Lien                                      0           736,000.00                         0.00                 920000              935000                    80.00               80.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103653060   GLENDALE                                             91214    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     562,000.00                     562,000.00   First Lien                                      0           562,000.00                         0.00                      -          750,000.00                    74.94               74.94   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103653068   ORANGE                                               92867    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     630,000.00                     630,000.00   First Lien                                      0           630,000.00                         0.00                      -          900,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      1103653073   VALLEJO                                              94590    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     304,000.00                     304,000.00   First Lien                                      0           361,000.00                    57,000.00                 380000              380000                    80.00               95.00   No MI                     NO MI                        0                                   6.6250            0.3750       0.0325    0.0000               0.4075
      1103653093   SEATTLE                                              98117    WA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     492,000.00                     492,000.00   First Lien                                      0           492,000.00                         0.00                      -          615,000.00                    80.00               80.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103653099   SAN PEDRO                                            90732    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     212,000.00                     212,000.00   First Lien                                      0           212,000.00                         0.00                      -          555,000.00                    38.20               38.20   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103653115   FORT WALTON BEACH                                    32548    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     289,000.00                     289,000.00   First Lien                                      0           471,364.00                   182,364.00                      -          520,000.00                    55.58               90.65   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103653161   INGLEWOOD                                            90301    CA                             20070501                 20220401   FIXED                   No                                              180                    180                          180                     150,000.00                     150,000.00   First Lien                                      0           150,000.00                         0.00                      -          525,000.00                    28.58               28.58   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103653165   OXNARD                                               93033    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     450,000.00                     450,000.00   First Lien                                      0           450,000.00                         0.00                      -          600,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103653172   WHITTIER AREA                                        90606    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     300,000.00                     300,000.00   First Lien                                      0           300,000.00                         0.00                      -          545,000.00                    55.05               55.05   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103653191   PLACERVILLE                                          95667    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     577,500.00                     577,500.00   First Lien                                      0           577,500.00                         0.00                      -          825,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103653215   BURKE                                                22015    VA                             20070401                 20220301   FIXED                   No                                              180                    180                          179                     400,000.00                     398,595.03   First Lien                                      0           400,000.00                         0.00                      -          867,000.00                    46.14               46.14   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103653297   THORNTON                                             80602    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     208,000.00                     208,000.00   First Lien                                      0           260,000.00                    52,000.00                 260000              260000                    80.00              100.00   No MI                     NO MI                        0                                   5.9900            0.3750       0.0325    0.0000               0.4075
      1103653310   LONG BEACH                                           90808    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     417,000.00                     417,000.00   First Lien                                      0           607,400.00                   190,400.00                      -          675,000.00                    61.78               89.99   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      1103653355   SAN FRANCISCO                                        94107    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     378,000.00                     377,641.34   First Lien                                      0           378,000.00                         0.00                      -          630,000.00                    60.00               60.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103653358   LOS ANGELES                                          90043    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     599,920.00                     599,920.00   First Lien                                      0           749,900.00                   149,980.00                 749900              810000                    80.00              100.00   No MI                     NO MI                        0                                   8.5000            0.3750       0.0325    0.0000               0.4075
      1103653380   THOUSAND OAKS                                        91362    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     169,500.00                     169,335.26   First Lien                                      0           169,500.00                         0.00                      -          360,000.00                    47.09               47.09   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103653387   MURRIETA                                             92562    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     336,000.00                     336,000.00   First Lien                                      0           420,000.00                    84,000.00                      -          420,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103653393   MAYWOOD                                              60153    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     131,400.00                     131,332.59   First Lien                                      0           131,400.00                         0.00                 146000              146000                    90.00               90.00   PMI                       LPMI                        25                                   9.3000            0.3750       0.0325    1.1900               1.5975
      1103653401   OJAI                                                 93023    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     336,750.00                     336,750.00   First Lien                                      0           426,550.00                    89,800.00                 449000              449000                    75.00               95.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103653418   SUN CITY                                             92586    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     115,700.00                     115,700.00   First Lien                                      0           115,700.00                         0.00                      -          178,000.00                    65.00               65.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103653446   PASO ROBLES                                          93446    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     497,000.00                     497,000.00   First Lien                                      0           497,000.00                         0.00                      -          575,000.00                    86.44               86.44   PMI                       LPMI                        25                                    6.500             0.375       0.0325     0.820               1.2275
      1103653448   ENGLEWOOD                                            80111    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     741,750.00                     741,750.00   First Lien                                      0           741,750.00                         0.00                      -        1,525,000.00                    48.64               48.64   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103653455   SAN DIEGO                                            92114    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     347,800.00                     347,800.00   First Lien                                      0           437,800.00                    90,000.00                      -          470,000.00                    74.00               93.15   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103653464   ROSEMEAD                                             91770    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     637,000.00                     637,000.00   First Lien                                      0           745,000.00                   108,000.00                      -          910,000.00                    70.00               81.87   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103653469   HAWTHORNE                                            90250    CA                             20070401                 20220301   FIXED                   No                                              180                    180                          179                     299,500.00                     298,502.66   First Lien                                      0           299,500.00                         0.00                      -          700,000.00                    42.79               42.79   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103653506   COACHELLA                                            92236    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     251,992.00                     251,992.00   First Lien                                      0           314,990.00                    62,998.00                 314990              315000                    80.00              100.00   No MI                     NO MI                        0                                   6.6250            0.3750       0.0325    0.0000               0.4075
      1103653553   COLLEYVILLE                                          76034    TX                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     363,000.00                     363,000.00   First Lien                                      0           363,000.00                         0.00                      -        1,272,500.00                    28.53               28.53   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      1103653572   ADDISON                                              60101    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     172,000.00                     172,000.00   First Lien                                      0           215,000.00                    43,000.00                 215000              215000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103653577   STEAMBOAT SPRINGS                                    80477    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     283,000.00                     283,000.00   First Lien                                      0           283,000.00                         0.00                      -          750,000.00                    37.74               37.74   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103653599   AREA OF HAR                                          90710    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     480,000.00                     479,596.74   First Lien                                      0           480,000.00                         0.00                 600000              600000                    80.00               80.00   No MI                     NO MI                        0                                   6.8750            0.2500       0.0325    0.0000               0.2825
      1103653605   SAN MARCOS                                           92069    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     465,000.00                     465,000.00   First Lien                                      0           465,000.00                         0.00                      -          915,000.00                    50.82               50.82   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103653612   TRACY                                                95376    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     432,000.00                     432,000.00   First Lien                                      0           473,500.00                    41,500.00                      -          540,000.00                    80.00               87.69   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103653659   BURBANK                                              91501    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     452,000.00                     452,000.00   First Lien                                      0           452,000.00                         0.00                 565000              585000                    80.00               80.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103653671   ALISO VIEJO                                          92656    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     339,000.00                     339,000.00   First Lien                                      0           417,500.00                    78,500.00                      -          485,000.00                    69.90               86.09   No MI                     NO MI                        0                                    6.470             0.375       0.0325     0.000               0.4075
      1103653689   TWENTYNINE PALMS                                     92277    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     127,000.00                     127,000.00   First Lien                                      0           127,000.00                         0.00                      -          170,000.00                    74.71               74.71   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103653742   SPARKS                                               89436    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     318,700.00                     318,418.82   First Lien                                      0           382,450.00                    63,750.00                      -          425,000.00                    74.99               89.99   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103653785   LEHI                                                 84043    UT                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     161,718.00                     161,718.00   First Lien                                      0           204,843.00                    43,125.00                 215625              216000                    75.00               95.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103653804   SAN CARLOS                                           94070    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     460,000.00                     459,519.73   First Lien                                      0           460,000.00                         0.00                 575000              575000                    80.00               80.00   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      1103653810   MIAMI                                                33196    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     262,500.00                     262,500.00   First Lien                                      0           356,250.00                    93,750.00                      -          375,000.00                    70.00               95.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103653816   COVINA AREA                                          91722    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     380,000.00                     380,000.00   First Lien                                      0           475,000.00                    95,000.00                      -          475,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103653861   IRVINE                                               92612    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     265,293.00                     265,293.00   First Lien                                      0           265,293.00                         0.00                 378990              380000                    70.00               70.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103653863   TRABUCO CANYON                                       92679    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     720,000.00                     720,000.00   First Lien                                      0           720,000.00                         0.00                      -          980,000.00                    73.47               73.47   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103653888   PLEASANTVILLE                                        08232    NJ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     228,000.00                     227,850.86   First Lien                                      0           228,000.00                         0.00                      -          285,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.125             0.375       0.0325     0.000               0.4075
      1103653894   MIAMI                                                33145    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     420,000.00                     420,000.00   First Lien                                      0           420,000.00                         0.00                      -          575,000.00                    73.05               73.05   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103653897   WAYNE                                                07470    NJ                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     650,000.00                     650,000.00   First Lien                                      0           800,000.00                   150,000.00                 875000              875000                    74.29               91.43   No MI                     NO MI                        0                                   6.6250            0.2500       0.0325    0.0000               0.2825
      1103653913   SAINT PAUL                                           55106    MN                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     122,500.00                     122,500.00   First Lien                                      0           122,500.00                         0.00                      -          175,000.00                    70.00               70.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103653929   LITCHFIELD                                           85340    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     240,000.00                     240,000.00   First Lien                                      0           270,000.00                    30,000.00                 300000              305000                    80.00               90.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103653934   LONG BEACH                                           90804    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     476,000.00                     476,000.00   First Lien                                      0           680,000.00                   204,000.00                 680000              680000                    70.00              100.00   No MI                     NO MI                        0                                   5.6250            0.3750       0.0325    0.0000               0.4075
      1103653953   JACKSONVILLE                                         32244    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     185,200.00                     185,200.00   First Lien                                      0           185,200.00                         0.00                 195000              195000                    94.98               94.98   PMI                       LPMI                        30                                   7.5900            0.3750       0.0325    0.8300               1.2375
      1103653975   SAN DIEGO                                            92116    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     310,500.00                     310,500.00   First Lien                                      0           310,500.00                         0.00                 345000              345000                    90.00               90.00   PMI                       LPMI                        25                                  10.7500            0.3750       0.0325    1.0900               1.4975
      1103653997   VALENCIA                                             91354    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     360,000.00                     360,000.00   First Lien                                      0           360,000.00                         0.00                      -          560,000.00                    64.29               64.29   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103654006   CORAL GABLES                                         33134    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     844,000.00                     844,000.00   First Lien                                      0           844,000.00                         0.00                      -        1,200,000.00                    70.34               70.34   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103654026   MENIFEE AREA                                         92584    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     305,600.00                     305,330.38   First Lien                                      0           382,000.00                    76,400.00                 382000              382000                    80.00              100.00   No MI                     NO MI                        0                                   6.6250            0.2500       0.0325    0.0000               0.2825
      1103654045   ANAHEIM HILLS                                        92807    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     480,000.00                     480,000.00   First Lien                                      0           600,000.00                   120,000.00                 600000              600000                    80.00              100.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103654046   SALT LAKE CITY                                       84107    UT                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     135,850.00                     135,850.00   First Lien                                      0           198,550.00                    62,700.00                      -          209,000.00                    65.00               95.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103654056   TEMECULA                                             92591    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     438,500.00                     438,500.00   First Lien                                      0           438,500.00                         0.00                      -          555,000.00                    79.01               79.01   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103654058   JACKSONVILLE                                         32257    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     236,800.00                     236,800.00   First Lien                                      0           296,000.00                    59,200.00                      -          296,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.980             0.375       0.0325     0.000               0.4075
      1103654067   BRADENTON                                            34207    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     125,250.00                     125,250.00   First Lien                                      0           158,650.00                    33,400.00                 167000              170000                    75.00               95.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103654075   SOUTH GATE                                           90280    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     360,000.00                     360,000.00   First Lien                                      0           450,000.00                    90,000.00                      -          450,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103654097   GRAND LAKE                                           80447    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     750,000.00                     750,000.00   First Lien                                      0           750,000.00                         0.00                      -        1,200,000.00                    62.50               62.50   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103654102   SAN DIEGO                                            92154    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     555,000.00                     555,000.00   First Lien                                      0           555,000.00                         0.00                      -          740,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103654122   SANTA CLARA                                          95054    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     599,999.00                     599,999.00   First Lien                                      0           749,999.00                   150,000.00                 749999              750000                    80.00              100.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103654134   WATERFORD                                            95386    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     250,000.00                     250,000.00   First Lien                                      0           250,000.00                         0.00                      -          343,000.00                    72.89               72.89   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103654137   CHATSWORTH                                           91311    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     372,000.00                     372,000.00   First Lien                                      0           465,000.00                    93,000.00                 465000              465000                    80.00              100.00   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      1103654139   RESEDA AREA                                          91335    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     390,000.00                     390,000.00   First Lien                                      0           390,000.00                         0.00                      -          520,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103654145   WEST HILLS                                           91307    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     290,000.00                     290,000.00   First Lien                                      0           290,000.00                         0.00                      -          850,000.00                    34.12               34.12   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      1103654154   RANCHO CUCAMONGA                                     91739    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     417,000.00                     416,521.69   First Lien                                      0           417,000.00                         0.00                      -          801,000.00                    52.06               52.06   No MI                     NO MI                        0                                    5.250             0.250       0.0325     0.000               0.2825
      1103654164   YORBA LINDA                                          92886    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     537,600.00                     537,600.00   First Lien                                      0           587,600.00                    50,000.00                      -        1,100,000.00                    48.88               53.42   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103654170   SUN VALLEY AREA                                      91352    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     424,000.00                     424,000.00   First Lien                                      0           530,000.00                   106,000.00                 530000              530000                    80.00              100.00   No MI                     NO MI                        0                                   7.4500            0.3750       0.0325    0.0000               0.4075
      1103654175   MANTECA                                              95337    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     220,500.00                     220,500.00   First Lien                                      0           220,500.00                         0.00                      -          315,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      1103654179   RIVERSIDE                                            92505    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     343,000.00                     343,000.00   First Lien                                      0           490,000.00                   147,000.00                 490000              495000                    70.00              100.00   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      1103654181   DOWNERS GROVE                                        60516    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     262,000.00                     262,000.00   First Lien                                      0           262,000.00                         0.00                      -          375,000.00                    69.87               69.87   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103654186   GARDNERVILLE                                         89410    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     472,000.00                     472,000.00   First Lien                                      0           472,000.00                         0.00                      -          630,000.00                    74.93               74.93   No MI                     NO MI                        0                                    5.800             0.375       0.0325     0.000               0.4075
      1103654188   SANTA ANA                                            92703    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     515,000.00                     515,000.00   First Lien                                      0           515,000.00                         0.00                      -          700,000.00                    73.58               73.58   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103654193   PICO RIVERA                                          90660    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     283,800.00                     283,800.00   First Lien                                      0           283,800.00                         0.00                      -          425,000.00                    66.78               66.78   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103654194   CORONA                                               92880    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     437,000.00                     437,000.00   First Lien                                      0           592,000.00                   155,000.00                      -          630,000.00                    69.37               93.97   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103654232   LOS ANGELES                                          90065    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     200,000.00                     199,805.61   First Lien                                      0           200,000.00                         0.00                      -          600,000.00                    33.34               33.34   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103654251   BRICK                                                08723    NJ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     238,800.00                     238,631.45   First Lien                                      0           298,500.00                    59,700.00                 298500              300000                    80.00              100.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103654288   PHOENIX                                              85004    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     129,500.00                     129,382.93   First Lien                                      0           129,500.00                         0.00                      -          185,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103654309   PANORAMA CITY AREA                                   91402    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     262,500.00                     262,500.00   First Lien                                      0           262,500.00                         0.00                      -          350,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103654343   POMONA                                               91761    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     150,000.00                     149,850.67   First Lien                                      0           150,000.00                         0.00                      -          390,000.00                    38.47               38.47   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103654355   GLENDALE                                             91207    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     636,000.00                     636,000.00   First Lien                                      0           795,000.00                   159,000.00                 795000              795000                    80.00              100.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103654356   RIVERSIDE                                            92506    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     388,000.00                     388,000.00   First Lien                                      0           485,000.00                    97,000.00                 485000              500000                    80.00              100.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103654375   POMONA                                               91767    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     157,000.00                     156,854.58   First Lien                                      0           157,000.00                         0.00                      -          495,000.00                    31.72               31.72   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103654408   DANVILLE                                             94506    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     548,500.00                     548,500.00   First Lien                                      0           548,500.00                         0.00                      -        1,080,000.00                    50.79               50.79   No MI                     NO MI                        0                                    6.300             0.250       0.0325     0.000               0.2825
      1103654416   SOUTH EL MONTE                                       91733    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                      90,000.00                      90,000.00   First Lien                                      0            90,000.00                         0.00                      -          440,000.00                    20.46               20.46   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103654433   TORRANCE                                             90504    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     502,500.00                     502,500.00   First Lien                                      0           603,000.00                   100,500.00                      -          670,000.00                    75.00               90.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103654467   FAIRFIELD                                            94534    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     860,000.00                     860,000.00   First Lien                                      0           860,000.00                         0.00                      -        1,075,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103654472   SAN DIEGO                                            92116    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     330,000.00                     330,000.00   First Lien                                      0           330,000.00                         0.00                      -          595,000.00                    55.47               55.47   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103654482   BANNING                                              92220    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     155,000.00                     155,000.00   First Lien                                      0           155,000.00                         0.00                      -          251,000.00                    61.76               61.76   No MI                     NO MI                        0                                    5.375             0.375       0.0325     0.000               0.4075
      1103654489   CENTENNIAL                                           80015    CO                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     300,000.00                     300,000.00   First Lien                                      0           300,000.00                         0.00                      -          430,000.00                    69.77               69.77   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103654504   CALEXICO                                             92231    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     208,000.00                     208,000.00   First Lien                                      0           208,000.00                         0.00                      -          260,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103654507   FONTANA                                              92337    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     396,000.00                     395,642.01   First Lien                                      0           396,000.00                         0.00                      -          528,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103654516   INDIO                                                92203    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     198,500.00                     198,500.00   First Lien                                      0           198,500.00                         0.00                      -          285,000.00                    69.65               69.65   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103654522   SAN MARCOS                                           92078    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     359,000.00                     359,000.00   First Lien                                      0           359,000.00                         0.00                      -          452,975.00                    79.26               79.26   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103654534   SUNNYVALE                                            94087    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     225,000.00                     225,000.00   First Lien                                      0           225,000.00                         0.00                      -          375,000.00                    60.00               60.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103654536   SIERRA MADRE                                         91024    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     210,000.00                     209,800.74   First Lien                                      0           210,000.00                         0.00                      -          860,000.00                    24.42               24.42   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103654539   LOS GATOS                                            95032    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     790,000.00                     789,135.30   First Lien                                      0           790,000.00                         0.00                      -        1,350,000.00                    58.52               58.52   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      1103654546   DELRAY BEACH                                         33483    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     500,000.00                     500,000.00   First Lien                                      0           585,000.00                    85,000.00                      -          650,000.00                    76.93               90.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103654548   PERRIS                                               92571    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     340,000.00                     340,000.00   First Lien                                      0           425,000.00                    85,000.00                      -          425,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103654580   EDWARDS                                              81632    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     750,000.00                     750,000.00   First Lien                                      0           750,000.00                         0.00                      -        1,337,000.00                    56.10               56.10   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103654583   LOS ANGELES                                          90043    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     300,000.00                     300,000.00   First Lien                                      0           300,000.00                         0.00                      -          550,000.00                    54.55               54.55   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103654619   CARLSBAD                                             92009    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     270,000.00                     270,000.00   First Lien                                      0           270,000.00                         0.00                      -          534,000.00                    50.57               50.57   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103654622   SALINAS                                              93908    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     485,000.00                     485,000.00   First Lien                                      0           485,000.00                         0.00                      -        1,000,000.00                    48.50               48.50   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103654631   MANASSAS PARK                                        20111    VA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     269,500.00                     269,500.00   First Lien                                      0           365,750.00                    96,250.00                      -          385,000.00                    70.00               95.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103654636   ALLEN                                                75013    TX                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     400,000.00                     400,000.00   First Lien                                      0           475,000.00                    75,000.00                 500000              500000                    80.00               95.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103654637   CORONA                                               92879    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     720,000.00                     720,000.00   First Lien                                      0           720,000.00                         0.00                      -          900,000.00                    80.00               80.00   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103654644   RENO                                                 89523    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     356,000.00                     356,000.00   First Lien                                      0           356,000.00                         0.00                      -          692,000.00                    51.45               51.45   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103654688   SLOUGHHOUSE                                          95683    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     380,000.00                     379,639.44   First Lien                                      0           380,000.00                         0.00                      -          625,000.00                    60.80               60.80   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103654691   LYNDEN                                               98264    WA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     174,400.00                     174,253.49   First Lien                                      0           206,900.00                    32,500.00                      -          218,000.00                    80.00               94.91   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103654727   OLD SAYBROOK                                         06475    CT                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     283,500.00                     283,210.96   First Lien                                      0           283,500.00                         0.00                      -          510,000.00                    55.59               55.59   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103654743   NAPERVILLE                                           60540    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     360,000.00                     360,000.00   First Lien                                      0           360,000.00                         0.00                 460000              460000                    78.27               78.27   No MI                     NO MI                        0                                   5.2500            0.3750       0.0325    0.0000               0.4075
      1103654747   MILLBRAE                                             94030    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     450,000.00                     450,000.00   First Lien                                      0           552,000.00                   102,000.00                      -        1,220,000.00                    36.89               45.25   No MI                     NO MI                        0                                    5.450             0.375       0.0325     0.000               0.4075
      1103654762   HONOLULU                                             96826    HI                             20070401                 20370301   FIXED                   Yes                                             360                    480                          359                     482,800.00                     482,649.00   First Lien                                      0           482,800.00                         0.00                      -          568,000.00                    85.00               85.00   PMI                       LPMI                        22                                    7.695             0.250       0.0325     0.780               1.0625
      1103654772   STERLING                                             20164    VA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     320,000.00                     320,000.00   First Lien                                      0           400,000.00                    80,000.00                 400000              400000                    80.00              100.00   No MI                     NO MI                        0                                   7.9900            0.3750       0.0325    0.0000               0.4075
      1103654798   LOS ANGELES                                          90063    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     350,000.00                     350,000.00   First Lien                                      0           350,000.00                         0.00                      -          620,000.00                    56.46               56.46   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103654813   WESTCHESTER                                          90045    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     604,000.00                     604,000.00   First Lien                                      0           755,000.00                   151,000.00                 755000              755000                    80.00              100.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      1103654822   (NORTHRIDGE AREA) LOS ANG                            91325    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     364,000.00                     364,000.00   First Lien                                      0           455,000.00                    91,000.00                 455000              455000                    80.00              100.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103654829   SUNNYVALE                                            94086    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     417,000.00                     417,000.00   First Lien                                      0           567,000.00                   150,000.00                      -          752,000.00                    55.46               75.40   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103654832   GLENDALE                                             91205    CA                             20070501                 20220401   FIXED                   No                                              180                    180                          180                     432,000.00                     430,514.54   First Lien                                      0           432,000.00                         0.00                      -          725,000.00                    59.59               59.59   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103654837   AUSTIN                                               78729    TX                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     136,000.00                     135,943.03   First Lien                                      0           170,000.00                    34,000.00                 170000              172000                    80.00              100.00   No MI                     NO MI                        0                                  10.2550            0.3750       0.0325    0.0000               0.4075
      1103654858   ARCADIA                                              91006    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     393,750.00                     393,750.00   First Lien                                      0           472,500.00                    78,750.00                      -          525,000.00                    75.00               90.00   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103654873   RANCHO PALOS VERDES                                  90275    CA                             20070501                 20220401   FIXED                   No                                              180                    180                          180                     656,000.00                     656,000.00   First Lien                                      0           656,000.00                         0.00                      -        1,400,000.00                    46.86               46.86   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103654878   CARSON                                               90745    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     426,000.00                     426,000.00   First Lien                                      0           426,000.00                         0.00                      -          552,000.00                    77.18               77.18   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103654884   SAN DIEGO                                            92105    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     478,000.00                     478,000.00   First Lien                                      0           597,500.00                   119,500.00                 597500              605000                    80.00              100.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      1103654886   CORONA AREA                                          92883    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     451,000.00                     451,000.00   First Lien                                      0           451,000.00                         0.00                      -          575,000.00                    78.44               78.44   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103654901   BENICIA                                              94510    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     331,000.00                     331,000.00   First Lien                                      0           331,000.00                         0.00                      -          545,000.00                    60.74               60.74   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103654905   FORT COLLINS                                         80521    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     151,500.00                     151,500.00   First Lien                                      0           191,900.00                    40,400.00                 202000              210000                    75.00               95.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103654911   AVALON                                               90704    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     390,000.00                     389,611.75   First Lien                                      0           390,000.00                         0.00                      -          935,000.00                    41.72               41.72   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103654936   (WILMINGTON AREA) LOS ANG                            90744    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     220,000.00                     220,000.00   First Lien                                      0           220,000.00                         0.00                      -          600,000.00                    36.67               36.67   No MI                     NO MI                        0                                    5.375             0.375       0.0325     0.000               0.4075
      1103654939   TRABUCO CANYON                                       92679    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                   1,999,900.00                   1,999,900.00   First Lien                                      0         2,399,900.00                   400,000.00                3050000             3100000                    65.58               78.69   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103654942   BELL GARDENS                                         90201    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     574,000.00                     574,000.00   First Lien                                      0           680,000.00                   106,000.00                      -          820,000.00                    70.00               82.93   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      1103654944   HESPERIA                                             92345    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     324,000.00                     324,000.00   First Lien                                      0           324,000.00                         0.00                      -          405,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103654960   LONG BEACH                                           90805    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     398,400.00                     398,400.00   First Lien                                      0           445,900.00                    47,500.00                 498000              500000                    80.00               89.54   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      1103654975   CLAREMONT                                            91711    CA                             20070401                 20320301   FIXED                   No                                              300                    300                          299                     460,000.00                     459,397.60   First Lien                                      0           610,000.00                   150,000.00                      -          778,900.00                    59.06               78.32   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      1103654979   CORONA                                               92882    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     535,000.00                     535,000.00   First Lien                                      0           535,000.00                         0.00                      -          810,000.00                    66.05               66.05   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103654980   SYLMAR                                               91342    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     448,000.00                     448,000.00   First Lien                                      0           560,000.00                   112,000.00                 560000              560000                    80.00              100.00   No MI                     NO MI                        0                                   6.6250            0.3750       0.0325    0.0000               0.4075
      1103654985   LAKEWOOD                                             90715    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     324,000.00                     324,000.00   First Lien                                      0           405,000.00                    81,000.00                 405000              408000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103654987   CEDAR                                                55011    MN                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     184,000.00                     184,000.00   First Lien                                      0           220,000.00                    36,000.00                      -          230,000.00                    80.00               95.66   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103654992   MERCED                                               95340    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     149,800.00                     149,800.00   First Lien                                      0           203,300.00                    53,500.00                 214000              250000                    70.00               95.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103655013   VISALIA                                              93291    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     210,000.00                     210,000.00   First Lien                                      0           210,000.00                         0.00                      -          280,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103655056   CATHEDRAL CITY                                       92234    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     270,000.00                     270,000.00   First Lien                                      0           270,000.00                         0.00                      -          500,000.00                    54.00               54.00   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103655063   SCOTTSDALE                                           85251    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     494,000.00                     494,000.00   First Lien                                      0           494,000.00                         0.00                      -          745,000.00                    66.31               66.31   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103655080   ARVIN                                                93203    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     158,400.00                     158,270.16   First Lien                                      0           198,000.00                    39,600.00                 198000              198000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103655105   SACRAMENTO                                           95832    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     269,500.00                     269,500.00   First Lien                                      0           385,000.00                   115,500.00                      -          385,000.00                    70.00              100.00   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103655111   BERKELEY                                             94702    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     525,000.00                     525,000.00   First Lien                                      0           630,000.00                   105,000.00                      -          700,000.00                    75.00               90.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103655133   LOS ANGELES                                          90042    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     320,000.00                     320,000.00   First Lien                                      0           320,000.00                         0.00                      -          470,000.00                    68.09               68.09   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103655137   HESPERIA                                             92345    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     280,800.00                     280,800.00   First Lien                                      0           351,000.00                    70,200.00                 351000              378000                    80.00              100.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103655142   MORENO VALLEY                                        92557    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     214,000.00                     214,000.00   First Lien                                      0           214,000.00                         0.00                      -          430,000.00                    49.77               49.77   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103655143   MONTAGUE                                             96064    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     126,400.00                     126,303.82   First Lien                                      0           158,000.00                    31,600.00                      -          158,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.375             0.250       0.0325     0.000               0.2825
      1103655149   ONTARIO                                              91764    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     296,800.00                     296,800.00   First Lien                                      0           371,000.00                    74,200.00                 371000              383000                    80.00              100.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      1103655159   MADERA                                               93637    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     160,000.00                     159,848.18   First Lien                                      0           160,000.00                         0.00                      -          325,000.00                    49.24               49.24   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103655161   RIALTO                                               92376    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     285,600.00                     285,600.00   First Lien                                      0           357,000.00                    71,400.00                 357000              357000                    80.00              100.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103655170   LONG BEACH                                           90813    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     395,000.00                     395,000.00   First Lien                                      0           395,000.00                         0.00                      -          535,000.00                    73.84               73.84   No MI                     NO MI                        0                                    7.125             0.250       0.0325     0.000               0.2825
      1103655209   NAPLES                                               34104    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     164,400.00                     164,400.00   First Lien                                      0           205,500.00                    41,100.00                 205500              230000                    80.00              100.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      1103655274   LANCASTER                                            93536    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     432,800.00                     432,800.00   First Lien                                      0           432,800.00                         0.00                      -          550,000.00                    78.70               78.70   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103655312   RIVERSIDE                                            92505    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     320,000.00                     320,000.00   First Lien                                      0           360,000.00                    40,000.00                      -          400,000.00                    80.00               90.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103655330   DENVER                                               80219    CO                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     141,750.00                     141,750.00   First Lien                                      0           141,750.00                         0.00                      -          157,500.00                    90.00               90.00   PMI                       BPMI                        25                                    6.250             0.250       0.0325     0.000               0.2825
      1103655336   FOLLY BEACH                                          29439    SC                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     113,500.00                     113,500.00   First Lien                                      0           113,500.00                         0.00                      -          435,000.00                    26.10               26.10   No MI                     NO MI                        0                                    7.900             0.250       0.0325     0.000               0.2825
      1103655338   SALEM                                                97305    OR                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     152,000.00                     151,852.41   First Lien                                      0           152,000.00                         0.00                      -          230,000.00                    66.09               66.09   No MI                     NO MI                        0                                    6.130             0.250       0.0325     0.000               0.2825
      1103655346   SAN RAMON                                            94583    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     300,000.00                     300,000.00   First Lien                                      0           300,000.00                         0.00                      -          650,000.00                    46.16               46.16   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103655353   BAKERSFIELD                                          93313    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     218,200.00                     218,200.00   First Lien                                      0           259,100.00                    40,900.00                 272810              273000                    79.99               94.98   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103655373   MONTCLAIR                                            91763    CA                             20070501                 20370301   FIXED                   Yes                                             360                    480                          360                     263,500.00                     263,500.00   First Lien                                      0           263,500.00                         0.00                      -          465,000.00                    56.67               56.67   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103655379   RIALTO                                               92376    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     253,600.00                     253,600.00   First Lien                                      0           317,000.00                    63,400.00                 317000              317000                    80.00              100.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103655390   GLENDALE                                             91208    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     525,000.00                     525,000.00   First Lien                                      0           525,000.00                         0.00                      -        1,300,000.00                    40.39               40.39   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103655392   SARASOTA                                             34242    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     973,000.00                     973,000.00   First Lien                                      0           973,000.00                         0.00                      -        1,900,000.00                    51.22               51.22   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103655427   MURRIETA                                             92563    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     364,000.00                     364,000.00   First Lien                                      0           464,000.00                   100,000.00                      -          525,000.00                    69.34               88.39   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103655438   OAK HILLS                                            92344    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     250,000.00                     250,000.00   First Lien                                      0           250,000.00                         0.00                      -          375,000.00                    66.67               66.67   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103655456   LAGUNA BEACH                                         92677    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     200,000.00                     200,000.00   First Lien                                      0           200,000.00                         0.00                      -          825,000.00                    24.25               24.25   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103655471   PLANTATION                                           33317    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     384,000.00                     384,000.00   First Lien                                      0           384,000.00                         0.00                      -          480,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103655477   LAKE WORTH                                           33463    FL                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     204,800.00                     204,732.27   First Lien                                      0           243,200.00                    38,400.00                 256000              287000                    80.00               95.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103655478   SAN JOSE                                             95129    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     607,750.00                     607,750.00   First Lien                                      0           607,750.00                         0.00                      -          935,000.00                    65.00               65.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103655514   MCKINLEYVILLE                                        95519    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     212,000.00                     212,000.00   First Lien                                      0           212,000.00                         0.00                      -          265,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103655517   SAN JOSE                                             95125    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     528,000.00                     527,499.01   First Lien                                      0           528,000.00                         0.00                      -        1,050,000.00                    50.29               50.29   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103655520   DANVILLE                                             94526    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     650,000.00                     650,000.00   First Lien                                      0           650,000.00                         0.00                1102500             1110000                    58.96               58.96   No MI                     NO MI                        0                                   6.2500            0.2500       0.0325    0.0000               0.2825
      1103655533   PEORIA                                               85383    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     500,000.00                     500,000.00   First Lien                                      0           593,750.00                    93,750.00                      -          625,000.00                    80.00               95.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103655534   GLENDALE                                             91206    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     476,000.00                     476,000.00   First Lien                                      0           476,000.00                         0.00                      -          815,000.00                    58.41               58.41   No MI                     NO MI                        0                                    5.990             0.250       0.0325     0.000               0.2825
      1103655535   SANTA CLARITA                                        91351    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     318,500.00                     318,500.00   First Lien                                      0           318,500.00                         0.00                      -          460,000.00                    69.24               69.24   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103655556   HUNTINGTON PARK                                      90255    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     409,500.00                     409,500.00   First Lien                                      0           409,500.00                         0.00                      -          585,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103655563   PICO RIVERA                                          90660    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     385,000.00                     385,000.00   First Lien                                      0           385,000.00                         0.00                      -          530,000.00                    72.65               72.65   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103655568   FAIR OAKS                                            95628    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     498,000.00                     498,000.00   First Lien                                      0           498,000.00                         0.00                      -          755,000.00                    65.97               65.97   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103655580   SALINAS                                              93906    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     495,000.00                     495,000.00   First Lien                                      0           495,000.00                         0.00                      -          940,000.00                    52.66               52.66   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103655594   DUBLIN                                               94568    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                 914105              900000                    55.56               55.56   No MI                     NO MI                        0                                   6.0000            0.2500       0.0325    0.0000               0.2825
      1103655600   KIRKLAND                                             98033    WA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     980,000.00                     980,000.00   First Lien                                      0           980,000.00                         0.00                1400000             1400000                    70.00               70.00   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      1103655601   MIAMI                                                33161    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     126,400.00                     126,400.00   First Lien                                      0           158,000.00                    31,600.00                 158000              162000                    80.00              100.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103655612   ATWATER                                              95301    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     280,000.00                     280,000.00   First Lien                                      0           280,000.00                         0.00                      -          420,000.00                    66.67               66.67   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103655619   LONG BEACH                                           90807    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     497,000.00                     497,000.00   First Lien                                      0           639,000.00                   142,000.00                 710000              730000                    70.00               90.00   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      1103655632   HILLSBOROUGH                                         08844    NJ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     286,800.00                     286,587.15   First Lien                                      0           340,575.00                    53,775.00                 358600              360000                    79.98               94.98   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103655644   COLTON                                               92324    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     312,000.00                     312,000.00   First Lien                                      0           312,000.00                         0.00                      -          400,000.00                    78.00               78.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103655652   PLAYA DEL REY                                        90293    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     898,000.00                     898,000.00   First Lien                                      0           898,000.00                         0.00                      -        1,235,000.00                    72.72               72.72   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103655655   ESCONDIDO                                            92026    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     420,000.00                     420,000.00   First Lien                                      0           420,000.00                         0.00                      -          525,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103655658   ONTARIO                                              91761    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     337,500.00                     337,500.00   First Lien                                      0           337,500.00                         0.00                      -          450,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103655669   ORLANDO                                              32808    FL                             20070501                 20370301   ARMS                    Yes                                             360                    480                          360                     100,200.00                     100,200.00   First Lien                                      0           100,200.00                         0.00                      -          167,000.00                    60.00               60.00   No MI                     NO MI                        0                                    7.550             0.375       0.0325     0.000               0.4075
      1103655672   SCOTTSDALE                                           85255    AZ                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     211,300.00                     211,264.76   Second Lien                               1000000         1,211,300.00                         0.00                1345930             1925000                    90.00               90.00   No MI                     NO MI                        0                                  14.3800            0.5000       0.0325    0.0000               0.5325
      1103655683   LAKEWOOD                                             98499    WA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     354,150.00                     354,150.00   First Lien                                      0           354,150.00                         0.00                 393500              393500                    90.00               90.00   PMI                       LPMI                        25                                  10.5000            0.3750       0.0325    0.8200               1.2275
      1103655684   MODESTO                                              95351    CA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      52,500.00                      52,482.86   Second Lien                                262500           315,000.00                         0.00                      -          350,000.00                    90.00               90.00   No MI                     NO MI                        0                                   14.500             0.500       0.0325     0.000               0.5325
      1103655692   HONOLULU                                             96816    HI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                   1,949,200.00                   1,949,200.00   First Lien                                      0         2,300,000.00                   350,800.00                      -        2,998,800.00                    65.00               76.70   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103655694   INDIO                                                92201    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     225,600.00                     225,600.00   First Lien                                      0           225,600.00                         0.00                      -          282,000.00                    80.00               80.00   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103655695   LONG BEACH                                           90805    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     506,250.00                     506,250.00   First Lien                                      0           506,250.00                         0.00                 675000              675000                    75.00               75.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      1103655700   MANTECA                                              95336    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     332,500.00                     332,500.00   First Lien                                      0           411,500.00                    79,000.00                      -          485,000.00                    68.56               84.85   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103655702   LAKELAND                                             33813    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     195,000.00                     195,000.00   First Lien                                      0           195,000.00                         0.00                      -          260,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103655708   INDIO                                                92203    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     271,000.00                     271,000.00   First Lien                                      0           271,000.00                         0.00                      -          570,000.00                    47.55               47.55   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103655719   FONTANA                                              92336    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     470,700.00                     470,700.00   First Lien                                      0           470,700.00                         0.00                      -          644,000.00                    73.09               73.09   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103655727   SAN CLEMENTE                                         92672    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     900,000.00                     900,000.00   First Lien                                      0           900,000.00                         0.00                      -        1,400,000.00                    64.29               64.29   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103655738   PHOENIX                                              85028    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     472,000.00                     472,000.00   First Lien                                      0           472,000.00                         0.00                      -        1,200,000.00                    39.34               39.34   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103655748   DAMASCUS                                             20872    MD                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     500,000.00                     499,465.47   First Lien                                      0           500,000.00                         0.00                      -        1,320,000.00                    37.88               37.88   No MI                     NO MI                        0                                    5.625             0.250       0.0325     0.000               0.2825
      1103655751   SANTA ANA                                            92704    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     382,500.00                     382,500.00   First Lien                                      0           510,000.00                   127,500.00                 510000              548000                    75.00              100.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103655755   WINTER HAVEN                                         33881    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     127,500.00                     127,500.00   First Lien                                      0           127,500.00                         0.00                      -          170,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103655776   LOS ANGELES                                          90033    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     300,000.00                     300,000.00   First Lien                                      0           300,000.00                         0.00                      -          700,000.00                    42.86               42.86   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103655782   PLAYA DEL REY AREA                                   90293    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     566,500.00                     566,500.00   First Lien                                      0           566,500.00                         0.00                      -        2,020,000.00                    28.05               28.05   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103655792   NAPA                                                 94558    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     716,000.00                     716,000.00   First Lien                                      0           895,000.00                   179,000.00                      -          895,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.375             0.250       0.0325     0.000               0.2825
      1103655794   CANYON COUNTRY                                       91387    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     590,400.00                     589,826.17   First Lien                                      0           590,400.00                         0.00                 738000              740000                    80.00               80.00   No MI                     NO MI                        0                                   6.1250            0.2500       0.0325    0.0000               0.2825
      1103655803   EL CAJON                                             92019    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     695,000.00                     695,000.00   First Lien                                      0           695,000.00                         0.00                      -          900,000.00                    77.23               77.23   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103655826   SIMI VALLEY                                          93063    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     566,000.00                     565,394.91   First Lien                                      0           566,000.00                         0.00                      -        1,050,000.00                    53.91               53.91   No MI                     NO MI                        0                                    5.625             0.250       0.0325     0.000               0.2825
      1103655827   RANCHO CUCAMONGA                                     91739    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     954,550.00                     954,550.00   First Lien                                      0         1,037,800.00                    83,250.00                      -        1,280,000.00                    74.58               81.08   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103655833   ORLANDO                                              32836    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                   1,125,000.00                   1,125,000.00   First Lien                                      0         1,350,000.00                   225,000.00                      -        1,500,000.00                    75.00               90.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103655874   CHUALAR                                              93925    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     302,500.00                     302,500.00   First Lien                                      0           302,500.00                         0.00                      -        1,200,000.00                    25.21               25.21   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103655891   KISSIMMEE                                            34743    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     220,000.00                     220,000.00   First Lien                                      0           220,000.00                         0.00                      -          275,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103655895   CORONA                                               92882    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     520,000.00                     520,000.00   First Lien                                      0           650,000.00                   130,000.00                 650000              720000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103655913   TAMPA                                                33612    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     142,200.00                     142,145.30   First Lien                                      0           142,200.00                         0.00                      -          158,000.00                    90.00               90.00   PMI                       LPMI                        25                                   10.650             0.375       0.0325     0.970               1.3775
      1103655918   GARDENA                                              90249    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     390,000.00                     390,000.00   First Lien                                      0           520,000.00                   130,000.00                 520000              525000                    75.00              100.00   No MI                     NO MI                        0                                   5.6250            0.3750       0.0325    0.0000               0.4075
      1103655925   AUSTIN                                               81410    CO                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     212,500.00                     212,500.00   First Lien                                      0           212,500.00                         0.00                      -          363,000.00                    58.54               58.54   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103655928   ALTADENA                                             91001    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     638,000.00                     638,000.00   First Lien                                      0           638,000.00                         0.00                      -          875,000.00                    72.92               72.92   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      1103655932   JACKSONVILLE                                         32246    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     246,000.00                     246,000.00   First Lien                                      0           292,125.00                    46,125.00                 307500              322000                    80.00               95.00   No MI                     NO MI                        0                                   5.5000            0.3750       0.0325    0.0000               0.4075
      1103655939   SAN FRANCISCO                                        94112    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     437,500.00                     437,500.00   First Lien                                      0           437,500.00                         0.00                      -          625,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103655950   SACRAMENTO                                           95820    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     224,000.00                     224,000.00   First Lien                                      0           224,000.00                         0.00                      -          280,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103655959   SOUTH GATE                                           90280    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     472,500.00                     472,500.00   First Lien                                      0           567,000.00                    94,500.00                      -          630,000.00                    75.00               90.00   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103655978   TUSTIN                                               92780    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     250,000.00                     250,000.00   First Lien                                      0           250,000.00                         0.00                      -          400,000.00                    62.50               62.50   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103656001   LA QUINTA                                            92253    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     265,000.00                     265,000.00   First Lien                                      0           265,000.00                         0.00                      -          387,000.00                    68.48               68.48   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103656015   UPLAND                                               91786    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     195,000.00                     194,801.19   First Lien                                      0           195,000.00                         0.00                 260000              270000                    75.00               75.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103656038   CLOVIS                                               93611    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     364,000.00                     364,000.00   First Lien                                      0           432,000.00                    68,000.00                 455000              500000                    80.00               94.95   No MI                     NO MI                        0                                   8.7500            0.3750       0.0325    0.0000               0.4075
      1103656048   LANTANA                                              76226    TX                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     290,500.00                     290,500.00   First Lien                                      0           394,200.00                   103,700.00                 415000              415000                    70.00               94.99   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      1103656056   PETALUMA                                             94954    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     290,000.00                     290,000.00   First Lien                                      0           290,000.00                         0.00                      -          570,000.00                    50.88               50.88   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103656076   ESTES PARK                                           80517    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     118,300.00                     118,300.00   First Lien                                      0           118,300.00                         0.00                      -          169,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103656103   SAN DIEGO                                            92110    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     175,000.00                     175,000.00   First Lien                                      0           175,000.00                         0.00                      -          520,000.00                    33.66               33.66   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103656108   DOWNEY                                               90240    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     484,000.00                     484,000.00   First Lien                                      0           605,000.00                   121,000.00                 605000              630000                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103656109   KISSIMMEE                                            34741    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     223,000.00                     223,000.00   First Lien                                      0           223,000.00                         0.00                      -          279,000.00                    79.93               79.93   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103656134   WHITE PLAINS                                         10607    NY                             20061201                 20361101   FIXED                   No                                              360                    360                          355                     392,000.00                     392,000.00   First Lien                                      0           441,000.00                    49,000.00                      -          490,000.00                    80.00               90.00   No MI                     NO MI                        0                                    8.125             0.250       0.0325     0.000               0.2825
      1103656140   BROOKLYN                                             11215    NY                             20070101                 20361201   FIXED                   No                                              360                    360                          356                     700,000.00                     697,568.82   First Lien                                      0         1,100,000.00                   400,000.00                      -        1,400,000.00                    50.00               78.58   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103656141   LAKEWOOD                                             08701    NJ                             20070101                 20361201   FIXED                   No                                              360                    360                          356                     416,000.00                     414,589.99   First Lien                                      0           494,000.00                    78,000.00                 520000              525000                    80.00               95.00   No MI                     NO MI                        0                                   6.8750            0.2500       0.0325    0.0000               0.2825
      1103656142   PATERSON                                             07503    NJ                             20070101                 20361201   FIXED                   No                                              360                    360                          356                     361,600.00                     360,431.15   First Lien                                      0           452,000.00                    90,400.00                 452000              460000                    80.00              100.00   No MI                     NO MI                        0                                   7.1250            0.2500       0.0325    0.0000               0.2825
      1103656145   BROOKLYN                                             11215    NY                             20061201                 20361101   FIXED                   No                                              360                    360                          355                     850,000.00                     846,299.44   First Lien                                      0           850,000.00                         0.00                      -        1,300,000.00                    65.39               65.39   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103656146   KEENE                                                03431    NH                             20070101                 20361201   FIXED                   No                                              360                    360                          356                     116,000.00                     115,454.72   First Lien                                      0           130,094.00                    14,094.00                 145000              148000                    80.00               89.72   No MI                     NO MI                        0                                   6.2500            0.2500       0.0325    0.0000               0.2825
      1103656164   TUSTIN                                               92782    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     255,000.00                     255,000.00   First Lien                                      0           255,000.00                         0.00                      -          340,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103656181   CHEHALIS                                             98532    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     204,000.00                     204,000.00   First Lien                                      0           242,250.00                    38,250.00                 255000              255000                    80.00               95.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103656207   OCALA                                                34474    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     232,500.00                     232,500.00   First Lien                                      0           232,500.00                         0.00                      -          265,000.00                    87.74               87.74   PMI                       LPMI                        25                                    6.290             0.250       0.0325     0.460               0.7425
      1103656229   TUALATIN                                             97062    OR                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     345,400.00                     345,400.00   First Lien                                      0           345,400.00                         0.00                      -          930,000.00                    37.14               37.14   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103656234   COMPTON                                              90221    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     321,600.00                     321,600.00   First Lien                                      0           402,000.00                    80,400.00                 402000              410000                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103656238   FILLMORE                                             93015    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     200,000.00                     200,000.00   First Lien                                      0           200,000.00                         0.00                      -          505,000.00                    39.61               39.61   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103656247   VISTA                                                92084    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     540,000.00                     540,000.00   First Lien                                      0           540,000.00                         0.00                      -          790,000.00                    68.36               68.36   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103656250   MIRAMAR                                              33025    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     240,000.00                     240,000.00   First Lien                                      0           300,000.00                    60,000.00                      -          300,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.800             0.375       0.0325     0.000               0.4075
      1103656255   CARSON                                               90745    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     431,200.00                     431,200.00   First Lien                                      0           539,000.00                   107,800.00                 539000              540000                    80.00              100.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103656270   CARSON                                               90746    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     405,500.00                     405,500.00   First Lien                                      0           405,500.00                         0.00                      -          595,000.00                    68.16               68.16   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103656280   ALISO VIEJO                                          92656    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     440,000.00                     440,000.00   First Lien                                      0           440,000.00                         0.00                      -          825,000.00                    53.34               53.34   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103656297   COLTON                                               92324    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     325,000.00                     325,000.00   First Lien                                      0           325,000.00                         0.00                      -          415,000.00                    78.32               78.32   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103656341   WOODINVILLE                                          98072    WA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     342,000.00                     342,000.00   First Lien                                      0           342,000.00                         0.00                      -          530,000.00                    64.53               64.53   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103656391   OAKDALE                                              95361    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     201,600.00                     201,600.00   First Lien                                      0           273,600.00                    72,000.00                 288000              295000                    70.00               95.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103656405   MILPITAS                                             95035    CA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     355,000.00                     355,000.00   First Lien                                      0           355,000.00                         0.00                      -          705,000.00                    50.36               50.36   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103656415   LA JOLLA                                             92037    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     468,000.00                     468,000.00   First Lien                                      0           585,000.00                   117,000.00                 585000              585000                    80.00              100.00   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      1103656427   RODEO                                                94547    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     455,000.00                     455,000.00   First Lien                                      0           455,000.00                         0.00                      -          610,000.00                    74.60               74.60   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103656430   LA CRESCENTA                                         91214    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     488,000.00                     488,000.00   First Lien                                      0           488,000.00                         0.00                      -          945,000.00                    51.65               51.65   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103656441   MORENO VALLEY                                        92555    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     344,000.00                     344,000.00   First Lien                                      0           344,000.00                         0.00                      -          430,000.00                    80.00               80.00   No MI                     NO MI                        0                                    5.650             0.375       0.0325     0.000               0.4075
      1103656442   OGDEN                                                84401    UT                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      75,000.00                      75,000.00   First Lien                                      0            90,000.00                    15,000.00                 100000              100000                    75.00               90.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103656446   FORT MYERS                                           33912    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     202,500.00                     202,500.00   First Lien                                      0           202,500.00                         0.00                      -          233,000.00                    86.91               86.91   PMI                       BPMI                        25                                    6.250             0.375       0.0325     0.000               0.4075
      1103656467   LONG BEACH                                           90814    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     616,000.00                     616,000.00   First Lien                                      0           616,000.00                         0.00                      -          900,000.00                    68.45               68.45   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103656469   SANTA BARBARA                                        93110    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     687,000.00                     687,000.00   First Lien                                      0           687,000.00                         0.00                      -        1,000,000.00                    68.70               68.70   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103656471   NORTHGLENN                                           80234    CO                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     167,200.00                     167,048.85   First Lien                                      0           209,000.00                    41,800.00                 209000              215000                    80.00              100.00   No MI                     NO MI                        0                                   6.5000            0.2500       0.0325    0.0000               0.2825
      1103656473   TORRANCE                                             90503    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     520,000.00                     520,000.00   First Lien                                      0           520,000.00                         0.00                      -          775,000.00                    67.10               67.10   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103656485   SEATTLE                                              98168    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     259,200.00                     259,200.00   First Lien                                      0           259,200.00                         0.00                 324000              340000                    80.00               80.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103656490   SACRAMENTO                                           95828    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     301,500.00                     301,500.00   First Lien                                      0           301,500.00                         0.00                      -          335,000.00                    90.00               90.00   PMI                       LPMI                        25                                    7.625             0.375       0.0325     1.410               1.8175
      1103656520   LAGUNA HILLS                                         92653    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     485,000.00                     485,000.00   First Lien                                      0           485,000.00                         0.00                      -          820,000.00                    59.15               59.15   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103656534   CHULA VISTA                                          91915    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     450,000.00                     450,000.00   First Lien                                      0           570,000.00                   120,000.00                      -          600,000.00                    75.00               95.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103656544   MCCLELLANVILLE                                       29458    SC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     130,000.00                     130,000.00   First Lien                                      0           130,000.00                         0.00                      -          351,500.00                    36.99               36.99   No MI                     NO MI                        0                                    5.440             0.375       0.0325     0.000               0.4075
      1103656547   PHOENIX                                              85051    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     182,700.00                     182,583.50   First Lien                                      0           182,700.00                         0.00                      -          203,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.250             0.375       0.0325     0.570               0.9775
      1103656568   ALTA LOMA                                            91701    CA                             20070401                 20220301   FIXED                   No                                              180                    180                          179                     650,000.00                     647,643.43   First Lien                                      0           650,000.00                         0.00                      -          860,000.00                    75.59               75.59   No MI                     NO MI                        0                                    5.375             0.250       0.0325     0.000               0.2825
      1103656569   SAN DIEGO                                            92154    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     417,000.00                     417,000.00   First Lien                                      0           554,000.00                   137,000.00                      -          560,000.00                    74.47               98.93   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103656570   PEYTON                                               80831    CO                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     299,200.00                     299,200.00   First Lien                                      0           370,000.00                    70,800.00                      -          374,000.00                    80.00               98.94   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103656572   VISTA                                                92084    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     366,700.00                     366,700.00   First Lien                                      0           489,000.00                   122,300.00                 489000              502000                    74.99              100.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103656583   LONG BEACH                                           90815    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     424,900.00                     424,900.00   First Lien                                      0           607,000.00                   182,100.00                      -          607,000.00                    70.00              100.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103656594   LAKEWOOD                                             90716    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     484,000.00                     484,000.00   First Lien                                      0           544,500.00                    60,500.00                      -          605,000.00                    80.00               90.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103656613   SALINAS                                              93905    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     398,000.00                     398,000.00   First Lien                                      0           398,000.00                         0.00                      -          500,000.00                    79.60               79.60   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103656618   PASCO                                                99301    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     129,500.00                     129,500.00   First Lien                                      0           175,750.00                    46,250.00                      -          185,000.00                    70.00               95.00   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103656623   ROSAMOND                                             93560    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     153,000.00                     153,000.00   First Lien                                      0           153,000.00                         0.00                 170000              205000                    90.00               90.00   PMI                       LPMI                        25                                   9.0000            0.3750       0.0325    0.7200               1.1275
      1103656626   IMPERIAL                                             92251    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     150,000.00                     149,864.40   First Lien                                      0           150,000.00                         0.00                      -          215,000.00                    69.77               69.77   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103656631   LONG BEACH                                           90805    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     285,000.00                     285,000.00   First Lien                                      0           285,000.00                         0.00                      -          475,000.00                    60.00               60.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103656646   FRESNO                                               93703    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     185,500.00                     185,500.00   First Lien                                      0           238,500.00                    53,000.00                 265000              265000                    70.00               90.00   No MI                     NO MI                        0                                   6.9900            0.3750       0.0325    0.0000               0.4075
      1103656655   CORONA                                               92882    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     298,000.00                     298,000.00   First Lien                                      0           298,000.00                         0.00                      -          490,000.00                    60.82               60.82   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103656679   CHICAGO                                              60621    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     243,750.00                     243,750.00   First Lien                                      0           308,750.00                    65,000.00                 325000              325000                    75.00               95.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103656681   HIGHLAND                                             92346    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     412,000.00                     412,000.00   First Lien                                      0           412,000.00                         0.00                      -          516,000.00                    79.85               79.85   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103656695   VICTORVILLE                                          92392    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     227,500.00                     227,500.00   First Lien                                      0           227,500.00                         0.00                      -          325,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103656739   TAMARAC                                              33321    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     220,000.00                     220,000.00   First Lien                                      0           275,000.00                    55,000.00                 275000              275000                    80.00              100.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103656742   LADSON                                               29456    SC                             20070401                 20370301   FIXED                   No                                              360                    360                          359                      72,800.00                      72,749.90   First Lien                                      0            86,450.00                    13,650.00                  91000               95000                    80.00               95.00   No MI                     NO MI                        0                                   7.8750            0.2500       0.0325    0.0000               0.2825
      1103656750   BUENA PARK                                           90621    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     687,000.00                     687,000.00   First Lien                                      0           687,000.00                         0.00                      -        1,021,000.00                    67.29               67.29   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103656761   TEMECULA                                             92591    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     535,000.00                     535,000.00   First Lien                                      0           535,000.00                         0.00                      -          910,000.00                    58.80               58.80   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103656788   CONROE                                               77303    TX                             20070501                 20370401   FIXED                   No                                              360                    360                          360                      90,000.00                      90,000.00   First Lien                                      0            90,000.00                         0.00                      -          115,000.00                    78.27               78.27   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103656798   FORT LAUDERDALE                                      33334    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     116,150.00                     116,150.00   First Lien                                      0           139,350.00                    23,200.00                 154900              155000                    74.99               89.97   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103656804   LA PUENTE                                            91744    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     360,000.00                     360,000.00   First Lien                                      0           405,000.00                    45,000.00                      -          450,000.00                    80.00               90.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103656807   TACOMA                                               98443    WA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     640,000.00                     640,000.00   First Lien                                      0           748,000.00                   108,000.00                      -          815,000.00                    78.53               91.78   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103656818   MORGAN HILL                                          95037    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     649,000.00                     649,000.00   First Lien                                      0           649,000.00                         0.00                      -        1,650,000.00                    39.34               39.34   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      1103656819   ANAHEIM                                              92806    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     300,000.00                     299,415.35   First Lien                                      0           300,000.00                         0.00                      -          615,000.00                    48.79               48.79   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103656820   SANTA MARIA                                          93454    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     466,050.00                     465,097.36   First Lien                                      0           466,050.00                         0.00                 582620              583000                    80.00               80.00   No MI                     NO MI                        0                                   5.8750            0.2500       0.0325    0.0000               0.2825
      1103656821   GARDEN GROVE                                         92840    CA                             20070301                 20220201   FIXED                   No                                              180                    180                          178                     495,000.00                     491,587.31   First Lien                                      0           495,000.00                         0.00                      -          770,000.00                    64.29               64.29   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103656822   SANTA MARIA                                          93454    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     464,600.00                     463,627.53   First Lien                                      0           464,600.00                         0.00                 580750              581000                    80.00               80.00   No MI                     NO MI                        0                                   5.7500            0.2500       0.0325    0.0000               0.2825
      1103656823   MONTEREY PARK                                        91754    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     435,000.00                     434,956.25   First Lien                                      0           435,000.00                         0.00                 585000              600000                    74.36               74.36   No MI                     NO MI                        0                                   6.5000            0.2500       0.0325    0.0000               0.2825
      1103656824   BROOMFIELD                                           80020    CO                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     248,000.00                     248,000.00   First Lien                                      0           248,000.00                         0.00                      -          310,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103656825   MOUNTAIN CENTER (AREA)                               92561    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     227,250.00                     227,250.00   First Lien                                      0           227,250.00                         0.00                 252500              258000                    90.00               90.00   PMI                       BPMI                        25                                   6.3750            0.2500       0.0325    0.0000               0.2825
      1103656828   COLORADO SPRINGS                                     80919    CO                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     574,000.00                     572,959.39   First Lien                                      0           717,500.00                   143,500.00                 717500              720000                    80.00              100.00   No MI                     NO MI                        0                                   6.5000            0.2500       0.0325    0.0000               0.2825
      1103656829   SANTA BARBARA                                        93109    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     650,000.00                     648,763.30   First Lien                                      0           780,000.00                   130,000.00                      -        1,275,000.00                    50.99               61.18   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103656830   SYLMAR                                               91342    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     266,250.00                     265,743.42   First Lien                                      0           266,250.00                         0.00                      -          355,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103656831   FOUNTAIN VALLEY                                      92708    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     434,000.00                     433,174.27   First Lien                                      0           434,000.00                         0.00                 620000              650000                    70.00               70.00   No MI                     NO MI                        0                                   6.2500            0.2500       0.0325    0.0000               0.2825
      1103656832   WESTMINSTER                                          92683    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     431,250.00                     430,429.49   First Lien                                      0           431,250.00                         0.00                 575000              600000                    75.00               75.00   No MI                     NO MI                        0                                   6.2500            0.2500       0.0325    0.0000               0.2825
      1103656833   WESTMINSTER                                          92683    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     512,000.00                     511,049.06   First Lien                                      0           512,000.00                         0.00                      -          650,000.00                    78.77               78.77   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103656836   CHINO                                                91710    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     470,000.00                     470,000.00   First Lien                                      0           720,000.00                   250,000.00                      -          800,000.00                    58.75               90.00   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103656837   DINUBA                                               93618    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     180,000.00                     179,665.67   First Lien                                      0           180,000.00                         0.00                      -          225,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103656838   OAKDALE                                              95361    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     284,000.00                     283,459.65   First Lien                                      0           284,000.00                         0.00                 524000              524000                    54.20               54.20   No MI                     NO MI                        0                                   6.2500            0.2500       0.0325    0.0000               0.2825
      1103656839   SANTA CRUZ                                           95060    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     558,000.00                     558,000.00   First Lien                                      0           617,585.00                    59,585.00                      -          850,000.00                    65.65               72.66   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103656840   CORONA                                               92882    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     600,000.00                     598,988.97   First Lien                                      0           672,865.00                    72,865.00                      -          950,000.00                    63.16               70.83   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103656841   GILBERT                                              85296    AZ                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     250,000.00                     249,512.78   First Lien                                      0           250,000.00                         0.00                      -          319,000.00                    78.37               78.37   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103656842   WESTMINSTER                                          92683    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     520,000.00                     519,102.06   First Lien                                      0           520,000.00                         0.00                      -          650,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103656843   HANFORD                                              93230    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     559,000.00                     557,936.44   First Lien                                      0           559,000.00                         0.00                      -          716,000.00                    78.08               78.08   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103656844   WESTMINSTER                                          92683    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     470,000.00                     470,000.00   First Lien                                      0           500,000.00                    30,000.00                      -          595,000.00                    79.00               84.04   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103656845   NIPOMO                                               93444    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     720,000.00                     718,630.12   First Lien                                      0           720,000.00                         0.00                 900000              900000                    80.00               80.00   No MI                     NO MI                        0                                   6.2500            0.2500       0.0325    0.0000               0.2825
      1103656860   LAKEWOOD                                             90712    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     431,000.00                     430,600.81   First Lien                                      0           431,000.00                         0.00                      -          575,000.00                    74.96               74.96   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103656867   DEMOREST                                             30535    GA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     107,910.00                     107,910.00   First Lien                                      0           107,910.00                         0.00                 119900              120000                    90.00               90.00   PMI                       BPMI                        25                                   6.3750            0.2500       0.0325    0.0000               0.2825
      1103656870   STOCKTON                                             95204    CA                             20070201                 20370101   FIXED                   No                                              360                    360                          357                     262,400.00                     262,400.00   First Lien                                      0           311,502.00                    49,102.00                      -          328,000.00                    80.00               94.98   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103656878   MANTECA                                              95337    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     480,000.00                     480,000.00   First Lien                                      0           480,000.00                         0.00                      -          600,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103656882   LAHAINA                                              96761    HI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     478,500.00                     478,500.00   First Lien                                      0           478,500.00                         0.00                      -          638,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103656886   MADERA                                               93638    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     213,000.00                     213,000.00   First Lien                                      0           255,600.00                    42,600.00                      -          284,000.00                    75.00               90.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103656897   LOS ANGELES                                          90210    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     639,200.00                     638,548.31   First Lien                                      0           639,200.00                         0.00                 799000              799000                    80.00               80.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103656900   LIVERMORE                                            94550    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     670,000.00                     670,000.00   First Lien                                      0           670,000.00                         0.00                      -        1,285,000.00                    52.14               52.14   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103656911   CRESTLINE AREA                                       92407    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     190,000.00                     189,806.29   First Lien                                      0           190,000.00                         0.00                      -          300,000.00                    63.34               63.34   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103656912   ANAHEIM                                              92805    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     370,000.00                     369,604.45   First Lien                                      0           370,000.00                         0.00                      -          610,000.00                    60.66               60.66   No MI                     NO MI                        0                                    5.625             0.250       0.0325     0.000               0.2825
      1103656925   HOLLY SPRINGS                                        27540    NC                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     297,011.00                     297,011.00   First Lien                                      0           297,011.00                         0.00                 397011              398000                    74.82               74.82   No MI                     NO MI                        0                                   5.7500            0.2500       0.0325    0.0000               0.2825
      1103656947   SANTA CLARITA                                        91350    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     399,100.00                     399,100.00   First Lien                                      0           399,100.00                         0.00                      -          515,000.00                    77.50               77.50   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103656952   LAS VEGAS                                            89103    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     282,500.00                     282,244.62   First Lien                                      0           342,500.00                    60,000.00                      -          355,000.00                    79.58               96.48   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103657001   MURRIETA                                             92563    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     383,000.00                     383,000.00   First Lien                                      0           383,000.00                         0.00                      -          525,000.00                    72.96               72.96   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103657011   TEMECULA                                             92591    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     480,000.00                     480,000.00   First Lien                                      0           480,000.00                         0.00                      -          600,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103657015   FULLERTON                                            92833    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     408,000.00                     408,000.00   First Lien                                      0           510,000.00                   102,000.00                 510000              520000                    80.00              100.00   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      1103657016   PANORAMA AREA                                        91402    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     421,000.00                     420,610.07   First Lien                                      0           421,000.00                         0.00                      -          530,000.00                    79.44               79.44   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103657044   TEMECULA                                             92592    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     424,000.00                     424,000.00   First Lien                                      0           424,000.00                         0.00                      -          580,000.00                    73.11               73.11   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103657053   CITRUS HEIGHTS                                       95621    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     185,200.00                     185,200.00   First Lien                                      0           185,200.00                         0.00                      -          315,000.00                    58.80               58.80   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103657072   RIVERSIDE                                            92508    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     284,000.00                     284,000.00   First Lien                                      0           284,000.00                         0.00                      -          475,000.00                    59.79               59.79   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103657075   FORT WASHINGTON                                      20744    MD                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     460,000.00                     460,000.00   First Lien                                      0           575,000.00                   115,000.00                      -          575,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103657098   EL CENTRO                                            92243    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     368,000.00                     368,000.00   First Lien                                      0           368,000.00                         0.00                      -          460,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.875             0.375       0.0325     0.000               0.4075
      1103657101   OCEANSIDE                                            92057    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     436,000.00                     436,000.00   First Lien                                      0           545,000.00                   109,000.00                 545000              575000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103657105   MODESTO                                              95350    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     236,000.00                     236,000.00   First Lien                                      0           295,000.00                    59,000.00                 295000              305000                    80.00              100.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103657119   COVINA                                               91723    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     440,000.00                     439,540.61   First Lien                                      0           550,000.00                   110,000.00                      -          550,000.00                    80.00              100.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103657120   BOYNTON BEACH                                        33435    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     198,000.00                     198,000.00   First Lien                                      0           198,000.00                         0.00                      -          264,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103657131   HERCULES                                             94547    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     455,000.00                     455,000.00   First Lien                                      0           455,000.00                         0.00                      -          650,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103657135   LOS ANGELES                                          90025    CA                             20070401                 20370301   FIXED                   Yes                                             360                    480                          359                     310,000.00                     309,838.98   First Lien                                      0           310,000.00                         0.00                      -          950,000.00                    32.64               32.64   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103657143   PETALUMA                                             94952    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     661,000.00                     661,000.00   First Lien                                      0           661,000.00                         0.00                      -          890,000.00                    74.27               74.27   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      1103657154   VALRICO                                              33594    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     156,750.00                     156,750.00   First Lien                                      0           156,750.00                         0.00                      -          209,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103657160   OJAI                                                 93023    CA                             20070501                 20220401   FIXED                   No                                              180                    180                          180                     162,500.00                     162,500.00   First Lien                                      0           162,500.00                         0.00                      -          750,000.00                    21.67               21.67   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103657173   CLEARFIELD                                           84015    UT                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     155,400.00                     155,400.00   First Lien                                      0           210,900.00                    55,500.00                 222100              295700                    69.97               94.96   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      1103657189   SOUTH PASADENA                                       91030    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     795,000.00                     795,000.00   First Lien                                      0           795,000.00                         0.00                      -        1,350,000.00                    58.89               58.89   No MI                     NO MI                        0                                    5.550             0.375       0.0325     0.000               0.4075
      1103657198   FREEHOLD                                             07728    NJ                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     525,000.00                     524,425.36   First Lien                                      0           525,000.00                         0.00                      -          750,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.500             0.250       0.0325     0.000               0.2825
      1103657201   MARICOPA                                             85239    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     215,000.00                     215,000.00   First Lien                                      0           215,000.00                         0.00                      -          290,000.00                    74.14               74.14   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103657206   LEAGUE CITY                                          77573    TX                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     123,375.00                     123,375.00   First Lien                                      0           148,050.00                    24,675.00                 164500              169000                    75.00               90.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103657219   MCDONOUGH                                            30252    GA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     128,155.00                     128,155.00   First Lien                                      0           128,155.00                         0.00                 134900              142000                    95.00               95.00   PMI                       LPMI                        30                                   8.4700            0.3750       0.0325    0.6800               1.0875
      1103657249   (ENCINO AREA) LOS ANGELES                            91316    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     417,000.00                     417,000.00   First Lien                                      0           417,000.00                         0.00                      -          620,000.00                    67.26               67.26   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103657325   MIAMI                                                33173    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     149,391.00                     149,391.00   First Lien                                      0           149,391.00                         0.00                 165990              167000                    90.00               90.00   PMI                       LPMI                        25                                  11.7500            0.3750       0.0325    1.0900               1.4975
      1103657327   MODESTO                                              95354    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     140,900.00                     140,900.00   First Lien                                      0           181,200.00                    40,300.00                 201350              205000                    69.98               90.00   No MI                     NO MI                        0                                   5.6250            0.3750       0.0325    0.0000               0.4075
      1103657332   BROCKTON                                             02301    MA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     192,000.00                     191,869.86   First Lien                                      0           192,000.00                         0.00                      -          345,000.00                    55.66               55.66   No MI                     NO MI                        0                                    7.950             0.250       0.0325     0.000               0.2825
      1103657380   NORTH LAS VEGAS                                      89032    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     206,000.00                     206,000.00   First Lien                                      0           257,500.00                    51,500.00                 257500              258000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103657391   ORLANDO                                              32809    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     137,700.00                     137,700.00   First Lien                                      0           137,700.00                         0.00                 153000              153000                    90.00               90.00   PMI                       BPMI                        25                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103657405   JACKSONVILLE                                         32246    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     194,400.00                     194,400.00   First Lien                                      0           194,400.00                         0.00                      -          216,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.625             0.375       0.0325     0.620               1.0275
      1103657413   DAYTONA BEACH                                        32114    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     276,250.00                     276,250.00   First Lien                                      0           276,250.00                         0.00                      -          325,000.00                    85.00               85.00   PMI                       LPMI                        22                                    8.250             0.250       0.0325     0.950               1.2325
      1103657414   MARGATE                                              33068    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     199,000.00                     199,000.00   First Lien                                      0           199,000.00                         0.00                      -          270,000.00                    73.71               73.71   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103657415   SANTA CRUZ                                           95060    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     873,600.00                     873,600.00   First Lien                                      0         1,092,000.00                   218,400.00                1092000             1092000                    80.00              100.00   No MI                     NO MI                        0                                   5.5500            0.3750       0.0325    0.0000               0.4075
      1103657434   MENDOTA                                              93640    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     176,250.00                     176,250.00   First Lien                                      0           176,250.00                         0.00                      -          242,500.00                    72.69               72.69   No MI                     NO MI                        0                                    5.950             0.250       0.0325     0.000               0.2825
      1103657436   CANYON COUNTRY                                       91387    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     403,200.00                     403,200.00   First Lien                                      0           403,200.00                         0.00                      -          504,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103657457   SAN DIEGO                                            92114    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     275,100.00                     275,100.00   First Lien                                      0           275,100.00                         0.00                      -          440,000.00                    62.53               62.53   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103657458   SCHAUMBURG                                           60173    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     195,000.00                     195,000.00   First Lien                                      0           195,000.00                         0.00                      -          675,000.00                    28.89               28.89   No MI                     NO MI                        0                                    5.625             0.375       0.0325     0.000               0.4075
      1103657464   LAKE ELSINORE                                        92530    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     256,000.00                     256,000.00   First Lien                                      0           304,000.00                    48,000.00                      -          320,000.00                    80.00               95.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103657466   VISALIA                                              93291    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     289,000.00                     288,712.30   First Lien                                      0           289,000.00                         0.00                      -          717,000.00                    40.31               40.31   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103657467   KILAUEA                                              96722    HI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     600,000.00                     600,000.00   First Lien                                      0           600,000.00                         0.00                      -          880,000.00                    68.19               68.19   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103657491   VALLEY SPRINGS                                       95252    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     320,000.00                     320,000.00   First Lien                                      0           320,000.00                         0.00                 400000              400000                    80.00               80.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103657492   LOS ANGELES                                          91343    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     369,000.00                     369,000.00   First Lien                                      0           369,000.00                         0.00                      -          390,000.00                    94.62               94.62   PMI                       LPMI                        30                                    7.125             0.375       0.0325     1.280               1.6875
      1103657494   LONE TREE                                            80124    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     712,000.00                     712,000.00   First Lien                                      0           845,500.00                   133,500.00                      -          890,000.00                    80.00               95.00   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103657504   SAN JOSE                                             95126    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     439,200.00                     439,200.00   First Lien                                      0           439,200.00                         0.00                 549000              550280                    80.00               80.00   No MI                     NO MI                        0                                   7.8000            0.3750       0.0325    0.0000               0.4075
      1103657517   WOODLAND HILLS                                       91364    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     700,000.00                     700,000.00   First Lien                                      0           700,000.00                         0.00                      -        1,000,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      1103657522   EL DORADO HILLS                                      95762    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     355,000.00                     355,000.00   First Lien                                      0           355,000.00                         0.00                      -          900,000.00                    39.45               39.45   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103657537   CHULA VISTA                                          91915    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     355,500.00                     355,500.00   First Lien                                      0           355,500.00                         0.00                      -          380,000.00                    93.56               93.56   PMI                       LPMI                        30                                    6.875             0.375       0.0325     1.180               1.5875
      1103657540   LOS ANGELES                                          91402    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     456,000.00                     456,000.00   First Lien                                      0           513,000.00                    57,000.00                      -          570,000.00                    80.00               90.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103657542   PHOENIX                                              85033    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     147,920.00                     147,920.00   First Lien                                      0           184,900.00                    36,980.00                 184900              192000                    80.00              100.00   No MI                     NO MI                        0                                   7.4500            0.3750       0.0325    0.0000               0.4075
      1103657547   ESCONDIDO                                            92027    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     210,000.00                     210,000.00   First Lien                                      0           210,000.00                         0.00                      -          610,000.00                    34.43               34.43   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103657578   DENVER                                               80202    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     297,600.00                     297,600.00   First Lien                                      0           372,000.00                    74,400.00                 372000              375000                    80.00              100.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103657590   HUNTINGTON BEACH                                     92647    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     537,000.00                     537,000.00   First Lien                                      0           537,000.00                         0.00                      -          720,000.00                    74.59               74.59   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103657592   DENVER                                               80202    CO                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     575,850.00                     575,850.00   First Lien                                      0           707,850.00                   132,000.00                      -          950,000.00                    60.62               74.52   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103657604   DORAL                                                33178    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     260,792.00                     260,792.00   First Lien                                      0           260,792.00                         0.00                 325990              326000                    80.00               80.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103657616   LEHI                                                 84043    UT                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     230,550.00                     230,550.00   First Lien                                      0           307,400.00                    76,850.00                 307439              317000                    75.00               99.99   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103657623   SAN DIEGO                                            92122    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     210,000.00                     210,000.00   First Lien                                      0           210,000.00                         0.00                      -          300,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103657625   CORONA                                               92883    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     330,000.00                     330,000.00   First Lien                                      0           330,000.00                         0.00                      -          750,000.00                    44.00               44.00   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103657629   SAN DIEGO                                            92122    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     210,000.00                     210,000.00   First Lien                                      0           210,000.00                         0.00                      -          300,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103657631   CANYON COUNTRY                                       91351    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     450,000.00                     450,000.00   First Lien                                      0           450,000.00                         0.00                      -          770,000.00                    58.45               58.45   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103657637   CORONA                                               92883    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     429,600.00                     429,600.00   First Lien                                      0           429,600.00                         0.00                      -          537,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103657652   OCEANSIDE                                            92054    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     412,000.00                     412,000.00   First Lien                                      0           412,000.00                         0.00                      -          545,000.00                    75.60               75.60   No MI                     NO MI                        0                                    7.500             0.250       0.0325     0.000               0.2825
      1103657672   QUARTZ HILL (AREA)                                   93536    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     352,000.00                     352,000.00   First Lien                                      0           396,000.00                    44,000.00                      -          440,000.00                    80.00               90.00   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103657676   ONTARIO                                              91761    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     372,000.00                     372,000.00   First Lien                                      0           465,000.00                    93,000.00                 465000              465000                    80.00              100.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103657683   LOS ANGELES                                          90067    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     426,000.00                     426,000.00   First Lien                                      0           426,000.00                         0.00                      -          695,000.00                    61.30               61.30   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103657685   SEATTLE                                              98133    WA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     192,500.00                     192,500.00   First Lien                                      0           192,500.00                         0.00                      -          335,000.00                    57.47               57.47   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103657697   YORBA LINDA                                          92887    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     302,400.00                     302,400.00   First Lien                                      0           378,000.00                    75,600.00                 378000              400000                    80.00              100.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103657711   SAN BERNARDINO AREA                                  92407    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     208,000.00                     208,000.00   First Lien                                      0           208,000.00                         0.00                      -          320,000.00                    65.00               65.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103657722   YORBA LINDA                                          92887    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     324,000.00                     324,000.00   First Lien                                      0           405,000.00                    81,000.00                 405000              405000                    80.00              100.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103657723   PITTSBURG                                            94565    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     315,000.00                     315,000.00   First Lien                                      0           315,000.00                         0.00                      -          424,000.00                    74.30               74.30   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103657729   POMONA                                               91768    CA                             20070501                 20370301   ARMS                    Yes                                             360                    480                          360                     356,000.00                     356,000.00   First Lien                                      0           445,000.00                    89,000.00                 445000              455000                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103657735   RICHMOND                                             23229    VA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     150,000.00                     149,869.33   First Lien                                      0           150,000.00                         0.00                      -          205,000.00                    73.18               73.18   No MI                     NO MI                        0                                    6.690             0.250       0.0325     0.000               0.2825
      1103657738   MURRIETA                                             92563    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     475,000.00                     475,000.00   First Lien                                      0           475,000.00                         0.00                      -          595,000.00                    79.84               79.84   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103657754   GLENDALE                                             91208    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     491,000.00                     490,475.09   First Lien                                      0           491,000.00                         0.00                      -          940,000.00                    52.24               52.24   No MI                     NO MI                        0                                    5.625             0.250       0.0325     0.000               0.2825
      1103657767   BAKERSFIELD                                          93313    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     206,800.00                     206,800.00   First Lien                                      0           258,500.00                    51,700.00                 258580              259000                    79.98               99.97   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103657781   STOCKTON                                             95206    CA                             20070401                 20370401   FIXED                   Yes                                             360                    480                          359                     135,000.00                     134,934.47   First Lien                                      0           135,000.00                         0.00                      -          328,000.00                    41.16               41.16   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103657786   APPLE VALLEY                                         92308    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     222,500.00                     222,500.00   First Lien                                      0           222,500.00                         0.00                      -          300,000.00                    74.17               74.17   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103657787   TORRANCE AREA                                        90501    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     490,000.00                     490,000.00   First Lien                                      0           490,000.00                         0.00                      -          635,000.00                    77.17               77.17   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103657805   LOS ANGELES                                          90011    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     233,000.00                     233,000.00   First Lien                                      0           333,000.00                   100,000.00                      -          425,000.00                    54.83               78.36   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103657808   LOS ANGELES                                          90002    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     344,000.00                     344,000.00   First Lien                                      0           408,500.00                    64,500.00                      -          440,000.00                    78.19               92.85   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103657812   FONTANA                                              92336    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     472,000.00                     472,000.00   First Lien                                      0           497,720.00                    25,720.00                      -          590,000.00                    80.00               84.36   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103657814   FONTANA AREA                                         92336    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     307,500.00                     307,500.00   First Lien                                      0           307,500.00                         0.00                      -          390,000.00                    78.85               78.85   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103657833   FONTANA                                              92335    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     284,800.00                     284,800.00   First Lien                                      0           356,000.00                    71,200.00                 356000              356000                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103657848   RIVERSIDE                                            92509    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     272,000.00                     272,000.00   First Lien                                      0           272,000.00                         0.00                      -          340,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103657853   SANTA ANA                                            92701    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     498,750.00                     498,750.00   First Lien                                      0           598,500.00                    99,750.00                      -          665,000.00                    75.00               90.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103657858   LA PUENTE AREA                                       91744    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     160,000.00                     160,000.00   First Lien                                      0           160,000.00                         0.00                      -          462,000.00                    34.64               34.64   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103657867   FORT LAUDERDALE                                      33308    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     960,000.00                     960,000.00   First Lien                                      0           960,000.00                         0.00                      -        3,200,000.00                    30.00               30.00   No MI                     NO MI                        0                                    5.625             0.375       0.0325     0.000               0.4075
      1103657877   LOS ANGELES                                          90042    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     310,000.00                     310,000.00   First Lien                                      0           310,000.00                         0.00                      -          525,000.00                    59.05               59.05   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103657893   SPOKANE                                              99205    WA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     128,000.00                     128,000.00   First Lien                                      0           162,000.00                    34,000.00                      -          162,000.00                    79.02              100.00   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103657911   BEAUMONT                                             92223    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     280,000.00                     280,000.00   First Lien                                      0           350,000.00                    70,000.00                      -          350,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103657924   LAS VEGAS                                            89110    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     200,000.00                     200,000.00   First Lien                                      0           200,000.00                         0.00                      -          252,000.00                    79.37               79.37   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103657942   BAKERSFIELD                                          93307    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     242,000.00                     242,000.00   First Lien                                      0           242,000.00                         0.00                      -          312,000.00                    77.57               77.57   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103657948   SAVANNAH                                             38372    TN                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     102,600.00                     102,542.78   First Lien                                      0           102,600.00                         0.00                      -          114,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.900             0.375       0.0325     0.970               1.3775
      1103657955   LOS ANGELES                                          90047    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     368,000.00                     368,000.00   First Lien                                      0           368,000.00                         0.00                      -          460,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103657958   MESA                                                 85207    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     126,400.00                     126,400.00   First Lien                                      0           179,900.00                    53,500.00                      -          193,000.00                    65.50               93.22   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103657967   PHOENIX                                              85087    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     160,900.00                     160,900.00   First Lien                                      0           160,900.00                         0.00                      -          380,000.00                    42.35               42.35   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103657971   RIDDLE                                               97469    OR                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     112,000.00                     112,000.00   First Lien                                      0           112,000.00                         0.00                      -          140,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103657974   NORTH LAS VEGAS                                      89030    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     160,000.00                     160,000.00   First Lien                                      0           160,000.00                         0.00                      -          205,000.00                    78.05               78.05   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103658003   MARICOPA                                             85239    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     220,500.00                     220,500.00   First Lien                                      0           299,250.00                    78,750.00                 315000              329000                    70.00               95.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103658030   MARICOPA                                             85239    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     208,950.00                     208,950.00   First Lien                                      0           283,575.00                    74,625.00                 298500              320000                    70.00               95.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103658037   CAVE CREEK                                           85331    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     540,000.00                     540,000.00   First Lien                                      0           540,000.00                         0.00                      -          720,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103658041   SCOTTSDALE                                           85251    AZ                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     211,000.00                     210,851.08   First Lien                                      0           211,000.00                         0.00                      -          300,000.00                    70.34               70.34   No MI                     NO MI                        0                                    7.750             0.250       0.0325     0.000               0.2825
      1103658044   VISTA                                                92081    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     258,750.00                     258,750.00   First Lien                                      0           258,750.00                         0.00                      -          345,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103658051   CARSON                                               90810    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     412,000.00                     412,000.00   First Lien                                      0           412,000.00                         0.00                      -          515,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103658080   WEST COVINA                                          91790    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     600,000.00                     600,000.00   First Lien                                      0           600,000.00                         0.00                      -          750,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103658087   OLYMPIA                                              98512    WA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     130,000.00                     130,000.00   First Lien                                      0           130,000.00                         0.00                      -          200,000.00                    65.00               65.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103658104   CORONA                                               92883    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     310,400.00                     310,400.00   First Lien                                      0           310,400.00                         0.00                      -          850,000.00                    36.52               36.52   No MI                     NO MI                        0                                    5.800             0.375       0.0325     0.000               0.4075
      1103658127   CHINO HILLS                                          91709    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     175,000.00                     175,000.00   First Lien                                      0           175,000.00                         0.00                      -          510,000.00                    34.32               34.32   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103658133   LOS ANGELES AREA                                     90059    CA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     348,000.00                     348,000.00   First Lien                                      0           348,000.00                         0.00                      -          435,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103658142   SAN MARCOS                                           92069    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     393,750.00                     393,750.00   First Lien                                      0           393,750.00                         0.00                      -          525,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103658149   HONOLULU                                             96815    HI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     354,900.00                     354,900.00   First Lien                                      0           354,900.00                         0.00                 507000              507000                    70.00               70.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103658170   VACAVILLE                                            95687    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     480,000.00                     480,000.00   First Lien                                      0           480,000.00                         0.00                      -          600,000.00                    80.00               80.00   No MI                     NO MI                        0                                    5.950             0.375       0.0325     0.000               0.4075
      1103658173   PORTLAND                                             97206    OR                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     108,000.00                     108,000.00   First Lien                                      0           128,250.00                    20,250.00                 135000              140000                    80.00               95.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103658187   MIAMI                                                33166    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     320,000.00                     320,000.00   First Lien                                      0           320,000.00                         0.00                 400000              400000                    80.00               80.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103658189   CALABASAS (AGOURA HILLS A                            91301    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     576,800.00                     576,800.00   First Lien                                      0           576,800.00                         0.00                      -          824,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.375             0.375       0.0325     0.000               0.4075
      1103658200   PITTSGROVE                                           08318    NJ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     155,400.00                     155,400.00   First Lien                                      0           210,900.00                    55,500.00                 222000              222000                    70.00               95.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103658209   NORWALK                                              06854    CT                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     550,000.00                     550,000.00   First Lien                                      0           550,000.00                         0.00                      -          760,000.00                    72.37               72.37   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103658228   OAKLAND                                              94621    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     295,000.00                     295,000.00   First Lien                                      0           295,000.00                         0.00                      -          575,000.00                    51.31               51.31   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103658234   BERLIN                                               21811    MD                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     480,000.00                     480,000.00   First Lien                                      0           480,000.00                         0.00                      -          600,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103658240   RANCHO PALOS VERDES                                  90275    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     850,000.00                     850,000.00   First Lien                                      0           850,000.00                         0.00                      -        1,300,000.00                    65.39               65.39   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103658279   LANCASTER                                            93536    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     202,000.00                     202,000.00   First Lien                                      0           202,000.00                         0.00                      -          350,000.00                    57.72               57.72   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103658281   CLEARLAKE                                            95422    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     211,500.00                     211,500.00   First Lien                                      0           248,150.00                    36,650.00                 282000              282000                    75.00               88.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103658291   CHINO HILLS                                          91709    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     462,000.00                     462,000.00   First Lien                                      0           462,000.00                         0.00                      -          630,000.00                    73.34               73.34   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103658295   HOLLYWOOD                                            33020    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     272,000.00                     272,000.00   First Lien                                      0           340,000.00                    68,000.00                 340000              340000                    80.00              100.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103658338   DENVER                                               80206    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     968,000.00                     968,000.00   First Lien                                      0           968,000.00                         0.00                1385000             1400000                    69.90               69.90   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103658377   CARLSBAD                                             92011    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     565,000.00                     565,000.00   First Lien                                      0           565,000.00                         0.00                      -          870,000.00                    64.95               64.95   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103658395   LOMPOC                                               93436    CA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     252,000.00                     252,000.00   First Lien                                      0           252,000.00                         0.00                      -          370,000.00                    68.11               68.11   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103658403   WOODSIDE                                             94062    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     745,000.00                     745,000.00   First Lien                                      0           745,000.00                         0.00                1150000             1150000                    64.79               64.79   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103658418   SOUTH SAN FRANCISCO                                  94080    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     400,000.00                     400,000.00   First Lien                                      0           400,000.00                         0.00                      -          785,000.00                    50.96               50.96   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103658423   OXNARD                                               93035    CA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     375,000.00                     375,000.00   First Lien                                      0           375,000.00                         0.00                      -          474,000.00                    79.12               79.12   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103658481   SAN JOSE                                             95135    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     520,500.00                     520,500.00   First Lien                                      0           520,500.00                         0.00                      -          995,000.00                    52.32               52.32   No MI                     NO MI                        0                                    5.625             0.375       0.0325     0.000               0.4075
      1103658503   ANAHEIM                                              92804    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     456,000.00                     456,000.00   First Lien                                      0           570,000.00                   114,000.00                 570000              575000                    80.00              100.00   No MI                     NO MI                        0                                   6.0000            0.3750       0.0325    0.0000               0.4075
      1103658540   LOS ANGELES                                          90044    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     470,000.00                     470,000.00   First Lien                                      0           470,000.00                         0.00                      -          610,000.00                    77.05               77.05   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103658544   RIVERSIDE                                            92507    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     294,300.00                     294,300.00   First Lien                                      0           294,300.00                         0.00                      -          327,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.000             0.375       0.0325     1.390               1.7975
      1103658545   LOS ANGELES                                          90032    CA                             20070501                 20220401   FIXED                   No                                              180                    180                          180                     306,000.00                     304,936.55   First Lien                                      0           306,000.00                         0.00                      -          445,000.00                    68.77               68.77   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103658555   HESPERIA                                             92344    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     282,900.00                     282,900.00   First Lien                                      0           353,600.00                    70,700.00                 353684              363040                    79.99               99.98   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103658557   LYNWOOD                                              90262    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     290,500.00                     290,500.00   First Lien                                      0           290,500.00                         0.00                      -          415,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103658591   PASADENA                                             91104    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     680,000.00                     680,000.00   First Lien                                      0           850,000.00                   170,000.00                 850000              850000                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103658599   LOS ANGELES                                          90002    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     388,000.00                     388,000.00   First Lien                                      0           460,750.00                    72,750.00                      -          485,000.00                    80.00               95.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103658600   LOS ANGELES                                          90061    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     249,375.00                     249,375.00   First Lien                                      0           315,875.00                    66,500.00                 332500              395000                    75.00               95.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103658601   FONTANA                                              92336    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     480,000.00                     480,000.00   First Lien                                      0           600,000.00                   120,000.00                      -          600,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103658602   BUENA PARK                                           90621    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     428,000.00                     428,000.00   First Lien                                      0           535,000.00                   107,000.00                 535000              540000                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103658603   SAN JUAN CAPISTRANO                                  92675    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     301,000.00                     301,000.00   First Lien                                      0           301,000.00                         0.00                      -          430,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103658604   SAN JUAN CAPISTRANO                                  92675    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     262,500.00                     262,500.00   First Lien                                      0           262,500.00                         0.00                      -          375,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103658605   ALHAMBRA                                             91803    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     500,000.00                     500,000.00   First Lien                                      0           566,500.00                    66,500.00                      -          667,000.00                    74.97               84.94   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103658606   PALMDALE                                             93552    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     240,000.00                     240,000.00   First Lien                                      0           240,000.00                         0.00                      -          320,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103658607   LOS ANGELES                                          91604    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     485,000.00                     485,000.00   First Lien                                      0           485,000.00                         0.00                 865000              865000                    56.07               56.07   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      1103658608   FREMONT                                              94536    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     215,000.00                     214,924.35   First Lien                                      0           215,000.00                         0.00                      -          520,000.00                    41.35               41.35   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103658609   LOS ANGELES                                          91342    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     440,000.00                     440,000.00   First Lien                                      0           550,000.00                   110,000.00                 550000              555000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103658610   LOS ANGELES                                          91304    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     442,500.00                     442,500.00   First Lien                                      0           560,500.00                   118,000.00                 590000              720000                    75.00               95.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103658611   PALMDALE                                             93551    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     440,000.00                     440,000.00   First Lien                                      0           550,000.00                   110,000.00                 550000              550000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103658612   HESPERIA                                             92345    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     351,000.00                     351,000.00   First Lien                                      0           351,000.00                         0.00                      -          420,000.00                    83.58               83.58   PMI                       BPMI                        12                                    6.375             0.375       0.0325     0.000               0.4075
      1103658613   OAK PARK                                             91377    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     460,000.00                     460,000.00   First Lien                                      0           559,954.00                    99,954.00                      -          815,000.00                    56.45               68.71   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103658614   LOS ANGELES                                          91335    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     531,000.00                     531,000.00   First Lien                                      0           531,000.00                         0.00                      -          780,000.00                    68.08               68.08   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103658615   DIAMOND BAR                                          91765    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     405,000.00                     405,000.00   First Lien                                      0           405,000.00                         0.00                      -          710,000.00                    57.05               57.05   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103658616   LOMITA                                               90717    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     405,000.00                     405,000.00   First Lien                                      0           405,000.00                         0.00                      -          925,000.00                    43.79               43.79   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103658618   PERRIS                                               92570    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     354,392.00                     354,392.00   First Lien                                      0           442,990.00                    88,598.00                 442990              445000                    80.00              100.00   No MI                     NO MI                        0                                   5.6250            0.3750       0.0325    0.0000               0.4075
      1103658619   PALMDALE                                             93552    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     288,000.00                     288,000.00   First Lien                                      0           360,000.00                    72,000.00                 360000              360000                    80.00              100.00   No MI                     NO MI                        0                                   6.6250            0.3750       0.0325    0.0000               0.4075
      1103658620   CHICO                                                95928    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     356,250.00                     356,250.00   First Lien                                      0           475,000.00                   118,750.00                      -          475,000.00                    75.00              100.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103658621   SAN JOSE                                             95148    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     600,000.00                     600,000.00   First Lien                                      0           600,000.00                         0.00                      -          925,000.00                    64.87               64.87   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103658622   PETALUMA                                             94954    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     386,250.00                     386,250.00   First Lien                                      0           515,000.00                   128,750.00                 515000              515000                    75.00              100.00   No MI                     NO MI                        0                                   6.0000            0.3750       0.0325    0.0000               0.4075
      1103658623   LAS VEGAS                                            89139    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     187,500.00                     187,500.00   First Lien                                      0           250,000.00                    62,500.00                 250000              250000                    75.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103658625   SAN DIEGO                                            92111    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     344,250.00                     344,250.00   First Lien                                      0           459,000.00                   114,750.00                 459000              459000                    75.00              100.00   No MI                     NO MI                        0                                   5.3750            0.3750       0.0325    0.0000               0.4075
      1103658626   SAN DIEGO                                            92122    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     595,000.00                     595,000.00   First Lien                                      0           595,000.00                         0.00                 888373              920000                    66.98               66.98   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103658627   LA CRESCENTA                                         91214    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     318,750.00                     318,750.00   First Lien                                      0           403,750.00                    85,000.00                 425000              530000                    75.00               95.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103658631   EVERETT                                              98208    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     215,250.00                     215,250.00   First Lien                                      0           287,000.00                    71,750.00                      -          287,000.00                    75.00              100.00   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103658635   SAN BERNARDINO                                       92410    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     150,000.00                     150,000.00   First Lien                                      0           150,000.00                         0.00                      -          298,000.00                    50.34               50.34   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103658661   WESTMINSTER                                          92683    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     520,000.00                     519,430.83   First Lien                                      0           520,000.00                         0.00                      -          765,000.00                    67.98               67.98   No MI                     NO MI                        0                                    5.500             0.250       0.0325     0.000               0.2825
      1103658667   TAYLORS FALLS                                        55084    MN                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     118,930.00                     118,929.37   First Lien                                      0           161,405.00                    42,475.00                 169900              172000                    70.00               95.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103658676   EL SEGUNDO                                           90245    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     802,500.00                     802,500.00   First Lien                                      0           802,500.00                         0.00                      -        1,070,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103658689   JACKSONVILLE                                         32244    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     125,250.00                     125,250.00   First Lien                                      0           125,250.00                         0.00                      -          167,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      1103658713   FOREST FALLS AREA                                    92339    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     412,000.00                     412,000.00   First Lien                                      0           412,000.00                         0.00                 515000              515000                    80.00               80.00   No MI                     NO MI                        0                                   9.1250            0.3750       0.0325    0.0000               0.4075
      1103658715   SAN JUAN CAPISTRANO                                  92675    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     266,500.00                     266,500.00   First Lien                                      0           266,500.00                         0.00                      -          410,000.00                    65.00               65.00   No MI                     NO MI                        0                                    5.625             0.375       0.0325     0.000               0.4075
      1103658726   OLYMPIA                                              98512    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     340,000.00                     340,000.00   First Lien                                      0           374,000.00                    34,000.00                      -          425,000.00                    80.00               88.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103658757   ANAHEIM                                              92807    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     305,000.00                     305,000.00   First Lien                                      0           305,000.00                         0.00                      -          600,000.00                    50.84               50.84   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103658783   PALM BEACH GARDENS                                   33410    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     319,900.00                     319,900.00   First Lien                                      0           319,900.00                         0.00                      -          400,000.00                    79.98               79.98   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103658797   FALLBROOK                                            92028    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     680,000.00                     680,000.00   First Lien                                      0           807,500.00                   127,500.00                 850000              875000                    80.00               95.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103658812   JACKSONVILLE BEACH                                   32250    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     404,925.00                     404,925.00   First Lien                                      0           404,925.00                         0.00                 539900              539900                    75.00               75.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103658827   BOYNTON BEACH                                        33437    FL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     288,500.00                     288,205.86   First Lien                                      0           288,500.00                         0.00                      -          400,000.00                    72.13               72.13   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103658828   MILLSTONE                                            08691    NJ                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     742,000.00                     742,000.00   First Lien                                      0           900,000.00                   158,000.00                      -        1,060,000.00                    70.00               84.91   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103658831   HOUSTON                                              77008    TX                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     351,200.00                     350,836.71   First Lien                                      0           351,200.00                         0.00                 439000              439000                    80.00               80.00   No MI                     NO MI                        0                                   5.7990            0.2500       0.0325    0.0000               0.2825
      1103658832   INVERNESS                                            34453    FL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                      85,000.00                      84,926.82   First Lien                                      0            85,000.00                         0.00                      -          122,000.00                    69.68               69.68   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103658834   AUSTIN                                               78730    TX                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     508,000.00                     507,482.06   First Lien                                      0           508,000.00                         0.00                 635000              645000                    80.00               80.00   No MI                     NO MI                        0                                   5.8750            0.2500       0.0325    0.0000               0.2825
      1103658835   MIAMI                                                33161    FL                             20070201                 20370101   FIXED                   No                                              360                    360                          357                     416,000.00                     414,784.08   First Lien                                      0           416,000.00                         0.00                      -          520,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.625             0.250       0.0325     0.000               0.2825
      1103658836   ASHBURN                                              20147    VA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     470,000.00                     470,000.00   First Lien                                      0           470,000.00                         0.00                 600000              603000                    78.34               78.34   No MI                     NO MI                        0                                   6.0000            0.2500       0.0325    0.0000               0.2825
      1103658837   WESTPORT                                             06880    CT                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     850,000.00                     849,173.85   First Lien                                      0           850,000.00                         0.00                      -        1,290,000.00                    65.90               65.90   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103658838   WEST PALM BEACH                                      33407    FL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     675,000.00                     674,404.46   First Lien                                      0           675,000.00                         0.00                      -          900,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      1103658839   MILFORD                                              48381    MI                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     273,750.00                     273,229.15   First Lien                                      0           365,000.00                    91,250.00                      -          365,000.00                    75.00              100.00   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103658840   BROOKEVILLE                                          20833    MD                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     393,750.00                     393,358.02   First Lien                                      0           393,750.00                         0.00                      -          525,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103658841   OLNEY                                                20832    MD                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     273,000.00                     272,386.79   First Lien                                      0           273,000.00                         0.00                      -          480,000.00                    56.88               56.88   No MI                     NO MI                        0                                    5.375             0.250       0.0325     0.000               0.2825
      1103658842   SHELTON                                              06484    CT                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     340,800.00                     340,460.73   First Lien                                      0           383,400.00                    42,600.00                      -          426,000.00                    80.00               90.00   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103658846   LITTLE FALLS                                         07424    NJ                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     249,000.00                     249,000.00   First Lien                                      0           249,000.00                         0.00                      -          367,000.00                    67.85               67.85   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103658851   COLONIAL BEACH                                       22443    VA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     490,000.00                     489,500.42   First Lien                                      0           490,000.00                         0.00                      -          700,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103658861   ORANGE                                               92865    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     455,200.00                     455,200.00   First Lien                                      0           569,000.00                   113,800.00                 569000              569000                    80.00              100.00   No MI                     NO MI                        0                                   6.3750            0.2500       0.0325    0.0000               0.2825
      1103658877   RESCUE                                               95672    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     410,000.00                     410,000.00   First Lien                                      0           410,000.00                         0.00                      -          705,000.00                    58.16               58.16   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103658886   SIMI VALLEY                                          93063    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     605,000.00                     605,000.00   First Lien                                      0           605,000.00                         0.00                      -          870,000.00                    69.55               69.55   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103658899   MIRAMAR                                              33025    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     242,250.00                     242,250.00   First Lien                                      0           242,250.00                         0.00                      -          285,000.00                    85.00               85.00   PMI                       LPMI                        22                                    6.625             0.375       0.0325     0.840               1.2475
      1103658908   KISSIMMEE                                            34744    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     213,000.00                     213,000.00   First Lien                                      0           213,000.00                         0.00                 237000              237300                    89.88               89.88   PMI                       LPMI                        25                                   6.6900            0.3750       0.0325    0.4200               0.8275
      1103658915   LAWNDALE                                             90260    CA                             20070401                 20220301   FIXED                   No                                              180                    180                          179                      77,000.00                      76,732.40   First Lien                                      0            77,000.00                         0.00                      -          550,000.00                    14.00               14.00   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      1103658930   WINCHESTER                                           92596    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     424,000.00                     424,000.00   First Lien                                      0           467,000.00                    43,000.00                      -          530,000.00                    80.00               88.12   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103658933   TEXAS CITY                                           77590    TX                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      88,500.00                      88,500.00   First Lien                                      0           112,100.00                    23,600.00                 118000              118000                    75.00               95.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103658934   SURPRISE                                             85379    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     159,990.00                     159,990.00   First Lien                                      0           199,990.00                    40,000.00                 199990              200000                    80.00              100.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103658938   ROCKLIN                                              95765    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     438,400.00                     438,400.00   First Lien                                      0           438,400.00                         0.00                      -          548,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103658952   PERRIS                                               92571    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     200,000.00                     200,000.00   First Lien                                      0           200,000.00                         0.00                      -          320,000.00                    62.50               62.50   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103658970   LAGUNA BEACH                                         92653    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     560,000.00                     560,000.00   First Lien                                      0           560,000.00                         0.00                      -          975,000.00                    57.44               57.44   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103658989   DETROIT                                              48203    MI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      74,200.00                      74,200.00   First Lien                                      0           100,700.00                    26,500.00                 106000              106000                    70.00               95.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103658991   MERCER ISLAND                                        98040    WA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     670,000.00                     669,300.48   First Lien                                      0           670,000.00                         0.00                 860000              863000                    77.91               77.91   No MI                     NO MI                        0                                   5.7500            0.2500       0.0325    0.0000               0.2825
      1103658992   EL MONTE                                             91732    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     313,600.00                     313,600.00   First Lien                                      0           313,600.00                         0.00                 392000              440000                    80.00               80.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103659047   LAKE STEVENS                                         98258    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     228,800.00                     228,800.00   First Lien                                      0           271,700.00                    42,900.00                 286000              286000                    80.00               95.00   No MI                     NO MI                        0                                   8.6750            0.3750       0.0325    0.0000               0.4075
      1103659060   MURRIETA                                             92563    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     210,000.00                     210,000.00   First Lien                                      0           210,000.00                         0.00                      -          310,000.00                    67.75               67.75   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103659081   SAN PABLO                                            94806    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     295,000.00                     295,000.00   First Lien                                      0           295,000.00                         0.00                      -          463,000.00                    63.72               63.72   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103659106   PAWLEYS ISLAND                                       29585    SC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     107,100.00                     107,100.00   First Lien                                      0           127,150.00                    20,050.00                 133900              175000                    79.99               94.96   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103659137   WOODBRIDGE                                           22191    VA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     120,000.00                     120,000.00   First Lien                                      0           120,000.00                         0.00                      -          320,000.00                    37.50               37.50   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103659146   SAINT PETERSBURG                                     33713    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     116,000.00                     116,000.00   First Lien                                      0           116,000.00                         0.00                      -          145,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103659150   COVINA                                               91723    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     472,000.00                     472,000.00   First Lien                                      0           472,000.00                         0.00                      -          590,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103659166   PALM DESERT                                          92211    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     330,000.00                     330,000.00   First Lien                                      0           330,000.00                         0.00                      -          510,000.00                    64.71               64.71   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103659176   OLYMPIA                                              98516    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     272,000.00                     272,000.00   First Lien                                      0           272,000.00                         0.00                 340000              340000                    80.00               80.00   No MI                     NO MI                        0                                   6.9900            0.3750       0.0325    0.0000               0.4075
      1103659180   CENTENNIAL                                           80015    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     216,000.00                     215,795.05   First Lien                                      0           216,000.00                         0.00                      -          270,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103659207   HARBOR CITY                                          90710    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     510,400.00                     510,400.00   First Lien                                      0           606,100.00                    95,700.00                 638000              638000                    80.00               95.00   No MI                     NO MI                        0                                   6.2500            0.2500       0.0325    0.0000               0.2825
      1103659209   SANTA ANA                                            92707    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     547,000.00                     547,000.00   First Lien                                      0           547,000.00                         0.00                      -          730,000.00                    74.94               74.94   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103659272   SAN DIEGO                                            92154    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     382,400.00                     382,400.00   First Lien                                      0           478,000.00                    95,600.00                      -          478,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103659284   BAKERSFIELD                                          93313    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     206,200.00                     206,200.00   First Lien                                      0           244,800.00                    38,600.00                 257820              258000                    79.98               94.95   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103659286   COMPTON                                              90221    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     195,000.00                     195,000.00   First Lien                                      0           195,000.00                         0.00                      -          420,000.00                    46.43               46.43   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      1103659293   LOS ANGELES                                          90037    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     143,000.00                     143,000.00   First Lien                                      0           143,000.00                         0.00                      -          450,000.00                    31.78               31.78   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103659331   RANCHO CORDOVA                                       95670    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     304,000.00                     304,000.00   First Lien                                      0           342,000.00                    38,000.00                      -          380,000.00                    80.00               90.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103659333   SACRAMENTO                                           95832    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     164,720.00                     164,720.00   First Lien                                      0           195,605.00                    30,885.00                 205900              205900                    80.00               95.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103659341   CENTENNIAL                                           80112    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     217,200.00                     217,200.00   First Lien                                      0           271,500.00                    54,300.00                 271500              272000                    80.00              100.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103659374   HARTFORD                                             06114    CT                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     224,000.00                     224,000.00   First Lien                                      0           280,000.00                    56,000.00                 280000              280000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103659437   BRENTWOOD AREA                                       90049    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     387,000.00                     387,000.00   First Lien                                      0           387,000.00                         0.00                      -        1,250,000.00                    30.96               30.96   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103659442   LOS ANGELES                                          91307    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     270,000.00                     270,000.00   First Lien                                      0           270,000.00                         0.00                      -          600,000.00                    45.00               45.00   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      1103659473   ALTADENA                                             91001    CA                             20070501                 20370401   FIXED                   Yes                                             360                    480                          360                     640,000.00                     640,000.00   First Lien                                      0           640,000.00                         0.00                      -          950,000.00                    67.37               67.37   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103659475   BOISE                                                83714    ID                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     550,000.00                     550,000.00   First Lien                                      0           550,000.00                         0.00              700353.53              707000                    78.54               78.54   No MI                     NO MI                        0                                   5.6250            0.2500       0.0325    0.0000               0.2825
      1103659600   DENVER                                               80220    CO                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     542,500.00                     542,500.00   First Lien                                      0           542,500.00                         0.00                      -          775,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.625             0.375       0.0325     0.000               0.4075
      1103659608   WALNUT                                               91789    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     350,000.00                     350,000.00   First Lien                                      0           350,000.00                         0.00                      -          590,000.00                    59.33               59.33   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103659613   BOCA RATON                                           33434    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     296,000.00                     296,000.00   First Lien                                      0           370,000.00                    74,000.00                 370000              380000                    80.00              100.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103659637   CENTENNIAL                                           80015    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     178,100.00                     178,100.00   First Lien                                      0           178,100.00                         0.00                      -          250,000.00                    71.24               71.24   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103659639   MORENO VALLEY                                        92557    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     269,000.00                     269,000.00   First Lien                                      0           269,000.00                         0.00                      -          420,000.00                    64.05               64.05   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103659714   GLENDALE                                             91201    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     665,000.00                     664,413.28   First Lien                                      0           665,000.00                         0.00                      -          950,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      1103659727   SANTA ANA                                            92701    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     448,000.00                     448,000.00   First Lien                                      0           576,000.00                   128,000.00                 640000              680000                    70.00               90.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103659728   POMONA                                               91767    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     144,000.00                     144,000.00   First Lien                                      0           144,000.00                         0.00                      -          440,000.00                    32.73               32.73   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103659753   WHITTIER                                             90606    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     245,000.00                     245,000.00   First Lien                                      0           245,000.00                         0.00                      -          515,000.00                    47.58               47.58   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103659763   ELMWOOD PARK                                         60707    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     352,000.00                     352,000.00   First Lien                                      0           385,000.00                    33,000.00                      -          440,000.00                    80.00               87.50   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103659784   LOS ANGELES                                          90064    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     488,000.00                     488,000.00   First Lien                                      0           488,000.00                         0.00                      -        1,175,000.00                    41.54               41.54   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103659804   SPRING HILL                                          34608    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     157,500.00                     157,500.00   First Lien                                      0           157,500.00                         0.00                      -          210,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103659836   DENVER                                               80246    CO                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     592,500.00                     592,500.00   First Lien                                      0           592,500.00                         0.00                 790000              795000                    75.00               75.00   No MI                     NO MI                        0                                   6.0000            0.3750       0.0325    0.0000               0.4075
      1103659838   STOCKTON                                             95219    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     480,000.00                     480,000.00   First Lien                                      0           480,000.00                         0.00                      -          850,000.00                    56.48               56.48   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103659840   ANAHEIM HILLS                                        92808    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     873,000.00                     873,000.00   First Lien                                      0           873,000.00                         0.00                1116000             1135000                    78.23               78.23   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103659859   ORLANDO                                              32819    FL                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     144,000.00                     144,000.00   First Lien                                      0           144,000.00                         0.00                 180000              195000                    80.00               80.00   No MI                     NO MI                        0                                   8.7500            0.3750       0.0325    0.0000               0.4075
      1103659884   YORBA LINDA                                          92886    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     343,500.00                     343,500.00   First Lien                                      0           343,500.00                         0.00                      -          700,000.00                    49.08               49.08   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103659922   LAFAYETTE                                            94549    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     700,000.00                     700,000.00   First Lien                                      0           700,000.00                         0.00                      -        1,100,000.00                    63.64               63.64   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103659930   RICHMOND                                             94801    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     176,000.00                     176,000.00   First Lien                                      0           176,000.00                         0.00                      -          631,900.00                    27.86               27.86   No MI                     NO MI                        0                                    5.625             0.375       0.0325     0.000               0.4075
      1103659944   CULVER CITY                                          90230    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     744,000.00                     744,000.00   First Lien                                      0           834,000.00                    90,000.00                      -          930,000.00                    80.00               89.68   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103659949   VANCOUVER                                            98682    WA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     110,625.00                     110,625.00   First Lien                                      0           125,375.00                    14,750.00                      -          147,500.00                    75.00               85.00   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103659952   PICO RIVERA                                          90660    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     145,000.00                     145,000.00   First Lien                                      0           145,000.00                         0.00                      -          475,000.00                    30.53               30.53   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103659990   KIRKWOOD                                             63122    MO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     499,000.00                     498,453.81   First Lien                                      0           499,000.00                         0.00                      -          734,500.00                    67.94               67.94   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      1103660004   DENVER                                               80238    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     125,000.00                     125,000.00   First Lien                                      0           125,000.00                         0.00                 250000              264000                    50.00               50.00   No MI                     NO MI                        0                                   5.5000            0.3750       0.0325    0.0000               0.4075
      1103660022   SAN DIMAS                                            91773    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     449,000.00                     449,000.00   First Lien                                      0           449,000.00                         0.00                      -          585,000.00                    76.76               76.76   No MI                     NO MI                        0                                    7.250             0.250       0.0325     0.000               0.2825
      1103660033   SAN JOSE                                             95123    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     621,800.00                     621,800.00   First Lien                                      0           621,800.00                         0.00                      -          830,000.00                    74.92               74.92   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103660039   NEWPORT BEACH                                        92662    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     999,999.00                     999,999.00   First Lien                                      0           999,999.00                         0.00                      -        1,825,000.00                    54.80               54.80   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103660053   OCEANSIDE                                            92056    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     528,800.00                     528,800.00   First Lien                                      0           528,800.00                         0.00                 661000              661000                    80.00               80.00   No MI                     NO MI                        0                                   5.6250            0.3750       0.0325    0.0000               0.4075
      1103660065   TORRANCE                                             90503    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     650,000.00                     650,000.00   First Lien                                      0           778,700.00                   128,700.00                      -          826,000.00                    78.70               94.28   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103660094   PHOENIX                                              85024    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     202,500.00                     202,500.00   First Lien                                      0           202,500.00                         0.00                      -          270,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103660127   WEST PALM BEACH                                      33401    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     161,250.00                     161,250.00   First Lien                                      0           161,250.00                         0.00                      -          215,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.170             0.375       0.0325     0.000               0.4075
      1103660147   OXFORD                                               04270    ME                             20070501                 20370401   FIXED                   No                                              360                    360                          360                      95,000.00                      95,000.00   First Lien                                      0            95,000.00                         0.00                      -          180,000.00                    52.78               52.78   No MI                     NO MI                        0                                    7.200             0.250       0.0325     0.000               0.2825
      1103660170   RICHMOND                                             94804    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     440,000.00                     440,000.00   First Lien                                      0           440,000.00                         0.00                      -          600,000.00                    73.34               73.34   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103660245   BOCA RATON                                           33428    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     463,500.00                     463,500.00   First Lien                                      0           463,500.00                         0.00                 515000              550000                    90.00               90.00   PMI                       LPMI                        25                                   7.0000            0.3750       0.0325    0.4700               0.8775
      1103660261   MONTAGUE                                             07827    NJ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     204,000.00                     204,000.00   First Lien                                      0           255,000.00                    51,000.00                      -          255,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103660271   PANAMA CITY BEACH                                    32413    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     198,000.00                     198,000.00   First Lien                                      0           198,000.00                         0.00                 441660              480000                    44.84               44.84   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103660279   RENO                                                 89509    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     125,000.00                     125,000.00   First Lien                                      0           125,000.00                         0.00                      -          615,000.00                    20.33               20.33   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103660290   SAN DIEGO                                            92154    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     405,000.00                     405,000.00   First Lien                                      0           405,000.00                         0.00                      -          540,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.375             0.250       0.0325     0.000               0.2825
      1103660298   AUSTIN                                               78731    TX                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     417,000.00                     417,000.00   First Lien                                      0           417,000.00                         0.00                 735000              735000                    56.74               56.74   No MI                     NO MI                        0                                   5.5000            0.2500       0.0325    0.0000               0.2825
      1103660300   PASO ROBLES                                          93446    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     350,000.00                     350,000.00   First Lien                                      0           350,000.00                         0.00                      -          500,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103660328   LONG BEACH                                           90808    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     260,000.00                     260,000.00   First Lien                                      0           260,000.00                         0.00                      -          510,000.00                    50.99               50.99   No MI                     NO MI                        0                                    6.220             0.375       0.0325     0.000               0.4075
      1103660400   VERADALE                                             99037    WA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     172,500.00                     172,500.00   First Lien                                      0           172,500.00                         0.00                      -          220,000.00                    78.41               78.41   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103660419   PICO RIVERA                                          90660    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     277,750.00                     277,750.00   First Lien                                      0           277,750.00                         0.00                      -          505,000.00                    55.00               55.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103660460   ELK GROVE                                            95624    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     369,600.00                     369,600.00   First Lien                                      0           462,000.00                    92,400.00                 462000              465000                    80.00              100.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103660469   PORT SAINT LUCIE                                     34984    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     182,000.00                     182,000.00   First Lien                                      0           182,000.00                         0.00                      -          280,000.00                    65.00               65.00   No MI                     NO MI                        0                                    7.265             0.250       0.0325     0.000               0.2825
      1103660480   SAN MATEO                                            94401    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     462,000.00                     462,000.00   First Lien                                      0           462,000.00                         0.00                      -          770,000.00                    60.00               60.00   No MI                     NO MI                        0                                    5.625             0.375       0.0325     0.000               0.4075
      1103660507   FORT MYERS                                           33907    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     215,650.00                     215,650.00   First Lien                                      0           215,650.00                         0.00                 227000              227000                    95.00               95.00   PMI                       LPMI                        30                                   9.2500            0.3750       0.0325    1.0300               1.4375
      1103660521   MODESTO                                              95354    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     230,300.00                     230,300.00   First Lien                                      0           230,300.00                         0.00                      -          330,000.00                    69.79               69.79   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103660528   IRVINE                                               92604    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     204,000.00                     204,000.00   First Lien                                      0           204,000.00                         0.00                      -          425,000.00                    48.00               48.00   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103660534   CHINO                                                91710    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     300,000.00                     299,728.80   First Lien                                      0           300,000.00                         0.00                      -          495,000.00                    60.61               60.61   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103660560   LYNWOOD                                              90262    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     356,000.00                     356,000.00   First Lien                                      0           356,000.00                         0.00                      -          480,000.00                    74.17               74.17   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103660581   BAKERSFIELD                                          93313    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     228,000.00                     228,000.00   First Lien                                      0           228,000.00                         0.00                      -          285,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103660621   NEWPORT NEWS                                         23607    VA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     104,500.00                     104,500.00   First Lien                                      0           104,500.00                         0.00                      -          150,000.00                    69.67               69.67   No MI                     NO MI                        0                                    7.500             0.250       0.0325     0.000               0.2825
      1103660625   MIRAMAR                                              33023    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     120,000.00                     120,000.00   First Lien                                      0           120,000.00                         0.00                      -          190,000.00                    63.16               63.16   No MI                     NO MI                        0                                    8.125             0.375       0.0325     0.000               0.4075
      1103660635   NAPLES                                               34102    FL                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     340,000.00                     340,000.00   First Lien                                      0           340,000.00                         0.00                      -          430,000.00                    79.07               79.07   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      1103660636   RIALTO                                               92376    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     270,000.00                     270,000.00   First Lien                                      0           270,000.00                         0.00                      -          390,000.00                    69.24               69.24   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103660640   CONCORD                                              94521    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     300,000.00                     300,000.00   First Lien                                      0           337,450.00                    37,450.00                      -          375,000.00                    80.00               89.99   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103660646   IRVINE                                               92620    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     433,000.00                     433,000.00   First Lien                                      0           533,000.00                   100,000.00                      -          850,000.00                    50.95               62.71   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103660651   MANTECA                                              95336    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     303,100.00                     303,100.00   First Lien                                      0           328,100.00                    25,000.00                      -          433,000.00                    70.00               75.78   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103660675   MURRIETA                                             92563    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     300,000.00                     300,000.00   First Lien                                      0           375,000.00                    75,000.00                 375000              375000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103660684   NORTH LAS VEGAS                                      89031    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     319,992.00                     319,992.00   First Lien                                      0           399,990.00                    79,998.00                 399990              430000                    80.00              100.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103660694   ONTARIO                                              91761    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     235,000.00                     234,777.02   First Lien                                      0           235,000.00                         0.00                      -          443,000.00                    53.05               53.05   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103660698   RIVERSIDE                                            92504    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     210,000.00                     210,000.00   First Lien                                      0           210,000.00                         0.00                      -          354,000.00                    59.33               59.33   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103660713   MORENO VALLEY                                        92551    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     210,000.00                     210,000.00   First Lien                                      0           210,000.00                         0.00                      -          360,000.00                    58.34               58.34   No MI                     NO MI                        0                                    5.950             0.375       0.0325     0.000               0.4075
      1103660727   VICTORVILLE                                          92392    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     138,500.00                     138,500.00   First Lien                                      0           138,500.00                         0.00                      -          533,000.00                    25.99               25.99   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103660735   SAN LUIS OBISPO                                      93405    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     790,000.00                     789,232.17   First Lien                                      0           790,000.00                         0.00                      -        1,325,000.00                    59.63               59.63   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103660797   CENTERVILLE                                          31028    TX                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     380,000.00                     380,000.00   First Lien                                      0           380,000.00                         0.00                 475000              475000                    80.00               80.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103660799   MANTECA                                              95336    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     273,000.00                     273,000.00   First Lien                                      0           273,000.00                         0.00                      -          390,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103660824   CHINO                                                91710    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     319,000.00                     319,000.00   First Lien                                      0           319,000.00                         0.00                      -          470,000.00                    67.88               67.88   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103660862   HYATTSVILLE                                          20785    MD                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     263,000.00                     263,000.00   First Lien                                      0           263,000.00                         0.00                      -          360,000.00                    73.06               73.06   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103660890   WILTON                                               06897    CT                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     550,001.00                     549,384.71   First Lien                                      0           550,001.00                         0.00                 967500             1000000                    56.85               56.85   No MI                     NO MI                        0                                   5.3750            0.2500       0.0325    0.0000               0.2825
      1103660907   DALLAS                                               75209    TX                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     573,100.00                     573,100.00   First Lien                                      0           573,100.00                         0.00                      -        1,119,000.00                    51.22               51.22   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      1103660914   HIGHLAND                                             92346    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     297,500.00                     297,500.00   First Lien                                      0           297,500.00                         0.00                      -          500,000.00                    59.50               59.50   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103660915   LOS ANGELES                                          90011    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     371,000.00                     371,000.00   First Lien                                      0           371,000.00                         0.00                      -          530,000.00                    70.00               70.00   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103660917   LOS ANGELES                                          90062    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     432,000.00                     432,000.00   First Lien                                      0           525,000.00                    93,000.00                      -          540,000.00                    80.00               97.23   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103660918   ANTIOCH                                              94531    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     404,000.00                     404,000.00   First Lien                                      0           504,000.00                   100,000.00                 505000              510000                    80.00               99.81   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103660920   BOWIE                                                20720    MD                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     535,000.00                     534,796.17   First Lien                                      0           535,000.00                         0.00                      -          690,000.00                    77.54               77.54   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103660921   BAY POINT                                            94565    CA                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     338,000.00                     337,851.99   First Lien                                      0           338,000.00                         0.00                      -          485,000.00                    69.70               69.70   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103660922   TAMPA                                                33625    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     322,905.00                     322,836.03   First Lien                                      0           322,905.00                         0.00                 339900              339900                    95.00               95.00   PMI                       LPMI                        30                                   9.0000            0.3750       0.0325    1.5300               1.9375
      1103660924   PEMBROKE PINES                                       33024    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     248,000.00                     248,000.00   First Lien                                      0           310,000.00                    62,000.00                 310000              310000                    80.00              100.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      1103660925   RENO                                                 89521    NV                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     445,000.00                     444,881.46   First Lien                                      0           445,000.00                         0.00                      -          445,000.00                   100.00              100.00   PMI                       LPMI                        35                                    8.250             0.375       0.0325     1.380               1.7875
      1103660926   SAINT AUGUSTINE                                      32086    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     224,499.00                     224,499.00   First Lien                                      0           224,499.00                         0.00                 236315              269000                    95.00               95.00   PMI                       LPMI                        30                                   8.8750            0.3750       0.0325    1.3000               1.7075
      1103660927   TARPON SPRINGS                                       34689    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     293,000.00                     292,895.97   First Lien                                      0           293,000.00                         0.00                 293000              295000                   100.00              100.00   PMI                       BPMI                        35                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103660928   PENSACOLA                                            32501    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                      98,910.00                      98,882.67   First Lien                                      0            98,910.00                         0.00                 109900              112000                    90.00               90.00   PMI                       BPMI                        25                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103660929   KISSIMMEE                                            34759    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     152,000.00                     152,000.00   First Lien                                      0           152,000.00                         0.00                 160000              185000                    95.00               95.00   PMI                       LPMI                        30                                   8.6250            0.3750       0.0325    0.8300               1.2375
      1103660930   HOMESTEAD                                            33032    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     366,519.00                     366,313.52   First Lien                                      0           366,519.00                         0.00                 385810              389000                    95.00               95.00   PMI                       LPMI                        30                                   8.8750            0.3750       0.0325    1.4100               1.8175
      1103660931   TAVERNIER                                            33070    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                   1,120,000.00                   1,119,035.70   First Lien                                      0         1,120,000.00                         0.00                      -        1,400,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103660932   LANHAM                                               20706    MD                             20070201                 20370301   ARMS                    Yes                                             360                    480                          357                     315,000.00                     314,685.53   First Lien                                      0           315,000.00                         0.00                      -          353,000.00                    89.24               89.24   PMI                       BPMI                        25                                    7.500             0.375       0.0325     0.000               0.4075
      1103660933   LONG BEACH                                           90805    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     466,000.00                     466,000.00   First Lien                                      0           466,000.00                         0.00                 466000              475000                   100.00              100.00   PMI                       LPMI                        35                                   8.7500            0.3750       0.0325    1.4000               1.8075
      1103660934   MENIFEE                                              92584    CA                             20070301                 20370301   ARMS                    Yes                                             360                    480                          358                     298,444.00                     298,199.45   First Lien                                      0           373,055.00                    74,611.00                 373055              373500                    80.00              100.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103660935   MIAMI                                                33182    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      67,000.00                      67,000.00   First Lien                                      0            67,000.00                         0.00                      -          240,000.00                    27.92               27.92   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103660936   LEHIGH ACRES                                         33971    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     221,250.00                     221,250.00   First Lien                                      0           221,250.00                         0.00                      -          235,000.00                    94.15               94.15   PMI                       LPMI                        30                                    8.500             0.375       0.0325     1.310               1.7175
      1103660937   RICHMOND                                             23224    VA                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     145,000.00                     144,946.67   First Lien                                      0           145,000.00                         0.00                 145000              145000                   100.00              100.00   PMI                       LPMI                        35                                   7.1250            0.3750       0.0325    1.0400               1.4475
      1103660938   BLACKSTONE                                           23824    VA                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                      85,000.00                      84,978.95   First Lien                                      0            85,000.00                         0.00                  85000              109200                   100.00              100.00   PMI                       LPMI                        35                                   8.5000            0.3750       0.0325    0.8100               1.2175
      1103660939   SPRINGFIELD                                          22153    VA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     361,000.00                     361,000.00   First Lien                                      0           361,000.00                         0.00                      -          380,000.00                    95.00               95.00   PMI                       LPMI                        30                                    9.250             0.375       0.0325     1.430               1.8375
      1103660941   SILVER SPRING                                        20902    MD                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     400,000.00                     399,805.86   First Lien                                      0           400,000.00                         0.00                      -          532,000.00                    75.19               75.19   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103660942   CHICAGO                                              60619    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     106,200.00                     106,200.00   First Lien                                      0           106,200.00                         0.00                      -          118,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.375             0.375       0.0325     1.590               1.9975
      1103660943   KISSIMMEE                                            34758    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     191,250.00                     191,171.86   First Lien                                      0           191,250.00                         0.00                      -          225,000.00                    85.00               85.00   PMI                       LPMI                        22                                    6.750             0.375       0.0325     0.440               0.8475
      1103660944   RENO                                                 89502    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     212,000.00                     212,000.00   First Lien                                      0           265,000.00                    53,000.00                 265000              265000                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103660945   BOCA RATON                                           33486    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     399,600.00                     399,264.29   First Lien                                      0           399,600.00                         0.00                 444000              455000                    90.00               90.00   PMI                       BPMI                        25                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103660946   KISSIMMEE                                            34747    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     184,500.00                     184,393.85   First Lien                                      0           184,500.00                         0.00                 205000              221000                    90.00               90.00   PMI                       LPMI                        25                                   8.7500            0.3750       0.0325    1.5600               1.9675
      1103660947   MIAMI                                                33168    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     220,000.00                     219,906.93   First Lien                                      0           220,000.00                         0.00                 220000              250000                   100.00              100.00   PMI                       BPMI                        35                                   6.6250            0.3750       0.0325    0.0000               0.4075
      1103660948   RENO                                                 89506    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     238,586.00                     238,586.00   First Lien                                      0           298,233.00                    59,647.00                 298233              300000                    80.00              100.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103660949   JONESBORO                                            30236    GA                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     146,300.00                     146,253.31   First Lien                                      0           146,300.00                         0.00                 154000              165000                    95.00               95.00   PMI                       BPMI                        30                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103660950   HIALEAH                                              33015    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     235,410.00                     235,410.00   First Lien                                      0           235,410.00                         0.00                 247800              253000                    95.00               95.00   PMI                       BPMI                        30                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103660951   ORLANDO                                              32824    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     230,000.00                     229,906.03   First Lien                                      0           230,000.00                         0.00                 230000              253500                   100.00              100.00   PMI                       BPMI                        35                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103660952   SARASOTA                                             34243    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     344,850.00                     344,850.00   First Lien                                      0           344,850.00                         0.00                 363000              368000                    95.00               95.00   PMI                       BPMI                        30                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103660953   BRADENTON                                            34205    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     139,000.00                     138,906.74   First Lien                                      0           139,000.00                         0.00                      -          174,000.00                    79.89               79.89   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103660954   PERRY HALL                                           21128    MD                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     216,000.00                     215,851.35   First Lien                                      0           216,000.00                         0.00                      -          240,000.00                    90.00               90.00   PMI                       LPMI                        25                                    7.875             0.375       0.0325     0.690               1.0975
      1103660955   ORLANDO                                              32801    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     448,000.00                     448,000.00   First Lien                                      0           503,900.00                    55,900.00                      -          560,000.00                    80.00               89.99   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103660959   KISSIMMEE                                            34741    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     171,936.00                     171,936.00   First Lien                                      0           171,936.00                         0.00                 191041              238000                    90.00               90.00   PMI                       LPMI                        25                                   8.3750            0.3750       0.0325    0.7200               1.1275
      1103660960   KISSIMMEE                                            34758    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     198,000.00                     197,916.25   First Lien                                      0           198,000.00                         0.00                      -          220,000.00                    90.00               90.00   PMI                       BPMI                        25                                    6.625             0.375       0.0325     0.000               0.4075
      1103660961   ZEPHYRHILLS                                          33540    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     183,200.00                     183,130.21   First Lien                                      0           183,200.00                         0.00                      -          229,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103660962   MIAMI                                                33193    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     155,920.00                     155,920.00   First Lien                                      0           194,820.00                    38,900.00                 194900              195000                    80.00               99.96   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103660963   LOS ANGELES                                          90001    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     376,000.00                     376,000.00   First Lien                                      0           470,000.00                    94,000.00                 470000              470000                    80.00              100.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103660964   KISSIMMEE                                            34746    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     230,800.00                     230,731.46   First Lien                                      0           230,800.00                         0.00                 243000              243000                    94.98               94.98   PMI                       LPMI                        30                                   7.8750            0.3750       0.0325    0.7800               1.1875
      1103660965   ORLANDO                                              32817    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     316,993.00                     316,993.00   First Lien                                      0           396,242.00                    79,249.00                 396242              425000                    80.00              100.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      1103660966   POMPANO BEACH                                        33060    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     144,000.00                     144,000.00   First Lien                                      0           180,000.00                    36,000.00                 180000              180000                    80.00              100.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103660967   PORT SAINT LUCIE                                     34953    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     251,750.00                     251,619.48   First Lien                                      0           251,750.00                         0.00                 265000              274000                    95.00               95.00   PMI                       LPMI                        30                                   9.2500            0.3750       0.0325    1.4300               1.8375
      1103660968   CAPE CORAL                                           33914    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     193,500.00                     193,500.00   First Lien                                      0           193,500.00                         0.00                      -          215,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.000             0.375       0.0325     0.920               1.3275
      1103660969   CARMEL                                               46033    IN                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     187,150.00                     187,042.33   First Lien                                      0           187,150.00                         0.00                 197000              200000                    95.00               95.00   PMI                       LPMI                        30                                   8.7500            0.3750       0.0325    1.4100               1.8175
      1103660970   LADERA RANCH                                         92694    CA                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     650,000.00                     649,673.61   First Lien                                      0           650,000.00                         0.00                      -          910,000.00                    71.43               71.43   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103660971   SPRING HILL                                          34610    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     269,000.00                     268,911.04   First Lien                                      0           269,000.00                         0.00                      -          320,000.00                    84.07               84.07   PMI                       LPMI                        22                                    7.500             0.375       0.0325     0.540               0.9475
      1103660972   NORTH PORT                                           34288    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     243,000.00                     242,828.50   First Lien                                      0           243,000.00                         0.00                 270000              270000                    90.00               90.00   PMI                       LPMI                        25                                   7.7500            0.3750       0.0325    0.9900               1.3975
      1103660973   WINTER PARK                                          32789    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     222,300.00                     222,300.00   First Lien                                      0           222,300.00                         0.00                 247000              266000                    90.00               90.00   PMI                       BPMI                        25                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103660974   POMPANO BEACH                                        33060    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     179,900.00                     179,796.50   First Lien                                      0           179,900.00                         0.00                 179900              179900                   100.00              100.00   PMI                       LPMI                        35                                   8.7500            0.3750       0.0325    1.6800               2.0875
      1103660975   ORLANDO                                              32825    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     234,000.00                     233,850.79   First Lien                                      0           234,000.00                         0.00                 260000              260000                    90.00               90.00   PMI                       LPMI                        25                                   8.2500            0.3750       0.0325    0.7100               1.1175
      1103660976   BRADENTON                                            34208    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     212,960.00                     212,875.97   First Lien                                      0           212,960.00                         0.00                 266200              306000                    80.00               80.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103660979   REDONDO BEACH                                        90277    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     440,000.00                     440,000.00   First Lien                                      0           550,000.00                   110,000.00                      -          550,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103660980   DAVENPORT                                            33897    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     285,000.00                     284,934.44   First Lien                                      0           285,000.00                         0.00                 285000              285000                   100.00              100.00   PMI                       LPMI                        35                                   8.7500            0.3750       0.0325    1.7400               2.1475
      1103660981   RENO                                                 89523    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     664,850.00                     664,850.00   First Lien                                      0           789,509.00                   124,659.00                 842667              845000                    78.90               93.70   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103660982   TITUSVILLE                                           32780    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     161,100.00                     161,100.00   First Lien                                      0           161,100.00                         0.00                      -          179,000.00                    90.00               90.00   PMI                       BPMI                        25                                    8.125             0.375       0.0325     0.000               0.4075
      1103660983   SANFORD                                              32773    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     145,350.00                     145,316.56   First Lien                                      0           145,350.00                         0.00                 153000              153000                    95.00               95.00   PMI                       LPMI                        30                                   8.7500            0.3750       0.0325    1.4100               1.8175
      1103660984   NORFOLK                                              23517    VA                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     160,000.00                     159,950.74   First Lien                                      0           160,000.00                         0.00                      -          221,000.00                    72.40               72.40   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103660985   ORLANDO                                              32826    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     204,000.00                     204,000.00   First Lien                                      0           204,000.00                         0.00                 204000              205000                   100.00              100.00   PMI                       BPMI                        35                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103660986   LAKE WORTH                                           33460    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     121,920.00                     121,883.79   First Lien                                      0           121,920.00                         0.00                      -          170,000.00                    71.72               71.72   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103660987   MARIETTA                                             30066    GA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     161,500.00                     161,500.00   First Lien                                      0           161,500.00                         0.00                 170000              188000                    95.00               95.00   PMI                       LPMI                        30                                   8.1250            0.3750       0.0325    0.8300               1.2375
      1103660988   ORLANDO                                              32822    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     185,600.00                     185,600.00   First Lien                                      0           185,600.00                         0.00                      -          232,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.875             0.375       0.0325     0.000               0.4075
      1103660989   ORLANDO                                              32829    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     279,920.00                     279,920.00   First Lien                                      0           279,920.00                         0.00                 349900              349900                    80.00               80.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103660992   YUCCA VALLEY                                         92284    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     140,000.00                     140,000.00   First Lien                                      0           140,000.00                         0.00                      -          175,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103660993   APTOS                                                95003    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     750,000.00                     750,000.00   First Lien                                      0           750,000.00                         0.00                      -        1,020,000.00                    73.53               73.53   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103660994   OCEANSIDE                                            92054    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     459,900.00                     459,900.00   First Lien                                      0           591,200.00                   131,300.00                      -          657,000.00                    70.00               89.99   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103660995   FELTON                                               95018    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     469,000.00                     469,000.00   First Lien                                      0           469,000.00                         0.00                      -          675,000.00                    69.49               69.49   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103660996   SAN PABLO                                            94806    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     336,000.00                     336,000.00   First Lien                                      0           336,000.00                         0.00                      -          420,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103660998   EAST WENATCHEE                                       98802    WA                             20070401                 20220301   FIXED                   No                                              180                    180                          179                     173,000.00                     172,417.70   First Lien                                      0           173,000.00                         0.00                      -          269,000.00                    64.32               64.32   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103660999   VACAVILLE                                            95688    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     200,000.00                     200,000.00   First Lien                                      0           200,000.00                         0.00                      -          435,000.00                    45.98               45.98   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103661000   PORTLAND                                             97202    OR                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     245,000.00                     245,000.00   First Lien                                      0           245,000.00                         0.00                      -          350,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103661001   VISALIA                                              93291    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     125,600.00                     125,494.48   First Lien                                      0           125,600.00                         0.00                      -          157,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103661002   SAN DIEGO                                            92108    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     294,000.00                     294,000.00   First Lien                                      0           294,000.00                         0.00                      -          420,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103661003   LAS VEGAS                                            89148    NV                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     329,000.00                     329,000.00   First Lien                                      0           422,953.00                    93,953.00                      -          470,000.00                    70.00               89.99   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103661004   VICTORVILLE                                          92394    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     301,000.00                     301,000.00   First Lien                                      0           301,000.00                         0.00                      -          430,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103661005   CASA GRANDE                                          85222    AZ                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     182,000.00                     182,000.00   First Lien                                      0           208,000.00                    26,000.00                      -          260,000.00                    70.00               80.00   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103661006   CONIFER                                              80433    CO                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     206,500.00                     206,500.00   First Lien                                      0           273,000.00                    66,500.00                      -          295,000.00                    70.00               92.55   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103661007   TUCSON                                               85749    AZ                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     336,000.00                     335,688.80   First Lien                                      0           411,500.00                    75,500.00                      -          420,000.00                    80.00               97.98   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103661008   QUEEN CREEK                                          85242    AZ                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     469,000.00                     469,000.00   First Lien                                      0           469,000.00                         0.00                      -          640,000.00                    73.29               73.29   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103661009   GOLDEN                                               80401    CO                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     131,600.00                     131,489.44   First Lien                                      0           188,000.00                    56,400.00                      -          188,000.00                    70.00              100.00   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103661010   MISSION VIEJO                                        92692    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     393,000.00                     393,000.00   First Lien                                      0           393,000.00                         0.00                      -          825,000.00                    47.64               47.64   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103661011   TEMECULA                                             92592    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     276,000.00                     276,000.00   First Lien                                      0           375,000.00                    99,000.00                      -          395,000.00                    69.88               94.94   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103661012   ELK GROVE                                            95624    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     215,950.00                     215,745.10   First Lien                                      0           245,950.00                    30,000.00                      -          308,500.00                    70.00               79.73   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103661013   SAN MATEO                                            94402    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                      -          760,000.00                    65.79               65.79   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103661014   VACAVILLE                                            95688    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     480,000.00                     480,000.00   First Lien                                      0           503,500.00                    23,500.00                      -          600,000.00                    80.00               83.92   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103661015   RIVERSIDE AREA                                       92509    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     220,000.00                     220,000.00   First Lien                                      0           220,000.00                         0.00                      -          390,000.00                    56.42               56.42   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103661016   LONG BEACH                                           90807    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     289,500.00                     289,500.00   First Lien                                      0           289,500.00                         0.00                      -          555,000.00                    52.17               52.17   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      1103661017   COVINA                                               91722    CA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     181,000.00                     181,000.00   First Lien                                      0           181,000.00                         0.00                      -          465,000.00                    38.93               38.93   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103661018   ORLANDO                                              32808    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      76,000.00                      76,000.00   First Lien                                      0            76,000.00                         0.00                      -           95,000.00                    80.00               80.00   No MI                     NO MI                        0                                    9.625             0.375       0.0325     0.000               0.4075
      1103661040   MARTINEZ                                             94553    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     376,000.00                     376,000.00   First Lien                                      0           470,000.00                    94,000.00                 470000              470000                    80.00              100.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103661057   PALMDALE                                             93550    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     208,000.00                     208,000.00   First Lien                                      0           208,000.00                         0.00                      -          324,000.00                    64.20               64.20   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103661065   TEMPLE CITY                                          91780    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     456,000.00                     456,000.00   First Lien                                      0           456,000.00                         0.00                      -          570,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.750             0.375       0.0325     0.000               0.4075
      1103661077   LANCASTER                                            93535    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     212,000.00                     212,000.00   First Lien                                      0           212,000.00                         0.00                      -          295,000.00                    71.87               71.87   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103661082   CULVER CITY (AREA) LOS AN                            90230    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     370,000.00                     370,000.00   First Lien                                      0           370,000.00                         0.00                      -          710,000.00                    52.12               52.12   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103661087   REDLANDS                                             92374    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     268,000.00                     268,000.00   First Lien                                      0           268,000.00                         0.00                      -          685,000.00                    39.13               39.13   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103661092   SPRING                                               77382    TX                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     539,000.00                     538,423.77   First Lien                                      0           539,000.00                         0.00                      -          770,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.625             0.375       0.0325     0.000               0.4075
      1103661120   SANTA ANA                                            92705    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     750,000.00                     750,000.00   First Lien                                      0           750,000.00                         0.00                      -        1,375,000.00                    54.55               54.55   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      1103661123   LAUDERHILL                                           33313    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     163,000.00                     163,000.00   First Lien                                      0           163,000.00                         0.00                      -          230,000.00                    70.87               70.87   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103661138   GAITHERSBURG                                         20877    MD                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     134,000.00                     134,000.00   First Lien                                      0           134,000.00                         0.00                      -          340,000.00                    39.42               39.42   No MI                     NO MI                        0                                    7.000             0.250       0.0325     0.000               0.2825
      1103661147   FORT MYERS                                           33907    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     199,500.00                     199,500.00   First Lien                                      0           199,500.00                         0.00                 210000              210000                    95.00               95.00   PMI                       LPMI                        30                                   9.5750            0.3750       0.0325    1.0200               1.4275
      1103661156   POMPANO BEACH                                        33069    FL                             20070201                 20370101   FIXED                   No                                              360                    360                          357                     243,000.00                     242,666.06   First Lien                                      0           243,000.00                         0.00                 270000              270000                    90.00               90.00   PMI                       LPMI                        25                                   9.8750            0.2500       0.0325    0.8200               1.1025
      1103661169   FAIRFIELD                                            94533    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     280,000.00                     280,000.00   First Lien                                      0           359,960.00                    79,960.00                      -          400,000.00                    70.00               89.99   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103661176   LA PALMA                                             90623    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     275,000.00                     275,000.00   First Lien                                      0           275,000.00                         0.00                      -          690,000.00                    39.86               39.86   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103661191   HILTON HEAD ISLAND                                   29928    SC                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     112,000.00                     111,941.33   First Lien                                      0           112,000.00                         0.00                      -          167,000.00                    67.07               67.07   No MI                     NO MI                        0                                    9.200             0.375       0.0325     0.000               0.4075
      1103661194   HINKLEY AREA                                         92347    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     210,400.00                     210,400.00   First Lien                                      0           210,400.00                         0.00                      -          263,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.250             0.375       0.0325     0.000               0.4075
      1103661219   AREA OF LOS ANGELES                                  90003    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     461,250.00                     461,250.00   First Lien                                      0           461,250.00                         0.00                      -          615,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103661248   CLOVIS                                               88101    NM                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     167,650.00                     167,650.00   First Lien                                      0           167,650.00                         0.00                      -          239,500.00                    70.00               70.00   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103661269   LOS ANGELES                                          90047    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     405,600.00                     405,600.00   First Lien                                      0           405,600.00                         0.00                      -          624,000.00                    65.00               65.00   No MI                     NO MI                        0                                    5.990             0.250       0.0325     0.000               0.2825
      1103661279   PORT SAINT LUICE                                     34953    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     218,500.00                     218,500.00   First Lien                                      0           218,500.00                         0.00                 230000              230000                    95.00               95.00   PMI                       BPMI                        30                                   9.5000            0.3750       0.0325    0.0000               0.4075
      1103661288   DRUMS                                                18222    PA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     138,550.00                     138,452.20   First Lien                                      0           138,550.00                         0.00                      -          163,000.00                    85.00               85.00   PMI                       BPMI                        12                                    7.750             0.375       0.0325     0.000               0.4075
      1103661289   LAKE ARIEL                                           18436    PA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     190,500.00                     190,362.12   First Lien                                      0           190,500.00                         0.00                 254000              255000                    75.00               75.00   No MI                     NO MI                        0                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103661290   OSPREY                                               34229    FL                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     506,250.00                     506,250.00   First Lien                                      0           506,250.00                         0.00                      -          675,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103661291   SARASOTA                                             34239    FL                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     740,000.00                     740,000.00   First Lien                                      0           740,000.00                         0.00                      -        1,255,000.00                    58.97               58.97   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103661292   REVERE                                               02151    MA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     190,400.00                     190,400.00   First Lien                                      0           238,000.00                    47,600.00                      -          238,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103661293   MARLBOROUGH                                          06447    CT                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     234,400.00                     234,400.00   First Lien                                      0           249,000.00                    14,600.00                      -          293,000.00                    80.00               84.99   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103661294   DILLSBURG                                            17019    PA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     178,600.00                     178,477.09   First Lien                                      0           178,600.00                         0.00                 188000              190000                    95.00               95.00   PMI                       LPMI                        30                                   7.8750            0.3750       0.0325    0.9800               1.3875
      1103661295   TOPSFIELD                                            01983    MA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     700,000.00                     700,000.00   First Lien                                      0           700,000.00                         0.00                      -        1,000,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103661296   NORTH PROVIDENCE                                     02911    RI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     229,500.00                     229,500.00   First Lien                                      0           229,500.00                         0.00                 255000              255000                    90.00               90.00   PMI                       BPMI                        25                                   8.0000            0.3750       0.0325    0.0000               0.4075
      1103661297   LAKE HARMONY                                         18624    PA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     162,500.00                     162,500.00   First Lien                                      0           162,500.00                         0.00                 212500              264000                    76.48               76.48   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103661299   CHELSEA                                              02150    MA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     301,600.00                     301,600.00   First Lien                                      0           360,272.00                    58,672.00                      -          380,000.00                    79.37               94.81   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103661300   MOSCOW                                               18444    PA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     176,550.00                     176,425.22   First Lien                                      0           176,550.00                         0.00                      -          235,400.00                    75.00               75.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103661301   HAZLETON                                             18202    PA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     137,500.00                     137,218.95   First Lien                                      0           137,500.00                         0.00                 275000              279000                    50.00               50.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103661302   CAMBRIDGE                                            02139    MA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     214,120.00                     214,120.00   First Lien                                      0           267,650.00                    53,530.00                 267650              275000                    80.00              100.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103661303   EAST STROUDSBURG                                     18301    PA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     140,000.00                     140,000.00   First Lien                                      0           140,000.00                         0.00                      -          215,000.00                    65.12               65.12   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103661304   BROOKLYN                                             11211    NY                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     501,000.00                     500,931.27   First Lien                                      0           501,000.00                         0.00                      -        1,000,000.00                    50.10               50.10   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103661305   GARFIELD                                             07026    NJ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     447,000.00                     447,000.00   First Lien                                      0           447,000.00                         0.00                      -          610,000.00                    73.28               73.28   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103661306   NEW BEDFORD                                          02740    MA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     196,350.00                     196,350.00   First Lien                                      0           196,350.00                         0.00                      -          231,000.00                    85.00               85.00   PMI                       BPMI                        12                                    8.750             0.375       0.0325     0.000               0.4075
      1103661307   BELMONT                                              03220    NH                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     213,750.00                     213,750.00   First Lien                                      0           285,000.00                    71,250.00                      -          285,000.00                    75.00              100.00   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103661309   LINWOOD                                              08221    NJ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     177,500.00                     177,500.00   First Lien                                      0           177,500.00                         0.00                 355000              355000                    50.00               50.00   No MI                     NO MI                        0                                   6.6250            0.3750       0.0325    0.0000               0.4075
      1103661312   YORBA LINDA                                          92887    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     465,500.00                     465,500.00   First Lien                                      0           465,500.00                         0.00                      -          665,000.00                    70.00               70.00   No MI                     NO MI                        0                                    7.990             0.375       0.0325     0.000               0.4075
      1103661342   BAKERSFIELD                                          93312    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     299,500.00                     299,500.00   First Lien                                      0           299,500.00                         0.00                      -          375,000.00                    79.87               79.87   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103661343   LOVELAND                                             80538    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     107,500.00                     107,500.00   First Lien                                      0           107,500.00                         0.00                      -          175,000.00                    61.43               61.43   No MI                     NO MI                        0                                    7.450             0.375       0.0325     0.000               0.4075
      1103661354   NANTUCKET                                            02554    MA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     583,000.00                     583,000.00   First Lien                                      0           583,000.00                         0.00                      -        1,200,000.00                    48.59               48.59   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103661401   OAKLAND                                              94621    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     250,000.00                     250,000.00   First Lien                                      0           250,000.00                         0.00                      -          400,000.00                    62.50               62.50   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103661403   SANTA ANA                                            92707    CA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     296,000.00                     295,851.37   First Lien                                      0           296,000.00                         0.00                      -          370,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103661437   QUEEN CREEK                                          85242    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     195,500.00                     195,500.00   First Lien                                      0           195,500.00                         0.00                 230000              230000                    85.00               85.00   PMI                       LPMI                        22                                   9.6000            0.3750       0.0325    0.4400               0.8475
      1103661450   ISSAQUAH                                             98029    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     284,800.00                     284,800.00   First Lien                                      0           338,200.00                    53,400.00                 356000              360000                    80.00               95.00   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      1103661482   LONG BEACH                                           90810    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     236,000.00                     236,000.00   First Lien                                      0           236,000.00                         0.00                      -          475,000.00                    49.69               49.69   No MI                     NO MI                        0                                    5.650             0.375       0.0325     0.000               0.4075
      1103661529   CITRUS HEIGHTS                                       95610    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     200,000.00                     200,000.00   First Lien                                      0           200,000.00                         0.00                      -          315,000.00                    63.50               63.50   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103661542   CANYON COUNTRY AREA                                  91387    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     263,000.00                     263,000.00   First Lien                                      0           326,000.00                    63,000.00                      -          385,000.00                    68.32               84.68   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103661563   STEAMBOAT SPRINGS                                    80487    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     454,500.00                     454,500.00   First Lien                                      0           454,500.00                         0.00                 505000              546000                    90.00               90.00   PMI                       LPMI                        25                                   9.0000            0.3750       0.0325    0.7200               1.1275
      1103661564   MIAMI                                                33147    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     240,000.00                     240,000.00   First Lien                                      0           240,000.00                         0.00                      -          310,000.00                    77.42               77.42   No MI                     NO MI                        0                                    7.500             0.250       0.0325     0.000               0.2825
      1103661580   SCOTTSDALE                                           85255    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                      -        1,600,000.00                    31.25               31.25   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103661586   MERRITT ISLAND                                       32952    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                   1,125,000.00                   1,125,000.00   First Lien                                      0         1,125,000.00                         0.00                      -        1,500,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103661587   BOYNTON BEACH                                        33435    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     159,800.00                     159,631.04   First Lien                                      0           159,800.00                         0.00                      -          188,000.00                    85.00               85.00   PMI                       LPMI                        22                                    9.175             0.375       0.0325     0.780               1.1875
      1103661593   GULFPORT                                             39507    MS                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     142,400.00                     142,400.00   First Lien                                      0           170,900.00                    28,500.00                 189900              190000                    74.99               90.00   No MI                     NO MI                        0                                   6.6250            0.3750       0.0325    0.0000               0.4075
      1103661638   YERINGTON                                            89447    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     288,000.00                     288,000.00   First Lien                                      0           341,000.00                    53,000.00                      -          360,000.00                    80.00               94.73   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103661647   SAN CLEMENTE                                         92672    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     740,000.00                     740,000.00   First Lien                                      0           740,000.00                         0.00                 925000              925000                    80.00               80.00   No MI                     NO MI                        0                                   7.2500            0.2500       0.0325    0.0000               0.2825
      1103661652   SAN JACINTO                                          92582    CA                             20070101                 20361201   FIXED                   No                                              360                    360                          356                     262,400.00                     262,400.00   First Lien                                      0           328,000.00                    65,600.00                 328000              370000                    80.00              100.00   No MI                     NO MI                        0                                   6.5000            0.2500       0.0325    0.0000               0.2825
      1103661692   LOS ANGELES                                          91344    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     290,000.00                     290,000.00   First Lien                                      0           290,000.00                         0.00                      -          600,000.00                    48.34               48.34   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103661701   LATHROP                                              95330    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     270,000.00                     270,000.00   First Lien                                      0           270,000.00                         0.00                 300000              396000                    90.00               90.00   PMI                       LPMI                        25                                   9.9900            0.3750       0.0325    0.7400               1.1475
      1103661712   SAN CLEMENTE                                         92673    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     476,000.00                     475,628.67   First Lien                                      0           476,000.00                         0.00                      -          680,000.00                    70.00               70.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103661724   LADERA RANCH                                         92694    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     365,000.00                     365,000.00   First Lien                                      0           365,000.00                         0.00                      -          800,000.00                    45.63               45.63   No MI                     NO MI                        0                                    5.800             0.375       0.0325     0.000               0.4075
      1103661746   RIVERSIDE                                            92505    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     262,500.00                     262,500.00   First Lien                                      0           262,500.00                         0.00                      -          375,000.00                    70.00               70.00   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103661747   COVINA                                               91723    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     488,000.00                     488,000.00   First Lien                                      0           610,000.00                   122,000.00                 610000              610000                    80.00              100.00   No MI                     NO MI                        0                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103661781   RANCHO CUCAMONGA                                     91737    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     508,000.00                     508,000.00   First Lien                                      0           508,000.00                         0.00                      -          565,000.00                    89.92               89.92   PMI                       LPMI                        25                                    8.875             0.375       0.0325     1.040               1.4475
      1103661783   EL MONTE                                             91731    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     310,000.00                     309,739.56   First Lien                                      0           310,000.00                         0.00                      -          470,000.00                    65.96               65.96   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103661787   INDIANAPOLIS                                         46239    IN                             20070101                 20361201   ARMS                    No                                              360                    360                          356                     134,400.00                     132,981.00   First Lien                                      0           134,400.00                         0.00                 168000              170000                    80.00               80.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103661791   HIALEAH                                              33015    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     201,592.00                     201,592.00   First Lien                                      0           251,990.00                    50,398.00                 251990              252000                    80.00              100.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661792   NORTH LAUDERDALE                                     33068    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     203,000.00                     203,000.00   First Lien                                      0           228,000.00                    25,000.00                      -          315,000.00                    64.45               72.39   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103661793   PORT SAINT LUCIE                                     34986    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     203,992.00                     203,992.00   First Lien                                      0           254,990.00                    50,998.00                 254990              260000                    80.00              100.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661794   HIALEAH                                              33015    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     204,000.00                     204,000.00   First Lien                                      0           255,000.00                    51,000.00                 255000              260000                    80.00              100.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103661795   PORT SAINT LUCIE                                     34953    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     204,000.00                     204,000.00   First Lien                                      0           204,000.00                         0.00                      -          255,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103661796   PORT SAINT LUCIE                                     34983    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     205,120.00                     205,120.00   First Lien                                      0           256,400.00                    51,280.00                 256400              260000                    80.00              100.00   No MI                     NO MI                        0                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103661797   ARIZONA                                              85236    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     207,950.00                     207,950.00   First Lien                                      0           259,938.00                    51,988.00                 259950              260000                    80.00              100.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103661804   LAKE WORTH                                           33460    FL                             20070201                 20370101   ARMS                    No                                              360                    360                          357                   1,000,000.00                   1,000,000.00   First Lien                                      0         1,217,949.00                   217,949.00                1295000             1475000                    77.22               94.06   No MI                     NO MI                        0                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103661806   MONTE SERENO                                         95030    CA                             20070101                 20361201   ARMS                    No                                              360                    360                          356                   1,000,000.00                   1,000,000.00   First Lien                                      0         1,250,000.00                   250,000.00                1250000             1350000                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103661807   KEY LARGO                                            33037    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                   1,000,000.00                   1,000,000.00   First Lien                                      0         1,299,600.00                   299,600.00                1368000             1368000                    73.10               95.00   No MI                     NO MI                        0                                   8.0000            0.3750       0.0325    0.0000               0.4075
      1103661808   DENVER                                               80237    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     138,000.00                     138,000.00   First Lien                                      0           172,500.00                    34,500.00                 172500              175000                    80.00              100.00   No MI                     NO MI                        0                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103661809   NORTH MIAMI BEACH                                    33162    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     140,000.00                     140,000.00   First Lien                                      0           157,500.00                    17,500.00                 175000              175000                    80.00               90.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103661810   NORTH MIAMI BEACH                                    33162    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     140,000.00                     140,000.00   First Lien                                      0           157,500.00                    17,500.00                 175000              175000                    80.00               90.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103661811   NORTH CHARLESTON                                     29418    SC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     142,405.00                     142,405.00   First Lien                                      0           142,405.00                         0.00                 149900              150000                    95.00               95.00   PMI                       BPMI                        30                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661813   CARMICHAEL                                           95608    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     148,000.00                     148,000.00   First Lien                                      0           185,000.00                    37,000.00                 185000              195000                    80.00              100.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103661815   ELBERTON                                             30635    GA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     107,800.00                     107,725.80   First Lien                                      0           107,800.00                         0.00                 113500              115000                    94.98               94.98   PMI                       BPMI                        30                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661816   LAUDERHILL                                           33319    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     108,000.00                     108,000.00   First Lien                                      0           108,000.00                         0.00                 120000              145000                    90.00               90.00   PMI                       BPMI                        25                                   8.0000            0.3750       0.0325    0.0000               0.4075
      1103661818   HAMTRAMCK                                            48212    MI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      54,800.00                      54,800.00   First Lien                                      0            64,052.00                     9,252.00                      -           72,000.00                    76.12               88.97   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103661819   KINGSTREE                                            29556    SC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      55,350.00                      55,315.59   First Lien                                      0            55,350.00                         0.00                      -           73,800.00                    75.00               75.00   No MI                     NO MI                        0                                    8.375             0.375       0.0325     0.000               0.4075
      1103661820   HEMINGWAY                                            29554    SC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      63,750.00                      63,710.37   First Lien                                      0            63,750.00                         0.00                      -           85,500.00                    74.57               74.57   No MI                     NO MI                        0                                    8.375             0.375       0.0325     0.000               0.4075
      1103661821   BROWNVILLE                                           04414    ME                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      66,025.00                      66,025.00   First Lien                                      0            66,025.00                         0.00                  69500               80000                    95.00               95.00   PMI                       BPMI                        30                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661822   DETROIT                                              48235    MI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      68,000.00                      67,952.00   First Lien                                      0            68,000.00                         0.00                      -           85,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103661825   RIDGE MANOR                                          33523    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      81,600.00                      81,600.00   First Lien                                      0            81,600.00                         0.00                      -          102,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103661826   PORT RICHEY                                          34668    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      82,400.00                      82,400.00   First Lien                                      0            92,700.00                    10,300.00                 103000              120000                    80.00               90.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661827   MIAMI                                                85539    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      82,800.00                      82,800.00   First Lien                                      0            82,800.00                         0.00                  92000               98000                    90.00               90.00   PMI                       LPMI                        25                                   8.2500            0.3750       0.0325    0.7000               1.1075
      1103661829   PENSACOLA                                            32503    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      87,920.00                      87,920.00   First Lien                                      0            87,920.00                         0.00                 109900              138000                    80.00               80.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103661830   SPOKANE VALLEY                                       99212    WA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      90,000.00                      89,931.51   First Lien                                      0            90,000.00                         0.00                      -          126,000.00                    71.43               71.43   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103661831   COLUMBIA                                             65202    MO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      91,040.00                      91,040.00   First Lien                                      0            91,040.00                         0.00                 113800              114000                    80.00               80.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661833   LINCOLNTON                                           28092    NC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      94,000.00                      94,000.00   First Lien                                      0           117,500.00                    23,500.00                 117500              122000                    80.00              100.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661834   CARY                                                 27511    NC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      94,400.00                      94,341.32   First Lien                                      0            94,400.00                         0.00                 118000              125000                    80.00               80.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661835   KERNERSVILLE                                         27284    NC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     100,700.00                     100,634.10   First Lien                                      0           100,700.00                         0.00                 106000              117500                    95.00               95.00   PMI                       BPMI                        30                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103661836   MATTHEWS                                             28105    NC                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     103,200.00                     103,200.00   First Lien                                      0           103,200.00                         0.00                 129000              132000                    80.00               80.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103661839   VERO BEACH                                           32960    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     105,000.00                     105,000.00   First Lien                                      0           140,000.00                    35,000.00                 140000              140000                    75.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103661841   LYNCHBURG                                            24502    VA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     109,600.00                     109,600.00   First Lien                                      0           137,000.00                    27,400.00                 137000              138000                    80.00              100.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661842   HUDSON                                               34667    FL                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     110,400.00                     110,027.30   First Lien                                      0           110,400.00                         0.00                      -          138,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103661843   PHOENIX                                              85027    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     110,400.00                     110,400.00   First Lien                                      0           138,000.00                    27,600.00                 138000              138000                    80.00              100.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661844   PHOENIX                                              85042    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     112,000.00                     111,928.60   First Lien                                      0           112,000.00                         0.00                 140000              140000                    80.00               80.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661845   ATLANTA                                              30331    GA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     114,260.00                     114,260.00   First Lien                                      0           142,825.00                    28,565.00                 142825              146000                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103661846   SWANNANOA                                            28778    NC                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     115,200.00                     115,200.00   First Lien                                      0           115,200.00                         0.00                      -          156,000.00                    73.85               73.85   No MI                     NO MI                        0                                    8.375             0.375       0.0325     0.000               0.4075
      1103661848   HIALEAH                                              33010    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     116,000.00                     115,926.00   First Lien                                      0           145,000.00                    29,000.00                 145000              145000                    80.00              100.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661849   TRENTON                                              08611    NJ                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     116,000.00                     116,000.00   First Lien                                      0           116,000.00                         0.00                      -          145,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103661850   HOLLYWOOD                                            33020    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     117,940.00                     117,940.00   First Lien                                      0           147,425.00                    29,485.00                 147425              148000                    80.00              100.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661851   PHILADELPHIA                                         19149    PA                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     120,000.00                     119,684.90   First Lien                                      0           150,000.00                    30,000.00                 150000              150000                    80.00              100.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103661852   HOUSTON                                              77011    TX                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     120,000.00                     119,917.40   First Lien                                      0           120,000.00                         0.00                      -          150,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103661853   PORTLAND                                             97236    OR                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     120,000.00                     120,000.00   First Lien                                      0           152,000.00                    32,000.00                 160000              167000                    75.00               95.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103661854   WATERBURY                                            06704    CT                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     121,600.00                     121,600.00   First Lien                                      0           136,800.00                    15,200.00                 152000              152000                    80.00               90.00   No MI                     NO MI                        0                                   8.0000            0.3750       0.0325    0.0000               0.4075
      1103661855   PROVO                                                84604    UT                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     124,000.00                     124,000.00   First Lien                                      0           124,000.00                         0.00                 155000              155000                    80.00               80.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661856   INDIANAPOLIS                                         46208    IN                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     125,000.00                     125,000.00   First Lien                                      0           125,000.00                         0.00                      -          170,000.00                    73.53               73.53   No MI                     NO MI                        0                                    8.250             0.375       0.0325     0.000               0.4075
      1103661857   FLOWERY BRANCH                                       30542    GA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     125,600.00                     125,600.00   First Lien                                      0           157,000.00                    31,400.00                 157000              157000                    80.00              100.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661859   CHARLOTTE                                            28214    NC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     126,624.00                     126,624.00   First Lien                                      0           126,624.00                         0.00                 158281              162000                    80.00               80.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661860   BOURBONNAIS                                          60914    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     211,600.00                     211,600.00   First Lien                                      0           264,500.00                    52,900.00                      -          264,500.00                    80.00              100.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103661861   PORT SAINT LUCIE                                     34983    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     212,000.00                     212,000.00   First Lien                                      0           265,000.00                    53,000.00                      -          265,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103661862   MIRAMAR                                              33025    FL                             20070101                 20361201   ARMS                    No                                              360                    360                          356                     213,600.00                     213,600.00   First Lien                                      0           267,000.00                    53,400.00                 267000              270000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103661863   UPPER MARLBORO                                       20772    MD                             20070101                 20361201   ARMS                    No                                              360                    360                          356                     213,750.00                     213,750.00   First Lien                                      0           285,000.00                    71,250.00                 285000              312000                    75.00              100.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661864   CHARLOTTE                                            28277    NC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     216,000.00                     216,000.00   First Lien                                      0           216,000.00                         0.00                 240000              243000                    90.00               90.00   PMI                       BPMI                        25                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661865   MOUNT PLEASANT                                       29464    SC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     219,200.00                     219,200.00   First Lien                                      0           274,000.00                    54,800.00                 274000              277000                    80.00              100.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661866   POMPANO BEACH                                        33064    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     220,000.00                     220,000.00   First Lien                                      0           261,250.00                    41,250.00                 275000              285000                    80.00               95.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103661867   WEST PALM BEACH                                      33412    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     223,920.00                     223,920.00   First Lien                                      0           265,905.00                    41,985.00                 279900              280000                    80.00               95.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661868   BUCKEYE                                              85396    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     223,950.00                     223,950.00   First Lien                                      0           279,938.00                    55,988.00                 279950              281000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103661870   GREENSBORO                                           27406    NC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     131,920.00                     131,920.00   First Lien                                      0           164,900.00                    32,980.00                 164900              179000                    80.00              100.00   No MI                     NO MI                        0                                   8.0000            0.3750       0.0325    0.0000               0.4075
      1103661872   GULF SHORES                                          36542    AL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     155,920.00                     155,920.00   First Lien                                      0           185,155.00                    29,235.00                 194900              194900                    80.00               95.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103661873   MIAMI                                                33173    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     156,000.00                     156,000.00   First Lien                                      0           156,000.00                         0.00                      -          195,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103661874   COLORADO SPRINGS                                     80918    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     156,750.00                     156,644.80   First Lien                                      0           173,750.00                    17,000.00                      -          209,000.00                    75.00               83.14   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103661877   ROYAL PALM BEACH                                     33411    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     159,750.00                     159,750.00   First Lien                                      0           213,000.00                    53,250.00                 213000              213000                    75.00              100.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      1103661878   PAWTUCKET                                            02860    RI                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     160,000.00                     159,578.90   First Lien                                      0           200,000.00                    40,000.00                 200000              250000                    80.00              100.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103661879   FAIRBURN                                             30213    GA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     161,764.00                     161,764.00   First Lien                                      0           184,007.00                    22,243.00                 202205              206000                    80.00               91.01   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103661881   FORT LAUDERDALE                                      33311    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     165,750.00                     165,750.00   First Lien                                      0           165,750.00                         0.00                      -          255,000.00                    65.00               65.00   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103661882   WINTER PARK                                          32792    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     166,000.00                     166,000.00   First Lien                                      0           166,000.00                         0.00                      -          207,500.00                    80.00               80.00   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103661883   HIGLEY                                               85236    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     167,950.00                     167,950.00   First Lien                                      0           188,944.00                    20,994.00                 209950              215000                    80.00               90.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103661884   THOMASVILLE                                          31792    GA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     168,000.00                     167,881.40   First Lien                                      0           199,500.00                    31,500.00                      -          210,000.00                    80.00               95.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103661885   AUSTIN                                               78704    TX                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     169,000.00                     168,894.90   First Lien                                      0           169,000.00                         0.00                 178000              178000                    94.95               94.95   PMI                       BPMI                        30                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661886   WEST SPRINGFIELD                                     01089    MA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     169,600.00                     169,483.30   First Lien                                      0           169,600.00                         0.00                      -          212,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103661887   MAPLEWOOD                                            55109    MN                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     171,000.00                     170,893.70   First Lien                                      0           171,000.00                         0.00                 190000              191000                    90.00               90.00   PMI                       BPMI                        25                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661888   MUNISING                                             49862    MI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     173,610.00                     173,504.80   First Lien                                      0           173,610.00                         0.00                 192900              192900                    90.00               90.00   PMI                       BPMI                        25                                   8.5000            0.3750       0.0325    0.0000               0.4075
      1103661890   PORT SAINT LUCIE                                     34953    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     175,920.00                     175,920.00   First Lien                                      0           208,905.00                    32,985.00                 219900              233000                    80.00               95.00   No MI                     NO MI                        0                                   8.0000            0.3750       0.0325    0.0000               0.4075
      1103661892   MIAMI                                                33173    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     176,000.00                     176,000.00   First Lien                                      0           220,000.00                    44,000.00                 220000              220000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103661893   DURHAM                                               27705    NC                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     179,100.00                     179,100.00   First Lien                                      0           179,100.00                         0.00                      -          238,800.00                    75.00               75.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103661894   SOUTH SAINT PAUL                                     55075    MN                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     180,000.00                     180,000.00   First Lien                                      0           228,000.00                    48,000.00                 240000              240000                    75.00               95.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103661895   SCOTTSDALE                                           85251    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     184,000.00                     183,866.80   First Lien                                      0           230,000.00                    46,000.00                 230000              230000                    80.00              100.00   No MI                     NO MI                        0                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103661897   HIGLEY                                               85236    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     184,000.00                     184,000.00   First Lien                                      0           195,000.00                    11,000.00                      -          230,000.00                    80.00               84.79   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103661898   AVONDALE                                             85323    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     187,500.00                     187,500.00   First Lien                                      0           250,000.00                    62,500.00                 250000              256000                    75.00              100.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661899   MIAMI                                                33156    FL                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     188,005.00                     187,616.40   First Lien                                      0           188,005.00                         0.00                 197900              198000                    95.00               95.00   PMI                       BPMI                        30                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661900   COVINGTON                                            30014    GA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     188,000.00                     188,000.00   First Lien                                      0           188,000.00                         0.00                      -          235,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103661901   EDINA                                                55435    MN                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     188,100.00                     188,100.00   First Lien                                      0           188,100.00                         0.00                      -          198,000.00                    95.00               95.00   PMI                       LPMI                        30                                    9.375             0.375       0.0325     1.230               1.6375
      1103661903   CHICAGO                                              60645    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     191,550.00                     191,550.00   First Lien                                      0           242,630.00                    51,080.00                 255400              256000                    75.00               95.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661904   WATERBURY                                            06706    CT                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     192,000.00                     191,413.00   First Lien                                      0           192,000.00                         0.00                 240000              240000                    80.00               80.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103661905   GLENDALE                                             85301    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     194,280.00                     194,280.00   First Lien                                      0           242,850.00                    48,570.00                 242850              243000                    80.00              100.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661907   LAS VEGAS                                            89108    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     195,300.00                     195,300.00   First Lien                                      0           195,300.00                         0.00                      -          280,000.00                    69.75               69.75   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103661910   WEST PALM BEACH                                      33409    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     198,400.00                     198,400.00   First Lien                                      0           248,000.00                    49,600.00                 248000              248000                    80.00              100.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103661912   LAS VEGAS                                            89178    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     228,756.00                     228,756.00   First Lien                                      0           285,945.00                    57,189.00                 285945              287000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103661913   MOUNT PLEASANT                                       29464    SC                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     228,800.00                     228,800.00   First Lien                                      0           228,800.00                         0.00                      -          352,000.00                    65.00               65.00   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103661915   NEW PORT RICHEY                                      34652    FL                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     232,000.00                     231,654.60   First Lien                                      0           290,000.00                    58,000.00                      -          290,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103661916   MANASSAS                                             20111    VA                             20070101                 20361201   ARMS                    No                                              360                    360                          356                     233,600.00                     233,600.00   First Lien                                      0           292,000.00                    58,400.00                      -          292,000.00                    80.00              100.00   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103661917   EVERETT                                              98201    WA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     235,500.00                     235,281.90   First Lien                                      0           235,500.00                         0.00                      -          314,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103661918   DENVER                                               80210    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     236,000.00                     236,000.00   First Lien                                      0           236,000.00                         0.00                 295000              319000                    80.00               80.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661921   PORTLAND                                             97219    OR                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     239,200.00                     239,200.00   First Lien                                      0           299,000.00                    59,800.00                 299000              299000                    80.00              100.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661922   CHICAGO                                              60619    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     244,000.00                     243,844.40   First Lien                                      0           244,000.00                         0.00                      -          305,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.250             0.375       0.0325     0.000               0.4075
      1103661923   IDAHO FALLS                                          83404    ID                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     246,400.00                     246,400.00   First Lien                                      0           308,000.00                    61,600.00                 308000              310000                    80.00              100.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103661924   ADAMSTOWN                                            21710    MD                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     247,300.00                     247,300.00   First Lien                                      0           278,200.00                    30,900.00                 309175              311000                    79.99               89.99   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103661925   DACULA                                               30019    GA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     247,688.00                     247,688.00   First Lien                                      0           247,688.00                         0.00                 260725              261000                    95.00               95.00   PMI                       BPMI                        30                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103661926   TUCSON                                               85716    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     248,000.00                     248,000.00   First Lien                                      0           248,000.00                         0.00                 310000              330000                    80.00               80.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661927   MALDEN                                               02148    MA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     248,800.00                     248,800.00   First Lien                                      0           311,000.00                    62,200.00                 311000              320000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103661928   PASO ROBLES                                          93446    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     250,000.00                     250,000.00   First Lien                                      0           250,000.00                         0.00                      -          440,000.00                    56.82               56.82   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103661929   MIRAMAR                                              33025    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     252,000.00                     252,000.00   First Lien                                      0           308,700.00                    56,700.00                      -          315,000.00                    80.00               98.00   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103661930   CHICAGO                                              60678    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     253,500.00                     253,500.00   First Lien                                      0           253,500.00                         0.00                 268233              274000                    94.51               94.51   PMI                       LPMI                        30                                   9.8750            0.3750       0.0325    1.2500               1.6575
      1103661931   ORLANDO                                              32835    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     256,000.00                     256,000.00   First Lien                                      0           320,000.00                    64,000.00                 320000              320000                    80.00              100.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103661932   ATLANTA                                              30315    GA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     256,000.00                     256,000.00   First Lien                                      0           320,000.00                    64,000.00                 320000              320000                    80.00              100.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661933   BOSTON                                               02122    MA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     258,750.00                     258,750.00   First Lien                                      0           327,750.00                    69,000.00                 345000              345415                    75.00               95.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103661935   CHICAGO                                              60659    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     260,000.00                     259,834.20   First Lien                                      0           308,750.00                    48,750.00                 325000              374000                    80.00               95.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661936   CHANDLER                                             85225    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     263,700.00                     263,494.30   First Lien                                      0           263,700.00                         0.00                      -          293,000.00                    90.00               90.00   PMI                       BPMI                        25                                    7.250             0.375       0.0325     0.000               0.4075
      1103661937   GURNEE                                               60031    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     268,000.00                     268,000.00   First Lien                                      0           301,500.00                    33,500.00                      -          335,000.00                    80.00               90.00   No MI                     NO MI                        0                                    8.375             0.375       0.0325     0.000               0.4075
      1103661938   TAMPA                                                33611    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     270,000.00                     270,000.00   First Lien                                      0           270,000.00                         0.00                      -          300,000.00                    90.00               90.00   PMI                       BPMI                        25                                    7.375             0.375       0.0325     0.000               0.4075
      1103661939   CAPITOL HEIGHTS                                      20743    MD                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     270,000.00                     270,000.00   First Lien                                      0           270,000.00                         0.00                      -          306,000.00                    88.24               88.24   PMI                       BPMI                        25                                    7.625             0.375       0.0325     0.000               0.4075
      1103661940   BOWIE                                                20716    MD                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     272,250.00                     271,579.40   First Lien                                      0           363,000.00                    90,750.00                      -          363,000.00                    75.00              100.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103661942   DRACUT                                               01826    MA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     276,800.00                     276,800.00   First Lien                                      0           346,000.00                    69,200.00                 346000              359000                    80.00              100.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103661945   STRATFORD                                            06614    CT                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     284,000.00                     283,804.60   First Lien                                      0           331,333.00                    47,333.00                      -          365,000.00                    77.81               90.78   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103661946   MIAMI                                                33177    FL                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     284,800.00                     284,800.00   First Lien                                      0           284,800.00                         0.00                      -          356,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103661947   CEDAR HILLS                                          84062    UT                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     288,000.00                     288,000.00   First Lien                                      0           324,000.00                    36,000.00                 360000              362000                    80.00               90.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661949   SEATTLE                                              98106    WA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     292,000.00                     292,000.00   First Lien                                      0           292,000.00                         0.00                      -          365,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103661950   PHILADELPHIA                                         19104    PA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     292,000.00                     292,000.00   First Lien                                      0           292,000.00                         0.00                      -          365,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103661951   FAIRFAX                                              22030    VA                             20070101                 20361201   ARMS                    No                                              360                    360                          356                     296,000.00                     296,000.00   First Lien                                      0           351,500.00                    55,500.00                 370000              370000                    80.00               95.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661952   SEATTLE                                              98106    WA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     299,200.00                     299,200.00   First Lien                                      0           374,000.00                    74,800.00                 374000              375000                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103661953   SAINT PETERSBURG                                     33716    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     300,320.00                     300,113.30   First Lien                                      0           356,630.00                    56,310.00                 375400              379900                    80.00               95.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661954   PEORIA                                               85383    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     304,000.00                     304,000.00   First Lien                                      0           380,000.00                    76,000.00                 380000              383000                    80.00              100.00   No MI                     NO MI                        0                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103661955   GILBERT                                              85297    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     305,550.00                     305,550.00   First Lien                                      0           381,900.00                    76,350.00                 381939              420000                    80.00               99.99   No MI                     NO MI                        0                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103661956   ASHBURN                                              20147    VA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     305,600.00                     305,600.00   First Lien                                      0           382,000.00                    76,400.00                 382000              384000                    80.00              100.00   No MI                     NO MI                        0                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103661958   OAKLAND PARK                                         33309    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     313,600.00                     313,600.00   First Lien                                      0           392,000.00                    78,400.00                 392000              420000                    80.00              100.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661959   BLOOMINGTON                                          55420    MN                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     315,400.00                     315,400.00   First Lien                                      0           315,400.00                         0.00                 332000              351000                    95.00               95.00   PMI                       LPMI                        30                                  10.1250            0.3750       0.0325    1.0200               1.4275
      1103661960   ENGLEWOOD                                            34224    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     317,520.00                     317,520.00   First Lien                                      0           357,210.00                    39,690.00                 396900              410000                    80.00               90.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103661961   WADDELL                                              85355    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     320,150.00                     320,150.00   First Lien                                      0           400,188.00                    80,038.00                 400221              412000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103661962   NASHUA                                               03062    NH                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     328,000.00                     326,893.30   First Lien                                      0           328,000.00                         0.00                      -          410,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103661963   SPRING VALLEY                                        10977    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     328,000.00                     328,000.00   First Lien                                      0           328,000.00                         0.00                 365000              370000                    89.87               89.87   PMI                       LPMI                        25                                   7.5000            0.3750       0.0325    0.3600               0.7675
      1103661964   PHOENIX                                              85016    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     330,200.00                     330,200.00   First Lien                                      0           412,750.00                    82,550.00                 412805              430000                    79.99               99.99   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103661965   MARICOPA                                             85239    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     331,700.00                     331,700.00   First Lien                                      0           414,600.00                    82,900.00                 414647              444000                    80.00               99.99   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103661966   MONTGOMERY TWP.                                      08540    NJ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     335,000.00                     335,000.00   First Lien                                      0           335,000.00                         0.00                      -          550,000.00                    60.91               60.91   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103661967   JOLIET                                               60431    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     336,000.00                     336,000.00   First Lien                                      0           420,000.00                    84,000.00                 420000              420000                    80.00              100.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661968   ORLANDO                                              32832    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     347,000.00                     347,000.00   First Lien                                      0           347,000.00                         0.00                 365269              424000                    95.00               95.00   PMI                       BPMI                        30                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103661969   CLOVER                                               29710    SC                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     350,000.00                     350,000.00   First Lien                                      0           350,000.00                         0.00                      -          470,000.00                    74.47               74.47   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103661970   WINTER PARK                                          32789    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     360,000.00                     360,000.00   First Lien                                      0           405,000.00                    45,000.00                      -          450,000.00                    80.00               90.00   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103661972   JERSEY CITY                                          07304    NJ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     370,258.00                     370,027.86   First Lien                                      0           528,940.00                   158,682.00                 528940              528940                    70.00              100.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661974   GILBERT                                              85297    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     382,179.00                     382,179.00   First Lien                                      0           429,951.00                    47,772.00                 478484              510000                    79.88               89.86   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103661975   TOMS RIVER                                           08753    NJ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     383,000.00                     382,701.30   First Lien                                      0           383,000.00                         0.00                      -          520,000.00                    73.66               73.66   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103661976   MODESTO                                              95350    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     384,000.00                     384,000.00   First Lien                                      0           480,000.00                    96,000.00                 480000              480000                    80.00              100.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103661978   PEMBROKE PINES                                       33029    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     388,000.00                     388,000.00   First Lien                                      0           485,000.00                    97,000.00                 485000              485000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103661979   ORLANDO                                              32837    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     392,000.00                     392,000.00   First Lien                                      0           490,000.00                    98,000.00                 490000              490000                    80.00              100.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103661981   SILVER SPRING                                        20902    MD                             20070101                 20361201   ARMS                    No                                              360                    360                          356                     395,200.00                     395,200.00   First Lien                                      0           494,000.00                    98,800.00                 494000              500000                    80.00              100.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103661982   NAPLES                                               34120    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     397,300.00                     397,300.00   First Lien                                      0           496,625.00                    99,325.00                 496668              520000                    80.00              100.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103661987   QUEEN CREEK                                          85243    AZ                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     412,000.00                     412,000.00   First Lien                                      0           463,500.00                    51,500.00                      -          515,000.00                    80.00               90.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103661988   WOODBRIDGE                                           22192    VA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     412,500.00                     412,500.00   First Lien                                      0           495,000.00                    82,500.00                      -          520,000.00                    79.33               95.20   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103661990   BROOKLYN                                             11212    NY                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     504,000.00                     504,000.00   First Lien                                      0           684,000.00                   180,000.00                 720000              720000                    70.00               95.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661991   EVANSTON                                             60201    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     551,200.00                     551,200.00   First Lien                                      0           689,000.00                   137,800.00                 689000              689000                    80.00              100.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661993   MIAMI BEACH                                          33141    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     440,800.00                     440,800.00   First Lien                                      0           523,450.00                    82,650.00                 551000              650000                    80.00               95.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103661995   STONE MOUNTAIN                                       30087    GA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     436,950.00                     436,656.80   First Lien                                      0           436,950.00                         0.00                 490970              490000                    89.18               89.18   PMI                       LPMI                        25                                   8.0000            0.3750       0.0325    0.2500               0.6575
      1103661996   BOLINGBROOK                                          60440    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     440,000.00                     440,000.00   First Lien                                      0           440,000.00                         0.00                      -          550,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.375             0.375       0.0325     0.000               0.4075
      1103661998   PALM BEACH GARDENS                                   33418    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     450,000.00                     450,000.00   First Lien                                      0           450,000.00                         0.00                 500000              500000                    90.00               90.00   PMI                       LPMI                        25                                   7.2500            0.3750       0.0325    0.3100               0.7175
      1103661999   LAUREL                                               20707    MD                             20070101                 20361201   ARMS                    No                                              360                    360                          356                     455,920.00                     453,813.90   First Lien                                      0           569,900.00                   113,980.00                 569900              576000                    80.00              100.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103662000   HALLANDALE                                           33009    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     461,250.00                     461,250.00   First Lien                                      0           615,000.00                   153,750.00                 615000              615000                    75.00              100.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103662001   PURCELLVILLE                                         20132    VA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     463,992.00                     463,992.00   First Lien                                      0           579,990.00                   115,998.00                 579990              602000                    80.00              100.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103662003   CHANDLER                                             85249    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     469,350.00                     469,350.00   First Lien                                      0           469,350.00                         0.00                 586710              600000                    80.00               80.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103662004   BELLEVUE                                             98006    WA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     480,000.00                     480,000.00   First Lien                                      0           540,000.00                    60,000.00                      -          625,000.00                    76.80               86.40   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103662005   SAN DIEGO                                            92116    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     480,000.00                     480,000.00   First Lien                                      0           540,000.00                    60,000.00                      -          600,000.00                    80.00               90.00   No MI                     NO MI                        0                                    8.375             0.375       0.0325     0.000               0.4075
      1103662006   BELTSVILLE                                           20705    MD                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     500,000.00                     500,000.00   First Lien                                      0           560,000.00                    60,000.00                      -          645,000.00                    77.52               86.83   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103662007   NAPLES                                               34119    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     517,500.00                     517,500.00   First Lien                                      0           655,500.00                   138,000.00                 690000              690000                    75.00               95.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103662008   LAS VEGAS                                            89145    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     522,150.00                     522,150.00   First Lien                                      0           671,336.00                   149,186.00                 745985              760000                    70.00               90.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103662010   NAPLES                                               34119    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     540,000.00                     540,000.00   First Lien                                      0           684,000.00                   144,000.00                 719910              720000                    75.01               95.02   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103662011   FORT LAUDERDALE                                      33304    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     540,000.00                     540,000.00   First Lien                                      0           607,500.00                    67,500.00                 675000              675000                    80.00               90.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103662012   FORT LAUDERDALE                                      33304    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     540,000.00                     540,000.00   First Lien                                      0           607,500.00                    67,500.00                 675000              675000                    80.00               90.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103662013   LAS VEGAS                                            89147    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     544,000.00                     544,000.00   First Lien                                      0           612,000.00                    68,000.00                      -          680,000.00                    80.00               90.00   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103662014   FORT LAUDERDALE                                      33304    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     545,360.00                     545,360.00   First Lien                                      0           744,385.00                   199,025.00                 785000              825000                    69.48               94.83   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103662015   GLENDALE                                             91208    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     554,250.00                     554,250.00   First Lien                                      0           739,000.00                   184,750.00                 739000              740000                    75.00              100.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103662018   PHOENIX                                              85022    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     603,000.00                     603,000.00   First Lien                                      0           805,000.00                   202,000.00                      -          805,000.00                    74.91              100.00   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103662020   AUBURN                                               95603    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     628,000.00                     628,000.00   First Lien                                      0           628,000.00                         0.00                      -          790,000.00                    79.50               79.50   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103662021   MIAMI BEACH                                          33139    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     640,000.00                     640,000.00   First Lien                                      0           800,000.00                   160,000.00                 800000              815000                    80.00              100.00   No MI                     NO MI                        0                                   8.0000            0.3750       0.0325    0.0000               0.4075
      1103662023   EL CAJON                                             92021    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     700,000.00                     700,000.00   First Lien                                      0           875,000.00                   175,000.00                 875000              875000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103662024   WELLINGTON                                           33467    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     720,000.00                     720,000.00   First Lien                                      0           900,000.00                   180,000.00                 900000              925000                    80.00              100.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103662027   PARKER                                               80134    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     779,316.00                     779,316.00   First Lien                                      0           974,145.00                   194,829.00                 974146             1050000                    80.00              100.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103662028   VACAVILLE                                            95688    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     800,000.00                     800,000.00   First Lien                                      0           800,000.00                         0.00                1000000             1000000                    80.00               80.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103662029   DANVILLE                                             94526    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     832,000.00                     832,000.00   First Lien                                      0           982,000.00                   150,000.00                1040000             1040000                    80.00               94.43   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103662030   CARLSBAD                                             92008    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     840,000.00                     840,000.00   First Lien                                      0           840,000.00                         0.00                      -        1,300,000.00                    64.62               64.62   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103662033   CHANDLER                                             85249    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     937,500.00                     937,500.00   First Lien                                      0         1,174,842.00                   237,342.00                      -        1,200,000.00                    78.13               97.91   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103662072   OAKLAND                                              94603    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     320,000.00                     320,000.00   First Lien                                      0           320,000.00                         0.00                      -          400,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103662082   WHITTIER                                             90606    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     225,000.00                     224,765.09   First Lien                                      0           225,000.00                         0.00                      -          480,000.00                    46.88               46.88   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103662112   GARDEN GROVE                                         92843    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     318,500.00                     318,500.00   First Lien                                      0           318,500.00                         0.00                      -          379,000.00                    84.04               84.04   PMI                       LPMI                        22                                    7.875             0.375       0.0325     0.630               1.0375
      1103662130   WESTMINSTER                                          92683    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     401,000.00                     401,000.00   First Lien                                      0           401,000.00                         0.00                      -          585,000.00                    68.55               68.55   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      1103662157   LOS ANGELES                                          90037    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     415,000.00                     415,000.00   First Lien                                      0           415,000.00                         0.00                      -          530,000.00                    78.31               78.31   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103662166   TAMPA                                                33635    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     207,300.00                     207,300.00   First Lien                                      0           207,300.00                         0.00                      -          275,000.00                    75.39               75.39   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103662169   SAINT CLOUD                                          34772    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     420,000.00                     420,000.00   First Lien                                      0           420,000.00                         0.00                      -          645,000.00                    65.12               65.12   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103662170   BRENTWOOD                                            37027    TN                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     411,200.00                     411,200.00   First Lien                                      0           411,200.00                         0.00                      -          514,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103662171   FORT WASHINGTON                                      20744    MD                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     333,900.00                     333,781.45   First Lien                                      0           333,900.00                         0.00                      -          371,000.00                    90.00               90.00   PMI                       BPMI                        25                                    7.250             0.375       0.0325     0.000               0.4075
      1103662172   GERMANTOWN                                           20876    MD                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     193,500.00                     193,428.83   First Lien                                      0           193,500.00                         0.00                      -          212,000.00                    91.28               91.28   PMI                       LPMI                        30                                    7.125             0.375       0.0325     0.650               1.0575
      1103662173   GLEN BURNIE                                          21061    MD                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     306,000.00                     306,000.00   First Lien                                      0           306,000.00                         0.00                      -          350,000.00                    87.43               87.43   PMI                       BPMI                        25                                    7.500             0.375       0.0325     0.000               0.4075
      1103662174   EDGEWATER                                            21037    MD                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     279,000.00                     278,893.71   First Lien                                      0           279,000.00                         0.00                 310000              310000                    90.00               90.00   PMI                       LPMI                        25                                   7.0000            0.3750       0.0325    0.3400               0.7475
      1103662175   ARLINGTON                                            22204    VA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     228,000.00                     228,000.00   First Lien                                      0           228,000.00                         0.00                      -          285,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103662177   LANHAM                                               20706    MD                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     288,000.00                     288,000.00   First Lien                                      0           288,000.00                         0.00                      -          370,000.00                    77.84               77.84   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103662179   CLINTON                                              20735    MD                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     220,000.00                     219,924.61   First Lien                                      0           220,000.00                         0.00                      -          298,000.00                    73.83               73.83   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103662184   LAKE GENEVA                                          53147    WI                             20070501                 20370301   ARMS                    Yes                                             360                    480                          360                     275,400.00                     275,400.00   First Lien                                      0           275,400.00                         0.00                 289900              289900                    95.00               95.00   PMI                       LPMI                        35                                   7.8750            0.3750       0.0325    0.6400               1.0475
      1103662185   ROUND LAKE BEACH                                     60073    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     229,000.00                     229,000.00   First Lien                                      0           229,000.00                         0.00                 229000              229000                   100.00              100.00   PMI                       LPMI                        35                                   7.8750            0.3750       0.0325    0.9600               1.3675
      1103662186   HOLIDAY HILLS                                        60051    IL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     138,700.00                     138,669.25   First Lien                                      0           138,700.00                         0.00                 146000              163300                    95.00               95.00   PMI                       LPMI                        30                                   8.8750            0.3750       0.0325    1.1600               1.5675
      1103662187   WESTCHESTER                                          60154    IL                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     192,000.00                     191,960.48   First Lien                                      0           192,000.00                         0.00                 192000              214000                   100.00              100.00   PMI                       LPMI                        35                                   9.1250            0.3750       0.0325    1.8700               2.2775
      1103662188   PRESCOTT                                             86303    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     299,000.00                     299,000.00   First Lien                                      0           399,000.00                   100,000.00                 420000              460000                    71.20               95.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103662189   CORONA                                               92882    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     784,000.00                     784,000.00   First Lien                                      0           882,000.00                    98,000.00                      -          980,000.00                    80.00               90.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103662190   ORLANDO                                              32837    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     463,500.00                     463,335.43   First Lien                                      0           463,500.00                         0.00                 515000              520000                    90.00               90.00   PMI                       BPMI                        25                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103662191   LEHIGH ACRES                                         33971    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     216,250.00                     216,250.00   First Lien                                      0           216,250.00                         0.00                      -          230,000.00                    94.03               94.03   PMI                       LPMI                        30                                    7.875             0.375       0.0325     0.650               1.0575
      1103662192   LEHIGH ACRES                                         33971    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     227,000.00                     227,000.00   First Lien                                      0           227,000.00                         0.00                      -          260,000.00                    87.31               87.31   PMI                       LPMI                        25                                    8.250             0.375       0.0325     0.520               0.9275
      1103662194   COLORADO SPRINGS                                     80906    CO                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     123,785.00                     123,749.54   First Lien                                      0           123,785.00                         0.00                      -          130,300.00                    95.00               95.00   PMI                       LPMI                        30                                    8.000             0.375       0.0325     0.850               1.2575
      1103662195   LEHIGH ACRES                                         33971    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     220,400.00                     220,400.00   First Lien                                      0           220,400.00                         0.00                      -          232,000.00                    95.00               95.00   PMI                       LPMI                        30                                    8.375             0.375       0.0325     0.830               1.2375
      1103662198   BRADENTON                                            34208    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     148,875.00                     148,875.00   First Lien                                      0           148,875.00                         0.00                      -          198,500.00                    75.00               75.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103662201   FORT MYERS                                           33919    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                      87,200.00                      87,200.00   First Lien                                      0           109,000.00                    21,800.00                 109000              109000                    80.00              100.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103662202   KISSIMMEE                                            34759    FL                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     168,000.00                     167,946.39   First Lien                                      0           168,000.00                         0.00                      -          210,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103662203   HIALEAH                                              33015    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     146,320.00                     146,320.00   First Lien                                      0           164,610.00                    18,290.00                 182900              188000                    80.00               90.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103662204   SAINT CLOUD                                          34771    FL                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     312,000.00                     311,868.02   First Lien                                      0           312,000.00                         0.00                      -          390,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103662205   CLERMONT                                             34711    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     306,000.00                     305,755.30   First Lien                                      0           306,000.00                         0.00                 340000              361000                    90.00               90.00   PMI                       BPMI                        25                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103662207   FORT PIERCE                                          34982    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     104,500.00                     104,500.00   First Lien                                      0           104,500.00                         0.00                 110000              130000                    95.00               95.00   PMI                       LPMI                        30                                   8.8750            0.3750       0.0325    0.9500               1.3575
      1103662209   OCALA                                                34470    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     148,000.00                     148,000.00   First Lien                                      0           148,000.00                         0.00                      -          185,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103662210   EVERETT                                              98204    WA                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     228,900.00                     228,821.56   First Lien                                      0           228,900.00                         0.00                 228900              229000                   100.00              100.00   PMI                       LPMI                        35                                   7.3750            0.3750       0.0325    0.8300               1.2375
      1103662211   KISSIMMEE                                            34758    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     248,375.00                     248,375.00   First Lien                                      0           248,375.00                         0.00                      -          317,000.00                    78.36               78.36   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103662212   NORTH MIAMI                                          33161    FL                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     265,000.00                     264,921.30   First Lien                                      0           265,000.00                         0.00                 265000              265000                   100.00              100.00   PMI                       LPMI                        35                                   7.8750            0.3750       0.0325    1.3500               1.7575
      1103662213   KISSIMMEE                                            34758    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     212,500.00                     212,500.00   First Lien                                      0           212,500.00                         0.00                      -          250,000.00                    85.00               85.00   PMI                       LPMI                        22                                    7.000             0.375       0.0325     0.450               0.8575
      1103662215   LEHIGH ACRES                                         33971    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     212,000.00                     212,000.00   First Lien                                      0           212,000.00                         0.00                      -          265,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103662216   NAPLES                                               34120    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     184,000.00                     184,000.00   First Lien                                      0           207,000.00                    23,000.00                 230590              300000                    79.80               89.77   No MI                     NO MI                        0                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103662217   LAS VEGAS                                            89104    NV                             20070401                 20370301   ARMS                    Yes                                             360                    480                          359                     236,000.00                     235,943.67   First Lien                                      0           236,000.00                         0.00                 236000              236000                   100.00              100.00   PMI                       LPMI                        35                                   8.6250            0.3750       0.0325    1.4000               1.8075
      1103662218   HOLLYWOOD                                            33021    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     153,000.00                     153,000.00   First Lien                                      0           153,000.00                         0.00                      -          170,000.00                    90.00               90.00   PMI                       BPMI                        25                                    7.500             0.375       0.0325     0.000               0.4075
      1103662219   PHILADELPHIA                                         19120    PA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      99,000.00                      99,000.00   First Lien                                      0            99,000.00                         0.00                      -          110,000.00                    90.00               90.00   PMI                       BPMI                        25                                    8.375             0.375       0.0325     0.000               0.4075
      1103662222   PEMBROKE PINES                                       33027    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     114,000.00                     114,000.00   First Lien                                      0           114,000.00                         0.00                      -          190,000.00                    60.00               60.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103662223   ORLANDO                                              32836    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     405,000.00                     405,000.00   First Lien                                      0           405,000.00                         0.00                      -          560,000.00                    72.33               72.33   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103662224   RIVERDALE                                            20737    MD                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     250,000.00                     250,000.00   First Lien                                      0           250,000.00                         0.00                      -          340,000.00                    73.53               73.53   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103662225   WENTZVILLE                                           63385    MO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     193,500.00                     193,500.00   First Lien                                      0           193,500.00                         0.00                      -          215,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.500             0.375       0.0325     1.180               1.5875
      1103662226   TAMPA                                                33604    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     106,400.00                     106,400.00   First Lien                                      0           106,400.00                         0.00                 112000              119000                    95.00               95.00   PMI                       BPMI                        30                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103662227   OCALA                                                34471    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     210,000.00                     209,855.48   First Lien                                      0           210,000.00                         0.00                 210000              248000                   100.00              100.00   PMI                       LPMI                        35                                   7.8750            0.3750       0.0325    0.9600               1.3675
      1103662229   CLEARWATER                                           33756    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     301,500.00                     301,500.00   First Lien                                      0           301,500.00                         0.00                      -          335,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.500             0.375       0.0325     0.810               1.2175
      1103662230   LAUDERDALE LAKES                                     33313    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     136,000.00                     136,000.00   First Lien                                      0           136,000.00                         0.00                      -          170,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103662231   ORLANDO                                              32808    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     148,500.00                     148,500.00   First Lien                                      0           148,500.00                         0.00                      -          165,000.00                    90.00               90.00   PMI                       BPMI                        25                                    7.000             0.375       0.0325     0.000               0.4075
      1103662232   ANDOVER                                              55304    MN                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     307,705.00                     307,705.00   First Lien                                      0           307,705.00                         0.00                 323900              325000                    95.00               95.00   PMI                       LPMI                        30                                   7.8750            0.3750       0.0325    0.9000               1.3075
      1103662233   NOBLESVILLE                                          46062    IN                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     155,714.00                     155,714.00   First Lien                                      0           155,714.00                         0.00                 163910              166000                    95.00               95.00   PMI                       LPMI                        30                                   8.3750            0.3750       0.0325    0.8300               1.2375
      1103662234   CHICAGO                                              60614    IL                             20070501                 20370301   ARMS                    Yes                                             360                    480                          360                     650,000.00                     650,000.00   First Lien                                      0           650,000.00                         0.00                      -          870,000.00                    74.72               74.72   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103662270   HIGHLAND                                             92346    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     376,000.00                     376,000.00   First Lien                                      0           376,000.00                         0.00                      -          420,000.00                    89.53               89.53   PMI                       LPMI                        25                                    7.375             0.250       0.0325     0.520               0.8025
      1103662280   BAKERSFIELD                                          93314    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     225,200.00                     225,200.00   First Lien                                      0           281,550.00                    56,350.00                 281560              282000                    79.99              100.00   No MI                     NO MI                        0                                   6.5000            0.2500       0.0325    0.0000               0.2825
      1103662283   RIVERSIDE                                            92505    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     264,000.00                     264,000.00   First Lien                                      0           264,000.00                         0.00                      -          440,000.00                    60.00               60.00   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103662288   LOS ANGELES                                          90049    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     415,000.00                     415,000.00   First Lien                                      0           415,000.00                         0.00                      -        1,250,000.00                    33.20               33.20   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      1103662300   ELK GROVE                                            95624    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     504,000.00                     504,000.00   First Lien                                      0           504,000.00                         0.00                      -          630,000.00                    80.00               80.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      1103662312   BROOKLYN                                             11217    NY                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                      -          700,000.00                    71.43               71.43   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103662330   CHINO HILLS                                          91709    CA                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     544,000.00                     544,000.00   First Lien                                      0           680,000.00                   136,000.00                      -          680,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103662332   WASHINGTON                                           20018    DC                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     397,580.00                     397,580.00   First Lien                                      0           397,580.00                         0.00                      -          543,800.00                    73.12               73.12   No MI                     NO MI                        0                                    8.125             0.375       0.0325     0.000               0.4075
      1103662340   FONTANA                                              92335    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     325,500.00                     325,500.00   First Lien                                      0           325,500.00                         0.00                      -          465,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103662383   SANTA ANA                                            92703    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     370,150.00                     370,150.00   First Lien                                      0           370,150.00                         0.00                      -          630,000.00                    58.76               58.76   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103662400   CAMP VERDE                                           86322    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     101,000.00                     100,929.08   First Lien                                      0           101,000.00                         0.00                      -          382,000.00                    26.44               26.44   No MI                     NO MI                        0                                    7.775             0.375       0.0325     0.000               0.4075
      1103662432   LAS VEGAS                                            89118    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     188,000.00                     188,000.00   First Lien                                      0           223,250.00                    35,250.00                 235115              247000                    79.97               94.96   No MI                     NO MI                        0                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103662448   SAN FRANCISCO                                        94114    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     928,000.00                     928,000.00   First Lien                                      0           928,000.00                         0.00                1160000             1160000                    80.00               80.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103662480   DOWNEY                                               90242    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     522,500.00                     522,500.00   First Lien                                      0           522,500.00                         0.00                 550000              550000                    95.00               95.00   PMI                       LPMI                        30                                   7.9900            0.3750       0.0325    0.5800               0.9875
      1103662494   COACHELLA                                            92236    CA                             20070501                 20220401   FIXED                   No                                              180                    180                          180                     113,000.00                     112,627.73   First Lien                                      0           113,000.00                         0.00                      -          300,000.00                    37.67               37.67   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      1103662503   SPRING HILL                                          34609    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     132,000.00                     131,935.07   First Lien                                      0           132,000.00                         0.00                      -          165,000.00                    80.00               80.00   No MI                     NO MI                        0                                    9.500             0.375       0.0325     0.000               0.4075
      1103662507   LOS ANGELES                                          91331    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     373,800.00                     373,800.00   First Lien                                      0           534,000.00                   160,200.00                      -          540,000.00                    69.23               98.89   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103662512   PEMBROKE PINES                                       33025    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     133,825.00                     133,825.00   First Lien                                      0           133,825.00                         0.00                 267650              270000                    50.00               50.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103662531   ARVIN                                                93203    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     208,000.00                     208,000.00   First Lien                                      0           208,000.00                         0.00                      -          260,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103662564   GERMANTOWN                                           20876    MD                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     274,500.00                     274,432.03   First Lien                                      0           274,500.00                         0.00                      -          305,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.500             0.375       0.0325     1.510               1.9175
      1103662569   SAN DIEGO                                            92123    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     468,000.00                     468,000.00   First Lien                                      0           585,000.00                   117,000.00                      -          585,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103662601   GULF BREEZE                                          32563    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     360,000.00                     360,000.00   First Lien                                      0           360,000.00                         0.00                      -          750,000.00                    48.00               48.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103662663   PHOENIX                                              85035    AZ                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     145,000.00                     145,000.00   First Lien                                      0           145,000.00                         0.00                      -          208,000.00                    69.72               69.72   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      1103662668   WOODLAND HILLS AREA                                  91367    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     311,200.00                     311,200.00   First Lien                                      0           311,200.00                         0.00                 389000              392000                    80.00               80.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103662693   SANTA ANA                                            92703    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     462,000.00                     462,000.00   First Lien                                      0           462,000.00                         0.00                      -          625,000.00                    73.92               73.92   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103662735   LOS ANGELES                                          90026    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     485,000.00                     485,000.00   First Lien                                      0           485,000.00                         0.00                      -          720,000.00                    67.37               67.37   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103662753   LA HABRA HEIGHTS                                     90631    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     456,000.00                     456,000.00   First Lien                                      0           456,000.00                         0.00                 760000              760000                    60.00               60.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103662757   MIRAMAR BEACH                                        32550    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     156,000.00                     156,000.00   First Lien                                      0           156,000.00                         0.00                 195000              195000                    80.00               80.00   No MI                     NO MI                        0                                   9.3750            0.3750       0.0325    0.0000               0.4075
      1103662771   KOLOA                                                96756    HI                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     384,000.00                     384,000.00   First Lien                                      0           480,000.00                    96,000.00                 480000              480000                    80.00              100.00   No MI                     NO MI                        0                                   6.9900            0.3750       0.0325    0.0000               0.4075
      1103662812   DUARTE                                               91010    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     354,350.00                     354,350.00   First Lien                                      0           354,350.00                         0.00                 373000              375000                    95.00               95.00   PMI                       LPMI                        30                                   8.2500            0.3750       0.0325    0.9800               1.3875
      1103662845   LOMPOC                                               93436    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     332,000.00                     332,000.00   First Lien                                      0           332,000.00                         0.00                      -          415,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103662885   STOCKTON                                             95209    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     245,000.00                     245,000.00   First Lien                                      0           315,000.00                    70,000.00                      -          350,000.00                    70.00               90.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103662897   JACKSONVILLE                                         32208    FL                             20070601                 20370501   FIXED                   No                                              360                    360                          360                      76,500.00                      76,500.00   First Lien                                      0            76,500.00                         0.00                  90000               90000                    85.00               85.00   PMI                       LPMI                        22                                   8.5000            0.2500       0.0325    1.0000               1.2825
      1103663049   SAINT PETERSBURG                                     33714    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     100,000.00                     100,000.00   First Lien                                      0           100,000.00                         0.00                      -          130,000.00                    76.93               76.93   No MI                     NO MI                        0                                    9.100             0.375       0.0325     0.000               0.4075
      1103663092   SAN FRANCISCO                                        94109    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     553,000.00                     553,000.00   First Lien                                      0           711,000.00                   158,000.00                      -          790,000.00                    70.00               90.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103663135   LA PUENTE (HACIENDA HEIGH                            91745    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     480,000.00                     480,000.00   First Lien                                      0           600,000.00                   120,000.00                 600000              611000                    80.00              100.00   No MI                     NO MI                        0                                   7.9500            0.3750       0.0325    0.0000               0.4075
      1103663313   LONG BEACH                                           90806    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     418,400.00                     418,400.00   First Lien                                      0           418,400.00                         0.00                      -          523,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103663337   HOUSTON                                              77082    TX                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     173,600.00                     173,600.00   First Lien                                      0           206,150.00                    32,550.00                 217000              230000                    80.00               95.00   No MI                     NO MI                        0                                   9.2500            0.3750       0.0325    0.0000               0.4075
      1103663343   BRONX                                                10472    NY                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     470,640.00                     470,640.00   First Lien                                      0           558,885.00                    88,245.00                 588300              590000                    80.00               95.00   No MI                     NO MI                        0                                   8.6250            0.3750       0.0325    0.0000               0.4075
      1103663354   NORTH LAS VEGAS                                      89081    NV                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     294,400.00                     294,400.00   First Lien                                      0           368,000.00                    73,600.00                 368000              370000                    80.00              100.00   No MI                     NO MI                        0                                   7.1250            0.2500       0.0325    0.0000               0.2825
      1103663356   DOUGLAS                                              85607    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     155,103.00                     155,103.00   First Lien                                      0           155,103.00                         0.00                 172337              175000                    90.00               90.00   PMI                       LPMI                        25                                  10.0000            0.3750       0.0325    0.6400               1.0475
      1103663365   FAYETTEVILLE                                         72704    AR                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     188,000.00                     188,000.00   First Lien                                      0           235,000.00                    47,000.00                 235000              240000                    80.00              100.00   No MI                     NO MI                        0                                   7.9900            0.3750       0.0325    0.0000               0.4075
      1103663519   MORENO VALLEY                                        92555    CA                             20070501                 20370301   FIXED                   Yes                                             360                    480                          360                     129,900.00                     129,836.95   First Lien                                      0           129,900.00                         0.00                 379900              380000                    34.20               34.20   No MI                     NO MI                        0                                   6.1250            0.2500       0.0325    0.0000               0.2825
      1103663537   GLENDALE                                             85308    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     268,000.00                     268,000.00   First Lien                                      0           301,500.00                    33,500.00                      -          335,000.00                    80.00               90.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103663569   SAN JOAQUIN                                          93660    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     139,750.00                     139,750.00   First Lien                                      0           139,750.00                         0.00                      -          215,000.00                    65.00               65.00   No MI                     NO MI                        0                                    7.250             0.250       0.0325     0.000               0.2825
      1103663625   OGDEN                                                94401    UT                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     125,600.00                     125,600.00   First Lien                                      0           149,150.00                    23,550.00                 163000              163000                    77.06               91.51   No MI                     NO MI                        0                                   7.7500            0.2500       0.0325    0.0000               0.2825
      1103663638   KISSIMMEE                                            34743    FL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     122,000.00                     121,809.08   First Lien                                      0           152,500.00                    30,500.00                 152500              170000                    80.00              100.00   No MI                     NO MI                        0                                   7.2500            0.2500       0.0325    0.0000               0.2825
      1103663705   LAS VEGAS                                            89156    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     176,000.00                     176,000.00   First Lien                                      0           220,000.00                    44,000.00                      -          220,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103663861   PEMBROKE PINES                                       33025    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     170,000.00                     170,000.00   First Lien                                      0           170,000.00                         0.00                 305000              305000                    55.74               55.74   No MI                     NO MI                        0                                   7.3000            0.3750       0.0325    0.0000               0.4075
      1103663873   ROYAL  PALM BEACH                                    33411    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     240,000.00                     239,700.62   First Lien                                      0           240,000.00                         0.00                      -          270,000.00                    88.89               88.89   PMI                       LPMI                        25                                    8.375             0.375       0.0325     1.110               1.5175
      1103664231   OAKLAND PARK                                         33334    FL                             20070501                 20370301   ARMS                    Yes                                             360                    480                          360                     161,025.00                     161,025.00   First Lien                                      0           161,025.00                         0.00                 169500              169500                    95.00               95.00   PMI                       BPMI                        30                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103664232   WEST PALM BEACH                                      33415    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     188,000.00                     188,000.00   First Lien                                      0           188,000.00                         0.00                      -          239,000.00                    78.67               78.67   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      1103664241   HENDERSON                                            89074    NV                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     175,379.00                     175,379.00   First Lien                                      0           175,379.00                         0.00                 184610              184610                    95.00               95.00   PMI                       LPMI                        30                                   9.0000            0.3750       0.0325    0.9000               1.3075
      1103664242   HENDERSON                                            89074    NV                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     167,627.00                     167,627.00   First Lien                                      0           167,627.00                         0.00                 176450              176450                    95.00               95.00   PMI                       LPMI                        30                                   8.7500            0.3750       0.0325    0.9000               1.3075
      1103664248   BALTIMORE                                            21239    MD                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     140,000.00                     139,965.30   First Lien                                      0           140,000.00                         0.00                 140000              157000                   100.00              100.00   PMI                       LPMI                        35                                   8.5000            0.3750       0.0325    0.8100               1.2175
      1103664253   MARKHAM                                              60426    IL                             20070501                 20370301   ARMS                    Yes                                             360                    480                          360                      87,000.00                      87,000.00   First Lien                                      0            87,000.00                         0.00                  87000               88000                   100.00              100.00   PMI                       LPMI                        35                                   8.1250            0.3750       0.0325    0.8100               1.2175
      1103664259   MAITLAND                                             32751    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     119,130.00                     119,130.00   First Lien                                      0           119,130.00                         0.00                 125400              126000                    95.00               95.00   PMI                       LPMI                        30                                   8.2500            0.3750       0.0325    0.9000               1.3075
      1103664260   GULF BREEZE                                          32563    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     216,400.00                     216,400.00   First Lien                                      0           216,400.00                         0.00                      -          270,500.00                    80.00               80.00   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103664261   SAUK VILLAGE                                         60411    IL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                      87,885.00                      87,885.00   First Lien                                      0            87,885.00                         0.00                  87885               88000                   100.00              100.00   PMI                       LPMI                        35                                   7.6250            0.3750       0.0325    0.8100               1.2175
      1103664262   OVIEDO                                               32765    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     191,900.00                     191,900.00   First Lien                                      0           191,900.00                         0.00                 191900              192900                   100.00              100.00   PMI                       BPMI                        35                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103664263   CONROE                                               77301    TX                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     121,600.00                     121,600.00   First Lien                                      0           121,600.00                         0.00                 128000              134000                    95.00               95.00   PMI                       BPMI                        30                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103664266   CHICAGO                                              60639    IL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     337,250.00                     337,250.00   First Lien                                      0           337,250.00                         0.00                 355000              360000                    95.00               95.00   PMI                       LPMI                        30                                   8.8750            0.3750       0.0325    0.8500               1.2575
      1103664270   NAPLES                                               34120    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     224,988.00                     224,988.00   First Lien                                      0           224,988.00                         0.00                 236830              280000                    95.00               95.00   PMI                       LPMI                        30                                   8.2500            0.3750       0.0325    0.8300               1.2375
      1103664276   GREENACRES                                           33413    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     385,000.00                     385,000.00   First Lien                                      0           385,000.00                         0.00                 385000              430000                   100.00              100.00   PMI                       BPMI                        35                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103664281   AURORA                                               60504    IL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     175,900.00                     175,900.00   First Lien                                      0           175,900.00                         0.00                 175900              176000                   100.00              100.00   PMI                       LPMI                        35                                   8.8750            0.3750       0.0325    1.3500               1.7575
      1103664284   COLUMBIA                                             21045    MD                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     303,050.00                     303,050.00   First Lien                                      0           303,050.00                         0.00                 319000              319000                    95.00               95.00   PMI                       LPMI                        30                                   8.3750            0.3750       0.0325    0.7800               1.1875
      1103664285   EDGEWOOD                                             21040    MD                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     167,000.00                     167,000.00   First Lien                                      0           167,000.00                         0.00                 176000              181000                    94.89               94.89   PMI                       LPMI                        30                                   8.3750            0.3750       0.0325    0.7800               1.1875
      1103664290   WEST ORANGE                                          07052    NJ                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     441,600.00                     441,600.00   First Lien                                      0           441,600.00                         0.00                      -          460,000.00                    96.00               96.00   PMI                       BPMI                        35                                    7.750             0.375       0.0325     0.000               0.4075
      1103664292   ALTAMONTE SPRINGS                                    32714    FL                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     132,905.00                     132,857.80   First Lien                                      0           132,905.00                         0.00                 139900              165000                    95.00               95.00   PMI                       BPMI                        30                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103664300   NORTH MIAMI BEACH                                    33162    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     155,000.00                     155,000.00   First Lien                                      0           155,000.00                         0.00                      -          155,000.00                   100.00              100.00   PMI                       BPMI                        35                                    8.875             0.375       0.0325     0.000               0.4075
      1103664301   KISSIMMEE                                            34743    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     212,000.00                     212,000.00   First Lien                                      0           212,000.00                         0.00                      -          265,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.875             0.375       0.0325     0.000               0.4075
      1103664310   LAWRENCEVILLE                                        30043    GA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     211,755.00                     211,755.00   First Lien                                      0           211,755.00                         0.00                 222900              245000                    95.00               95.00   PMI                       LPMI                        30                                   7.2500            0.3750       0.0325    0.7800               1.1875
      1103664311   MILTON                                               32583    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     125,000.00                     125,000.00   First Lien                                      0           125,000.00                         0.00                 125000              126500                   100.00              100.00   PMI                       BPMI                        35                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103664314   ELK GROVE                                            95758    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     395,000.00                     395,000.00   First Lien                                      0           395,000.00                         0.00                 395000              395000                   100.00              100.00   PMI                       LPMI                        35                                   9.8750            0.3750       0.0325    2.0500               2.4575
      1103664316   SHERIDAN                                             46069    IN                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     175,745.00                     175,745.00   First Lien                                      0           175,745.00                         0.00                 175745              176000                   100.00              100.00   PMI                       LPMI                        35                                   8.3750            0.3750       0.0325    0.8100               1.2175
      1103664318   HIGHLAND PARK                                        60035    IL                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     793,300.00                     793,072.80   First Lien                                      0           793,300.00                         0.00                      -        1,000,000.00                    79.33               79.33   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103664321   FORT LAUDERDALE                                      33304    FL                             20070501                 20370301   ARMS                    Yes                                             360                    480                          360                     315,399.00                     315,399.00   First Lien                                      0           315,399.00                         0.00                 331999              332000                    95.00               95.00   PMI                       LPMI                        30                                   8.7500            0.3750       0.0325    1.2500               1.6575
      1103664324   LITHONIA                                             30038    GA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                 535000              535000                    93.46               93.46   PMI                       LPMI                        30                                   8.8750            0.3750       0.0325    1.1600               1.5675
      1103664327   BIRMINGHAM                                           35215    AL                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     123,000.00                     122,955.94   First Lien                                      0           123,000.00                         0.00                 123000              129000                   100.00              100.00   PMI                       LPMI                        35                                   7.3750            0.3750       0.0325    0.8300               1.2375
      1103664328   CENTREVILLE                                          20120    VA                             20070501                 20370301   ARMS                    Yes                                             360                    480                          360                     323,500.00                     323,500.00   First Lien                                      0           323,500.00                         0.00                 323500              324000                   100.00              100.00   PMI                       LPMI                        35                                   7.6250            0.3750       0.0325    0.7000               1.1075
      1103664331   NAPLES                                               34104    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     278,000.00                     278,000.00   First Lien                                      0           278,000.00                         0.00                 278000              279000                   100.00              100.00   PMI                       LPMI                        35                                   8.6250            0.3750       0.0325    1.5600               1.9675
      1103664335   EVERGREEN PARK                                       60805    IL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     315,000.00                     315,000.00   First Lien                                      0           315,000.00                         0.00                 315000              315000                   100.00              100.00   PMI                       LPMI                        35                                   8.6250            0.3750       0.0325    1.3500               1.7575
      1103664340   GREENWOOD                                            46143    IN                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     173,800.00                     173,800.00   First Lien                                      0           173,800.00                         0.00                 217250              217250                    80.00               80.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103664341   WASHINGTON                                           20019    DC                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     187,900.00                     187,900.00   First Lien                                      0           187,900.00                         0.00                 187900              195000                   100.00              100.00   PMI                       LPMI                        35                                   8.5000            0.3750       0.0325    1.0600               1.4675
      1103664343   NAMPA                                                83686    ID                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     167,200.00                     167,200.00   First Lien                                      0           167,200.00                         0.00                 176000              176000                    95.00               95.00   PMI                       LPMI                        30                                   9.3750            0.3750       0.0325    1.2500               1.6575
      1103664348   O FALLON                                             62269    IL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                      69,395.00                      69,395.00   First Lien                                      0            69,395.00                         0.00                  69395               75000                   100.00              100.00   PMI                       LPMI                        35                                  10.5000            0.2500       0.0325    2.3000               2.5825
      1103664349   FORT MYERS                                           33967    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     100,000.00                     100,000.00   First Lien                                      0           100,000.00                         0.00                      -          230,000.00                    43.48               43.48   No MI                     NO MI                        0                                    7.625             0.250       0.0325     0.000               0.2825
      1103664352   WINTER GARDEN                                        34787    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     379,880.00                     379,880.00   First Lien                                      0           379,880.00                         0.00                 379883              415000                   100.00              100.00   PMI                       BPMI                        35                                   6.8750            0.2500       0.0325    0.0000               0.2825
      1103664353   LOS ANGELES                                          90037    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     238,000.00                     238,000.00   First Lien                                      0           238,000.00                         0.00                      -          440,000.00                    54.10               54.10   No MI                     NO MI                        0                                    7.250             0.250       0.0325     0.000               0.2825
      1103664356   APOPKA                                               32712    FL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     195,000.00                     194,862.40   First Lien                                      0           195,000.00                         0.00                      -          292,000.00                    66.79               66.79   No MI                     NO MI                        0                                    7.750             0.250       0.0325     0.000               0.2825
      1103664358   PORT CHARLOTTE                                       33952    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     176,250.00                     176,250.00   First Lien                                      0           176,250.00                         0.00                      -          235,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.250             0.250       0.0325     0.000               0.2825
      1103664359   GRAYSON                                              30017    GA                             20070501                 20370401   FIXED                   Yes                                             360                    480                          360                     202,000.00                     202,000.00   First Lien                                      0           202,000.00                         0.00                 202000              230000                   100.00              100.00   PMI                       LPMI                        35                                   9.0000            0.2500       0.0325    1.1100               1.3925
      1103664361   ROCKFORD                                             61104    IL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                      54,900.00                      54,900.00   First Lien                                      0            54,900.00                         0.00                  54900               55000                   100.00              100.00   PMI                       BPMI                        35                                   8.1250            0.2500       0.0325    0.0000               0.2825
      1103664362   UNIVERSITY PARK                                      60466    IL                             20070601                 20370501   FIXED                   No                                              360                    360                          360                      72,675.00                      72,675.00   First Lien                                      0            72,675.00                         0.00                  76500               77000                    95.00               95.00   PMI                       BPMI                        30                                   8.7500            0.2500       0.0325    0.0000               0.2825
      1103664364   KISSIMMEE                                            34744    FL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     220,500.00                     220,323.70   First Lien                                      0           220,500.00                         0.00                      -          327,000.00                    67.44               67.44   No MI                     NO MI                        0                                    7.125             0.250       0.0325     0.000               0.2825
      1103664365   CHICAGO                                              60634    IL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     270,000.00                     270,000.00   First Lien                                      0           270,000.00                         0.00                      -          400,000.00                    67.50               67.50   No MI                     NO MI                        0                                    8.125             0.250       0.0325     0.000               0.2825
      1103664367   CUMMING                                              30040    GA                             20070501                 20370401   FIXED                   Yes                                             360                    480                          360                     259,900.00                     259,900.00   First Lien                                      0           259,900.00                         0.00                 259900              270000                   100.00              100.00   PMI                       BPMI                        35                                   7.8750            0.2500       0.0325    0.0000               0.2825
      1103664368   SARASOTA                                             34235    FL                             20070501                 20370401   FIXED                   Yes                                             360                    480                          360                     192,000.00                     192,000.00   First Lien                                      0           192,000.00                         0.00                      -          256,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.250             0.250       0.0325     0.000               0.2825
      1103664371   ODESSA                                               33556    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     117,650.00                     117,650.00   First Lien                                      0           117,650.00                         0.00                      -          157,000.00                    74.94               74.94   No MI                     NO MI                        0                                    8.625             0.250       0.0325     0.000               0.2825
      1103664374   BIRMINGHAM                                           35215    AL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                      84,550.00                      84,550.00   First Lien                                      0            84,550.00                         0.00                  89000              101000                    95.00               95.00   PMI                       BPMI                        30                                   8.2500            0.2500       0.0325    0.0000               0.2825
      1103664377   GRAND PRAIRIE                                        75050    TX                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     138,795.00                     138,795.00   First Lien                                      0           138,795.00                         0.00                 146100              152000                    95.00               95.00   PMI                       BPMI                        30                                   8.3750            0.2500       0.0325    0.0000               0.2825
      1103664378   MIAMI                                                33173    FL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     245,000.00                     245,000.00   First Lien                                      0           245,000.00                         0.00                      -          449,000.00                    54.57               54.57   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      1103664379   NORTH MIAMI                                          33161    FL                             20070501                 20370301   FIXED                   Yes                                             360                    480                          360                     132,900.00                     132,900.00   First Lien                                      0           132,900.00                         0.00                 132900              139000                   100.00              100.00   PMI                       BPMI                        35                                   7.8750            0.2500       0.0325    0.0000               0.2825
      1103664381   WINTER SPRINGS                                       32708    FL                             20070501                 20370401   FIXED                   Yes                                             360                    480                          360                     149,500.00                     149,500.00   First Lien                                      0           149,500.00                         0.00                      -          225,000.00                    66.45               66.45   No MI                     NO MI                        0                                    7.625             0.250       0.0325     0.000               0.2825
      1103664382   ORANGE CITY                                          32763    FL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     120,000.00                     119,932.70   First Lien                                      0           120,000.00                         0.00                      -          150,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.875             0.250       0.0325     0.000               0.2825
      1103664384   PALM COAST                                           32164    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     195,000.00                     195,000.00   First Lien                                      0           195,000.00                         0.00                      -          330,000.00                    59.10               59.10   No MI                     NO MI                        0                                    8.125             0.250       0.0325     0.000               0.2825
      1103664386   COLUMBUS                                             43224    OH                             20070501                 20370401   FIXED                   No                                              360                    360                          360                      64,000.00                      64,000.00   First Lien                                      0            64,000.00                         0.00                  64000               64000                   100.00              100.00   PMI                       LPMI                        35                                   8.5000            0.2500       0.0325    0.8100               1.0925
      1103664389   SAN ANTONIO                                          78224    TX                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     127,870.00                     127,870.00   First Lien                                      0           127,870.00                         0.00                 134600              136000                    95.00               95.00   PMI                       LPMI                        30                                   8.8750            0.2500       0.0325    0.7800               1.0625
      1103664392   COCOA BEACH                                          32931    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     325,500.00                     325,500.00   First Lien                                      0           325,500.00                         0.00                      -          465,000.00                    70.00               70.00   No MI                     NO MI                        0                                    7.250             0.250       0.0325     0.000               0.2825
      1103664393   FORT LAUDERDALE                                      33311    FL                             20070301                 20370201   FIXED                   No                                              360                    360                          358                      91,000.00                      90,811.71   First Lien                                      0            91,000.00                         0.00                      -          130,000.00                    70.00               70.00   No MI                     NO MI                        0                                    7.875             0.250       0.0325     0.000               0.2825
      1103664394   ORLANDO                                              32833    FL                             20070501                 20370201   FIXED                   Yes                                             360                    480                          360                     424,000.00                     424,000.00   First Lien                                      0           424,000.00                         0.00                 424000              430000                   100.00              100.00   PMI                       LPMI                        35                                   7.7500            0.2500       0.0325    0.9600               1.2425
      1103664395   SIMPSONVILLE                                         40067    KY                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     149,000.00                     149,000.00   First Lien                                      0           149,000.00                         0.00                 149000              172000                   100.00              100.00   PMI                       BPMI                        35                                   7.5000            0.2500       0.0325    0.0000               0.2825
      1103664397   MOUNT PLEASANT                                       29466    SC                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     196,650.00                     196,650.00   First Lien                                      0           196,650.00                         0.00                 207000              225500                    95.00               95.00   PMI                       BPMI                        30                                   8.3750            0.2500       0.0325    0.0000               0.2825
      1103664398   LA VERNE                                             91750    CA                             20070301                 20370401   FIXED                   Yes                                             360                    480                          358                     414,400.00                     413,957.70   First Lien                                      0           414,400.00                         0.00                 518000              520000                    80.00               80.00   No MI                     NO MI                        0                                   7.2500            0.2500       0.0325    0.0000               0.2825
      1103664399   TRENTON                                              28585    NC                             20070501                 20370401   FIXED                   No                                              360                    360                          360                      85,025.00                      85,025.00   First Lien                                      0            85,025.00                         0.00                  89500               92000                    95.00               95.00   PMI                       BPMI                        30                                   8.0000            0.2500       0.0325    0.0000               0.2825
      1103664400   HOUSTON                                              77047    TX                             20070501                 20370401   FIXED                   No                                              360                    360                          360                      82,000.00                      82,000.00   First Lien                                      0            82,000.00                         0.00                  82000               82500                   100.00              100.00   PMI                       LPMI                        35                                   8.7500            0.2500       0.0325    0.8100               1.0925
      1103664402   JASPER                                               35503    AL                             20070201                 20370101   FIXED                   No                                              360                    360                          357                      85,000.00                      84,844.41   First Lien                                      0            85,000.00                         0.00                  85000               86000                   100.00              100.00   PMI                       LPMI                        35                                   8.5000            0.2500       0.0325    0.8100               1.0925
      1103664591   CHULA VISTA                                          91911    CA                             20070101                 20361201   ARMS                    No                                              360                    360                          356                     264,000.00                     264,000.00   First Lien                                      0           330,000.00                    66,000.00                 330000              330000                    80.00              100.00   No MI                     NO MI                        0                                   7.6250            0.3750       0.0325    0.0000               0.4075
      1103665109   BURBANK                                              91504    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     584,000.00                     583,521.30   First Lien                                      0           693,500.00                   109,500.00                 730000              750000                    80.00               95.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103665110   NORTH HOLLYWOOD                                      91605    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     468,000.00                     467,267.60   First Lien                                      0           585,000.00                   117,000.00                 585000              585000                    80.00              100.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103665111   HACIENDA HEIGHTS                                     91745    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     404,000.00                     403,700.20   First Lien                                      0           505,000.00                   101,000.00                 505000              535000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103665112   ONTARIO                                              91764    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     348,000.00                     347,225.20   First Lien                                      0           435,000.00                    87,000.00                 440000              435000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103665113   UPLAND                                               91784    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     600,000.00                     599,109.43   First Lien                                      0           750,000.00                   150,000.00                 750000              750000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103665114   CABAZON                                              92230    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     198,750.00                     198,583.00   First Lien                                      0           198,750.00                         0.00                      -          265,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103665115   ADELANTO                                             92301    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     287,200.00                     286,970.33   First Lien                                      0           359,000.00                    71,800.00                 390000              390000                    73.65               92.06   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103665116   BARSTOW                                              92311    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     137,600.00                     137,497.88   First Lien                                      0           172,000.00                    34,400.00                 172000              180000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103665117   FONTANA                                              92337    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     456,000.00                     455,616.90   First Lien                                      0           541,500.00                    85,500.00                      -          570,000.00                    80.00               95.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103665118   REDLANDS                                             92374    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     268,000.00                     267,592.14   First Lien                                      0           335,000.00                    67,000.00                      -          335,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103665120   RIVERSIDE                                            92504    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     263,610.00                     263,400.24   First Lien                                      0           263,610.00                         0.00                 292900              318000                    90.00               90.00   PMI                       BPMI                        20                                   7.1500            0.3750       0.0325    0.0000               0.4075
      1103665122   HUNTINGTON BEACH                                     92648    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                   1,330,000.00                   1,327,819.61   First Lien                                      0         1,520,000.00                   190,000.00                      -        1,900,000.00                    70.00               80.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103665123   WESTMINSTER                                          92683    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     519,200.00                     518,774.40   First Lien                                      0           649,000.00                   129,800.00                 649000              649000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103665125   SANTA ANA                                            92707    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     468,000.00                     467,566.54   First Lien                                      0           585,000.00                   117,000.00                 585000              592000                    80.00              100.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103665126   ANAHEIM                                              92804    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     484,000.00                     483,263.42   First Lien                                      0           605,000.00                   121,000.00                 605000              605000                    80.00              100.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103665127   ANAHEIM                                              92805    CA                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     425,600.00                     424,572.90   First Lien                                      0           532,000.00                   106,400.00                 532000              565000                    80.00              100.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103665128   CORONA                                               92881    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     760,000.00                     758,923.80   First Lien                                      0           760,000.00                         0.00                      -          965,000.00                    78.76               78.76   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103665129   CORONA                                               92882    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     680,000.00                     678,243.60   First Lien                                      0           830,000.00                   150,000.00                      -          850,000.00                    80.00               97.65   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103665130   YORBA LINDA                                          92886    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     516,000.00                     515,151.60   First Lien                                      0           645,000.00                   129,000.00                 645000              645000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103665131   FESNO                                                93727    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     224,000.00                     223,623.62   First Lien                                      0           266,000.00                    42,000.00                      -          280,000.00                    80.00               95.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      1103665133   ARLIINGTON                                           98223    WA                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     307,160.00                     306,385.84   First Lien                                      0           307,160.00                         0.00                 370450              384000                    82.92               82.92   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103665134   COLORADO SPRING                                      80911    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     178,400.00                     178,172.48   First Lien                                      0           223,000.00                    44,600.00                 223000              223000                    80.00              100.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103665135   DRAPER                                               84020    UT                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     236,135.00                     235,494.58   First Lien                                      0           295,169.00                    59,034.00                 295169              315000                    80.00              100.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      1103665136   SARATOGA SPRINGS                                     84045    UT                             20070101                 20361201   ARMS                    No                                              360                    360                          356                     174,464.00                     173,872.60   First Lien                                      0           218,080.00                    43,616.00                 218080              218080                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103665137   PLEASANT GROVE                                       84062    UT                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     155,344.00                     155,023.29   First Lien                                      0           194,181.00                    38,837.00                 194181              195000                    80.00              100.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103665140   ST. GEORGE                                           84770    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     474,939.00                     474,939.00   First Lien                                      0           563,990.00                    89,051.00              593675.13              608000                    80.00               95.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103665141   LAS VEGAS                                            89104    NV                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     200,000.00                     199,844.00   First Lien                                      0           250,000.00                    50,000.00                      -          250,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103665142   LOS ANGELES                                          90022    CA                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     416,000.00                     415,044.50   First Lien                                      0           494,000.00                    78,000.00                      -          544,000.00                    76.48               90.81   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103665143   LOS ANGELES                                          90068    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     980,000.00                     978,432.62   First Lien                                      0         1,330,000.00                   350,000.00                      -        1,400,000.00                    70.00               95.00   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103665144   COMPTON                                              90221    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     388,000.00                     387,689.72   First Lien                                      0           485,000.00                    97,000.00                 485000              485000                    80.00              100.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103665145   SANTA FE SPRING                                      90606    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     292,000.00                     291,566.59   First Lien                                      0           365,000.00                    73,000.00                 385000              385000                    75.85               94.81   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103665147   LAKEWOOD                                             90712    CA                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     401,600.00                     400,283.26   First Lien                                      0           502,000.00                   100,400.00                 502000              502000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103665148   LONG BEACH                                           90806    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     436,000.00                     435,642.61   First Lien                                      0           545,000.00                   109,000.00                 545000              545000                    80.00              100.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103665149   LONG BEACH                                           90815    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     500,000.00                     499,257.86   First Lien                                      0           625,000.00                   125,000.00                 625000              640000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103665150   PASADENA                                             91103    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     432,000.00                     431,420.27   First Lien                                      0           540,000.00                   108,000.00                 540000              550000                    80.00              100.00   No MI                     NO MI                        0                                   8.0000            0.2500       0.0325    0.0000               0.2825
      1103665151   FONTANA                                              92337    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     340,000.00                     339,766.01   First Lien                                      0           403,750.00                    63,750.00                      -          425,000.00                    80.00               95.00   No MI                     NO MI                        0                                    7.875             0.250       0.0325     0.000               0.2825
      1103665152   MORENO VALLEY                                        92551    CA                             20070201                 20370101   FIXED                   No                                              360                    360                          357                     300,000.00                     299,380.63   First Lien                                      0           375,000.00                    75,000.00                 375000              375000                    80.00              100.00   No MI                     NO MI                        0                                   7.8750            0.2500       0.0325    0.0000               0.2825
      1103665153   WESTMINSTER                                          92683    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     417,000.00                     417,000.00   First Lien                                      0           530,000.00                   113,000.00                 530000              530000                    78.68              100.00   No MI                     NO MI                        0                                   7.8750            0.2500       0.0325    0.0000               0.2825
      1103665154   SANTA ANA                                            92704    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     338,400.00                     338,189.67   First Lien                                      0           423,000.00                    84,600.00                 423000              428000                    80.00              100.00   No MI                     NO MI                        0                                   8.3750            0.2500       0.0325    0.0000               0.2825
      1103665156   BAKERSFIELD                                          93314    WA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     303,975.00                     303,975.00   First Lien                                      0           303,975.00                         0.00                 405000              405000                    75.06               75.06   No MI                     NO MI                        0                                   8.7500            0.2500       0.0325    0.0000               0.2825
      1103665157   KENT                                                 98031    WA                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     453,000.00                     452,158.63   First Lien                                      0           453,000.00                         0.00                      -          650,000.00                    69.70               69.70   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      1103665158   VAN COUVER                                           98665    WA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     186,400.00                     186,281.14   First Lien                                      0           233,000.00                    46,600.00                 233000              242500                    80.00              100.00   No MI                     NO MI                        0                                   8.2500            0.2500       0.0325    0.0000               0.2825
      1103665159   LAKESIDE                                             59922    MT                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     246,400.00                     246,212.51   First Lien                                      0           308,000.00                    61,600.00                 308000              308000                    80.00              100.00   No MI                     NO MI                        0                                   7.3750            0.2500       0.0325    0.0000               0.2825
      1103665160   OGDEN                                                84401    UT                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     108,000.00                     107,843.67   First Lien                                      0           135,000.00                    27,000.00                 135000              135000                    80.00              100.00   No MI                     NO MI                        0                                   7.6250            0.2500       0.0325    0.0000               0.2825
      1103665161   LAS VEGAS                                            89122    NV                             20070301                 20370201   FIXED                   No                                              360                    360                          358                     149,600.00                     149,423.35   First Lien                                      0           187,000.00                    37,400.00                 187000              187000                    80.00              100.00   No MI                     NO MI                        0                                   8.6250            0.2500       0.0325    0.0000               0.2825
      1103665162   LOS ANGELES                                          90026    CA                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     448,000.00                     447,683.80   First Lien                                      0           560,000.00                   112,000.00                 560000              560000                    80.00              100.00   No MI                     NO MI                        0                                   7.7500            0.2500       0.0325    0.0000               0.2825
      2503153673   BROOKLYN                                             11216    NY                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                     132,000.00                     131,917.06   Second Lien                                495000           627,000.00                         0.00                 660000              675000                    95.00               95.00   No MI                     NO MI                        0                                  11.6000            0.5000       0.0325    0.0000               0.5325
      2503164097   FARMINGTON HILLS                                     48336    MI                             20060801                 20220201   ARMS                    Yes                                             360                    480                          351                     323,000.00                     322,301.29   First Lien                                      0           323,000.00                         0.00                      -          340,000.00                    95.00               95.00   No MI                     NO MI                        0                                    8.700             0.375       0.0325     0.000               0.4075
      2503180761   DUARTE                                               91010    CA                             20061101                 20220401   FIXED                   Yes                                             180                    360                          174                      91,000.00                      90,868.06   Second Lien                                364000           455,000.00                         0.00                 455000              455000                   100.00              100.00   No MI                     NO MI                        0                                  12.8750            0.5000       0.0325    0.0000               0.5325
      2503184571   PHOENIX                                              85044    AZ                             20061101                 20211001   FIXED                   Yes                                             180                    360                          174                      59,000.00                      58,889.83   Second Lien                                236000           295,000.00                         0.00                 295000              295000                   100.00              100.00   No MI                     NO MI                        0                                  11.7500            0.5000       0.0325    0.0000               0.5325
      2503185841   DADE CITY                                            33523    FL                             20061201                 20211001   FIXED                   Yes                                             180                    360                          175                      46,000.00                      45,943.05   Second Lien                                138000           184,000.00                         0.00                 184000              200000                   100.00              100.00   No MI                     NO MI                        0                                  12.7400            0.5000       0.0325    0.0000               0.5325
      2503188998   LAS VEGAS                                            89147    NV                             20061201                 20211101   FIXED                   Yes                                             180                    360                          175                      63,000.00                      62,917.70   Second Lien                                252000           315,000.00                         0.00                 315000              315000                   100.00              100.00   No MI                     NO MI                        0                                  12.5000            0.5000       0.0325    0.0000               0.5325
      2503189258   MIAMI                                                33193    FL                             20061201                 20211101   FIXED                   Yes                                             180                    360                          175                      48,750.00                      48,161.37   Second Lien                                146250           195,000.00                         0.00                      -          195,000.00                   100.00              100.00   No MI                     NO MI                        0                                   11.895             0.500       0.0325     0.000               0.5325
      2503189762   CAMPBELL                                             44405    OH                             20070201                 20211101   FIXED                   Yes                                             180                    360                          177                      26,000.00                      25,980.71   Second Lien                                104000           130,000.00                         0.00                      -          132,000.00                    98.49               98.49   No MI                     NO MI                        0                                   12.700             0.500       0.0325     0.000               0.5325
      2503190770   CHICAGO                                              60621    IL                             20070101                 20220101   FIXED                   Yes                                             180                    360                          176                      35,000.00                      34,582.77   Second Lien                                131250           166,250.00                         0.00                 175000              175500                    95.00               95.00   No MI                     NO MI                        0                                  12.2900            0.5000       0.0325    0.0000               0.5325
      2503191818   FORT MYERS                                           33916    FL                             20070101                 20211201   FIXED                   Yes                                             180                    360                          176                      28,400.00                      28,400.00   Second Lien                                106500           134,900.00                         0.00                      -          142,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.690             0.500       0.0325     0.000               0.5325
      2503191847   ESCONDIDO                                            92025    CA                             20061201                 20211201   FIXED                   Yes                                             180                    360                          175                      68,300.00                      68,194.66   Second Lien                                273200           341,500.00                         0.00                 341538              342000                    99.99               99.99   No MI                     NO MI                        0                                  11.7500            0.5000       0.0325    0.0000               0.5325
      2503193131   MIAMI                                                33183    FL                             20070201                 20211101   FIXED                   Yes                                             180                    360                          177                      53,250.00                      53,189.19   Second Lien                                159750           213,000.00                         0.00                 213000              214000                   100.00              100.00   No MI                     NO MI                        0                                  10.7400            0.5000       0.0325    0.0000               0.5325
      2503194961   DESTIN                                               32541    FL                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                     131,000.00                     130,926.73   Second Lien                                491250           622,250.00                         0.00                      -          655,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.125             0.500       0.0325     0.000               0.5325
      2503195310   EL CAJON                                             92019    CA                             20070101                 20220201   FIXED                   Yes                                             180                    360                          176                      95,700.00                      95,557.13   Second Lien                                223300           319,000.00                         0.00                 319000              329000                   100.00              100.00   No MI                     NO MI                        0                                  10.8900            0.5000       0.0325    0.0000               0.5325
      2503195664   DORAL                                                33178    FL                             20070201                 20211201   FIXED                   Yes                                             180                    360                          177                      75,748.00                      75,682.33   Second Lien                                227200           302,948.00                         0.00                 302990              306000                    99.99               99.99   No MI                     NO MI                        0                                  12.0000            0.5000       0.0325    0.0000               0.5325
      2503195675   JACKSONVILLE                                         32208    FL                             20070101                 20220101   FIXED                   Yes                                             180                    360                          176                      24,000.00                      23,978.89   Second Lien                                 84000           108,000.00                         0.00                 120000              135000                    90.00               90.00   No MI                     NO MI                        0                                  13.2500            0.5000       0.0325    0.0000               0.5325
      2503195750   SIMI VALLEY                                          93063    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     480,000.00                     480,000.00   First Lien                                      0           540,000.00                    60,000.00                      -          600,000.00                    80.00               90.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      2503195826   BRONX                                                10462    NY                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                     162,500.00                     162,370.79   Second Lien                                487500           650,000.00                         0.00                 650000              650000                   100.00              100.00   No MI                     NO MI                        0                                  12.3900            0.5000       0.0325    0.0000               0.5325
      2503196100   SANTA ANA                                            92701    CA                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      82,500.00                      82,419.28   Second Lien                                247500           330,000.00                         0.00                      -          330,000.00                   100.00              100.00   No MI                     NO MI                        0                                   11.450             0.500       0.0325     0.000               0.5325
      2503196609   CHICAGO                                              60628    IL                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      20,250.00                      20,234.65   Second Lien                                101250           121,500.00                         0.00                 135000              165000                    90.00               90.00   No MI                     NO MI                        0                                  12.6000            0.5000       0.0325    0.0000               0.5325
      2503196781   CHICAGO                                              60628    IL                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      50,000.00                      49,955.88   Second Lien                                187500           237,500.00                         0.00                 250000              250000                    95.00               95.00   No MI                     NO MI                        0                                  11.9200            0.5000       0.0325    0.0000               0.5325
      2503197046   CHICAGO                                              60621    IL                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      26,250.00                      26,226.91   Second Lien                                140000           166,250.00                         0.00                 175000              175000                    95.00               95.00   No MI                     NO MI                        0                                  11.9350            0.5000       0.0325    0.0000               0.5325
      2503197386   SCOTTSDALE                                           85251    AZ                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      42,375.00                      42,358.69   Second Lien                                118650           161,025.00                         0.00                 169500              169500                    95.00               95.00   No MI                     NO MI                        0                                  13.9500            0.5000       0.0325    0.0000               0.5325
      2503197397   RENTON                                               98058    WA                             20070101                 20220201   FIXED                   Yes                                             180                    360                          176                      35,100.00                      35,058.99   Second Lien                                140400           175,500.00                         0.00                 175500              175500                   100.00              100.00   No MI                     NO MI                        0                                  11.9750            0.5000       0.0325    0.0000               0.5325
      2503198076   MIAMI BEACH                                          33139    FL                             20070301                 20211201   FIXED                   Yes                                             180                    360                          178                      47,600.00                      47,582.17   Second Lien                                178500           226,100.00                         0.00                 238000              245000                    95.00               95.00   No MI                     NO MI                        0                                  13.9000            0.5000       0.0325    0.0000               0.5325
      2503198220   FAIRFIELD                                            83327    ID                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     140,000.00                     139,923.37   First Lien                                      0           175,000.00                    35,000.00                 175000              175000                    80.00              100.00   No MI                     NO MI                        0                                   8.9900            0.3750       0.0325    0.0000               0.4075
      2503198749   RIVERDALE                                            30274    GA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                      33,200.00                      33,178.19   Second Lien                                124500           157,700.00                         0.00                 166000              166000                    95.00               95.00   No MI                     NO MI                        0                                  13.2400            0.5000       0.0325    0.0000               0.5325
      2503198867   ORANGE                                               07050    NJ                             20070401                 20220101   FIXED                   Yes                                             180                    360                          179                      74,750.00                      74,634.25   Second Lien                                224250           299,000.00                         0.00                 299000              299000                   100.00              100.00   No MI                     NO MI                        0                                  12.5900            0.5000       0.0325    0.0000               0.5325
      2503199274   ASHBURN                                              20147    VA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     192,000.00                     192,000.00   First Lien                                      0           192,000.00                         0.00                      -          390,000.00                    49.24               49.24   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      2503199481   FRESNO                                               93730    CA                             20070201                 20220401   FIXED                   Yes                                             180                    360                          177                     133,750.00                     133,682.56   Second Lien                                650000           783,750.00                         0.00                      -          825,000.00                    95.00               95.00   No MI                     NO MI                        0                                   14.400             0.500       0.0325     0.000               0.5325
      2503199678   BAY SHORE                                            11706    NY                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      60,000.00                      59,969.24   Second Lien                                320000           380,000.00                         0.00                      -          400,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.515             0.500       0.0325     0.000               0.5325
      2503199806   HOLLYWOOD                                            33021    FL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      39,150.00                      39,132.99   Second Lien                                146900           186,050.00                         0.00                 195900              196000                    94.98               94.98   No MI                     NO MI                        0                                  13.2500            0.5000       0.0325    0.0000               0.5325
      2503200154   PORT ST.  LUCIE                                      34986    FL                             20070201                 20220201   FIXED                   Yes                                             180                    360                          177                      24,161.00                      24,143.60   Second Lien                                181211           205,372.00                         0.00                 241615              290000                    85.00               85.00   No MI                     NO MI                        0                                  13.6000            0.5000       0.0325    0.0000               0.5325
      2503200183   BROOKLYN                                             11212    NY                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      42,750.00                      42,731.62   Second Lien                                228000           270,750.00                         0.00                 285000              285000                    95.00               95.00   No MI                     NO MI                        0                                  13.3000            0.5000       0.0325    0.0000               0.5325
      2503200602   WEST PALM BEACH                                      33401    FL                             20070201                 20220201   FIXED                   Yes                                             180                    360                          177                      36,250.00                      36,224.83   Second Lien                                135950           172,200.00                         0.00                 181300              183000                    94.99               94.99   No MI                     NO MI                        0                                  12.9900            0.5000       0.0325    0.0000               0.5325
      2503200917   SOUTHFIELD                                           48076    MI                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      29,000.00                      28,978.50   Second Lien                                116000           145,000.00                         0.00                 145000              145000                   100.00              100.00   No MI                     NO MI                        0                                  12.7000            0.5000       0.0325    0.0000               0.5325
      2503200927   LAUDERHILL                                           33313    FL                             20070401                 20220101   FIXED                   Yes                                             180                    360                          179                      23,000.00                      22,996.60   Second Lien                                 86250           109,250.00                         0.00                      -          115,000.00                    95.00               95.00   No MI                     NO MI                        0                                   14.900             0.500       0.0325     0.000               0.5325
      2503200932   FORT MYERS                                           33916    FL                             20070201                 20220301   FIXED                   Yes                                             180                    360                          177                      33,700.00                      33,675.42   Second Lien                                 94400           128,100.00                         0.00                 134900              135000                    94.96               94.96   No MI                     NO MI                        0                                  12.7750            0.5000       0.0325    0.0000               0.5325
      2503201011   SAINT PETERSBURG                                     33712    FL                             20070201                 20220101   FIXED                   Yes                                             180                    360                          177                      41,200.00                      41,169.95   Second Lien                                115400           156,600.00                         0.00                 164900              165000                    94.97               94.97   No MI                     NO MI                        0                                  12.7750            0.5000       0.0325    0.0000               0.5325
      2503201271   JAMAICA                                              11435    NY                             20070401                 20220101   FIXED                   Yes                                             180                    360                          179                     148,400.00                     148,364.74   Second Lien                                593600           742,000.00                         0.00                 742000              745000                   100.00              100.00   No MI                     NO MI                        0                                  12.8300            0.5000       0.0325    0.0000               0.5325
      2503201291   FORT LAUDERDALE                                      33301    FL                             20070201                 20220301   FIXED                   Yes                                             180                    360                          177                      86,000.00                      85,922.93   Second Lien                                257900           343,900.00                         0.00                 343900              350000                   100.00              100.00   No MI                     NO MI                        0                                  11.8500            0.5000       0.0325    0.0000               0.5325
      2503201423   FORT LUPTON                                          80621    CO                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      38,000.00                      37,982.52   Second Lien                                152000           190,000.00                         0.00                      -          190,000.00                   100.00              100.00   No MI                     NO MI                        0                                   13.000             0.500       0.0325     0.000               0.5325
      2503201732   WEED                                                 96094    CA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      38,000.00                      37,978.82   Second Lien                                152000           190,000.00                         0.00                 190000              195000                   100.00              100.00   No MI                     NO MI                        0                                  12.1400            0.5000       0.0325    0.0000               0.5325
      2503201750   FRESNO                                               93720    CA                             20070201                 20220201   FIXED                   Yes                                             180                    360                          177                      44,250.00                      44,214.12   Second Lien                                236000           280,250.00                         0.00                      -          295,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.300             0.500       0.0325     0.000               0.5325
      2503201982   LAS VEGAS                                            89110    NV                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      79,200.00                      79,162.54   Second Lien                                277200           356,400.00                         0.00                 396000              430000                    90.00               90.00   No MI                     NO MI                        0                                  12.8750            0.5000       0.0325    0.0000               0.5325
      2503202208   BOTHELL                                              98012    WA                             20070201                 20220201   FIXED                   Yes                                             180                    360                          177                      82,750.00                      82,701.59   Second Lien                                310312           393,062.00                         0.00                 413750              415000                    95.00               95.00   No MI                     NO MI                        0                                  13.7500            0.5000       0.0325    0.0000               0.5325
      2503202420   SAINT PAUL                                           55101    MN                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      35,000.00                      34,984.75   Second Lien                                131250           166,250.00                         0.00                 175000              178000                    95.00               95.00   No MI                     NO MI                        0                                  13.2400            0.5000       0.0325    0.0000               0.5325
      2503202514   DEBARY                                               32713    FL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      36,000.00                      36,000.00   Second Lien                                300000           336,000.00                         0.00                      -          375,000.00                    89.60               89.60   No MI                     NO MI                        0                                   10.875             0.500       0.0325     0.000               0.5325
      2503202548   JACKSON                                              94542    CA                             20070201                 20220201   FIXED                   Yes                                             180                    360                          177                      76,000.00                      75,933.97   Second Lien                                304000           380,000.00                         0.00                 380000              380000                   100.00              100.00   No MI                     NO MI                        0                                  11.9900            0.5000       0.0325    0.0000               0.5325
      2503202609   SACRAMENTO                                           95823    CA                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      38,250.00                      38,231.40   Second Lien                                204000           242,250.00                         0.00                      -          255,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.750             0.500       0.0325     0.000               0.5325
      2503202645   KISSIMMEE                                            34744    FL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      48,150.00                      48,124.51   Second Lien                                240750           288,900.00                         0.00                      -          321,000.00                    90.00               90.00   No MI                     NO MI                        0                                   12.370             0.500       0.0325     0.000               0.5325
      2503202757   ALEXANDRIA                                           22309    VA                             20070401                 20220201   ARMS                    Yes                                             360                    480                          359                     361,000.00                     360,959.62   First Lien                                      0           361,000.00                         0.00                 380000              420000                    95.00               95.00   PMI                       LPMI                        30                                  11.1250            0.3750       0.0325    2.1400               2.5475
      2503203013   ORLANDO                                              32822    FL                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      48,950.00                      48,925.87   Second Lien                                146950           195,900.00                         0.00                 195990              198000                    99.96               99.96   No MI                     NO MI                        0                                  12.6900            0.5000       0.0325    0.0000               0.5325
      2503203247   STOCKTON                                             95203    CA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      54,750.00                      54,717.82   Second Lien                                273750           328,500.00                         0.00                 365000              365000                    90.00               90.00   No MI                     NO MI                        0                                  11.9000            0.5000       0.0325    0.0000               0.5325
      2503203341   KANEOHE                                              96744    HI                             20070401                 20370301   FIXED                   No                                              360                    360                          359                      89,850.00                      89,829.69   Second Lien                                449250           539,100.00                         0.00                 599000              650000                    90.00               90.00   No MI                     NO MI                        0                                  13.0500            0.5000       0.0325    0.0000               0.5325
      2503203461   POMPANO BEACH                                        33067    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      55,150.00                      55,135.53   Second Lien                                206950           262,100.00                         0.00                 275990              276000                    94.97               94.97   No MI                     NO MI                        0                                  12.3900            0.5000       0.0325    0.0000               0.5325
      2503203466   LAS VEGAS                                            89142    NV                             20070201                 20220301   FIXED                   Yes                                             180                    360                          177                      49,980.00                      49,925.93   Second Lien                                199920           249,900.00                         0.00                 249900              250000                   100.00              100.00   No MI                     NO MI                        0                                  10.9900            0.5000       0.0325    0.0000               0.5325
      2503203513   MANTECA                                              95336    CA                             20070301                 20220101   FIXED                   Yes                                             180                    360                          178                      59,250.00                      59,215.37   Second Lien                                316000           375,250.00                         0.00                 395000              423000                    95.00               95.00   No MI                     NO MI                        0                                  11.9250            0.5000       0.0325    0.0000               0.5325
      2503203514   HAYWARD                                              94541    CA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                     117,300.00                     117,238.56   Second Lien                                625600           742,900.00                         0.00                      -          782,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.420             0.500       0.0325     0.000               0.5325
      2503203529   PAULSBORO                                            08066    NJ                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      31,900.00                      31,888.96   Second Lien                                119625           151,525.00                         0.00                 159500              159500                    95.00               95.00   No MI                     NO MI                        0                                  14.2500            0.5000       0.0325    0.0000               0.5325
      2503203574   ORLANDO                                              32824    FL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      51,750.00                      51,721.21   Second Lien                                276000           327,750.00                         0.00                      -          350,000.00                    93.65               93.65   No MI                     NO MI                        0                                   12.150             0.500       0.0325     0.000               0.5325
      2503203584   TAMPA                                                33635    FL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      38,600.00                      38,581.38   Second Lien                                144750           183,350.00                         0.00                 193000              195000                    95.00               95.00   No MI                     NO MI                        0                                  12.7900            0.5000       0.0325    0.0000               0.5325
      2503203710   LAS VEGAS                                            89104    NV                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      37,500.00                      37,482.59   Second Lien                                200000           237,500.00                         0.00                      -          250,000.00                    95.00               95.00   No MI                     NO MI                        0                                   13.000             0.500       0.0325     0.000               0.5325
      2503203782   MIAMI BEACH                                          33141    FL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      51,000.00                      50,973.76   Second Lien                                204000           255,000.00                         0.00                 255000              255000                   100.00              100.00   No MI                     NO MI                        0                                  12.5000            0.5000       0.0325    0.0000               0.5325
      2503203852   WELLINGTON                                           80549    CO                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      31,500.00                      31,480.59   Second Lien                                157500           189,000.00                         0.00                      -          210,000.00                    90.00               90.00   No MI                     NO MI                        0                                   11.690             0.500       0.0325     0.000               0.5325
      2503203861   SEATTLE                                              98106    WA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      49,350.00                      49,320.33   Second Lien                                263200           312,550.00                         0.00                 329000              335000                    95.00               95.00   No MI                     NO MI                        0                                  11.8000            0.5000       0.0325    0.0000               0.5325
      2503203896   SURPRISE                                             85388    AZ                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      37,050.00                      37,027.73   Second Lien                                185250           222,300.00                         0.00                      -          247,000.00                    90.00               90.00   No MI                     NO MI                        0                                   11.800             0.500       0.0325     0.000               0.5325
      2503203994   CHICAGO                                              60621    IL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      29,250.00                      29,233.91   Second Lien                                156000           185,250.00                         0.00                 195000              208000                    95.00               95.00   No MI                     NO MI                        0                                  12.2000            0.5000       0.0325    0.0000               0.5325
      2503204068   GOODYEAR                                             85338    AZ                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      57,400.00                      57,373.91   Second Lien                                200900           258,300.00                         0.00                 287000              300000                    90.00               90.00   No MI                     NO MI                        0                                  13.0500            0.5000       0.0325    0.0000               0.5325
      2503204087   LOS ANGELES                                          90012    CA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                     114,750.00                     114,698.88   Second Lien                                612000           726,750.00                         0.00                 765000              790000                    95.00               95.00   No MI                     NO MI                        0                                  13.1400            0.5000       0.0325    0.0000               0.5325
      2503204151   ELIZABETH                                            07201    NJ                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      97,800.00                      97,749.84   Second Lien                                366750           464,550.00                         0.00                 489000              520000                    95.00               95.00   No MI                     NO MI                        0                                  12.5150            0.5000       0.0325    0.0000               0.5325
      2503204218   TOMS RIVER                                           08757    NJ                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      31,500.00                      31,481.89   Second Lien                                168000           199,500.00                         0.00                 210000              245000                    95.00               95.00   No MI                     NO MI                        0                                  12.0000            0.5000       0.0325    0.0000               0.5325
      2503204310   KISSIMMEE                                            34746    FL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      74,600.00                      74,561.76   Second Lien                                398400           473,000.00                         0.00                      -          498,000.00                    94.98               94.98   No MI                     NO MI                        0                                   12.515             0.500       0.0325     0.000               0.5325
      2503204389   SURPRISE                                             85388    AZ                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      44,945.00                      44,918.57   Second Lien                                168543           213,488.00                         0.00                 224725              255000                    95.00               95.00   No MI                     NO MI                        0                                  11.9000            0.5000       0.0325    0.0000               0.5325
      2503204520   BRONX                                                10472    NY                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                     108,000.00                     107,950.23   Second Lien                                405000           513,000.00                         0.00                      -          540,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.990             0.500       0.0325     0.000               0.5325
      2503204614   CORONA                                               11368    NY                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                     242,500.00                     242,422.50   Second Lien                                727500           970,000.00                         0.00                 970000              970000                   100.00              100.00   No MI                     NO MI                        0                                  11.5000            0.5000       0.0325    0.0000               0.5325
      2503204710   KISSIMMEE                                            34758    FL                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      67,800.00                      67,768.11   Second Lien                                189900           257,700.00                         0.00                 271300              273000                    94.99               94.99   No MI                     NO MI                        0                                  12.9000            0.5000       0.0325    0.0000               0.5325
      2503204754   JACKSONVILLE                                         32209    FL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      23,750.00                      23,739.20   Second Lien                                 70250            94,000.00                         0.00                      -           99,000.00                    94.95               94.95   No MI                     NO MI                        0                                   13.050             0.500       0.0325     0.000               0.5325
      2503204783   TROY                                                 62294    IL                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                      59,250.00                      59,232.51   Second Lien                                177750           237,000.00                         0.00                      -          260,000.00                    91.16               91.16   No MI                     NO MI                        0                                   11.860             0.500       0.0325     0.000               0.5325
      2503204824   WEST PALM BEACH                                      33411    FL                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      33,798.00                      33,782.07   Second Lien                                126742           160,540.00                         0.00                 168990              176000                    95.00               95.00   No MI                     NO MI                        0                                  12.8900            0.5000       0.0325    0.0000               0.5325
      2503204848   HOMESTEAD                                            33032    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     187,500.00                     187,367.67   First Lien                                      0           250,000.00                    62,500.00                 250000              250000                    75.00              100.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      2503204851   HOMESTEAD                                            33032    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      62,500.00                      62,483.79   Second Lien                                187500           250,000.00                         0.00                 250000              250000                   100.00              100.00   No MI                     NO MI                        0                                  12.4400            0.5000       0.0325    0.0000               0.5325
      2503204853   VALLEY OF ENCHANTMENT                                92325    CA                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      38,000.00                      37,976.26   Second Lien                                133000           171,000.00                         0.00                      -          190,000.00                    90.00               90.00   No MI                     NO MI                        0                                   11.625             0.500       0.0325     0.000               0.5325
      2503204863   MINNEAPOLIS                                          55411    MN                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      31,700.00                      31,684.66   Second Lien                                148100           179,800.00                         0.00                      -          200,000.00                    89.90               89.90   No MI                     NO MI                        0                                   12.775             0.500       0.0325     0.000               0.5325
      2503204878   MEDFORD                                              97501    OR                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      41,200.00                      41,183.72   Second Lien                                154500           195,700.00                         0.00                 206000              206000                    95.00               95.00   No MI                     NO MI                        0                                  13.6700            0.5000       0.0325    0.0000               0.5325
      2503204980   BELVIDERE                                            61008    IL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      56,250.00                      56,219.67   Second Lien                                157500           213,750.00                         0.00                 225000              225000                    95.00               95.00   No MI                     NO MI                        0                                  12.2900            0.5000       0.0325    0.0000               0.5325
      2503205026   LOS ANGELES (MISSION HILL                            91345    CA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      90,000.00                      89,948.12   Second Lien                                337500           427,500.00                         0.00                      -          450,000.00                    95.00               95.00   No MI                     NO MI                        0                                   11.990             0.500       0.0325     0.000               0.5325
      2503205029   ELIZABETH                                            07201    NJ                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                      67,500.00                      67,477.95   Second Lien                                337500           405,000.00                         0.00                 450000              450000                    90.00               90.00   No MI                     NO MI                        0                                  11.4000            0.5000       0.0325    0.0000               0.5325
      2503205117   PEMBROKE PINES                                       33028    FL                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      66,000.00                      65,977.82   Second Lien                                247500           313,500.00                         0.00                      -          330,000.00                    95.00               95.00   No MI                     NO MI                        0                                   14.375             0.500       0.0325     0.000               0.5325
      2503205315   CHICAGO                                              60609    IL                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      56,400.00                      56,368.62   Second Lien                                211500           267,900.00                         0.00                 286868              284000                    94.34               94.34   No MI                     NO MI                        0                                  12.1500            0.5000       0.0325    0.0000               0.5325
      2503205391   PARK FOREST                                          60466    IL                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                      37,800.00                      37,788.94   Second Lien                                141750           179,550.00                         0.00                      -          189,000.00                    95.00               95.00   No MI                     NO MI                        0                                   11.898             0.500       0.0325     0.000               0.5325
      2503205411   MERIDIAN                                             83642    ID                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      68,700.00                      68,660.40   Second Lien                                366400           435,100.00                         0.00                 458000              510000                    95.00               95.00   No MI                     NO MI                        0                                  11.9900            0.5000       0.0325    0.0000               0.5325
      2503205470   CHICAGO                                              60639    IL                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                     120,000.00                     119,969.29   Second Lien                                360000           480,000.00                         0.00                 480000              480000                   100.00              100.00   No MI                     NO MI                        0                                  12.5000            0.5000       0.0325    0.0000               0.5325
      2503205693   WINTER PARK                                          32792    FL                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      77,000.00                      76,957.63   Second Lien                                288500           365,500.00                         0.00                      -          385,000.00                    94.94               94.94   No MI                     NO MI                        0                                   12.200             0.500       0.0325     0.000               0.5325
      2503205877   FAIR OAKS RANCH                                      78015    TX                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      69,000.00                      68,924.35   Second Lien                                368000           437,000.00                         0.00                 460000              475000                    95.00               95.00   No MI                     NO MI                        0                                  13.5600            0.5000       0.0325    0.0000               0.5325
      2503205980   WEST VALLEY CITY                                     84119    UT                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      24,750.00                      24,739.28   Second Lien                                123750           148,500.00                         0.00                      -          165,000.00                    90.00               90.00   No MI                     NO MI                        0                                   13.270             0.500       0.0325     0.000               0.5325
      2503206098   CERES                                                95307    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     250,000.00                     250,000.00   First Lien                                      0           250,000.00                         0.00                      -          328,000.00                    76.22               76.22   No MI                     NO MI                        0                                    7.700             0.375       0.0325     0.000               0.4075
      2503206108   CHICAGO                                              60622    IL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      77,800.00                      77,777.74   Second Lien                                311200           389,000.00                         0.00                 389000              390000                   100.00              100.00   No MI                     NO MI                        0                                  12.0000            0.5000       0.0325    0.0000               0.5325
      2503206109   PROVIDENCE                                           02907    RI                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      68,750.00                      68,724.90   Second Lien                                206250           275,000.00                         0.00                 275000              280000                   100.00              100.00   No MI                     NO MI                        0                                  10.8900            0.5000       0.0325    0.0000               0.5325
      2503206237   WESTFIELD                                            46074    IN                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     322,050.00                     321,914.95   First Lien                                      0           322,050.00                         0.00                 339000              339000                    95.00               95.00   PMI                       LPMI                        30                                  10.2500            0.3750       0.0325    1.8800               2.2875
      2503206315   POMPANO BEACH                                        33064    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      46,000.00                      45,988.92   Second Lien                                172500           218,500.00                         0.00                 230000              230000                    95.00               95.00   No MI                     NO MI                        0                                  12.7690            0.5000       0.0325    0.0000               0.5325
      2503206352   SAN RAMON                                            94583    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     112,500.00                     112,471.78   Second Lien                                562500           675,000.00                         0.00                      -          750,000.00                    90.00               90.00   No MI                     NO MI                        0                                   12.590             0.500       0.0325     0.000               0.5325
      2503206378   PHOENIX                                              85040    AZ                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      20,700.00                      20,692.78   Second Lien                                110400           131,100.00                         0.00                      -          138,000.00                    95.00               95.00   No MI                     NO MI                        0                                   14.215             0.500       0.0325     0.000               0.5325
      2503206545   HIALEAH                                              33012    FL                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                      43,750.00                      43,739.06   Second Lien                                131250           175,000.00                         0.00                      -          175,000.00                   100.00              100.00   No MI                     NO MI                        0                                   12.600             0.500       0.0325     0.000               0.5325
      2503206612   PROVIDENCE                                           02908    RI                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      65,000.00                      64,984.24   Second Lien                                195000           260,000.00                         0.00                 260000              295000                   100.00              100.00   No MI                     NO MI                        0                                  12.7400            0.5000       0.0325    0.0000               0.5325
      2503206661   BLACKWOOD                                            08012    NJ                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      41,250.00                      41,243.39   Second Lien                                115500           156,750.00                         0.00                 165000              165000                    95.00               95.00   No MI                     NO MI                        0                                  14.5500            0.5000       0.0325    0.0000               0.5325
      2503206665   PALM HARBOR                                          34683    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     138,000.00                     138,000.00   First Lien                                      0           138,000.00                         0.00                      -          223,000.00                    61.89               61.89   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      2503206762   PALM CITY                                            34990    FL                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      52,200.00                      52,161.29   Second Lien                                417600           469,800.00                         0.00                      -          522,000.00                    90.00               90.00   No MI                     NO MI                        0                                   10.840             0.500       0.0325     0.000               0.5325
      2503206786   CLARKSVILLE                                          21029    MD                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      96,800.00                      96,729.14   Second Lien                                387200           484,000.00                         0.00                      -          484,000.00                   100.00              100.00   No MI                     NO MI                        0                                   10.900             0.500       0.0325     0.000               0.5325
      2503206794   EL PASO                                              79902    TX                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                      66,250.00                      66,231.66   Second Lien                                185500           251,750.00                         0.00                      -          265,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.150             0.500       0.0325     0.000               0.5325
      2503206867   AMITYVILLE                                           11701    NY                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      93,750.00                      93,729.47   Second Lien                                281250           375,000.00                         0.00                      -          375,000.00                   100.00              100.00   No MI                     NO MI                        0                                   13.190             0.500       0.0325     0.000               0.5325
      2503206879   CHICAGO                                              60643    IL                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      32,000.00                      31,991.34   Second Lien                                120000           152,000.00                         0.00                 160000              161000                    95.00               95.00   No MI                     NO MI                        0                                  12.2500            0.5000       0.0325    0.0000               0.5325
      2503206902   HOLLISTER                                            95023    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     105,000.00                     104,972.46   Second Lien                                525000           630,000.00                         0.00                 700000              702000                    90.00               90.00   No MI                     NO MI                        0                                  12.3900            0.5000       0.0325    0.0000               0.5325
      2503206915   SUMNER                                               98391    WA                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      41,990.00                      41,971.92   Second Lien                                157462           199,452.00                         0.00                 209950              213000                    95.00               95.00   No MI                     NO MI                        0                                  13.2900            0.5000       0.0325    0.0000               0.5325
      2503206917   NORTH WALES                                          19454    PA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     580,000.00                     580,000.00   First Lien                                      0           580,000.00                         0.00                 725000              812000                    80.00               80.00   No MI                     NO MI                        0                                   7.1100            0.3750       0.0325    0.0000               0.4075
      2503207027   MIAMI GARDENS                                        33055    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     243,750.00                     243,549.80   First Lien                                      0           325,000.00                    81,250.00                 325000              325000                    75.00              100.00   No MI                     NO MI                        0                                   6.9900            0.3750       0.0325    0.0000               0.4075
      2503207030   MIAMI GARDENS                                        33055    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      81,250.00                      81,224.64   Second Lien                                243750           325,000.00                         0.00                 325000              325000                   100.00              100.00   No MI                     NO MI                        0                                  11.6070            0.5000       0.0325    0.0000               0.5325
      2503207055   PHILADELPHIA                                         19148    PA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      27,000.00                      26,993.96   Second Lien                                135000           162,000.00                         0.00                      -          180,000.00                    90.00               90.00   No MI                     NO MI                        0                                   13.100             0.500       0.0325     0.000               0.5325
      2503207166   WEST COVINA                                          91790    CA                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      54,000.00                      53,970.29   Second Lien                                288000           342,000.00                         0.00                 360000              450000                    95.00               95.00   No MI                     NO MI                        0                                  12.2000            0.5000       0.0325    0.0000               0.5325
      2503207362   DENVER                                               80237    CO                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                     115,750.00                     115,690.32   Second Lien                                578775           694,525.00                         0.00                 771700              775000                    90.00               90.00   No MI                     NO MI                        0                                  12.4900            0.5000       0.0325    0.0000               0.5325
      2503207365   LOS ANGELES (NORTH HOLLYW                            91606    CA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                     165,000.00                     164,926.50   Second Lien                                462000           627,000.00                         0.00                      -          660,000.00                    95.00               95.00   No MI                     NO MI                        0                                   13.140             0.500       0.0325     0.000               0.5325
      2503207441   MIAMI                                                33174    FL                             20070401                 20220201   ARMS                    Yes                                             360                    480                          359                     345,000.00                     344,866.33   First Lien                                      0           460,000.00                   115,000.00                 460000              460000                    75.00              100.00   No MI                     NO MI                        0                                   6.9400            0.3750       0.0325    0.0000               0.4075
      2503207460   MIAMI                                                33174    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     115,000.00                     114,971.29   Second Lien                                345000           460,000.00                         0.00                 460000              460000                   100.00              100.00   No MI                     NO MI                        0                                  12.6100            0.5000       0.0325    0.0000               0.5325
      2503207462   VALLEJO                                              94589    CA                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      84,000.00                      83,950.05   Second Lien                                336000           420,000.00                         0.00                      -          430,000.00                    97.68               97.68   No MI                     NO MI                        0                                   11.850             0.500       0.0325     0.000               0.5325
      2503207487   HOMESTEAD                                            33035    FL                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                      35,848.00                      35,839.31   Second Lien                                179242           215,090.00                         0.00                 238990              240000                    90.00               90.00   No MI                     NO MI                        0                                  12.7400            0.5000       0.0325    0.0000               0.5325
      2503207506   DENVER                                               80207    CO                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      36,750.00                      36,731.06   Second Lien                                183750           220,500.00                         0.00                      -          245,000.00                    90.00               90.00   No MI                     NO MI                        0                                   12.490             0.500       0.0325     0.000               0.5325
      2503207511   LOS ANGELES (SUNLAND AREA                            91040    CA                             20070401                 20220201   ARMS                    Yes                                             360                    480                          359                     635,000.00                     634,777.72   First Lien                                      0           635,000.00                         0.00                      -          800,000.00                    79.38               79.38   No MI                     NO MI                        0                                    7.300             0.375       0.0325     0.000               0.4075
      2503207516   LYNDEN                                               98264    WA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      44,400.00                      44,382.94   Second Lien                                236800           281,200.00                         0.00                 296000              325000                    95.00               95.00   No MI                     NO MI                        0                                  13.7900            0.5000       0.0325    0.0000               0.5325
      2503207647   LAKESIDE                                             92040    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     408,000.00                     408,000.00   First Lien                                      0           506,000.00                    98,000.00                      -          510,000.00                    80.00               99.22   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503207654   BROOKLYN                                             11203    NY                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     121,250.00                     121,221.26   Second Lien                                363750           485,000.00                         0.00                 498000              485000                   100.00              100.00   No MI                     NO MI                        0                                  12.8400            0.5000       0.0325    0.0000               0.5325
      2503207802   SAINT CLOUD                                          34771    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     237,600.00                     237,467.35   First Lien                                      0           237,600.00                         0.00                      -          264,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.895             0.375       0.0325     1.710               2.1175
      2503207864   BRONX                                                10469    NY                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      89,250.00                      89,225.17   Second Lien                                543750           633,000.00                         0.00                      -          725,000.00                    87.32               87.32   No MI                     NO MI                        0                                   12.125             0.500       0.0325     0.000               0.5325
      2503207978   MIAMI                                                33194    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     288,000.00                     288,000.00   First Lien                                      0           324,000.00                    36,000.00                      -          360,000.00                    80.00               90.00   No MI                     NO MI                        0                                    6.890             0.375       0.0325     0.000               0.4075
      2503208019   PORTERVILLE                                          93257    CA                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                      45,800.00                      45,773.61   Second Lien                                183200           229,000.00                         0.00                 229000              240000                   100.00              100.00   No MI                     NO MI                        0                                  11.9900            0.5000       0.0325    0.0000               0.5325
      2503208053   KAHULUI                                              96732    HI                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                     123,750.00                     123,702.39   Second Lien                                618750           742,500.00                         0.00                      -          825,000.00                    90.00               90.00   No MI                     NO MI                        0                                   10.650             0.500       0.0325     0.000               0.5325
      2503208074   FREMONT                                              94536    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      79,000.00                      78,974.60   Second Lien                                315900           394,900.00                         0.00                 394900              400000                   100.00              100.00   No MI                     NO MI                        0                                  11.4900            0.5000       0.0325    0.0000               0.5325
      2503208084   TAMARAC                                              33321    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     173,000.00                     173,000.00   First Lien                                      0           173,000.00                         0.00                      -          234,000.00                    73.94               73.94   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      2503208171   OAKLAND PARK                                         33309    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      33,400.00                      33,388.40   Second Lien                                133600           167,000.00                         0.00                 167000              170000                   100.00              100.00   No MI                     NO MI                        0                                  11.1190            0.5000       0.0325    0.0000               0.5325
      2503208184   GARY                                                 46409    IN                             20070501                 20220301   ARMS                    Yes                                             360                    480                          360                      71,100.00                      71,100.00   First Lien                                      0            71,100.00                         0.00                  79000               79000                    90.00               90.00   PMI                       LPMI                        25                                   9.8400            0.3750       0.0325    0.6200               1.0275
      2503208285   CHICAGO                                              60644    IL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      49,700.00                      49,683.73   Second Lien                                186500           236,200.00                         0.00                 248675              260000                    94.99               94.99   No MI                     NO MI                        0                                  11.3900            0.5000       0.0325    0.0000               0.5325
      2503208298   LOS ANGELES                                          90044    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     125,800.00                     125,767.81   Second Lien                                503200           629,000.00                         0.00                 629000              629000                   100.00              100.00   No MI                     NO MI                        0                                  12.5000            0.5000       0.0325    0.0000               0.5325
      2503208308   MIAMI                                                33174    FL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                      43,750.00                      43,738.68   Second Lien                                131250           175,000.00                         0.00                 175000              178000                   100.00              100.00   No MI                     NO MI                        0                                  12.4500            0.5000       0.0325    0.0000               0.5325
      2503208320   RIVIERA BEACH                                        33404    FL                             20070301                 20220401   FIXED                   Yes                                             180                    360                          178                     116,000.00                     115,940.19   Second Lien                                435000           551,000.00                         0.00                 629000              580000                    95.00               95.00   No MI                     NO MI                        0                                  12.4900            0.5000       0.0325    0.0000               0.5325
      2503208334   LOS ANGELES                                          90006    CA                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                     170,000.00                     170,000.00   Second Lien                                680000           850,000.00                         0.00                 850000              850000                   100.00              100.00   No MI                     NO MI                        0                                  11.8900            0.5000       0.0325    0.0000               0.5325
      2503208342   VALLEJO                                              94591    CA                             20070401                 20220301   ARMS                    Yes                                             360                    480                          359                     446,500.00                     446,407.97   First Lien                                      0           446,500.00                         0.00                      -          470,000.00                    95.00               95.00   PMI                       LPMI                        30                                    9.120             0.375       0.0325     2.380               2.7875
      2503208379   MIAMI                                                33161    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      68,000.00                      67,981.56   Second Lien                                255000           323,000.00                         0.00                 340000              340000                    95.00               95.00   No MI                     NO MI                        0                                  12.2400            0.5000       0.0325    0.0000               0.5325
      2503208442   FULLERTON                                            92833    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     672,000.00                     672,000.00   First Lien                                      0           672,000.00                         0.00                      -          840,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      2503208484   AURORA                                               80014    CO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     155,250.00                     155,145.62   First Lien                                      0           207,000.00                    51,750.00                 207000              207000                    75.00              100.00   No MI                     NO MI                        0                                   7.9900            0.3750       0.0325    0.0000               0.4075
      2503208485   AURORA                                               80014    CO                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      51,750.00                      51,738.14   Second Lien                                155250           207,000.00                         0.00                 207000              207000                   100.00              100.00   No MI                     NO MI                        0                                  12.9900            0.5000       0.0325    0.0000               0.5325
      2503208492   NORTH LAS VEGAS                                      89030    NV                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      34,200.00                      34,184.76   Second Lien                                182400           216,600.00                         0.00                 230000              228000                    95.00               95.00   No MI                     NO MI                        0                                  13.1400            0.5000       0.0325    0.0000               0.5325
      2503208510   FRAZIER PARK AREA                                    93225    CA                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                      64,500.00                      64,482.70   Second Lien                                344000           408,500.00                         0.00                 430000              430000                    95.00               95.00   No MI                     NO MI                        0                                  12.2900            0.5000       0.0325    0.0000               0.5325
      2503208530   FORT LAUDERDALE                                      33301    FL                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      69,980.00                      69,943.99   Second Lien                                279920           349,900.00                         0.00                 349900              349900                   100.00              100.00   No MI                     NO MI                        0                                  12.5000            0.5000       0.0325    0.0000               0.5325
      2503208539   FRESNO                                               93722    CA                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      41,250.00                      41,220.39   Second Lien                                206250           247,500.00                         0.00                      -          275,000.00                    90.00               90.00   No MI                     NO MI                        0                                   10.990             0.500       0.0325     0.000               0.5325
      2503208594   WILMINGTON                                           19808    DE                             20070301                 20220201   FIXED                   Yes                                             180                    360                          178                      48,000.00                      47,974.75   Second Lien                                180000           228,000.00                         0.00                 240000              246000                    95.00               95.00   No MI                     NO MI                        0                                  12.4000            0.5000       0.0325    0.0000               0.5325
      2503208634   PROVIDENCE                                           02909    RI                             20070401                 20220201   FIXED                   Yes                                             180                    360                          179                      46,000.00                      45,987.80   Second Lien                                184000           230,000.00                         0.00                 230000              232000                   100.00              100.00   No MI                     NO MI                        0                                  12.3400            0.5000       0.0325    0.0000               0.5325
      2503208683   SPRING VALLEY                                        91977    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      73,800.00                      73,781.28   Second Lien                                295200           369,000.00                         0.00                 369000              390000                   100.00              100.00   No MI                     NO MI                        0                                  12.5400            0.5000       0.0325    0.0000               0.5325
      2503208720   MINNEAPOLIS                                          55413    MN                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      42,600.00                      42,591.41   Second Lien                                170400           213,000.00                         0.00                 213000              213000                   100.00              100.00   No MI                     NO MI                        0                                  13.5500            0.5000       0.0325    0.0000               0.5325
      2503208743   SOUTH EL MONTE                                       91733    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     108,000.00                     107,971.42   Second Lien                                432000           540,000.00                         0.00                 540000              544000                   100.00              100.00   No MI                     NO MI                        0                                  12.3500            0.5000       0.0325    0.0000               0.5325
      2503208777   PHOENIX                                              85035    AZ                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      30,900.00                      30,891.14   Second Lien                                164800           195,700.00                         0.00                      -          206,000.00                    95.00               95.00   No MI                     NO MI                        0                                   11.990             0.500       0.0325     0.000               0.5325
      2503208833   PROVIDENCE                                           02909    RI                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      67,000.00                      66,975.26   Second Lien                                268000           335,000.00                         0.00                 335000              335000                   100.00              100.00   No MI                     NO MI                        0                                  10.8400            0.5000       0.0325    0.0000               0.5325
      2503208891   LANCASTER                                            93536    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     113,000.00                     112,970.03   Second Lien                                452000           565,000.00                         0.00                      -          565,000.00                   100.00              100.00   No MI                     NO MI                        0                                   12.340             0.500       0.0325     0.000               0.5325
      2503208925   RENTON                                               98055    WA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      41,000.00                      40,992.71   Second Lien                                153750           194,750.00                         0.00                 205000              205000                    95.00               95.00   No MI                     NO MI                        0                                  14.1000            0.5000       0.0325    0.0000               0.5325
      2503208958   MIAMI LAKES                                          33016    FL                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     166,250.00                     166,180.14   Second Lien                                498750           665,000.00                         0.00                 665000              665000                   100.00              100.00   No MI                     NO MI                        0                                  10.2400            0.5000       0.0325    0.0000               0.5325
      2503208999   HOFFMAN ESTATES                                      60192    IL                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     148,000.00                     147,948.64   Second Lien                                555000           703,000.00                         0.00                      -          740,000.00                    95.00               95.00   No MI                     NO MI                        0                                   11.125             0.500       0.0325     0.000               0.5325
      2503209019   ORLANDO                                              32835    FL                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      62,150.00                      62,136.64   Second Lien                                248700           310,850.00                         0.00                 310900              310900                    99.99               99.99   No MI                     NO MI                        0                                  13.2700            0.5000       0.0325    0.0000               0.5325
      2503209022   THOSAND OAKS                                         91230    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     515,000.00                     515,000.00   First Lien                                      0           515,000.00                         0.00                 794184              815000                    64.85               64.85   No MI                     NO MI                        0                                   5.2500            0.2500       0.0325    0.0000               0.2825
      2503209047   AURORA                                               60505    IL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      45,000.00                      44,988.99   Second Lien                                157500           202,500.00                         0.00                      -          225,000.00                    90.00               90.00   No MI                     NO MI                        0                                   12.700             0.500       0.0325     0.000               0.5325
      2503209086   ORLANDO                                              32811    FL                             20070301                 20220301   FIXED                   Yes                                             180                    360                          178                      27,900.00                      27,885.32   Second Lien                                104625           132,525.00                         0.00                 139500              150000                    95.00               95.00   No MI                     NO MI                        0                                  12.4000            0.5000       0.0325    0.0000               0.5325
      2503209106   LAS VEGAS                                            89144    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     220,000.00                     220,000.00   First Lien                                      0           220,000.00                         0.00                      -          296,000.00                    74.33               74.33   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503209123   MURRIETA                                             92563    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     135,000.00                     134,959.62   Second Lien                                540000           675,000.00                         0.00                 675000              675000                   100.00              100.00   No MI                     NO MI                        0                                  11.8000            0.5000       0.0325    0.0000               0.5325
      2503209130   KENT                                                 98031    WA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     225,600.00                     225,600.00   First Lien                                      0           267,900.00                    42,300.00                      -          282,000.00                    80.00               95.00   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      2503209131   KENT                                                 98031    WA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      42,300.00                      42,290.08   Second Lien                                225600           267,900.00                         0.00                      -          282,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.890             0.500       0.0325     0.000               0.5325
      2503209143   LOS ANGELES                                          90022    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      69,000.00                      68,975.93   Second Lien                                396000           465,000.00                         0.00                      -          495,000.00                    93.94               93.94   No MI                     NO MI                        0                                   11.100             0.500       0.0325     0.000               0.5325
      2503209149   GRAIN VALLEY                                         64029    MO                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      47,000.00                      46,984.56   Second Lien                                176250           223,250.00                         0.00                 235000              240000                    95.00               95.00   No MI                     NO MI                        0                                  11.3750            0.5000       0.0325    0.0000               0.5325
      2503209170   KANEOHE                                              96744    HI                             20070501                 20220301   FIXED                   Yes                                             360                    480                          360                     525,000.00                     525,000.00   First Lien                                      0           525,000.00                         0.00                      -        1,300,000.00                    40.39               40.39   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      2503209189   BLOOMINGTON                                          92316    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     100,000.00                      99,974.12   Second Lien                                400000           500,000.00                         0.00                 500000              500000                   100.00              100.00   No MI                     NO MI                        0                                  12.4500            0.5000       0.0325    0.0000               0.5325
      2503209245   MINNEAPOLIS                                          55443    MN                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      60,000.00                      59,983.36   Second Lien                                225000           285,000.00                         0.00                 300000              300000                    95.00               95.00   No MI                     NO MI                        0                                  12.1400            0.5000       0.0325    0.0000               0.5325
      2503209267   LOS ANGELES                                          90011    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     130,000.00                     129,956.02   Second Lien                                520000           650,000.00                         0.00                 650000              650000                   100.00              100.00   No MI                     NO MI                        0                                  11.2400            0.5000       0.0325    0.0000               0.5325
      2503209268   WOODBRIDGE                                           22193    VA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     643,500.00                     643,500.00   First Lien                                      0           643,500.00                         0.00                      -          715,000.00                    90.00               90.00   PMI                       LPMI                        25                                    7.990             0.375       0.0325     0.520               0.9275
      2503209281   HAYWARD                                              94541    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     152,000.00                     151,961.10   Second Lien                                608000           760,000.00                         0.00                 760000              760000                   100.00              100.00   No MI                     NO MI                        0                                  12.5000            0.5000       0.0325    0.0000               0.5325
      2503209322   CHICAGO                                              60624    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     380,000.00                     380,000.00   First Lien                                      0           380,000.00                         0.00                 475000              537000                    80.00               80.00   No MI                     NO MI                        0                                   9.7200            0.3750       0.0325    0.0000               0.4075
      2503209337   ASHBURN                                              20147    VA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     371,000.00                     371,000.00   First Lien                                      0           371,000.00                         0.00                      -          575,000.00                    64.53               64.53   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      2503209367   WEST PALM BEACH                                      33413    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      29,200.00                      29,191.72   Second Lien                                233600           262,800.00                         0.00                      -          292,000.00                    90.00               90.00   No MI                     NO MI                        0                                   12.040             0.500       0.0325     0.000               0.5325
      2503209386   JERSEY CITY                                          07304    NJ                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      48,000.00                      47,989.51   Second Lien                                240000           288,000.00                         0.00                      -          320,000.00                    90.00               90.00   No MI                     NO MI                        0                                   13.200             0.500       0.0325     0.000               0.5325
      2503209499   BROOKLYN                                             11206    NY                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     135,000.00                     134,969.76   Second Lien                                540000           675,000.00                         0.00                 675000              675000                   100.00              100.00   No MI                     NO MI                        0                                  13.0900            0.5000       0.0325    0.0000               0.5325
      2503209519   FORT LAUDERDALE                                      33318    FL                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      43,500.00                      43,489.09   Second Lien                                217500           261,000.00                         0.00                 290000              295000                    90.00               90.00   No MI                     NO MI                        0                                  12.5900            0.5000       0.0325    0.0000               0.5325
      2503209590   LOS ANGELES                                          90062    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      91,000.00                      90,973.09   Second Lien                                364000           455,000.00                         0.00                 455000              455000                   100.00              100.00   No MI                     NO MI                        0                                  11.8500            0.5000       0.0325    0.0000               0.5325
      2503209606   SAN DIEGO                                            92117    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     291,000.00                     291,000.00   First Lien                                      0           291,000.00                         0.00                      -          300,000.00                    97.00               97.00   PMI                       LPMI                        35                                    7.250             0.375       0.0325     0.670               1.0775
      2503209608   PROVIDENCE                                           02907    RI                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      87,000.00                      86,974.21   Second Lien                                261000           348,000.00                         0.00                 348000              348000                   100.00              100.00   No MI                     NO MI                        0                                  11.8400            0.5000       0.0325    0.0000               0.5325
      2503209620   SIOUX FALLS                                          57103    SD                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      20,000.00                      19,994.88   Second Lien                                 73550            93,550.00                         0.00                  98500               98500                    94.98               94.98   No MI                     NO MI                        0                                  12.5000            0.5000       0.0325    0.0000               0.5325
      2503209644   PARAMOUNT                                            90723    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     105,800.00                     105,756.95   Second Lien                                423200           529,000.00                         0.00                 529000              529000                   100.00              100.00   No MI                     NO MI                        0                                  10.3900            0.5000       0.0325    0.0000               0.5325
      2503209651   CHESTERFIELD                                         23832    VA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      23,250.00                      23,245.25   Second Lien                                116250           139,500.00                         0.00                      -          155,000.00                    90.00               90.00   No MI                     NO MI                        0                                   13.494             0.500       0.0325     0.000               0.5325
      2503209721   RICHMOND HILL                                        11419    NY                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     112,350.00                     112,323.39   Second Lien                                449400           561,750.00                         0.00                 561800              565000                   100.00              100.00   No MI                     NO MI                        0                                  12.8440            0.5000       0.0325    0.0000               0.5325
      2503209743   CORAL SPRINGS                                        33065    FL                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      87,250.00                      87,227.87   Second Lien                                261750           349,000.00                         0.00                 349000              380000                   100.00              100.00   No MI                     NO MI                        0                                  12.5400            0.5000       0.0325    0.0000               0.5325
      2503209745   BRONX                                                10462    NY                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     103,000.00                     102,973.58   Second Lien                                386250           489,250.00                         0.00                 515000              515000                    95.00               95.00   No MI                     NO MI                        0                                  12.4900            0.5000       0.0325    0.0000               0.5325
      2503209746   BOCA RATON                                           33434    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     117,750.00                     117,717.34   Second Lien                                628000           745,750.00                         0.00                 785000              785000                    95.00               95.00   No MI                     NO MI                        0                                  12.1400            0.5000       0.0325    0.0000               0.5325
      2503209762   LOS ANGELES                                          90043    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      48,200.00                      48,183.33   Second Lien                                385600           433,800.00                         0.00                      -          482,000.00                    90.00               90.00   No MI                     NO MI                        0                                   11.140             0.500       0.0325     0.000               0.5325
      2503209785   SALINAS                                              93905    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     464,000.00                     463,688.04   First Lien                                      0           464,000.00                         0.00                      -          580,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.990             0.375       0.0325     0.000               0.4075
      2503209788   HOLLISTER                                            95023    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     386,550.00                     386,448.27   Second Lien                                800000         1,186,550.00                         0.00                1249000             1249000                    95.00               95.00   No MI                     NO MI                        0                                  12.3750            0.5000       0.0325    0.0000               0.5325
      2503209794   SUNNY ISLES BEACH                                    33160    FL                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      70,000.00                      69,983.03   Second Lien                                280000           350,000.00                         0.00                      -          350,000.00                   100.00              100.00   No MI                     NO MI                        0                                   12.740             0.500       0.0325     0.000               0.5325
      2503209837   PORTSMOUTH                                           23704    VA                             20070401                 20220301   ARMS                    Yes                                             360                    480                          359                     287,200.00                     287,123.49   First Lien                                      0           287,200.00                         0.00                      -          359,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.250             0.375       0.0325     0.000               0.4075
      2503209838   MYRTLE BEACH                                         29579    SC                             20070401                 20370301   FIXED                   No                                              360                    360                          359                      24,075.00                      24,067.80   Second Lien                                128400           152,475.00                         0.00                 160500              165000                    95.00               95.00   No MI                     NO MI                        0                                  11.8000            0.5000       0.0325    0.0000               0.5325
      2503209974   DAVIE                                                33328    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      53,750.00                      53,736.29   Second Lien                                150500           204,250.00                         0.00                 215000              263000                    95.00               95.00   No MI                     NO MI                        0                                  12.5150            0.5000       0.0325    0.0000               0.5325
      2503210023   OAKLAND                                              94602    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     109,500.00                     109,465.39   Second Lien                                584000           693,500.00                         0.00                      -          730,000.00                    95.00               95.00   No MI                     NO MI                        0                                   11.550             0.500       0.0325     0.000               0.5325
      2503210036   MIAMI                                                33176    FL                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      39,750.00                      39,737.55   Second Lien                                119250           159,000.00                         0.00                 159000              168000                   100.00              100.00   No MI                     NO MI                        0                                  11.5900            0.5000       0.0325    0.0000               0.5325
      2503210037   RIALTO                                               92376    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     273,000.00                     273,000.00   First Lien                                      0           351,000.00                    78,000.00                      -          390,000.00                    70.00               90.00   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      2503210129   RICHMOND                                             23223    VA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      32,000.00                      31,991.70   Second Lien                                128000           160,000.00                         0.00                 160000              165000                   100.00              100.00   No MI                     NO MI                        0                                  12.4400            0.5000       0.0325    0.0000               0.5325
      2503210258   VISALIA                                              93291    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     127,920.00                     127,920.00   First Lien                                      0           127,920.00                         0.00                 159900              165000                    80.00               80.00   No MI                     NO MI                        0                                   6.7500            0.2500       0.0325    0.0000               0.2825
      2503210263   COON RAPIDS                                          55448    MN                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     178,000.00                     178,000.00   First Lien                                      0           202,374.00                    24,374.00                      -          260,000.00                    68.47               77.84   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503210265   SAN BERNARDINO AREA                                  92407    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     281,000.00                     281,000.00   First Lien                                      0           281,000.00                         0.00                      -          343,000.00                    81.93               81.93   PMI                       BPMI                        12                                    8.050             0.375       0.0325     0.000               0.4075
      2503210353   ORLANDO                                              32818    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      43,600.00                      43,591.86   Second Lien                                163500           207,100.00                         0.00                      -          218,000.00                    95.00               95.00   No MI                     NO MI                        0                                   13.890             0.500       0.0325     0.000               0.5325
      2503210363   SANTA ROSA                                           95403    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     568,000.00                     568,000.00   First Lien                                      0           568,000.00                         0.00                      -          829,500.00                    68.48               68.48   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      2503210442   LOS ANGELES (WEST HILLS A                            91307    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     143,000.00                     142,962.37   Second Lien                                572000           715,000.00                         0.00                 715000              800000                   100.00              100.00   No MI                     NO MI                        0                                  12.3750            0.5000       0.0325    0.0000               0.5325
      2503210459   HONOLULU                                             96817    HI                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      54,000.00                      53,981.74   Second Lien                                216000           270,000.00                         0.00                 270000              278000                   100.00              100.00   No MI                     NO MI                        0                                  11.2440            0.5000       0.0325    0.0000               0.5325
      2503210478   LAS VEGAS                                            89178    NV                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     124,672.00                     124,641.43   Second Lien                                498688           623,360.00                         0.00                 623360              624000                   100.00              100.00   No MI                     NO MI                        0                                  12.6900            0.5000       0.0325    0.0000               0.5325
      2503210569   OPA LOCKA                                            33056    FL                             20070401                 20220301   ARMS                    Yes                                             360                    480                          359                     132,750.00                     132,727.96   First Lien                                      0           132,750.00                         0.00                      -          177,000.00                    75.00               75.00   No MI                     NO MI                        0                                    9.840             0.375       0.0325     0.000               0.4075
      2503210596   POMONA                                               91766    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      70,350.00                      70,331.34   Second Lien                                375200           445,550.00                         0.00                      -          470,000.00                    94.80               94.80   No MI                     NO MI                        0                                   12.340             0.500       0.0325     0.000               0.5325
      2503210649   NORTH MIAMI                                          33181    FL                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     180,000.00                     179,948.38   Second Lien                                540000           720,000.00                         0.00                 720000              720000                   100.00              100.00   No MI                     NO MI                        0                                  11.9900            0.5000       0.0325    0.0000               0.5325
      2503210809   JACKSONVILLE                                         32244    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     138,900.00                     138,900.00   First Lien                                      0           166,650.00                    27,750.00                 185200              187000                    75.00               89.99   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      2503210868   LAKEWOOD                                             90805    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     100,000.00                      99,971.33   Second Lien                                400000           500,000.00                         0.00                 500000              500000                   100.00              100.00   No MI                     NO MI                        0                                  11.9900            0.5000       0.0325    0.0000               0.5325
      2503210870   WHITTIER                                             90601    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     400,000.00                     399,889.31   Second Lien                                750000         1,150,000.00                         0.00                1225000             1225000                    93.88               93.88   No MI                     NO MI                        0                                  12.1500            0.5000       0.0325    0.0000               0.5325
      2503210917   TAHOE CITY                                           96145    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     735,000.00                     735,000.00   First Lien                                      0           735,000.00                         0.00                      -        1,050,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.750             0.250       0.0325     0.000               0.2825
      2503210966   ALBUQUERQUE                                          87102    NM                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     109,800.00                     109,800.00   First Lien                                      0           109,800.00                         0.00                 122000              133000                    90.00               90.00   PMI                       LPMI                        25                                  10.7200            0.3750       0.0325    0.8200               1.2275
      2503211005   MESA                                                 85209    AZ                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     270,000.00                     269,933.08   First Lien                                      0           270,000.00                         0.00                      -          300,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.990             0.375       0.0325     1.540               1.9475
      2503211020   WESTON                                               33326    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      51,550.00                      51,539.28   Second Lien                                154650           206,200.00                         0.00                 206200              213000                   100.00              100.00   No MI                     NO MI                        0                                  13.4150            0.5000       0.0325    0.0000               0.5325
      2503211108   HONOLULU                                             96819    HI                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     476,000.00                     476,000.00   First Lien                                      0           595,000.00                   119,000.00                 595000              600000                    80.00              100.00   No MI                     NO MI                        0                                   6.0000            0.3750       0.0325    0.0000               0.4075
      2503211326   ESCONDIDO                                            92026    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     432,000.00                     432,000.00   First Lien                                      0           527,600.00                    95,600.00                      -          540,000.00                    80.00               97.71   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      2503211373   IRVINE                                               92602    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     172,500.00                     172,455.76   Second Lien                                517500           690,000.00                         0.00                      -          690,000.00                   100.00              100.00   No MI                     NO MI                        0                                   12.490             0.500       0.0325     0.000               0.5325
      2503211427   LAS VEGAS                                            89110    NV                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      22,500.00                      22,494.15   Second Lien                                120000           142,500.00                         0.00                      -          150,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.430             0.500       0.0325     0.000               0.5325
      2503211458   BROOKLYN                                             11221    NY                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     187,500.00                     187,455.90   Second Lien                                562500           750,000.00                         0.00                 750000              760000                   100.00              100.00   No MI                     NO MI                        0                                  12.8750            0.5000       0.0325    0.0000               0.5325
      2503211465   SUNNYVALE                                            94085    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     500,000.00                     500,000.00   First Lien                                      0           625,000.00                   125,000.00                 625000              625000                    80.00              100.00   No MI                     NO MI                        0                                   6.5750            0.3750       0.0325    0.0000               0.4075
      2503211498   APOPKA                                               32703    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     225,400.00                     225,400.00   First Lien                                      0           253,575.00                    28,175.00                      -          281,750.00                    80.00               90.00   No MI                     NO MI                        0                                    6.817             0.375       0.0325     0.000               0.4075
      2503211501   MIAMI                                                33155    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      34,350.00                      34,341.86   Second Lien                                137250           171,600.00                         0.00                 171600              171600                   100.00              100.00   No MI                     NO MI                        0                                  12.8400            0.5000       0.0325    0.0000               0.5325
      2503211543   CAPE CORAL                                           33904    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     166,400.00                     166,400.00   First Lien                                      0           166,400.00                         0.00                      -          208,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503211653   HESPERIA                                             92345    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     283,200.00                     283,200.00   First Lien                                      0           318,600.00                    35,400.00                      -          354,000.00                    80.00               90.00   No MI                     NO MI                        0                                    6.450             0.375       0.0325     0.000               0.4075
      2503211660   MIAMI                                                33177    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     155,200.00                     155,200.00   First Lien                                      0           155,200.00                         0.00                      -          194,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503211681   MIAMI                                                33162    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     236,000.00                     235,892.21   First Lien                                      0           236,000.00                         0.00                      -          295,000.00                    80.00               80.00   No MI                     NO MI                        0                                    9.850             0.375       0.0325     0.000               0.4075
      2503211683   SACRAMENTO                                           95829    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      55,250.00                      55,235.67   Second Lien                                281250           336,500.00                         0.00                      -          375,000.00                    89.74               89.74   No MI                     NO MI                        0                                   12.440             0.500       0.0325     0.000               0.5325
      2503211691   KEAAU                                                96749    HI                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      27,750.00                      27,741.68   Second Lien                                148000           175,750.00                         0.00                 185000              211500                    95.00               95.00   No MI                     NO MI                        0                                  11.7900            0.5000       0.0325    0.0000               0.5325
      2503211805   HONOLULU                                             96818    HI                             20070601                 20220301   FIXED                   Yes                                             360                    480                          360                     747,000.00                     747,000.00   First Lien                                      0           747,000.00                         0.00                      -          830,000.00                    90.00               90.00   PMI                       LPMI                        25                                    7.250             0.250       0.0325     0.870               1.1525
      2503211829   LOS ANGELES (WILMINGTON A                            90744    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     128,600.00                     128,566.30   Second Lien                                450100           578,700.00                         0.00                      -          643,000.00                    90.00               90.00   No MI                     NO MI                        0                                   12.394             0.500       0.0325     0.000               0.5325
      2503211853   MUNDELEIN                                            60060    IL                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                     112,200.00                     112,170.24   Second Lien                                495000           607,200.00                         0.00                      -          660,000.00                    92.00               92.00   No MI                     NO MI                        0                                   12.340             0.500       0.0325     0.000               0.5325
      2503211856   ORLANDO                                              32811    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     269,300.00                     269,300.00   First Lien                                      0           269,300.00                         0.00                 283500              289000                    95.00               95.00   PMI                       LPMI                        30                                   8.5500            0.3750       0.0325    1.5700               1.9775
      2503211885   SEATTLE                                              98144    WA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      76,708.00                      76,692.83   Second Lien                                409112           485,820.00                         0.00                 511390              511390                    95.00               95.00   No MI                     NO MI                        0                                  13.6400            0.5000       0.0325    0.0000               0.5325
      2503211888   SANGER                                               93657    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     177,000.00                     177,000.00   First Lien                                      0           207,000.00                    30,000.00                      -          226,000.00                    78.32               91.60   No MI                     NO MI                        0                                    7.000             0.250       0.0325     0.000               0.2825
      2503211908   WATSONVILLE                                          95076    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     552,000.00                     552,000.00   First Lien                                      0           552,000.00                         0.00                      -          690,000.00                    80.00               80.00   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503211940   PFLUGERVILLE                                         78660    TX                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      20,000.00                      19,995.10   Second Lien                                102386           122,386.00                         0.00                 128828              128828                    95.00               95.00   No MI                     NO MI                        0                                  12.6900            0.5000       0.0325    0.0000               0.5325
      2503212164   LOS ANGELES (SAN FERNANDO                            91340    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     517,750.00                     517,750.00   First Lien                                      0           517,750.00                         0.00                 545000              550000                    95.00               95.00   PMI                       LPMI                        30                                   8.7000            0.3750       0.0325    1.1600               1.5675
      2503212207   LINCOLN                                              95648    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     433,200.00                     433,200.00   First Lien                                      0           433,200.00                         0.00                      -          456,000.00                    95.00               95.00   PMI                       LPMI                        30                                    7.250             0.375       0.0325     1.130               1.5375
      2503212214   LAS VEGAS                                            89012    NV                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      53,750.00                      53,739.38   Second Lien                                150500           204,250.00                         0.00                 215000              215000                    95.00               95.00   No MI                     NO MI                        0                                  13.6400            0.5000       0.0325    0.0000               0.5325
      2503212258   LOS ANGELES (SUN VALLEY A                            91352    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     459,200.00                     459,200.00   First Lien                                      0           459,200.00                         0.00                      -          574,000.00                    80.00               80.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503212273   COCOA                                                32927    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     224,800.00                     224,696.23   First Lien                                      0           251,250.00                    26,450.00                      -          264,500.00                    85.00               95.00   No MI                     NO MI                        0                                    9.800             0.375       0.0325     0.000               0.4075
      2503212278   WHITTIER AREA                                        90606    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     143,700.00                     143,656.54   Second Lien                                335300           479,000.00                         0.00                 480000              480000                    99.80               99.80   No MI                     NO MI                        0                                  11.7500            0.5000       0.0325    0.0000               0.5325
      2503212309   SAN DIEGO                                            92124    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     220,000.00                     220,000.00   First Lien                                      0           220,000.00                         0.00                 490000              500000                    44.90               44.90   No MI                     NO MI                        0                                   5.7300            0.3750       0.0325    0.0000               0.4075
      2503212329   FULLERTON                                            92832    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     568,000.00                     568,000.00   First Lien                                      0           568,000.00                         0.00                 710000              725000                    80.00               80.00   No MI                     NO MI                        0                                   6.4900            0.3750       0.0325    0.0000               0.4075
      2503212347   HOMESTEAD                                            33033    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      43,738.00                      43,726.90   Second Lien                                233271           277,009.00                         0.00                 291589              305000                    95.00               95.00   No MI                     NO MI                        0                                  12.5400            0.5000       0.0325    0.0000               0.5325
      2503212354   MORENO VALLEY                                        92551    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      85,000.00                      84,976.43   Second Lien                                318750           403,750.00                         0.00                      -          429,000.00                    94.12               94.12   No MI                     NO MI                        0                                   12.140             0.500       0.0325     0.000               0.5325
      2503212425   COVINA                                               91722    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     334,000.00                     334,000.00   First Lien                                      0           334,000.00                         0.00                      -          595,000.00                    56.14               56.14   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      2503212443   MARTINEZ                                             94553    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     480,000.00                     480,000.00   First Lien                                      0           480,000.00                         0.00                      -          600,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.488             0.375       0.0325     0.000               0.4075
      2503212614   MIAMI                                                33135    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     112,000.00                     111,981.81   Second Lien                                420000           532,000.00                         0.00                 560000              560000                    95.00               95.00   No MI                     NO MI                        0                                  14.4950            0.5000       0.0325    0.0000               0.5325
      2503212622   BELL                                                 90201    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     339,500.00                     339,500.00   First Lien                                      0           339,500.00                         0.00                      -          530,000.00                    64.06               64.06   No MI                     NO MI                        0                                    6.195             0.250       0.0325     0.000               0.2825
      2503212634   VISALIA                                              93277    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     164,000.00                     164,000.00   First Lien                                      0           164,000.00                         0.00                      -          252,000.00                    65.08               65.08   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      2503212649   CHICAGO                                              60639    IL                             20070401                 20370301   FIXED                   No                                              360                    360                          359                     259,000.00                     258,765.86   First Lien                                      0           399,000.00                   140,000.00                      -          400,000.00                    64.75               99.75   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503212656   PAPAALOA                                             96780    HI                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     400,000.00                     400,000.00   First Lien                                      0           400,000.00                         0.00                      -        1,400,000.00                    28.58               28.58   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      2503212706   SAN BERNARDINO                                       92404    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     273,000.00                     273,000.00   First Lien                                      0           317,445.00                    44,445.00                      -          375,000.00                    72.80               84.66   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503212742   WHEATLEY HEIGHT                                      11798    NY                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      81,000.00                      80,975.45   Second Lien                                324000           405,000.00                         0.00                 405000              435000                   100.00              100.00   No MI                     NO MI                        0                                  11.7400            0.5000       0.0325    0.0000               0.5325
      2503212748   CARMICHAEL                                           95608    CA                             20070401                 20220301   FIXED                   Yes                                             180                    360                          179                      56,000.00                      55,986.19   Second Lien                                265000           321,000.00                         0.00                      -          357,500.00                    89.80               89.80   No MI                     NO MI                        0                                   12.665             0.500       0.0325     0.000               0.5325
      2503212778   INDIANAPOLIS                                         46237    IN                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      89,910.00                      89,910.00   First Lien                                      0            89,910.00                         0.00                  99900              101000                    90.00               90.00   PMI                       LPMI                        25                                   9.2100            0.3750       0.0325    0.8700               1.2775
      2503212948   RANCHO SANTA MARGARITA                               92688    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     361,600.00                     361,600.00   First Lien                                      0           452,000.00                    90,400.00                 452000              455000                    80.00              100.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      2503213006   ZEPHYRHILLS                                          33541    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      37,500.00                      37,490.06   Second Lien                                200000           237,500.00                         0.00                 250000              250000                    95.00               95.00   No MI                     NO MI                        0                                  12.3400            0.5000       0.0325    0.0000               0.5325
      2503213025   FOSTER CITY                                          94404    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                   1,031,800.00                   1,031,800.00   First Lien                                      0         1,031,800.00                         0.00                      -        1,350,000.00                    76.43               76.43   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503213030   OCEANSIDE                                            92057    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     348,750.00                     348,389.33   First Lien                                      0           348,750.00                         0.00                      -          465,000.00                    75.00               75.00   No MI                     NO MI                        0                                    5.800             0.375       0.0325     0.000               0.4075
      2503213035   PITTSBURG                                            94565    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      67,500.00                      67,443.63   Second Lien                                337500           405,000.00                         0.00                      -          450,000.00                    90.00               90.00   No MI                     NO MI                        0                                   13.220             0.500       0.0325     0.000               0.5325
      2503213040   STATEN ISLAND                                        10305    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     581,250.00                     581,250.00   First Lien                                      0           697,500.00                   116,250.00                      -          775,000.00                    75.00               90.00   No MI                     NO MI                        0                                    6.380             0.375       0.0325     0.000               0.4075
      2503213054   OCEANSIDE                                            92054    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     232,448.00                     232,448.00   First Lien                                      0           290,560.00                    58,112.00                 290560              294000                    80.00              100.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      2503213083   CORONA                                               92880    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     439,500.00                     439,500.00   First Lien                                      0           439,500.00                         0.00                      -          586,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.809             0.375       0.0325     0.000               0.4075
      2503213124   MIAMI BEACH                                          33139    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     280,150.00                     280,150.00   First Lien                                      0           280,150.00                         0.00                 294900              305000                    95.00               95.00   PMI                       BPMI                        30                                   7.5400            0.3750       0.0325    0.0000               0.4075
      2503213151   WEST SACRAMENTO                                      95691    CA                             20070501                 20370401   FIXED                   Yes                                             360                    480                          360                     232,500.00                     232,500.00   First Lien                                      0           232,500.00                         0.00                      -          310,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503213233   STOCKTON                                             95205    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     131,000.00                     131,000.00   First Lien                                      0           131,000.00                         0.00                      -          285,000.00                    45.97               45.97   No MI                     NO MI                        0                                    6.450             0.250       0.0325     0.000               0.2825
      2503213234   WEST COVINA                                          91790    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     359,250.00                     359,250.00   First Lien                                      0           479,000.00                   119,750.00                 479000              479000                    75.00              100.00   No MI                     NO MI                        0                                   6.1200            0.3750       0.0325    0.0000               0.4075
      2503213241   MANTECA                                              95337    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     410,400.00                     410,400.00   First Lien                                      0           410,400.00                         0.00                      -          513,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.550             0.375       0.0325     0.000               0.4075
      2503213298   WALPOLE                                              02081    MA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                      -          530,000.00                    94.34               94.34   PMI                       LPMI                        30                                    8.500             0.375       0.0325     0.430               0.8375
      2503213337   LANCASTER                                            17603    PA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      20,600.00                      20,596.76   Second Lien                                 77250            97,850.00                         0.00                 103000              120000                    95.00               95.00   No MI                     NO MI                        0                                  14.6400            0.5000       0.0325    0.0000               0.5325
      2503213350   IRVINE                                               92620    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     650,000.00                     650,000.00   First Lien                                      0           650,000.00                         0.00                      -        1,090,000.00                    59.64               59.64   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503213384   PINELLAS PARK                                        33762    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     229,500.00                     229,500.00   First Lien                                      0           229,500.00                         0.00                      -          255,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.750             0.375       0.0325     1.410               1.8175
      2503213425   IRVINE                                               92606    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     520,000.00                     520,000.00   First Lien                                      0           650,000.00                   130,000.00                 650000              650000                    80.00              100.00   No MI                     NO MI                        0                                   5.4500            0.3750       0.0325    0.0000               0.4075
      2503213496   ROSAMOND                                             93560    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     271,000.00                     271,000.00   First Lien                                      0           271,000.00                         0.00                      -          396,000.00                    68.44               68.44   No MI                     NO MI                        0                                    6.400             0.375       0.0325     0.000               0.4075
      2503213518   MESA                                                 85206    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     225,000.00                     225,000.00   First Lien                                      0           225,000.00                         0.00                      -          250,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.990             0.375       0.0325     1.340               1.7475
      2503213534   PLANTATION                                           33323    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     900,000.00                     900,000.00   First Lien                                      0           960,000.00                    60,000.00                1200123             1200000                    75.00               80.00   No MI                     NO MI                        0                                   6.4500            0.3750       0.0325    0.0000               0.4075
      2503213535   MIAMI                                                33127    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     149,000.00                     149,000.00   First Lien                                      0           149,000.00                         0.00                      -          245,000.00                    60.82               60.82   No MI                     NO MI                        0                                    7.815             0.375       0.0325     0.000               0.4075
      2503213553   BOWIE                                                20720    MD                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     155,000.00                     154,944.73   Second Lien                                465000           620,000.00                         0.00                 620000              635000                   100.00              100.00   No MI                     NO MI                        0                                  11.0000            0.5000       0.0325    0.0000               0.5325
      2503213580   TACOMA                                               98404    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     240,000.00                     240,000.00   First Lien                                      0           240,000.00                         0.00                      -          255,000.00                    94.12               94.12   PMI                       BPMI                        30                                    6.750             0.375       0.0325     0.000               0.4075
      2503213591   (WOODLAND HILLS AREA) LOS                            91364    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     825,000.00                     825,000.00   First Lien                                      0           825,000.00                         0.00                      -        1,100,000.00                    75.00               75.00   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503213615   SAN DIEGO                                            92120    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     468,000.00                     468,000.00   First Lien                                      0           585,000.00                   117,000.00                 585000              625000                    80.00              100.00   No MI                     NO MI                        0                                   5.9000            0.3750       0.0325    0.0000               0.4075
      2503213618   MIAMI                                                33145    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     258,300.00                     258,300.00   First Lien                                      0           258,300.00                         0.00                 322900              347000                    80.00               80.00   No MI                     NO MI                        0                                   7.9630            0.3750       0.0325    0.0000               0.4075
      2503213647   MIRAMAR                                              33025    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     130,000.00                     130,000.00   First Lien                                      0           150,000.00                    20,000.00                      -          175,000.00                    74.29               85.72   No MI                     NO MI                        0                                    6.400             0.375       0.0325     0.000               0.4075
      2503213650   LAS VEGAS                                            89121    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     384,000.00                     384,000.00   First Lien                                      0           384,000.00                         0.00                      -          480,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.663             0.375       0.0325     0.000               0.4075
      2503213654   MESA                                                 85206    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     188,000.00                     188,000.00   First Lien                                      0           188,000.00                         0.00                      -          222,000.00                    84.69               84.69   PMI                       LPMI                        22                                    5.875             0.375       0.0325     0.610               1.0175
      2503213687   MANTECA                                              95336    CA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      97,800.00                      97,773.94   Second Lien                                521600           619,400.00                         0.00                      -          652,000.00                    95.00               95.00   No MI                     NO MI                        0                                   12.319             0.500       0.0325     0.000               0.5325
      2503213717   ORLANDO                                              32811    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     163,200.00                     163,200.00   First Lien                                      0           163,200.00                         0.00                 204000              205000                    80.00               80.00   No MI                     NO MI                        0                                   7.5400            0.3750       0.0325    0.0000               0.4075
      2503213771   LOS ANGELES                                          90067    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     600,000.00                     600,000.00   First Lien                                      0           600,000.00                         0.00                      -          750,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      2503213776   LOS ANGELES                                          90041    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     289,500.00                     289,500.00   First Lien                                      0           289,500.00                         0.00                      -          505,000.00                    57.33               57.33   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      2503213822   DUBLIN                                               94568    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     243,093.00                     243,093.00   First Lien                                      0           243,093.00                         0.00                 543093              580000                    44.77               44.77   No MI                     NO MI                        0                                   6.3750            0.2500       0.0325    0.0000               0.2825
      2503213886   WARREN                                               48092    MI                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     333,765.00                     333,765.00   First Lien                                      0           352,307.00                    18,542.00                 370850              380000                    90.00               95.00   PMI                       LPMI                        25                                   9.7900            0.3750       0.0325    1.2100               1.6175
      2503213903   HAWAIIAN GARDENS                                     90716    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     160,000.00                     160,000.00   First Lien                                      0           160,000.00                         0.00                      -          490,000.00                    32.66               32.66   No MI                     NO MI                        0                                    5.350             0.250       0.0325     0.000               0.2825
      2503213904   SAN PABLO                                            94806    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     290,250.00                     290,250.00   First Lien                                      0           387,000.00                    96,750.00                 387000              387000                    75.00              100.00   No MI                     NO MI                        0                                   6.1100            0.3750       0.0325    0.0000               0.4075
      2503213906   WEST CHICAGO                                         60185    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     456,800.00                     456,800.00   First Lien                                      0           571,000.00                   114,200.00                      -          571,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.550             0.375       0.0325     0.000               0.4075
      2503213921   PORTSMOUTH                                           23703    VA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      90,000.00                      90,000.00   First Lien                                      0            95,000.00                     5,000.00                 100000              100000                    90.00               95.00   PMI                       LPMI                        25                                  11.0000            0.3750       0.0325    1.3400               1.7475
      2503213949   LOS ANGELES AREA                                     90059    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     344,000.00                     344,000.00   First Lien                                      0           430,000.00                    86,000.00                 430000              430000                    80.00              100.00   No MI                     NO MI                        0                                   6.6250            0.3750       0.0325    0.0000               0.4075
      2503213972   POMONA                                               91766    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     454,750.00                     454,750.00   First Lien                                      0           454,750.00                         0.00                      -          535,000.00                    85.00               85.00   PMI                       LPMI                        22                                    8.125             0.375       0.0325     0.840               1.2475
      2503213981   LONG BEACH                                           90805    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     385,000.00                     385,000.00   First Lien                                      0           385,000.00                         0.00                      -          510,000.00                    75.50               75.50   No MI                     NO MI                        0                                    6.240             0.250       0.0325     0.000               0.2825
      2503213990   CHICAGO                                              60636    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     128,250.00                     128,250.00   First Lien                                      0           128,250.00                         0.00                 135000              145000                    95.00               95.00   PMI                       LPMI                        30                                   8.6750            0.3750       0.0325    0.6800               1.0875
      2503214010   FORT LAUDERDALE                                      33305    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     944,000.00                     944,000.00   First Lien                                      0         1,180,000.00                   236,000.00                1180000             1400000                    80.00              100.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      2503214049   ESCONDIDO                                            92026    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     316,000.00                     316,000.00   First Lien                                      0           316,000.00                         0.00                      -          395,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503214062   RESEDA                                               91335    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     399,000.00                     399,000.00   First Lien                                      0           399,000.00                         0.00                      -          570,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503214086   CHESAPEAKE                                           23323    VA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     241,200.00                     241,200.00   First Lien                                      0           241,200.00                         0.00                      -          349,400.00                    69.04               69.04   No MI                     NO MI                        0                                    7.495             0.375       0.0325     0.000               0.4075
      2503214087   LAND O LAKES                                         34639    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     323,000.00                     323,000.00   First Lien                                      0           323,000.00                         0.00                 340000              345000                    95.00               95.00   PMI                       LPMI                        30                                  10.5500            0.3750       0.0325    2.1400               2.5475
      2503214090   MIAMI SHORES                                         33138    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     656,000.00                     656,000.00   First Lien                                      0           820,000.00                   164,000.00                 820000              820000                    80.00              100.00   No MI                     NO MI                        0                                   8.1620            0.3750       0.0325    0.0000               0.4075
      2503214091   PASADENA                                             91103    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     750,000.00                     750,000.00   First Lien                                      0           750,000.00                         0.00                      -          954,000.00                    78.62               78.62   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      2503214123   HACIENDA HEIGHTS AREA                                91745    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     355,000.00                     355,000.00   First Lien                                      0           355,000.00                         0.00                      -          535,000.00                    66.36               66.36   No MI                     NO MI                        0                                    6.175             0.375       0.0325     0.000               0.4075
      2503214143   KAILUA-KONA                                          96740    HI                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     191,250.00                     191,250.00   First Lien                                      0           191,250.00                         0.00                      -          255,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.730             0.375       0.0325     0.000               0.4075
      2503214156   POMPANO BEACH                                        33068    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     299,200.00                     299,200.00   First Lien                                      0           299,200.00                         0.00                      -          352,000.00                    85.00               85.00   PMI                       LPMI                        22                                    7.125             0.375       0.0325     0.570               0.9775
      2503214165   LOS ANGELES                                          90037    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     517,425.00                     517,425.00   First Lien                                      0           689,900.00                   172,475.00                 689900              690000                    75.00              100.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      2503214170   ROSCOE                                               61073    IL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      25,050.00                      25,044.01   Second Lien                                 78350           103,400.00                         0.00                 114900              114900                    90.00               90.00   No MI                     NO MI                        0                                  12.8000            0.5000       0.0325    0.0000               0.5325
      2503214173   CHICAGO                                              60624    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     312,200.00                     312,200.00   First Lien                                      0           312,200.00                         0.00                      -          347,000.00                    89.98               89.98   PMI                       LPMI                        25                                    9.500             0.375       0.0325     1.340               1.7475
      2503214232   SUMMERVILLE                                          29485    SC                             20070501                 20220401   FIXED                   No                                              180                    180                          180                     129,000.00                     129,000.00   First Lien                                      0           129,000.00                         0.00                      -          193,000.00                    66.84               66.84   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      2503214235   RICHMOND                                             23234    VA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      20,000.00                      19,996.14   Second Lien                                 70250            90,250.00                         0.00                  95000              120000                    95.00               95.00   No MI                     NO MI                        0                                  13.7400            0.5000       0.0325    0.0000               0.5325
      2503214245   SAMMAMISH                                            98074    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                 626000              650000                    79.88               79.88   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      2503214262   PASADENA                                             91104    CA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     592,000.00                     592,000.00   First Lien                                      0           592,000.00                         0.00                      -          740,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.413             0.375       0.0325     0.000               0.4075
      2503214301   SPRING LAKE PARK                                     55432    MN                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     177,000.00                     177,000.00   First Lien                                      0           177,000.00                         0.00                      -          190,000.00                    93.16               93.16   PMI                       LPMI                        30                                    6.750             0.375       0.0325     0.940               1.3475
      2503214320   ELK GROVE                                            95624    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     213,750.00                     213,750.00   First Lien                                      0           253,797.00                    40,047.00                      -          285,000.00                    75.00               89.06   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503214331   LOS ANGELES                                          91605    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     450,000.00                     450,000.00   First Lien                                      0           450,000.00                         0.00                      -          600,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      2503214336   GREENFIELD                                           93927    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     215,000.00                     215,000.00   First Lien                                      0           215,000.00                         0.00                      -          395,000.00                    54.44               54.44   No MI                     NO MI                        0                                    5.950             0.375       0.0325     0.000               0.4075
      2503214376   GRANTS PASS                                          97526    OR                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     143,100.00                     143,100.00   First Lien                                      0           143,100.00                         0.00                      -          159,000.00                    90.00               90.00   PMI                       LPMI                        25                                    7.875             0.375       0.0325     1.460               1.8675
      2503214377   ROWLAND HEIGHTS                                      91748    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     618,400.00                     618,400.00   First Lien                                      0           618,400.00                         0.00                 773000              800000                    80.00               80.00   No MI                     NO MI                        0                                   6.0000            0.3750       0.0325    0.0000               0.4075
      2503214380   KILLINGWORTH                                         06419    CT                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     935,000.00                     935,000.00   First Lien                                      0           935,000.00                         0.00                      -        1,175,000.00                    79.58               79.58   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503214415   VISALIA                                              93291    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     119,920.00                     119,920.00   First Lien                                      0           119,920.00                         0.00                 149900              160000                    80.00               80.00   No MI                     NO MI                        0                                   6.7500            0.2500       0.0325    0.0000               0.2825
      2503214429   WEST POINT                                           84015    UT                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     172,500.00                     172,500.00   First Lien                                      0           172,500.00                         0.00                      -          230,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503214433   LAS VEGAS                                            89122    NV                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     299,000.00                     299,000.00   First Lien                                      0           299,000.00                         0.00                      -          440,000.00                    67.96               67.96   No MI                     NO MI                        0                                    6.450             0.250       0.0325     0.000               0.2825
      2503214438   CARLSBAD                                             92009    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     352,000.00                     352,000.00   First Lien                                      0           439,600.00                    87,600.00                      -          440,000.00                    80.00               99.91   No MI                     NO MI                        0                                    6.895             0.375       0.0325     0.000               0.4075
      2503214441   TAMPA                                                33634    FL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      23,800.00                      23,795.14   Second Lien                                 89250           113,050.00                         0.00                 119000              155000                    95.00               95.00   No MI                     NO MI                        0                                  13.5000            0.5000       0.0325    0.0000               0.5325
      2503214465   EAST ROCKAWAY                                        11520    NY                             20070601                 20220501   FIXED                   No                                              180                    180                          180                     882,500.00                     882,500.00   First Lien                                      0           882,500.00                         0.00                      -        1,200,000.00                    73.55               73.55   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503214475   SACRAMENTO                                           95828    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     210,000.00                     210,000.00   First Lien                                      0           210,000.00                         0.00                      -          350,000.00                    60.00               60.00   No MI                     NO MI                        0                                    5.900             0.375       0.0325     0.000               0.4075
      2503214490   SAN BERNARDINO                                       92411    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     195,000.00                     195,000.00   First Lien                                      0           195,000.00                         0.00                      -          305,000.00                    63.94               63.94   No MI                     NO MI                        0                                    7.600             0.375       0.0325     0.000               0.4075
      2503214515   CORONA AREA                                          92880    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     591,200.00                     591,200.00   First Lien                                      0           739,000.00                   147,800.00                 739000              744000                    80.00              100.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      2503214522   LA PALMA                                             90623    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     460,000.00                     460,000.00   First Lien                                      0           575,000.00                   115,000.00                 575000              600000                    80.00              100.00   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      2503214536   YUMA                                                 85364    AZ                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     104,500.00                     104,500.00   First Lien                                      0           104,500.00                         0.00                      -          190,000.00                    55.00               55.00   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      2503214541   HERCULES                                             94547    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     496,000.00                     496,000.00   First Lien                                      0           558,000.00                    62,000.00                 620000              620000                    80.00               90.00   No MI                     NO MI                        0                                   5.9900            0.3750       0.0325    0.0000               0.4075
      2503214542   SAN JUAN CAPISTRANO                                  92694    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     600,000.00                     600,000.00   First Lien                                      0           750,000.00                   150,000.00                      -          750,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.540             0.375       0.0325     0.000               0.4075
      2503214544   CAPE CORAL                                           33904    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     152,250.00                     152,250.00   First Lien                                      0           152,250.00                         0.00                      -          203,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503214547   HONOLULU                                             96813    HI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     172,000.00                     172,000.00   First Lien                                      0           172,000.00                         0.00                      -          215,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      2503214582   JAMAICA                                              11434    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     344,000.00                     344,000.00   First Lien                                      0           365,500.00                    21,500.00                      -          430,000.00                    80.00               85.00   No MI                     NO MI                        0                                    6.300             0.375       0.0325     0.000               0.4075
      2503214655   STOCKTON                                             95207    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     350,000.00                     350,000.00   First Lien                                      0           370,000.00                    20,000.00                      -          440,000.00                    79.55               84.10   No MI                     NO MI                        0                                    6.615             0.375       0.0325     0.000               0.4075
      2503214677   HARBOR CITY AREA                                     90710    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     285,000.00                     285,000.00   First Lien                                      0           430,000.00                   145,000.00                      -          430,000.00                    66.28              100.00   No MI                     NO MI                        0                                    5.950             0.375       0.0325     0.000               0.4075
      2503214682   BROOKLYN                                             11212    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     230,000.00                     230,000.00   First Lien                                      0           230,000.00                         0.00                      -          375,000.00                    61.34               61.34   No MI                     NO MI                        0                                    6.945             0.375       0.0325     0.000               0.4075
      2503214745   HOLMDEL                                              07733    NJ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     860,000.00                     860,000.00   First Lien                                      0           860,000.00                         0.00                      -        1,275,000.00                    67.46               67.46   No MI                     NO MI                        0                                    5.650             0.375       0.0325     0.000               0.4075
      2503214765   HIALEAH                                              33012    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     101,250.00                     101,250.00   First Lien                                      0           121,500.00                    20,250.00                 135000              135000                    75.00               90.00   No MI                     NO MI                        0                                   6.3920            0.3750       0.0325    0.0000               0.4075
      2503214784   ROCKLEDGE                                            32955    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     204,100.00                     204,100.00   First Lien                                      0           204,100.00                         0.00                      -          215,000.00                    94.94               94.94   PMI                       LPMI                        30                                    8.310             0.375       0.0325     0.730               1.1375
      2503214803   CHINO                                                91710    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     484,000.00                     484,000.00   First Lien                                      0           484,000.00                         0.00                      -          605,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.320             0.250       0.0325     0.000               0.2825
      2503214812   LOS ANGELES                                          90002    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     272,000.00                     272,000.00   First Lien                                      0           272,000.00                         0.00                      -          460,000.00                    59.14               59.14   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      2503214814   SAGINAW                                              48603    MI                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     129,700.00                     129,700.00   First Lien                                      0           169,996.00                    40,296.00                      -          170,000.00                    76.30              100.00   No MI                     NO MI                        0                                    6.925             0.250       0.0325     0.000               0.2825
      2503214833   LOS ANGELES (PLAYA DEL RE                            90293    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     350,000.00                     350,000.00   First Lien                                      0           371,800.00                    21,800.00                 437500              440000                    80.00               84.99   No MI                     NO MI                        0                                   6.9900            0.3750       0.0325    0.0000               0.4075
      2503214838   SOUTH OZONE PARK                                     11420    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     360,000.00                     360,000.00   First Lien                                      0           450,000.00                    90,000.00                 450000              450000                    80.00              100.00   No MI                     NO MI                        0                                   6.6250            0.3750       0.0325    0.0000               0.4075
      2503214852   AUMSVILLE                                            97325    OR                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     120,000.00                     120,000.00   First Lien                                      0           120,000.00                         0.00                      -          150,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503214853   LAKE MARY                                            32746    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     351,500.00                     351,500.00   First Lien                                      0           351,500.00                         0.00                 370000              370000                    95.00               95.00   PMI                       LPMI                        30                                   8.6300            0.3750       0.0325    1.7600               2.1675
      2503214855   NORWALK                                              90650    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     344,000.00                     344,000.00   First Lien                                      0           430,000.00                    86,000.00                 430000              442000                    80.00              100.00   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      2503214860   WALNUT CREEK                                         94595    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     732,750.00                     732,750.00   First Lien                                      0           879,250.00                   146,500.00                      -          977,000.00                    75.00               90.00   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503214870   CHICAGO                                              60645    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     270,000.00                     270,000.00   First Lien                                      0           270,000.00                         0.00                 300000              300000                    90.00               90.00   PMI                       LPMI                        25                                   9.8600            0.3750       0.0325    1.0700               1.4775
      2503214879   LONG BEACH                                           90807    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     446,000.00                     446,000.00   First Lien                                      0           557,500.00                   111,500.00                 557500              564000                    80.00              100.00   No MI                     NO MI                        0                                   6.1130            0.3750       0.0325    0.0000               0.4075
      2503214886   ROMEOVILLE                                           60446    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     110,950.00                     110,950.00   First Lien                                      0           150,550.00                    39,600.00                 158500              162000                    70.00               94.99   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      2503214897   TRACY                                                95376    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     297,000.00                     297,000.00   First Lien                                      0           297,000.00                         0.00                      -          575,000.00                    51.66               51.66   No MI                     NO MI                        0                                    5.675             0.375       0.0325     0.000               0.4075
      2503214911   MANTECA                                              95337    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     144,914.00                     144,914.00   First Lien                                      0           169,915.00                    25,001.00                 199900              210000                    72.50               85.00   No MI                     NO MI                        0                                   5.8000            0.3750       0.0325    0.0000               0.4075
      2503214949   CHICAGO                                              60615    IL                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                     171,750.00                     171,706.04   Second Lien                                515150           686,900.00                         0.00                 686900              705000                   100.00              100.00   No MI                     NO MI                        0                                  12.5000            0.5000       0.0325    0.0000               0.5325
      2503214957   GAINESVILLE                                          20155    VA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     496,000.00                     496,000.00   First Lien                                      0           496,000.00                         0.00                      -          620,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503214985   NEWCASTLE                                            98056    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     536,000.00                     536,000.00   First Lien                                      0           536,000.00                         0.00                 670000              670000                    80.00               80.00   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      2503214990   DANBURY                                              06811    CT                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     437,600.00                     437,600.00   First Lien                                      0           437,600.00                         0.00                      -          547,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.290             0.375       0.0325     0.000               0.4075
      2503215006   LAS VEGAS                                            89109    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     420,000.00                     420,000.00   First Lien                                      0           420,000.00                         0.00                      -          600,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.740             0.375       0.0325     0.000               0.4075
      2503215030   MIAMI                                                33143    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     240,000.00                     240,000.00   First Lien                                      0           240,000.00                         0.00                      -          370,000.00                    64.87               64.87   No MI                     NO MI                        0                                    6.275             0.375       0.0325     0.000               0.4075
      2503215038   DELRAY BEACH                                         33444    FL                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     252,700.00                     252,659.92   First Lien                                      0           252,700.00                         0.00                 266000              270000                    95.00               95.00   PMI                       LPMI                        30                                   9.9900            0.3750       0.0325    2.1300               2.5375
      2503215068   MIAMI                                                33182    FL                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     280,000.00                     280,000.00   First Lien                                      0           280,000.00                         0.00                      -          464,000.00                    60.35               60.35   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      2503215086   LOS ANGELES                                          90011    CA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     320,000.00                     320,000.00   First Lien                                      0           320,000.00                         0.00                      -          540,000.00                    59.26               59.26   No MI                     NO MI                        0                                    6.365             0.375       0.0325     0.000               0.4075
      2503215090   MORTON GROVE                                         60053    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     688,000.00                     688,000.00   First Lien                                      0           860,000.00                   172,000.00                 860000              865000                    80.00              100.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      2503215099   LOS ANGELES                                          90003    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     394,000.00                     394,000.00   First Lien                                      0           394,000.00                         0.00                      -          510,000.00                    77.26               77.26   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      2503215142   SAN DIEGO                                            92101    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     376,000.00                     376,000.00   First Lien                                      0           470,000.00                    94,000.00                 470000              510000                    80.00              100.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      2503215171   FULLERTON                                            92832    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     396,000.00                     396,000.00   First Lien                                      0           396,000.00                         0.00                      -          675,000.00                    58.67               58.67   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503215177   SAN JOSE                                             95110    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     475,000.00                     475,000.00   First Lien                                      0           475,000.00                         0.00                      -          685,000.00                    69.35               69.35   No MI                     NO MI                        0                                    5.950             0.250       0.0325     0.000               0.2825
      2503215189   LANCASTER                                            93535    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     316,000.00                     316,000.00   First Lien                                      0           351,000.00                    35,000.00                      -          395,000.00                    80.00               88.87   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503215190   ROUND ROCK                                           78664    TX                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      93,639.00                      93,639.00   First Lien                                      0            93,639.00                         0.00                 104044              113000                    90.00               90.00   PMI                       LPMI                        25                                   8.4300            0.3750       0.0325    0.7700               1.1775
      2503215197   PAAUHAU                                              96775    HI                             20070501                 20370401   FIXED                   Yes                                             360                    480                          360                     383,200.00                     383,200.00   First Lien                                      0           383,200.00                         0.00                      -          479,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      2503215211   SAN CLEMENTE                                         92673    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     669,000.00                     669,000.00   First Lien                                      0           669,000.00                         0.00                      -        3,200,000.00                    20.91               20.91   No MI                     NO MI                        0                                    6.280             0.250       0.0325     0.000               0.2825
      2503215220   CHICAGO                                              60660    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     142,000.00                     142,000.00   First Lien                                      0           142,000.00                         0.00                      -          178,000.00                    79.78               79.78   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      2503215257   SAN BERNARDINO                                       92411    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     273,000.00                     273,000.00   First Lien                                      0           273,000.00                         0.00                      -          390,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503215347   WEST CHICAGO                                         60185    IL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     391,000.00                     391,000.00   First Lien                                      0           391,000.00                         0.00                      -          490,000.00                    79.80               79.80   No MI                     NO MI                        0                                    7.875             0.375       0.0325     0.000               0.4075
      2503215349   RANDALLSTOWN                                         21133    MD                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     640,000.00                     640,000.00   First Lien                                      0           640,000.00                         0.00                      -          800,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503215367   MIAMI                                                33126    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     252,000.00                     252,000.00   First Lien                                      0           252,000.00                         0.00                 315000              330000                    80.00               80.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      2503215376   LOS ANGELES (CANOGA PARK                             91306    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     420,000.00                     420,000.00   First Lien                                      0           420,000.00                         0.00                      -          675,000.00                    62.23               62.23   No MI                     NO MI                        0                                    6.100             0.375       0.0325     0.000               0.4075
      2503215379   BELLEVUE                                             98004    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                   1,890,000.00                   1,890,000.00   First Lien                                      0         1,890,000.00                         0.00                2700000             2700000                    70.00               70.00   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      2503215389   MIAMI                                                33145    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     420,000.00                     420,000.00   First Lien                                      0           560,000.00                   140,000.00                 560000              560000                    75.00              100.00   No MI                     NO MI                        0                                   6.3170            0.3750       0.0325    0.0000               0.4075
      2503215407   PORTSMOUTH                                           23704    VA                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      21,315.00                      21,309.69   Second Lien                                106575           127,890.00                         0.00                      -          142,100.00                    90.00               90.00   No MI                     NO MI                        0                                   12.625             0.500       0.0325     0.000               0.5325
      2503215423   LOS ANGELES (SHERMAN OAKS                            91403    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     300,000.00                     300,000.00   First Lien                                      0           300,000.00                         0.00                      -          560,000.00                    53.58               53.58   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503215437   WALNUT CREEK                                         94596    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     466,000.00                     466,000.00   First Lien                                      0           466,000.00                         0.00                      -          845,000.00                    55.15               55.15   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      2503215458   HOLLISTER                                            95023    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     392,000.00                     392,000.00   First Lien                                      0           528,729.00                   136,729.00                      -          565,000.00                    69.39               93.59   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503215501   DEL MAR                                              92014    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                   1,225,000.00                   1,225,000.00   First Lien                                      0         1,225,000.00                         0.00                      -        1,775,000.00                    69.02               69.02   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503215524   AREA OF GRASS VALLEY                                 95949    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     281,900.00                     281,900.00   First Lien                                      0           281,900.00                         0.00                      -          470,000.00                    59.98               59.98   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503215531   SARASOTA                                             34232    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     142,500.00                     142,500.00   First Lien                                      0           202,500.00                    60,000.00                      -          230,000.00                    61.96               88.05   No MI                     NO MI                        0                                    6.770             0.375       0.0325     0.000               0.4075
      2503215574   LAS VEGAS                                            89109    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     388,500.00                     388,500.00   First Lien                                      0           388,500.00                         0.00                      -          555,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.740             0.375       0.0325     0.000               0.4075
      2503215575   SANTA ANA                                            92707    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     188,000.00                     188,000.00   First Lien                                      0           188,000.00                         0.00                      -          385,000.00                    48.84               48.84   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503215578   SANTA ANA                                            92706    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     325,000.00                     325,000.00   First Lien                                      0           325,000.00                         0.00                      -          500,000.00                    65.00               65.00   No MI                     NO MI                        0                                    6.540             0.375       0.0325     0.000               0.4075
      2503215579   SALINAS                                              93906    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     535,000.00                     535,000.00   First Lien                                      0           535,000.00                         0.00                      -          585,000.00                    91.46               91.46   PMI                       LPMI                        30                                    7.250             0.375       0.0325     1.010               1.4175
      2503215590   CORONA                                               92883    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     603,000.00                     603,000.00   First Lien                                      0           734,269.00                   131,269.00                      -          845,000.00                    71.37               86.90   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503215603   SANTA ANA                                            92705    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     625,000.00                     625,000.00   First Lien                                      0           625,000.00                         0.00                      -          905,000.00                    69.07               69.07   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      2503215605   SAN CLEMENTE                                         92672    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     750,000.00                     750,000.00   First Lien                                      0           750,000.00                         0.00                      -        1,100,000.00                    68.19               68.19   No MI                     NO MI                        0                                    6.600             0.375       0.0325     0.000               0.4075
      2503215609   CULVER CITY                                          90066    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     680,000.00                     680,000.00   First Lien                                      0           807,500.00                   127,500.00                 850000              854000                    80.00               95.00   No MI                     NO MI                        0                                   5.9900            0.3750       0.0325    0.0000               0.4075
      2503215610   WHITTIER AREA                                        90604    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     452,000.00                     452,000.00   First Lien                                      0           507,000.00                    55,000.00                      -          565,000.00                    80.00               89.74   No MI                     NO MI                        0                                    6.190             0.375       0.0325     0.000               0.4075
      2503215646   SAN DIEGO                                            92127    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     875,000.00                     875,000.00   First Lien                                      0           875,000.00                         0.00                1465000             1250000                    70.00               70.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      2503215647   OCEANSIDE                                            92056    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     448,000.00                     448,000.00   First Lien                                      0           560,000.00                   112,000.00                      -          560,000.00                    80.00              100.00   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503215670   LOS ANGELES                                          90044    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     329,600.00                     329,600.00   First Lien                                      0           329,600.00                         0.00                      -          412,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.980             0.375       0.0325     0.000               0.4075
      2503215681   PEEKSKILL                                            10566    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     463,600.00                     463,600.00   First Lien                                      0           463,600.00                         0.00                 488000              488000                    95.00               95.00   PMI                       LPMI                        30                                  10.9900            0.3750       0.0325    1.5500               1.9575
      2503215702   UPPER MARLBORO                                       20774    MD                             20070401                 20220401   FIXED                   Yes                                             180                    360                          179                      80,000.00                      79,983.67   Second Lien                                300000           380,000.00                         0.00                      -          400,000.00                    95.00               95.00   No MI                     NO MI                        0                                   13.500             0.500       0.0325     0.000               0.5325
      2503215704   LOS ANGELES                                          91605    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     517,000.00                     517,000.00   First Lien                                      0           517,000.00                         0.00                      -          665,000.00                    77.75               77.75   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503215717   JAMAICA                                              11435    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     568,000.00                     568,000.00   First Lien                                      0           568,000.00                         0.00                 720000              710000                    80.00               80.00   No MI                     NO MI                        0                                   8.0000            0.3750       0.0325    0.0000               0.4075
      2503215728   MIRAMAR                                              33025    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     130,000.00                     130,000.00   First Lien                                      0           150,000.00                    20,000.00                      -          175,000.00                    74.29               85.72   No MI                     NO MI                        0                                    6.400             0.375       0.0325     0.000               0.4075
      2503215741   LA PUENTE                                            91744    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     388,000.00                     388,000.00   First Lien                                      0           485,000.00                    97,000.00                      -          485,000.00                    80.00              100.00   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503215757   SUN VALLEY                                           91352    CA                             20070501                 20220401   FIXED                   No                                              180                    180                          180                     150,000.00                     150,000.00   First Lien                                      0           150,000.00                         0.00                      -          625,000.00                    24.00               24.00   No MI                     NO MI                        0                                    5.990             0.250       0.0325     0.000               0.2825
      2503215800   CORONA                                               92880    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     504,000.00                     504,000.00   First Lien                                      0           504,000.00                         0.00                      -          631,000.00                    79.88               79.88   No MI                     NO MI                        0                                    6.150             0.250       0.0325     0.000               0.2825
      2503215823   GRAND JUNCTION                                       81506    CO                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     196,250.00                     196,250.00   First Lien                                      0           196,250.00                         0.00                      -          248,000.00                    79.14               79.14   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503215860   BOCA RATON                                           33433    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     194,750.00                     194,750.00   First Lien                                      0           194,750.00                         0.00                 205000              210000                    95.00               95.00   PMI                       BPMI                        30                                   7.9200            0.3750       0.0325    0.0000               0.4075
      2503215875   NAPLES                                               34109    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     272,000.00                     272,000.00   First Lien                                      0           272,000.00                         0.00                      -          320,000.00                    85.00               85.00   PMI                       LPMI                        22                                    6.525             0.375       0.0325     0.790               1.1975
      2503215878   NEW HAVEN                                            06511    CT                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     216,000.00                     216,000.00   First Lien                                      0           216,000.00                         0.00                      -          288,000.00                    75.00               75.00   No MI                     NO MI                        0                                    9.990             0.375       0.0325     0.000               0.4075
      2503215932   HIALEAH                                              33016    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     176,250.00                     176,250.00   First Lien                                      0           235,000.00                    58,750.00                 235000              235000                    75.00              100.00   No MI                     NO MI                        0                                   6.3650            0.3750       0.0325    0.0000               0.4075
      2503215971   LAKELAND                                             33813    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     201,600.00                     201,600.00   First Lien                                      0           201,600.00                         0.00                      -          224,000.00                    90.00               90.00   PMI                       LPMI                        25                                   11.025             0.375       0.0325     0.770               1.1775
      2503215974   BREA                                                 92823    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     622,975.00                     622,975.00   First Lien                                      0           622,975.00                         0.00                      -          890,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.300             0.250       0.0325     0.000               0.2825
      2503215977   LAYTON                                               84041    UT                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     151,125.00                     151,125.00   First Lien                                      0           151,125.00                         0.00                 201500              202000                    75.00               75.00   No MI                     NO MI                        0                                   6.2500            0.2500       0.0325    0.0000               0.2825
      2503215990   SAINT PETERSBURG                                     33710    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     205,000.00                     205,000.00   First Lien                                      0           205,000.00                         0.00                      -          260,000.00                    78.85               78.85   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      2503215996   SANTA ANA                                            92707    CA                             20070601                 20370401   FIXED                   Yes                                             360                    480                          360                     340,000.00                     340,000.00   First Lien                                      0           340,000.00                         0.00                      -          400,000.00                    85.00               85.00   PMI                       LPMI                        22                                    6.950             0.250       0.0325     0.890               1.1725
      2503215999   LOS ANGELES                                          90027    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     600,000.00                     600,000.00   First Lien                                      0           720,000.00                   120,000.00                 800000              820000                    75.00               90.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      2503216015   SAN BERNARDINO                                       92410    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     356,000.00                     356,000.00   First Lien                                      0           356,000.00                         0.00                      -          445,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.375             0.250       0.0325     0.000               0.2825
      2503216016   NORWALK                                              90650    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     440,000.00                     440,000.00   First Lien                                      0           440,000.00                         0.00                      -          551,000.00                    79.86               79.86   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503216018   HIALEAH                                              33012    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     114,750.00                     114,750.00   First Lien                                      0           137,700.00                    22,950.00                      -          153,000.00                    75.00               90.00   No MI                     NO MI                        0                                    6.520             0.375       0.0325     0.000               0.4075
      2503216019   SACRAMENTO                                           95822    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     169,875.00                     169,875.00   First Lien                                      0           203,850.00                    33,975.00                 226500              250000                    75.00               90.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      2503216076   LOS ANGELES                                          91345    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     322,000.00                     322,000.00   First Lien                                      0           322,000.00                         0.00                      -          529,000.00                    60.87               60.87   No MI                     NO MI                        0                                    5.875             0.250       0.0325     0.000               0.2825
      2503216088   ROCKLIN                                              95677    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     295,000.00                     295,000.00   First Lien                                      0           295,000.00                         0.00                      -          601,000.00                    49.09               49.09   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      2503216103   KEAAU                                                96749    HI                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     135,000.00                     135,000.00   First Lien                                      0           135,000.00                         0.00                      -          311,000.00                    43.41               43.41   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      2503216116   GLENDALE                                             85303    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     289,750.00                     289,750.00   First Lien                                      0           289,750.00                         0.00                      -          305,000.00                    95.00               95.00   PMI                       LPMI                        30                                    7.725             0.375       0.0325     0.770               1.1775
      2503216118   SOUTHFIELD                                           48075    MI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     106,550.00                     106,550.00   First Lien                                      0           106,550.00                         0.00                 133205              140000                    79.99               79.99   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      2503216127   BARSTOW                                              92311    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     218,500.00                     218,500.00   First Lien                                      0           218,500.00                         0.00                      -          230,000.00                    95.00               95.00   PMI                       LPMI                        30                                    7.990             0.375       0.0325     1.330               1.7375
      2503216135   SOUTHFIELD                                           48075    MI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     106,550.00                     106,550.00   First Lien                                      0           106,550.00                         0.00                 133205              140000                    79.99               79.99   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      2503216144   MURRIETA                                             92562    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     257,000.00                     257,000.00   First Lien                                      0           257,000.00                         0.00                      -          370,000.00                    69.46               69.46   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503216151   ELK GROVE                                            95757    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     465,500.00                     465,500.00   First Lien                                      0           465,500.00                         0.00                      -          490,000.00                    95.00               95.00   PMI                       LPMI                        30                                    9.700             0.375       0.0325     0.730               1.1375
      2503216153   CLOVIS                                               93611    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     145,000.00                     145,000.00   First Lien                                      0           145,000.00                         0.00                 295000              310000                    49.16               49.16   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      2503216174   SALINAS                                              93905    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     330,000.00                     330,000.00   First Lien                                      0           330,000.00                         0.00                      -          475,000.00                    69.48               69.48   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503216186   MURRIETA                                             92563    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     432,000.00                     432,000.00   First Lien                                      0           540,000.00                   108,000.00                 540000              595000                    80.00              100.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      2503216189   WATSONVILLE                                          95076    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     344,000.00                     344,000.00   First Lien                                      0           344,000.00                         0.00                      -          940,000.00                    36.60               36.60   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      2503216225   MARGATE                                              33068    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     159,600.00                     159,600.00   First Lien                                      0           193,375.00                    33,775.00                      -          228,000.00                    70.00               84.82   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      2503216230   VISALIA                                              93277    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     208,000.00                     208,000.00   First Lien                                      0           208,000.00                         0.00                      -          260,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503216251   MANTECA                                              95336    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     243,750.00                     243,750.00   First Lien                                      0           292,500.00                    48,750.00                      -          325,000.00                    75.00               90.00   No MI                     NO MI                        0                                    5.900             0.375       0.0325     0.000               0.4075
      2503216276   FEDERAL WAY                                          98003    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     206,250.00                     206,250.00   First Lien                                      0           261,250.00                    55,000.00                 275000              275000                    75.00               95.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      2503216279   RIVERVIEW                                            33569    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     242,000.00                     242,000.00   First Lien                                      0           242,000.00                         0.00                      -          285,000.00                    84.92               84.92   PMI                       LPMI                        22                                    6.550             0.250       0.0325     0.390               0.6725
      2503216287   YPSILANTI                                            48197    MI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     131,000.00                     131,000.00   First Lien                                      0           131,000.00                         0.00                      -          218,000.00                    60.10               60.10   No MI                     NO MI                        0                                    6.050             0.375       0.0325     0.000               0.4075
      2503216313   CAPTAIN COOK                                         96704    HI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     740,000.00                     740,000.00   First Lien                                      0           832,500.00                    92,500.00                 925000              925000                    80.00               90.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      2503216353   LOS ANGELES                                          90036    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     750,000.00                     750,000.00   First Lien                                      0           750,000.00                         0.00                      -        1,700,000.00                    44.12               44.12   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503216367   ALHAMBRA                                             91801    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     476,000.00                     476,000.00   First Lien                                      0           501,000.00                    25,000.00                 595000              610000                    80.00               84.21   No MI                     NO MI                        0                                   5.6300            0.3750       0.0325    0.0000               0.4075
      2503216388   PACOIMA                                              91331    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     335,000.00                     335,000.00   First Lien                                      0           335,000.00                         0.00                      -          505,000.00                    66.34               66.34   No MI                     NO MI                        0                                    6.200             0.375       0.0325     0.000               0.4075
      2503216397   WAIPAHU                                              96797    HI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     552,000.00                     552,000.00   First Lien                                      0           690,000.00                   138,000.00                      -          690,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      2503216413   WAIPAHU                                              96797    HI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     440,000.00                     440,000.00   First Lien                                      0           495,000.00                    55,000.00                 550000              550000                    80.00               90.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      2503216419   LAS VEGAS                                            89101    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     186,000.00                     186,000.00   First Lien                                      0           186,000.00                         0.00                      -          248,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.425             0.375       0.0325     0.000               0.4075
      2503216452   FREDERICKSBURG                                       22405    VA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     220,000.00                     220,000.00   First Lien                                      0           220,000.00                         0.00                      -          295,000.00                    74.58               74.58   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      2503216476   SKOKIE                                               60076    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     150,000.00                     150,000.00   First Lien                                      0           150,000.00                         0.00                      -          252,000.00                    59.53               59.53   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      2503216506   STOCKTON                                             95212    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     257,000.00                     257,000.00   First Lien                                      0           257,000.00                         0.00                      -          395,000.00                    65.07               65.07   No MI                     NO MI                        0                                    5.815             0.375       0.0325     0.000               0.4075
      2503216508   PORT HUENEME                                         93041    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     230,000.00                     230,000.00   First Lien                                      0           230,000.00                         0.00                      -          302,000.00                    76.16               76.16   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503216540   LA PUENTE                                            91744    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     242,000.00                     242,000.00   First Lien                                      0           242,000.00                         0.00                      -          420,000.00                    57.62               57.62   No MI                     NO MI                        0                                    6.280             0.250       0.0325     0.000               0.2825
      2503216543   OAK HILLS                                            92344    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     590,250.00                     590,250.00   First Lien                                      0           708,300.00                   118,050.00                      -          787,000.00                    75.00               90.00   No MI                     NO MI                        0                                    7.330             0.375       0.0325     0.000               0.4075
      2503216567   SIMI VALLEY                                          93065    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     278,000.00                     278,000.00   First Lien                                      0           278,000.00                         0.00                      -          503,000.00                    55.27               55.27   No MI                     NO MI                        0                                    6.100             0.375       0.0325     0.000               0.4075
      2503216569   LAKEWOOD                                             80232    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     206,200.00                     206,200.00   First Lien                                      0           206,200.00                         0.00                      -          275,000.00                    74.99               74.99   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      2503216571   HOMESTEAD                                            33032    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     210,000.00                     210,000.00   First Lien                                      0           280,000.00                    70,000.00                 280000              280000                    75.00              100.00   No MI                     NO MI                        0                                   6.5250            0.3750       0.0325    0.0000               0.4075
      2503216623   PORTLAND                                             97217    OR                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     301,750.00                     301,750.00   First Lien                                      0           301,750.00                         0.00                      -          355,000.00                    85.00               85.00   PMI                       LPMI                        22                                    5.875             0.375       0.0325     0.440               0.8475
      2503216625   SANTA ROSA                                           95409    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     600,000.00                     600,000.00   First Lien                                      0           600,000.00                         0.00                      -        1,000,000.00                    60.00               60.00   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      2503216651   GIG HARBOR                                           98335    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     481,950.00                     481,950.00   First Lien                                      0           481,950.00                         0.00                      -          567,000.00                    85.00               85.00   PMI                       LPMI                        22                                    6.575             0.375       0.0325     0.700               1.1075
      2503216655   WATSONVILLE                                          95076    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     703,000.00                     703,000.00   First Lien                                      0           703,000.00                         0.00                      -          950,000.00                    74.00               74.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503216705   SAN JOSE                                             95121    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     375,000.00                     375,000.00   First Lien                                      0           375,000.00                         0.00                      -          705,000.00                    53.20               53.20   No MI                     NO MI                        0                                    5.800             0.375       0.0325     0.000               0.4075
      2503216721   MORENO VALLEY                                        92553    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     358,500.00                     358,500.00   First Lien                                      0           358,500.00                         0.00                      -          385,000.00                    93.12               93.12   PMI                       LPMI                        30                                    6.475             0.375       0.0325     0.780               1.1875
      2503216724   DORAL                                                33178    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     286,900.00                     286,900.00   First Lien                                      0           286,900.00                         0.00                      -          390,000.00                    73.57               73.57   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503216725   MIAMI                                                33182    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     258,500.00                     258,500.00   First Lien                                      0           258,500.00                         0.00                      -          445,000.00                    58.09               58.09   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      2503216746   DENVER                                               80205    CO                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     185,250.00                     185,250.00   First Lien                                      0           185,250.00                         0.00                      -          195,000.00                    95.00               95.00   PMI                       LPMI                        30                                    7.575             0.375       0.0325     0.880               1.2875
      2503216748   LAS VEGAS                                            89107    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     174,400.00                     174,400.00   First Lien                                      0           174,400.00                         0.00                      -          218,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.030             0.375       0.0325     0.000               0.4075
      2503216756   SAN JOSE                                             95148    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     475,000.00                     475,000.00   First Lien                                      0           475,000.00                         0.00                      -          625,000.00                    76.00               76.00   No MI                     NO MI                        0                                    6.525             0.375       0.0325     0.000               0.4075
      2503216764   COSTA MESA                                           92627    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     885,000.00                     885,000.00   First Lien                                      0           885,000.00                         0.00                      -        1,180,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503216796   KAILUA-KONA                                          96740    HI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     486,000.00                     486,000.00   First Lien                                      0           486,000.00                         0.00                      -          540,000.00                    90.00               90.00   PMI                       LPMI                        25                                    7.990             0.375       0.0325     0.970               1.3775
      2503216804   HOLLYWOOD                                            33021    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     143,900.00                     143,900.00   First Lien                                      0           143,900.00                         0.00                 179900              180000                    79.99               79.99   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      2503216819   MARYSVILLE                                           95901    CA                             20070501                 20220401   FIXED                   No                                              180                    180                          180                     213,300.00                     213,300.00   First Lien                                      0           213,300.00                         0.00                      -          237,000.00                    90.00               90.00   PMI                       LPMI                        25                                    7.450             0.250       0.0325     0.670               0.9525
      2503216842   NEW HOPE                                             18938    PA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     392,000.00                     392,000.00   First Lien                                      0           392,000.00                         0.00                      -          560,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503216857   LA QUINTA                                            92253    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     481,500.00                     481,500.00   First Lien                                      0           481,500.00                         0.00                      -          535,000.00                    90.00               90.00   PMI                       LPMI                        25                                    6.750             0.375       0.0325     0.790               1.1975
      2503216885   BOTHELL                                              98021    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     459,200.00                     459,200.00   First Lien                                      0           459,200.00                         0.00                 574000              585000                    80.00               80.00   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      2503216910   TURLOCK                                              95382    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     227,250.00                     227,250.00   First Lien                                      0           227,250.00                         0.00                      -          303,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503216919   CITRUS HEIGHTS                                       95621    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     247,500.00                     247,500.00   First Lien                                      0           280,500.00                    33,000.00                      -          330,000.00                    75.00               85.00   No MI                     NO MI                        0                                    5.900             0.375       0.0325     0.000               0.4075
      2503216923   AREA OF GRANADA HILLS                                91344    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     165,000.00                     165,000.00   First Lien                                      0           165,000.00                         0.00                      -          461,000.00                    35.80               35.80   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503216944   SANTA ANA                                            92707    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     520,000.00                     520,000.00   First Lien                                      0           650,000.00                   130,000.00                      -          650,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.400             0.375       0.0325     0.000               0.4075
      2503216973   PALMDALE                                             93550    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     188,000.00                     188,000.00   First Lien                                      0           188,000.00                         0.00                      -          350,000.00                    53.72               53.72   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503217085   SACRAMENTO                                           95822    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     196,000.00                     196,000.00   First Lien                                      0           196,000.00                         0.00                      -          280,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      2503217112   GARDEN GROVE                                         92841    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                      -          700,000.00                    71.43               71.43   No MI                     NO MI                        0                                    5.600             0.375       0.0325     0.000               0.4075
      2503217164   CHANHASSEN                                           55317    MN                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     140,000.00                     140,000.00   First Lien                                      0           173,580.00                    33,580.00                      -          175,000.00                    80.00               99.19   No MI                     NO MI                        0                                    7.200             0.250       0.0325     0.000               0.2825
      2503217221   PACIFIC GROVE                                        93950    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     851,250.00                     851,250.00   First Lien                                      0         1,021,500.00                   170,250.00                      -        1,135,000.00                    75.00               90.00   No MI                     NO MI                        0                                    7.990             0.375       0.0325     0.000               0.4075
      2503217257   CASTROVILLE                                          95012    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     441,000.00                     441,000.00   First Lien                                      0           441,000.00                         0.00                      -          630,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.950             0.375       0.0325     0.000               0.4075
      2503217263   FRESNO                                               93727    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     227,500.00                     227,500.00   First Lien                                      0           227,500.00                         0.00                 242500              245000                    93.82               93.82   PMI                       LPMI                        30                                   6.6300            0.2500       0.0325    0.5400               0.8225
      2503217266   MIAMI                                                33165    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     240,000.00                     240,000.00   First Lien                                      0           320,000.00                    80,000.00                 320000              320000                    75.00              100.00   No MI                     NO MI                        0                                   6.4900            0.3750       0.0325    0.0000               0.4075
      2503217295   LOS ANGELES                                          90063    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     304,000.00                     304,000.00   First Lien                                      0           380,000.00                    76,000.00                 380000              380000                    80.00              100.00   No MI                     NO MI                        0                                   6.5500            0.3750       0.0325    0.0000               0.4075
      2503217306   ROSEMARY BEACH                                       32413    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     970,000.00                     970,000.00   First Lien                                      0           970,000.00                         0.00                      -        1,975,000.00                    49.12               49.12   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      2503217319   EWA BEACH                                            96706    HI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     336,000.00                     336,000.00   First Lien                                      0           420,000.00                    84,000.00                 420000              420000                    80.00              100.00   No MI                     NO MI                        0                                   6.3000            0.3750       0.0325    0.0000               0.4075
      2503217326   BROOKLYN                                             11208    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     499,500.00                     499,500.00   First Lien                                      0           499,500.00                         0.00                      -          555,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.250             0.375       0.0325     1.340               1.7475
      2503217347   ANAHEIM                                              92805    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     250,000.00                     250,000.00   First Lien                                      0           250,000.00                         0.00                      -          565,000.00                    44.25               44.25   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      2503217349   SCRANTON                                             18505    PA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     111,900.00                     111,900.00   First Lien                                      0           111,900.00                         0.00                 139900              145000                    79.99               79.99   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      2503217358   BOCA RATON                                           33431    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     417,000.00                     417,000.00   First Lien                                      0           417,000.00                         0.00                      -          950,000.00                    43.90               43.90   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      2503217360   CHICAGO                                              60611    IL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     133,000.00                     133,000.00   First Lien                                      0           133,000.00                         0.00                      -          190,000.00                    70.00               70.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      2503217361   ORLANDO                                              32811    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     161,900.00                     161,900.00   First Lien                                      0           161,900.00                         0.00                 179900              194000                    90.00               90.00   PMI                       LPMI                        25                                  10.9200            0.3750       0.0325    1.5400               1.9475
      2503217404   STAMFORD                                             06903    CT                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     627,500.00                     627,500.00   First Lien                                      0           627,500.00                         0.00                      -          815,000.00                    77.00               77.00   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503217415   LAS VEGAS                                            89101    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     176,000.00                     176,000.00   First Lien                                      0           220,000.00                    44,000.00                 220000              223000                    80.00              100.00   No MI                     NO MI                        0                                   6.6750            0.3750       0.0325    0.0000               0.4075
      2503217431   BALDWIN PARK                                         91706    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     241,500.00                     241,500.00   First Lien                                      0           345,000.00                   103,500.00                 345000              350000                    70.00              100.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      2503217443   CHICO                                                95973    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     373,500.00                     373,500.00   First Lien                                      0           415,000.00                    41,500.00                 415000              420000                    90.00              100.00   PMI                       LPMI                        25                                   6.7500            0.3750       0.0325    0.7200               1.1275
      2503217470   LAS VEGAS                                            89102    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     218,400.00                     218,400.00   First Lien                                      0           218,400.00                         0.00                      -          273,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.450             0.375       0.0325     0.000               0.4075
      2503217487   JACKSONVILLE                                         32209    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     159,100.00                     159,100.00   First Lien                                      0           179,100.00                    20,000.00                 199000              220000                    79.95               90.00   No MI                     NO MI                        0                                   8.7500            0.3750       0.0325    0.0000               0.4075
      2503217506   BEND                                                 97707    OR                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     210,000.00                     210,000.00   First Lien                                      0           253,000.00                    43,000.00                      -          300,000.00                    70.00               84.34   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503217515   RANCHO CUCAMONGA                                     91739    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     632,000.00                     632,000.00   First Lien                                      0           790,000.00                   158,000.00                 790000              790000                    80.00              100.00   No MI                     NO MI                        0                                   5.6250            0.3750       0.0325    0.0000               0.4075
      2503217527   ANTIOCH                                              94531    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     592,000.00                     592,000.00   First Lien                                      0           740,000.00                   148,000.00                 740000              740000                    80.00              100.00   No MI                     NO MI                        0                                   6.6950            0.3750       0.0325    0.0000               0.4075
      2503217556   LAMONT                                               93241    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     120,400.00                     120,400.00   First Lien                                      0           120,400.00                         0.00                      -          177,000.00                    68.03               68.03   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      2503217558   COMPTON AREA                                         90222    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     277,500.00                     277,500.00   First Lien                                      0           351,500.00                    74,000.00                 370000              370000                    75.00               95.00   No MI                     NO MI                        0                                   6.3630            0.3750       0.0325    0.0000               0.4075
      2503217562   LOS ANGELES                                          90059    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     312,000.00                     312,000.00   First Lien                                      0           312,000.00                         0.00                      -          500,000.00                    62.40               62.40   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503217578   LOS BANOS                                            93635    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     412,000.00                     412,000.00   First Lien                                      0           463,500.00                    51,500.00                      -          515,000.00                    80.00               90.00   No MI                     NO MI                        0                                    5.850             0.375       0.0325     0.000               0.4075
      2503217583   LA HABRA                                             90631    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     494,000.00                     494,000.00   First Lien                                      0           494,000.00                         0.00                      -          755,000.00                    65.44               65.44   No MI                     NO MI                        0                                    5.560             0.375       0.0325     0.000               0.4075
      2503217585   LOS ANGELES                                          90007    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     750,000.00                     750,000.00   First Lien                                      0           990,000.00                   240,000.00                      -        1,100,000.00                    68.19               90.00   No MI                     NO MI                        0                                    6.680             0.375       0.0325     0.000               0.4075
      2503217587   LOS ANGELES                                          90047    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     422,100.00                     422,100.00   First Lien                                      0           422,100.00                         0.00                 469000              469000                    90.00               90.00   PMI                       LPMI                        25                                   6.9900            0.3750       0.0325    0.5700               0.9775
      2503217616   TAMARAC                                              33321    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     193,500.00                     193,500.00   First Lien                                      0           193,500.00                         0.00                      -          215,000.00                    90.00               90.00   PMI                       LPMI                        25                                   11.990             0.375       0.0325     1.640               2.0475
      2503217628   SAINT ALBANS                                         11412    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     448,000.00                     448,000.00   First Lien                                      0           448,000.00                         0.00                 560000              565000                    80.00               80.00   No MI                     NO MI                        0                                   7.3300            0.3750       0.0325    0.0000               0.4075
      2503217638   ORLANDO                                              32811    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     116,150.00                     116,150.00   First Lien                                      0           139,350.00                    23,200.00                 154900              156500                    74.99               89.97   No MI                     NO MI                        0                                   7.1350            0.3750       0.0325    0.0000               0.4075
      2503217655   HOLLYWOOD                                            33021    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     346,750.00                     346,750.00   First Lien                                      0           346,750.00                         0.00                      -          365,000.00                    95.00               95.00   PMI                       LPMI                        30                                    9.430             0.375       0.0325     0.880               1.2875
      2503217663   MORENO VALLEY                                        92555    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     410,000.00                     410,000.00   First Lien                                      0           410,000.00                         0.00                      -          460,000.00                    89.14               89.14   PMI                       LPMI                        25                                    7.440             0.375       0.0325     0.670               1.0775
      2503217692   MIAMI                                                33196    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     285,000.00                     285,000.00   First Lien                                      0           380,000.00                    95,000.00                 380000              380000                    75.00              100.00   No MI                     NO MI                        0                                   6.5250            0.3750       0.0325    0.0000               0.4075
      2503217702   CORONA                                               92882    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     275,000.00                     275,000.00   First Lien                                      0           275,000.00                         0.00                      -          468,000.00                    58.77               58.77   No MI                     NO MI                        0                                    5.625             0.375       0.0325     0.000               0.4075
      2503217724   MIAMI                                                33175    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     731,250.00                     731,250.00   First Lien                                      0           975,000.00                   243,750.00                 975000              975000                    75.00              100.00   No MI                     NO MI                        0                                   6.2400            0.3750       0.0325    0.0000               0.4075
      2503217748   ORLANDO                                              32811    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     194,900.00                     194,900.00   First Lien                                      0           233,850.00                    38,950.00                 259900              259900                    75.00               89.98   No MI                     NO MI                        0                                   7.0300            0.3750       0.0325    0.0000               0.4075
      2503217755   ELMHURST                                             11373    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     315,000.00                     315,000.00   First Lien                                      0           315,000.00                         0.00                      -          550,000.00                    57.28               57.28   No MI                     NO MI                        0                                    6.850             0.375       0.0325     0.000               0.4075
      2503217775   BRANDON                                              39047    MS                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     135,750.00                     135,750.00   First Lien                                      0           171,950.00                    36,200.00                 181000              181000                    75.00               95.00   No MI                     NO MI                        0                                   6.6250            0.3750       0.0325    0.0000               0.4075
      2503217802   WEST HOLLYWOOD                                       90069    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     680,000.00                     680,000.00   First Lien                                      0           830,000.00                   150,000.00                      -          850,000.00                    80.00               97.65   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      2503217817   GILBERT                                              85296    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     448,000.00                     448,000.00   First Lien                                      0           560,000.00                   112,000.00                      -          560,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      2503217839   CHICAGO                                              60714    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     333,000.00                     333,000.00   First Lien                                      0           333,000.00                         0.00                      -          420,000.00                    79.29               79.29   No MI                     NO MI                        0                                    7.599             0.375       0.0325     0.000               0.4075
      2503217853   LA PALMA                                             90623    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     521,250.00                     521,250.00   First Lien                                      0           695,000.00                   173,750.00                 695000              705000                    75.00              100.00   No MI                     NO MI                        0                                   6.5250            0.3750       0.0325    0.0000               0.4075
      2503217881   COCONUT CREEK                                        33066    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     200,000.00                     200,000.00   First Lien                                      0           225,000.00                    25,000.00                      -          250,000.00                    80.00               90.00   No MI                     NO MI                        0                                    6.600             0.375       0.0325     0.000               0.4075
      2503217894   ANTIOCH                                              94531    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     343,300.00                     343,300.00   First Lien                                      0           429,125.00                    85,825.00                 429125              460000                    80.00              100.00   No MI                     NO MI                        0                                   6.4500            0.3750       0.0325    0.0000               0.4075
      2503217955   SAN JOSE                                             95122    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     313,600.00                     313,600.00   First Lien                                      0           372,400.00                    58,800.00                      -          392,000.00                    80.00               95.00   No MI                     NO MI                        0                                    6.800             0.375       0.0325     0.000               0.4075
      2503217979   BRENTWOOD                                            11717    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     373,100.00                     373,100.00   First Lien                                      0           466,380.00                    93,280.00                 466400              467000                    80.00              100.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      2503218041   SALINAS                                              93906    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     483,960.00                     483,960.00   First Lien                                      0           604,950.00                   120,990.00                 604950              610000                    80.00              100.00   No MI                     NO MI                        0                                   5.7500            0.3750       0.0325    0.0000               0.4075
      2503218099   CHICAGO                                              60611    IL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     151,500.00                     151,500.00   First Lien                                      0           151,500.00                         0.00                      -          220,000.00                    68.87               68.87   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      2503218101   SANTA MARIA                                          93455    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     474,000.00                     474,000.00   First Lien                                      0           474,000.00                         0.00                      -          550,000.00                    86.19               86.19   PMI                       LPMI                        25                                    6.750             0.250       0.0325     0.610               0.8925
      2503218107   LOS ANGELES                                          90063    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     378,000.00                     378,000.00   First Lien                                      0           513,000.00                   135,000.00                 540000              540000                    70.00               95.00   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      2503218154   DEERFIELD BEACH                                      33064    FL                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     125,000.00                     125,000.00   First Lien                                      0           125,000.00                         0.00                      -          250,000.00                    50.00               50.00   No MI                     NO MI                        0                                    6.950             0.250       0.0325     0.000               0.2825
      2503218214   HOMESTEAD                                            33033    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     279,000.00                     279,000.00   First Lien                                      0           279,000.00                         0.00                 310000              310000                    90.00               90.00   PMI                       LPMI                        25                                   8.7900            0.3750       0.0325    1.1400               1.5475
      2503218232   BURBANK                                              91501    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     520,000.00                     520,000.00   First Lien                                      0           650,000.00                   130,000.00                 650000              660000                    80.00              100.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      2503218287   TURLOCK                                              95382    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     281,000.00                     281,000.00   First Lien                                      0           281,000.00                         0.00                      -          375,000.00                    74.94               74.94   No MI                     NO MI                        0                                    6.238             0.375       0.0325     0.000               0.4075
      2503218313   LOS ANGELES                                          90068    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     715,000.00                     715,000.00   First Lien                                      0           915,000.00                   200,000.00                      -        1,145,000.00                    62.45               79.92   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503218341   LAS VEGAS                                            89123    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     144,000.00                     144,000.00   First Lien                                      0           144,000.00                         0.00                 180000              185000                    80.00               80.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      2503218361   LOS ANGELES                                          90002    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     280,000.00                     280,000.00   First Lien                                      0           280,000.00                         0.00                      -          350,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      2503218363   SPRINGFIELD                                          22153    VA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     307,500.00                     307,500.00   First Lien                                      0           307,500.00                         0.00                      -          410,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503218378   BELLEVUE                                             98006    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                      -          850,000.00                    58.83               58.83   No MI                     NO MI                        0                                    5.550             0.375       0.0325     0.000               0.4075
      2503218381   TAFT                                                 93268    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     186,000.00                     186,000.00   First Lien                                      0           186,000.00                         0.00                      -          235,000.00                    79.15               79.15   No MI                     NO MI                        0                                    8.088             0.375       0.0325     0.000               0.4075
      2503218384   BEAR                                                 19701    DE                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     252,000.00                     252,000.00   First Lien                                      0           252,000.00                         0.00                      -          315,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.620             0.375       0.0325     0.000               0.4075
      2503218401   LAS VEGAS                                            89101    NV                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     214,400.00                     214,400.00   First Lien                                      0           214,400.00                         0.00                      -          268,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.381             0.250       0.0325     0.000               0.2825
      2503218406   GARDENA                                              90247    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     516,000.00                     516,000.00   First Lien                                      0           516,000.00                         0.00                      -          650,000.00                    79.39               79.39   No MI                     NO MI                        0                                    6.800             0.250       0.0325     0.000               0.2825
      2503218427   BRONX                                                10466    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     342,000.00                     342,000.00   First Lien                                      0           342,000.00                         0.00                 360000              360000                    95.00               95.00   PMI                       BPMI                        30                                   8.5000            0.3750       0.0325    0.0000               0.4075
      2503218453   LANCASTER                                            93535    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     283,500.00                     283,500.00   First Lien                                      0           283,500.00                         0.00                      -          315,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.700             0.375       0.0325     1.140               1.5475
      2503218457   SEATTLE                                              98103    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     307,000.00                     307,000.00   First Lien                                      0           307,000.00                         0.00                      -          410,000.00                    74.88               74.88   No MI                     NO MI                        0                                    6.733             0.375       0.0325     0.000               0.4075
      2503218479   HALLANDALE                                           33009    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     413,250.00                     413,250.00   First Lien                                      0           413,250.00                         0.00                 435000              435000                    95.00               95.00   PMI                       LPMI                        30                                   8.9800            0.3750       0.0325    1.6600               2.0675
      2503218501   (TUJUNGA AREA) LOS ANGELE                            91042    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     585,000.00                     585,000.00   First Lien                                      0           585,000.00                         0.00                      -        1,100,000.00                    53.19               53.19   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503218507   VALRICO                                              33594    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     189,000.00                     189,000.00   First Lien                                      0           189,000.00                         0.00                 210000              210000                    90.00               90.00   PMI                       LPMI                        25                                   9.8400            0.3750       0.0325    0.7700               1.1775
      2503218525   INGLEWOOD                                            90303    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     496,000.00                     496,000.00   First Lien                                      0           496,000.00                         0.00                      -          620,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503218562   TALLAHASSEE                                          32304    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      99,250.00                      99,250.00   First Lien                                      0           119,250.00                    20,000.00                 132500              137500                    74.91               90.00   No MI                     NO MI                        0                                   6.4750            0.3750       0.0325    0.0000               0.4075
      2503218567   WATSONVILLE                                          95076    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     544,000.00                     544,000.00   First Lien                                      0           544,000.00                         0.00                      -          680,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503218569   MIAMI                                                33145    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     405,500.00                     405,500.00   First Lien                                      0           405,500.00                         0.00                      -          525,000.00                    77.24               77.24   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      2503218589   MIRA LOMA                                            91752    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     480,000.00                     480,000.00   First Lien                                      0           540,000.00                    60,000.00                      -          605,000.00                    79.34               89.26   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503218603   LOS ANGELES                                          90003    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     460,000.00                     460,000.00   First Lien                                      0           460,000.00                         0.00                      -          575,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503218619   JUPITER                                              33458    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     123,200.00                     123,200.00   First Lien                                      0           123,200.00                         0.00                      -          154,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.000             0.250       0.0325     0.000               0.2825
      2503218632   REDWOOD CITY                                         94061    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     689,000.00                     689,000.00   First Lien                                      0           786,000.00                    97,000.00                      -        1,063,000.00                    64.82               73.95   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503218639   SAN FERNANDO                                         91340    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     477,500.00                     477,500.00   First Lien                                      0           477,500.00                         0.00                      -          650,000.00                    73.47               73.47   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503218640   SAN JOSE                                             95123    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     253,500.00                     253,500.00   First Lien                                      0           253,500.00                         0.00                      -          372,000.00                    68.15               68.15   No MI                     NO MI                        0                                    5.650             0.375       0.0325     0.000               0.4075
      2503218647   TORRINGTON                                           06790    CT                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     178,500.00                     178,500.00   First Lien                                      0           178,500.00                         0.00                      -          230,000.00                    77.61               77.61   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503218653   BIG BEAR CITY                                        92314    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     310,500.00                     310,500.00   First Lien                                      0           310,500.00                         0.00                      -          345,000.00                    90.00               90.00   PMI                       LPMI                        25                                   11.720             0.375       0.0325     1.440               1.8475
      2503218665   WANTAGE                                              07461    NJ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     270,900.00                     270,900.00   First Lien                                      0           270,900.00                         0.00                      -          301,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.700             0.375       0.0325     1.710               2.1175
      2503218742   LAKE WALES                                           33859    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     417,000.00                     417,000.00   First Lien                                      0           417,000.00                         0.00                      -          630,000.00                    66.20               66.20   No MI                     NO MI                        0                                    6.444             0.375       0.0325     0.000               0.4075
      2503218759   BAKERSFIELD AREA                                     93305    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     202,500.00                     202,500.00   First Lien                                      0           202,500.00                         0.00                      -          270,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      2503218765   BEAUMONT                                             92223    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     270,000.00                     270,000.00   First Lien                                      0           270,000.00                         0.00                      -          360,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      2503218771   STOCKTON                                             95206    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     460,000.00                     460,000.00   First Lien                                      0           575,000.00                   115,000.00                 575000              575000                    80.00              100.00   No MI                     NO MI                        0                                   7.6350            0.3750       0.0325    0.0000               0.4075
      2503218776   CAMERON PARK                                         95682    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     305,000.00                     305,000.00   First Lien                                      0           305,000.00                         0.00                      -          385,000.00                    79.23               79.23   No MI                     NO MI                        0                                    7.000             0.250       0.0325     0.000               0.2825
      2503218814   TULARE                                               93274    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     144,000.00                     144,000.00   First Lien                                      0           144,000.00                         0.00                      -          180,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      2503218824   LONG BEACH                                           90802    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     200,000.00                     200,000.00   First Lien                                      0           200,000.00                         0.00                 515000              515000                    38.84               38.84   No MI                     NO MI                        0                                   6.1400            0.2500       0.0325    0.0000               0.2825
      2503218837   MIDDLE VILLAGE                                       11379    NY                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     150,000.00                     150,000.00   First Lien                                      0           150,000.00                         0.00                 505000              525000                    29.71               29.71   No MI                     NO MI                        0                                   6.9900            0.2500       0.0325    0.0000               0.2825
      2503218889   RANCHO SANTA MARGARITA                               92688    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     516,000.00                     516,000.00   First Lien                                      0           618,591.00                   102,591.00                      -          645,000.00                    80.00               95.91   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      2503218898   MILPITAS                                             95035    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     295,000.00                     295,000.00   First Lien                                      0           295,000.00                         0.00                      -          640,000.00                    46.10               46.10   No MI                     NO MI                        0                                    5.825             0.375       0.0325     0.000               0.4075
      2503218911   SACRAMENTO                                           95823    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     256,000.00                     256,000.00   First Lien                                      0           306,000.00                    50,000.00                      -          325,000.00                    78.77               94.16   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      2503218923   BROOKLYN                                             11236    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     457,920.00                     457,920.00   First Lien                                      0           572,400.00                   114,480.00                 572400              585000                    80.00              100.00   No MI                     NO MI                        0                                   7.0400            0.3750       0.0325    0.0000               0.4075
      2503218940   TAMPA                                                33634    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     160,000.00                     160,000.00   First Lien                                      0           160,000.00                         0.00                      -          200,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      2503218963   EWA BEACH                                            96706    HI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     291,000.00                     291,000.00   First Lien                                      0           291,000.00                         0.00                      -          418,000.00                    69.62               69.62   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      2503218969   RIVERSIDE                                            92503    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                      -          725,000.00                    68.97               68.97   No MI                     NO MI                        0                                    6.450             0.375       0.0325     0.000               0.4075
      2503218970   AZUSA                                                91702    CA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     456,000.00                     456,000.00   First Lien                                      0           456,000.00                         0.00                      -          480,000.00                    95.00               95.00   PMI                       LPMI                        30                                    6.999             0.375       0.0325     0.890               1.2975
      2503218980   BIG BEAR CITY AREA                                   92314    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     156,100.00                     156,100.00   First Lien                                      0           156,100.00                         0.00                      -          223,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.995             0.375       0.0325     0.000               0.4075
      2503219012   HANFORD                                              93230    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     192,000.00                     192,000.00   First Lien                                      0           192,000.00                         0.00                      -          240,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      2503219017   HANFORD                                              93230    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     192,000.00                     192,000.00   First Lien                                      0           192,000.00                         0.00                      -          240,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      2503219020   MESA                                                 85210    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     164,000.00                     164,000.00   First Lien                                      0           164,000.00                         0.00                      -          205,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      2503219037   REDMOND                                              98053    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     451,000.00                     451,000.00   First Lien                                      0           451,000.00                         0.00                      -        1,000,000.00                    45.10               45.10   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      2503219081   JACKSONVILLE                                         32225    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     172,800.00                     172,800.00   First Lien                                      0           172,800.00                         0.00                 216000              216000                    80.00               80.00   No MI                     NO MI                        0                                   5.9900            0.3750       0.0325    0.0000               0.4075
      2503219085   POMONA                                               91767    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     442,500.00                     442,500.00   First Lien                                      0           530,500.00                    88,000.00                      -          590,000.00                    75.00               89.92   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503219091   FORT LAUDERDALE                                      33311    FL                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     170,000.00                     170,000.00   First Lien                                      0           170,000.00                         0.00                      -          355,000.00                    47.89               47.89   No MI                     NO MI                        0                                    7.375             0.250       0.0325     0.000               0.2825
      2503219116   CEDAR PINES PARK                                     92322    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      94,500.00                      94,500.00   First Lien                                      0            94,500.00                         0.00                 105000              155000                    90.00               90.00   PMI                       LPMI                        25                                  10.6250            0.3750       0.0325    1.0400               1.4475
      2503219122   LOS ANGELES                                          90039    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     600,000.00                     600,000.00   First Lien                                      0           720,000.00                   120,000.00                      -          800,000.00                    75.00               90.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      2503219125   FULLERTON                                            92832    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     454,000.00                     454,000.00   First Lien                                      0           454,000.00                         0.00                      -          660,000.00                    68.79               68.79   No MI                     NO MI                        0                                    6.200             0.375       0.0325     0.000               0.4075
      2503219128   MORENO VALLEY                                        92553    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     205,000.00                     205,000.00   First Lien                                      0           205,000.00                         0.00                      -          400,000.00                    51.25               51.25   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503219135   RIVERSIDE                                            92504    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     214,400.00                     214,400.00   First Lien                                      0           214,400.00                         0.00                      -          390,000.00                    54.98               54.98   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      2503219163   NEW LENOX                                            60451    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     205,200.00                     205,200.00   First Lien                                      0           205,200.00                         0.00                 216000              235000                    95.00               95.00   PMI                       BPMI                        30                                   8.5000            0.3750       0.0325    0.0000               0.4075
      2503219166   PALM BAY                                             32907    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      70,000.00                      70,000.00   First Lien                                      0            70,000.00                         0.00                      -          228,000.00                    30.71               30.71   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503219270   ORLANDO                                              32839    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     135,900.00                     135,900.00   First Lien                                      0           135,900.00                         0.00                 169900              174300                    79.99               79.99   No MI                     NO MI                        0                                   8.3500            0.3750       0.0325    0.0000               0.4075
      2503219272   BALDWIN PARK                                         91706    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     495,000.00                     495,000.00   First Lien                                      0           495,000.00                         0.00                      -          550,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.250             0.375       0.0325     0.870               1.2775
      2503219294   BANNING                                              92220    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     185,500.00                     185,500.00   First Lien                                      0           185,500.00                         0.00                      -          265,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.350             0.375       0.0325     0.000               0.4075
      2503219297   OXNARD                                               93035    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     562,500.00                     562,500.00   First Lien                                      0           562,500.00                         0.00                      -          750,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503219299   LA MIRADA                                            90638    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     364,000.00                     364,000.00   First Lien                                      0           364,000.00                         0.00                      -          575,000.00                    63.31               63.31   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      2503219311   AREA OF UPLAND                                       91784    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     424,800.00                     424,800.00   First Lien                                      0           467,280.00                    42,480.00                      -          531,000.00                    80.00               88.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503219312   NORTH LAS VEGAS                                      89031    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     130,000.00                     130,000.00   First Lien                                      0           130,000.00                         0.00                      -          256,000.00                    50.79               50.79   No MI                     NO MI                        0                                    6.513             0.375       0.0325     0.000               0.4075
      2503219341   KAILUA KONA                                          96740    HI                             20070501                 20370401   FIXED                   Yes                                             360                    480                          360                     517,650.00                     517,650.00   First Lien                                      0           517,650.00                         0.00                      -          609,000.00                    85.00               85.00   PMI                       LPMI                        22                                    6.875             0.250       0.0325     0.780               1.0625
      2503219349   WAIPAHU                                              96797    HI                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     455,000.00                     455,000.00   First Lien                                      0           455,000.00                         0.00                      -          775,000.00                    58.71               58.71   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503219364   BROOKLYN                                             11228    NY                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     533,000.00                     533,000.00   First Lien                                      0           533,000.00                         0.00                      -          765,000.00                    69.68               69.68   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      2503219375   ORLANDO                                              32811    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     193,850.00                     193,850.00   First Lien                                      0           232,600.00                    38,750.00                 258500              258500                    75.00               89.99   No MI                     NO MI                        0                                   7.2000            0.3750       0.0325    0.0000               0.4075
      2503219397   NAVARRE                                              32566    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     110,250.00                     110,250.00   First Lien                                      0           110,250.00                         0.00                      -          147,000.00                    75.00               75.00   No MI                     NO MI                        0                                    8.150             0.375       0.0325     0.000               0.4075
      2503219400   FREEDOM                                              95019    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     420,000.00                     420,000.00   First Lien                                      0           420,000.00                         0.00                      -          675,000.00                    62.23               62.23   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503219451   SANTA CLARITA                                        91354    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     600,000.00                     600,000.00   First Lien                                      0           720,000.00                   120,000.00                 800000              865000                    75.00               90.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      2503219464   PEPEEKEO                                             96783    HI                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     219,200.00                     219,200.00   First Lien                                      0           219,200.00                         0.00                      -          274,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.250       0.0325     0.000               0.2825
      2503219468   SANFORD                                              32771    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     260,250.00                     260,250.00   First Lien                                      0           312,300.00                    52,050.00                      -          347,000.00                    75.00               90.00   No MI                     NO MI                        0                                    7.430             0.250       0.0325     0.000               0.2825
      2503219475   BLOOMFIELD                                           07003    NJ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     300,250.00                     300,250.00   First Lien                                      0           300,250.00                         0.00                      -          320,000.00                    93.83               93.83   PMI                       LPMI                        30                                    9.963             0.375       0.0325     2.000               2.4075
      2503219477   DETROIT                                              48206    MI                             20070601                 20370501   ARMS                    No                                              360                    360                          360                      90,000.00                      90,000.00   First Lien                                      0            90,000.00                         0.00                      -          120,000.00                    75.00               75.00   No MI                     NO MI                        0                                    9.990             0.375       0.0325     0.000               0.4075
      2503219509   MORA                                                 55051    MN                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     130,000.00                     130,000.00   First Lien                                      0           130,000.00                         0.00                      -          153,000.00                    84.97               84.97   PMI                       LPMI                        22                                    7.500             0.375       0.0325     0.540               0.9475
      2503219522   FAIFIELD                                             06825    CT                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     476,000.00                     476,000.00   First Lien                                      0           476,000.00                         0.00                      -          560,000.00                    85.00               85.00   PMI                       LPMI                        22                                    7.990             0.375       0.0325     0.740               1.1475
      2503219530   ORANGE PARK                                          32073    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     104,800.00                     104,800.00   First Lien                                      0           104,800.00                         0.00                      -          131,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.950             0.375       0.0325     0.000               0.4075
      2503219538   ORLANDO                                              32811    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     158,650.00                     158,650.00   First Lien                                      0           158,650.00                         0.00                 167000              167000                    95.00               95.00   PMI                       LPMI                        30                                   9.7200            0.3750       0.0325    1.3600               1.7675
      2503219541   LAS VEGAS                                            89147    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     511,000.00                     511,000.00   First Lien                                      0           511,000.00                         0.00                      -          730,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      2503219548   STUDIO CITY AREA                                     91604    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     885,000.00                     885,000.00   First Lien                                      0           885,000.00                         0.00                1180000             1180000                    75.00               75.00   No MI                     NO MI                        0                                   6.2500            0.3750       0.0325    0.0000               0.4075
      2503219551   LOS ANGELES                                          90068    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     370,000.00                     370,000.00   First Lien                                      0           370,000.00                         0.00                      -        1,079,381.00                    34.28               34.28   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503219562   LOS ANGELES                                          90068    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     438,000.00                     438,000.00   First Lien                                      0           438,000.00                         0.00                      -        1,070,000.00                    40.94               40.94   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503219596   BROOKFIELD                                           06804    CT                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     432,250.00                     432,250.00   First Lien                                      0           432,250.00                         0.00                      -          455,000.00                    95.00               95.00   PMI                       LPMI                        30                                    7.800             0.375       0.0325     1.100               1.5075
      2503219602   CORONA                                               92883    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     400,000.00                     400,000.00   First Lien                                      0           400,000.00                         0.00                      -          475,000.00                    84.22               84.22   PMI                       LPMI                        22                                    7.900             0.375       0.0325     1.030               1.4375
      2503219607   PORT ST LUCIE                                        34953    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     269,100.00                     269,100.00   First Lien                                      0           269,100.00                         0.00                 299000              300000                    90.00               90.00   PMI                       LPMI                        25                                   8.7500            0.3750       0.0325    0.8200               1.2275
      2503219614   LONG BEACH                                           90806    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     573,750.00                     573,750.00   First Lien                                      0           573,750.00                         0.00                      -          765,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      2503219617   SAN MARCOS                                           92069    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     260,000.00                     260,000.00   First Lien                                      0           260,000.00                         0.00                 390000              395000                    66.67               66.67   No MI                     NO MI                        0                                   5.8880            0.3750       0.0325    0.0000               0.4075
      2503219619   GENEVA                                               60134    IL                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     305,800.00                     305,800.00   First Lien                                      0           305,800.00                         0.00                      -          410,000.00                    74.59               74.59   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      2503219626   SACRAMENTO                                           95842    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     319,000.00                     319,000.00   First Lien                                      0           319,000.00                         0.00                      -          345,000.00                    92.47               92.47   PMI                       LPMI                        30                                    6.650             0.375       0.0325     0.580               0.9875
      2503219644   RANCHO CORDOVA                                       95670    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     240,350.00                     240,350.00   First Lien                                      0           240,350.00                         0.00                      -          253,000.00                    95.00               95.00   PMI                       LPMI                        30                                    7.500             0.375       0.0325     0.580               0.9875
      2503219658   SAN PABLO                                            94806    CA                             20070601                 20370401   FIXED                   Yes                                             360                    480                          360                     327,000.00                     327,000.00   First Lien                                      0           327,000.00                         0.00                      -          555,000.00                    58.92               58.92   No MI                     NO MI                        0                                    5.500             0.250       0.0325     0.000               0.2825
      2503219707   EWA BEACH                                            96706    HI                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     510,000.00                     510,000.00   First Lien                                      0           510,000.00                         0.00                      -          600,000.00                    85.00               85.00   PMI                       LPMI                        22                                    9.025             0.375       0.0325     0.880               1.2875
      2503219711   BRADENTON                                            34203    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     185,300.00                     185,300.00   First Lien                                      0           185,300.00                         0.00                      -          218,000.00                    85.00               85.00   PMI                       LPMI                        22                                    7.125             0.375       0.0325     0.930               1.3375
      2503219715   MILFORD                                              06461    CT                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                 560000              500000                   100.00              100.00   PMI                       LPMI                        35                                   8.3500            0.3750       0.0325    1.2900               1.6975
      2503219719   MIAMI                                                33142    FL                             20070501                 20370401   FIXED                   No                                              360                    360                          360                      90,000.00                      90,000.00   First Lien                                      0            90,000.00                         0.00                      -          190,000.00                    47.37               47.37   No MI                     NO MI                        0                                    6.160             0.250       0.0325     0.000               0.2825
      2503219720   KULA                                                 96790    HI                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     523,000.00                     523,000.00   First Lien                                      0           523,000.00                         0.00                      -        1,230,000.00                    42.53               42.53   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      2503219756   SAINT PETERSBURG                                     33707    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     600,000.00                     600,000.00   First Lien                                      0           600,000.00                         0.00                      -        1,100,000.00                    54.55               54.55   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      2503219770   SALINAS                                              93906    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     530,000.00                     530,000.00   First Lien                                      0           530,000.00                         0.00                      -          730,000.00                    72.61               72.61   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503219771   CLOVIS                                               93612    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     120,800.00                     120,800.00   First Lien                                      0           120,800.00                         0.00                      -          240,000.00                    50.34               50.34   No MI                     NO MI                        0                                    6.975             0.375       0.0325     0.000               0.4075
      2503219785   MENDOTA                                              93640    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     108,000.00                     108,000.00   First Lien                                      0           108,000.00                         0.00                      -          225,000.00                    48.00               48.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503219788   SINGER ISLAND                                        33404    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     352,500.00                     352,500.00   First Lien                                      0           352,500.00                         0.00                 470000              470000                    75.00               75.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      2503219789   SINGER ISLAND                                        33404    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     483,750.00                     483,750.00   First Lien                                      0           483,750.00                         0.00                 645000              650000                    75.00               75.00   No MI                     NO MI                        0                                   6.8500            0.3750       0.0325    0.0000               0.4075
      2503219790   LAS VEGAS                                            89123    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     288,000.00                     288,000.00   First Lien                                      0           360,000.00                    72,000.00                      -          360,000.00                    80.00              100.00   No MI                     NO MI                        0                                    7.715             0.375       0.0325     0.000               0.4075
      2503219798   THOUSAND OAKS (WESTLAKE V                            91362    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     720,000.00                     720,000.00   First Lien                                      0           810,000.00                    90,000.00                 900000              930000                    80.00               90.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      2503219806   GLENDORA                                             91741    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     470,000.00                     470,000.00   First Lien                                      0           470,000.00                         0.00                      -          785,000.00                    59.88               59.88   No MI                     NO MI                        0                                    6.000             0.250       0.0325     0.000               0.2825
      2503219811   ANAHEIM                                              92804    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     548,000.00                     548,000.00   First Lien                                      0           548,000.00                         0.00                      -          685,000.00                    80.00               80.00   No MI                     NO MI                        0                                    5.890             0.375       0.0325     0.000               0.4075
      2503219814   STOCKTON                                             95206    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     288,000.00                     288,000.00   First Lien                                      0           288,000.00                         0.00                      -          360,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.850             0.375       0.0325     0.000               0.4075
      2503219824   PALM BAY                                             32908    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     150,200.00                     150,200.00   First Lien                                      0           180,200.00                    30,000.00                 200300              207000                    74.99               89.97   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      2503219825   CENTRAL POINT                                        97502    OR                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     373,500.00                     373,500.00   First Lien                                      0           415,000.00                    41,500.00                 415000              415000                    90.00              100.00   PMI                       LPMI                        25                                   8.5990            0.3750       0.0325    0.8900               1.2975
      2503219843   OAKLAND PARK                                         33309    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     185,000.00                     185,000.00   First Lien                                      0           185,000.00                         0.00                      -          265,000.00                    69.82               69.82   No MI                     NO MI                        0                                    6.325             0.375       0.0325     0.000               0.4075
      2503219845   KAILUA-KONA                                          96740    HI                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     390,000.00                     390,000.00   First Lien                                      0           390,000.00                         0.00                      -          525,000.00                    74.29               74.29   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503219848   SAN DIEGO                                            92104    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     700,000.00                     700,000.00   First Lien                                      0           700,000.00                         0.00                      -          940,000.00                    74.47               74.47   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      2503219850   KEAAU                                                96749    HI                             20070501                 20370401   FIXED                   Yes                                             360                    480                          360                     207,200.00                     207,200.00   First Lien                                      0           207,200.00                         0.00                      -          259,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503219851   WEST PALM BEACH                                      33412    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     251,250.00                     251,250.00   First Lien                                      0           318,250.00                    67,000.00                 335000              360000                    75.00               95.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      2503219857   LA QUINTA                                            92253    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     255,000.00                     255,000.00   First Lien                                      0           255,000.00                         0.00                      -          340,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      2503219859   WALDORF                                              20603    MD                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     360,000.00                     360,000.00   First Lien                                      0           360,000.00                         0.00                      -          450,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.300             0.375       0.0325     0.000               0.4075
      2503219861   NORFOLK                                              23509    VA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     134,400.00                     134,400.00   First Lien                                      0           134,400.00                         0.00                 168000              168500                    80.00               80.00   No MI                     NO MI                        0                                   8.7200            0.3750       0.0325    0.0000               0.4075
      2503219866   CARMEL                                               93923    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     950,000.00                     950,000.00   First Lien                                      0           950,000.00                         0.00                      -        1,750,000.00                    54.29               54.29   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503219870   CHICAGO                                              60636    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     243,000.00                     243,000.00   First Lien                                      0           243,000.00                         0.00                      -          270,000.00                    90.00               90.00   PMI                       LPMI                        25                                    7.990             0.375       0.0325     1.260               1.6675
      2503219904   HACKENSACK                                           07601    NJ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     318,750.00                     318,750.00   First Lien                                      0           382,457.00                    63,707.00                      -          425,000.00                    75.00               89.99   No MI                     NO MI                        0                                    7.700             0.375       0.0325     0.000               0.4075
      2503219907   COCOA                                                32927    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     153,150.00                     153,150.00   First Lien                                      0           153,150.00                         0.00                      -          180,200.00                    84.99               84.99   PMI                       LPMI                        22                                    9.000             0.375       0.0325     1.150               1.5575
      2503219908   HACKENSACK                                           07601    NJ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     360,000.00                     360,000.00   First Lien                                      0           431,952.00                    71,952.00                      -          480,000.00                    75.00               89.99   No MI                     NO MI                        0                                    7.700             0.375       0.0325     0.000               0.4075
      2503219914   BALTIMORE                                            21225    MD                             20070601                 20370501   ARMS                    No                                              360                    360                          360                      93,600.00                      93,600.00   First Lien                                      0            93,600.00                         0.00                      -          117,000.00                    80.00               80.00   No MI                     NO MI                        0                                   10.500             0.375       0.0325     0.000               0.4075
      2503219917   LA PUENTE                                            91744    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     428,000.00                     428,000.00   First Lien                                      0           428,000.00                         0.00                      -          545,000.00                    78.54               78.54   No MI                     NO MI                        0                                    6.590             0.375       0.0325     0.000               0.4075
      2503219918   ROXBURY                                              02119    MA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     240,000.00                     240,000.00   First Lien                                      0           240,000.00                         0.00                 300000              340000                    80.00               80.00   No MI                     NO MI                        0                                   9.2500            0.3750       0.0325    0.0000               0.4075
      2503219927   BALDWIN PARK                                         91706    CA                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     343,200.00                     343,200.00   First Lien                                      0           343,200.00                         0.00                 429000              429000                    80.00               80.00   No MI                     NO MI                        0                                   6.3750            0.3750       0.0325    0.0000               0.4075
      2503219937   ORANGE COVE                                          93646    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     128,500.00                     128,500.00   First Lien                                      0           128,500.00                         0.00                      -          185,000.00                    69.46               69.46   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      2503219943   SEATTLE                                              98188    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     272,650.00                     272,650.00   First Lien                                      0           272,650.00                         0.00                 287000              287000                    95.00               95.00   PMI                       BPMI                        30                                   6.5000            0.3750       0.0325    0.0000               0.4075
      2503219952   HUNTINGTON PARK AREA                                 90255    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     370,000.00                     370,000.00   First Lien                                      0           370,000.00                         0.00                      -          480,000.00                    77.09               77.09   No MI                     NO MI                        0                                    7.100             0.250       0.0325     0.000               0.2825
      2503219953   FONTANA                                              92337    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     240,000.00                     240,000.00   First Lien                                      0           240,000.00                         0.00                      -          435,000.00                    55.18               55.18   No MI                     NO MI                        0                                    6.900             0.250       0.0325     0.000               0.2825
      2503219959   MILILANI                                             96789    HI                             20070501                 20370401   FIXED                   Yes                                             360                    480                          360                     344,000.00                     344,000.00   First Lien                                      0           344,000.00                         0.00                      -          430,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503219969   NEWARK                                               94560    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     520,000.00                     520,000.00   First Lien                                      0           520,000.00                         0.00                      -          650,000.00                    80.00               80.00   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503219990   SAN DIEGO                                            92111    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     300,000.00                     300,000.00   First Lien                                      0           300,000.00                         0.00                      -          598,000.00                    50.17               50.17   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      2503219997   CLOVIS                                               93612    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     246,500.00                     246,500.00   First Lien                                      0           246,500.00                         0.00                      -          300,000.00                    82.17               82.17   PMI                       BPMI                        22                                    6.990             0.250       0.0325     0.000               0.2825
      2503219999   SINGER ISLAND                                        33404    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     427,500.00                     427,500.00   First Lien                                      0           427,500.00                         0.00                 570000              570000                    75.00               75.00   No MI                     NO MI                        0                                   6.7900            0.3750       0.0325    0.0000               0.4075
      2503220005   MOORPARK                                             93021    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     243,000.00                     243,000.00   First Lien                                      0           243,000.00                         0.00                      -          655,000.00                    37.10               37.10   No MI                     NO MI                        0                                    6.140             0.375       0.0325     0.000               0.4075
      2503220008   GIRARD                                               62640    IL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                      65,000.00                      65,000.00   First Lien                                      0            65,000.00                         0.00                      -           87,000.00                    74.72               74.72   No MI                     NO MI                        0                                    8.990             0.375       0.0325     0.000               0.4075
      2503220009   IMPERIAL BEACH                                       91932    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     294,000.00                     294,000.00   First Lien                                      0           294,000.00                         0.00                      -          460,000.00                    63.92               63.92   No MI                     NO MI                        0                                    6.575             0.375       0.0325     0.000               0.4075
      2503220012   PALMDALE                                             93550    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     240,000.00                     240,000.00   First Lien                                      0           240,000.00                         0.00                      -          330,000.00                    72.73               72.73   No MI                     NO MI                        0                                    7.500             0.250       0.0325     0.000               0.2825
      2503220029   COOPER CITY                                          33328    FL                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     238,500.00                     238,500.00   First Lien                                      0           251,750.00                    13,250.00                 265000              270000                    90.00               95.00   PMI                       LPMI                        25                                   8.3000            0.3750       0.0325    1.2600               1.6675
      2503220044   LOS ANGELES (NORTH HOLLYW                            91606    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     405,000.00                     405,000.00   First Lien                                      0           405,000.00                         0.00                      -          750,000.00                    54.00               54.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503220045   CHICAGO                                              60652    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     250,000.00                     250,000.00   First Lien                                      0           250,000.00                         0.00                      -          300,000.00                    83.34               83.34   PMI                       BPMI                        22                                    6.875             0.375       0.0325     0.000               0.4075
      2503220048   FOUNTAIN VALLEY                                      92708    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     717,250.00                     717,250.00   First Lien                                      0           717,250.00                         0.00                 755000              755000                    95.00               95.00   No MI                     NO MI                        0                                   9.5500            0.3750       0.0325    0.0000               0.4075
      2503220049   SACRAMENTO                                           95820    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     160,000.00                     160,000.00   First Lien                                      0           160,000.00                         0.00                      -          200,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.990             0.375       0.0325     0.000               0.4075
      2503220050   SALT LAKE CITY                                       84119    UT                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     137,700.00                     137,700.00   First Lien                                      0           137,700.00                         0.00                      -          186,000.00                    74.04               74.04   No MI                     NO MI                        0                                    6.810             0.375       0.0325     0.000               0.4075
      2503220072   ANAHEIM                                              92807    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     524,500.00                     524,500.00   First Lien                                      0           524,500.00                         0.00                      -          735,000.00                    71.37               71.37   No MI                     NO MI                        0                                    6.875             0.375       0.0325     0.000               0.4075
      2503220073   SAN BERNARDINO (FONTANA A                            92335    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     222,000.00                     222,000.00   First Lien                                      0           222,000.00                         0.00                      -          340,000.00                    65.30               65.30   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503220076   OXNARD                                               93033    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     163,000.00                     163,000.00   First Lien                                      0           163,000.00                         0.00                      -          698,000.00                    23.36               23.36   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      2503220077   CORAL SPRINGS                                        33065    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     275,000.00                     275,000.00   First Lien                                      0           275,000.00                         0.00                      -          399,000.00                    68.93               68.93   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      2503220094   AMSTON                                               06231    CT                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     329,000.00                     329,000.00   First Lien                                      0           329,000.00                         0.00                      -          373,000.00                    88.21               88.21   PMI                       LPMI                        25                                    7.875             0.375       0.0325     1.190               1.5975
      2503220099   SUITLAND                                             20746    MD                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     212,000.00                     212,000.00   First Lien                                      0           212,000.00                         0.00                      -          265,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      2503220102   WAIPAHU                                              96797    HI                             20070501                 20370401   FIXED                   Yes                                             360                    480                          360                     479,000.00                     479,000.00   First Lien                                      0           479,000.00                         0.00                      -          600,000.00                    79.84               79.84   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503220103   APACHE JUNCTION                                      85219    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     150,500.00                     150,500.00   First Lien                                      0           150,500.00                         0.00                      -          215,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503220107   SACRAMENTO                                           95824    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     175,000.00                     175,000.00   First Lien                                      0           175,000.00                         0.00                      -          259,000.00                    67.57               67.57   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503220111   OXNARD                                               93033    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     540,000.00                     540,000.00   First Lien                                      0           627,800.00                    87,800.00                      -          675,000.00                    80.00               93.01   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503220136   GARDEN GROVE                                         92843    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     490,000.00                     490,000.00   First Lien                                      0           490,000.00                         0.00                      -          615,000.00                    79.68               79.68   No MI                     NO MI                        0                                    6.490             0.375       0.0325     0.000               0.4075
      2503220149   STATE COLLEGE                                        16801    PA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     125,500.00                     125,500.00   First Lien                                      0           125,500.00                         0.00                      -          148,000.00                    84.80               84.80   PMI                       LPMI                        22                                    7.250             0.250       0.0325     0.640               0.9225
      2503220154   LA PUENTE AREA                                       91746    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     250,000.00                     250,000.00   First Lien                                      0           250,000.00                         0.00                      -          430,000.00                    58.14               58.14   No MI                     NO MI                        0                                    6.730             0.375       0.0325     0.000               0.4075
      2503220162   LOS ANGELES (LA PUENTE AR                            91745    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     200,000.00                     200,000.00   First Lien                                      0           200,000.00                         0.00                      -          450,000.00                    44.45               44.45   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503220163   COALINGA                                             93210    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     216,000.00                     216,000.00   First Lien                                      0           270,000.00                    54,000.00                 270000              285000                    80.00              100.00   No MI                     NO MI                        0                                   6.7500            0.3750       0.0325    0.0000               0.4075
      2503220173   BATON ROUGE                                          70816    LA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     160,000.00                     160,000.00   First Lien                                      0           190,000.00                    30,000.00                 200000              200000                    80.00               95.00   No MI                     NO MI                        0                                   7.3700            0.2500       0.0325    0.0000               0.2825
      2503220177   OXFORD                                               06478    CT                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     392,000.00                     392,000.00   First Lien                                      0           528,000.00                   136,000.00                      -          615,000.00                    63.74               85.86   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503220199   TUCSON                                               85730    AZ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     172,900.00                     172,900.00   First Lien                                      0           172,900.00                         0.00                      -          182,000.00                    95.00               95.00   PMI                       BPMI                        30                                    8.500             0.375       0.0325     0.000               0.4075
      2503220210   LOS ANGELES (CANOGA PARK                             91303    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     684,000.00                     684,000.00   First Lien                                      0           855,000.00                   171,000.00                 855000              855000                    80.00              100.00   No MI                     NO MI                        0                                   6.9900            0.3750       0.0325    0.0000               0.4075
      2503220222   MADISON                                              04950    ME                             20070601                 20370501   ARMS                    No                                              360                    360                          360                      96,300.00                      96,300.00   First Lien                                      0            96,300.00                         0.00                 107000              113000                    90.00               90.00   PMI                       LPMI                        25                                   7.3750            0.3750       0.0325    0.5200               0.9275
      2503220234   LOS ANGELES                                          90045    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     599,200.00                     599,200.00   First Lien                                      0           711,550.00                   112,350.00                 749000              750000                    80.00               95.00   No MI                     NO MI                        0                                   7.0900            0.3750       0.0325    0.0000               0.4075
      2503220257   QUEEN CREEK                                          85243    AZ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     219,500.00                     219,500.00   First Lien                                      0           219,500.00                         0.00                      -          244,000.00                    89.96               89.96   PMI                       BPMI                        25                                    7.500             0.375       0.0325     0.000               0.4075
      2503220268   TEMECULA                                             92591    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     545,000.00                     545,000.00   First Lien                                      0           545,000.00                         0.00                      -          705,000.00                    77.31               77.31   No MI                     NO MI                        0                                    6.400             0.375       0.0325     0.000               0.4075
      2503220271   SALINAS                                              93906    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     300,000.00                     300,000.00   First Lien                                      0           300,000.00                         0.00                      -          555,000.00                    54.06               54.06   No MI                     NO MI                        0                                    6.325             0.375       0.0325     0.000               0.4075
      2503220288   SAN BERNARDINO                                       92410    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     243,000.00                     243,000.00   First Lien                                      0           243,000.00                         0.00                      -          325,000.00                    74.77               74.77   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503220293   NEW FAIRFIELD                                        06812    CT                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     731,250.00                     731,250.00   First Lien                                      0           731,250.00                         0.00                      -          975,000.00                    75.00               75.00   No MI                     NO MI                        0                                    8.750             0.375       0.0325     0.000               0.4075
      2503220307   STOCKTON                                             95205    CA                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     165,000.00                     165,000.00   First Lien                                      0           165,000.00                         0.00                      -          288,000.00                    57.30               57.30   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503220308   ANTIOCH                                              94509    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     251,000.00                     251,000.00   First Lien                                      0           251,000.00                         0.00                 345000              345000                    72.76               72.76   No MI                     NO MI                        0                                   6.4100            0.3750       0.0325    0.0000               0.4075
      2503220317   KINGSBURG                                            93631    CA                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     250,000.00                     250,000.00   First Lien                                      0           250,000.00                         0.00                 250000              250000                   100.00              100.00   PMI                       LPMI                        35                                   6.7500            0.3750       0.0325    0.4700               0.8775
      2503220358   OAKDALE                                              55128    MN                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     218,500.00                     218,500.00   First Lien                                      0           218,500.00                         0.00                 230000              245000                    95.00               95.00   PMI                       BPMI                        30                                   6.9400            0.3750       0.0325    0.0000               0.4075
      2503220395   ROGERS                                               72758    AR                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     276,000.00                     276,000.00   First Lien                                      0           276,000.00                         0.00                      -          345,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503220425   CHICAGO                                              60615    IL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     623,920.00                     623,920.00   First Lien                                      0           779,900.00                   155,980.00                 779900              800000                    80.00              100.00   No MI                     NO MI                        0                                   8.3000            0.3750       0.0325    0.0000               0.4075
      2503220433   CENTERTON                                            72719    AR                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     383,310.00                     383,310.00   First Lien                                      0           383,310.00                         0.00                 425900              426000                    90.00               90.00   PMI                       LPMI                        25                                  11.1500            0.3750       0.0325    0.6900               1.0975
      2503220450   RIVERSIDE                                            92509    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     355,500.00                     355,500.00   First Lien                                      0           355,500.00                         0.00                      -          395,000.00                    90.00               90.00   PMI                       LPMI                        25                                    6.990             0.250       0.0325     0.470               0.7525
      2503220474   LOS ANGELES                                          90047    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                      88,000.00                      88,000.00   First Lien                                      0            88,000.00                         0.00                      -          485,000.00                    18.15               18.15   No MI                     NO MI                        0                                    6.850             0.375       0.0325     0.000               0.4075
      2503220476   VENTURA                                              93003    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     302,000.00                     302,000.00   First Lien                                      0           302,000.00                         0.00                      -          403,000.00                    74.94               74.94   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      2503220486   SANTA ANA                                            92703    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     255,000.00                     255,000.00   First Lien                                      0           255,000.00                         0.00                      -          630,000.00                    40.48               40.48   No MI                     NO MI                        0                                    5.625             0.375       0.0325     0.000               0.4075
      2503220487   LA PUENTE                                            91746    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      81,000.00                      81,000.00   First Lien                                      0            81,000.00                         0.00                      -          380,000.00                    21.32               21.32   No MI                     NO MI                        0                                    6.200             0.375       0.0325     0.000               0.4075
      2503220497   LA PUENTE                                            91746    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     190,000.00                     190,000.00   First Lien                                      0           190,000.00                         0.00                      -          420,000.00                    45.24               45.24   No MI                     NO MI                        0                                    5.670             0.375       0.0325     0.000               0.4075
      2503220512   CENTERTON                                            72719    AR                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     404,900.00                     404,900.00   First Lien                                      0           404,900.00                         0.00                 449900              450000                    90.00               90.00   PMI                       LPMI                        25                                  10.4000            0.3750       0.0325    0.6200               1.0275
      2503220527   RANCHO CUCAMONGA                                     91730    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     383,950.00                     383,950.00   First Lien                                      0           431,950.00                    48,000.00                 479999              480000                    79.99               89.99   No MI                     NO MI                        0                                   8.8380            0.3750       0.0325    0.0000               0.4075
      2503220547   HANFORD                                              93230    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     120,000.00                     120,000.00   First Lien                                      0           120,000.00                         0.00                      -          196,000.00                    61.23               61.23   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      2503220549   MIAMI                                                33126    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     236,250.00                     236,250.00   First Lien                                      0           315,000.00                    78,750.00                 315000              315000                    75.00              100.00   No MI                     NO MI                        0                                   7.9900            0.3750       0.0325    0.0000               0.4075
      2503220553   HOMESTEAD                                            33032    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     252,000.00                     252,000.00   First Lien                                      0           252,000.00                         0.00                 280000              280000                    90.00               90.00   PMI                       LPMI                        25                                   7.3250            0.3750       0.0325    1.2100               1.6175
      2503220573   HEMPSTEAD                                            11550    NY                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     260,000.00                     260,000.00   First Lien                                      0           260,000.00                         0.00                      -          435,000.00                    59.78               59.78   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503220574   WATSONVILLE                                          95076    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     478,150.00                     478,150.00   First Lien                                      0           478,150.00                         0.00                      -          655,000.00                    73.00               73.00   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503220581   CORONA                                               92880    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     488,000.00                     488,000.00   First Lien                                      0           488,000.00                         0.00                      -          610,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      2503220591   FELTON                                               95018    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     585,000.00                     585,000.00   First Lien                                      0           585,000.00                         0.00                      -          780,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503220602   CARSON                                               90745    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     314,500.00                     314,500.00   First Lien                                      0           314,500.00                         0.00                      -          370,000.00                    85.00               85.00   PMI                       LPMI                        22                                    6.650             0.375       0.0325     0.630               1.0375
      2503220612   ANAHEIM                                              92805    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     516,000.00                     516,000.00   First Lien                                      0           516,000.00                         0.00                      -          750,000.00                    68.80               68.80   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503220613   LITCHFIELD PARK                                      85340    AZ                             20070501                 20370401   FIXED                   No                                              360                    360                          360                     188,800.00                     188,800.00   First Lien                                      0           188,800.00                         0.00                      -          236,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.125             0.250       0.0325     0.000               0.2825
      2503220614   FRESNO                                               93710    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     204,250.00                     204,250.00   First Lien                                      0           204,250.00                         0.00                 215000              230000                    95.00               95.00   PMI                       LPMI                        30                                  10.1000            0.2500       0.0325    1.5600               1.8425
      2503220618   STOCKTON                                             95203    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     228,000.00                     228,000.00   First Lien                                      0           228,000.00                         0.00                      -          285,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.600             0.250       0.0325     0.000               0.2825
      2503220624   FORT LAUDERDALE                                      33328    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     183,900.00                     183,900.00   First Lien                                      0           229,880.00                    45,980.00                 229900              233000                    80.00              100.00   No MI                     NO MI                        0                                   7.4100            0.3750       0.0325    0.0000               0.4075
      2503220636   COLONIA                                              07067    NJ                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     275,000.00                     275,000.00   First Lien                                      0           275,000.00                         0.00                      -          395,000.00                    69.63               69.63   No MI                     NO MI                        0                                    7.990             0.375       0.0325     0.000               0.4075
      2503220637   SALINAS                                              93906    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     527,000.00                     527,000.00   First Lien                                      0           527,000.00                         0.00                      -          660,000.00                    79.85               79.85   No MI                     NO MI                        0                                    5.890             0.375       0.0325     0.000               0.4075
      2503220639   VICTORVILLE                                          92392    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     380,000.00                     380,000.00   First Lien                                      0           380,000.00                         0.00                      -          400,000.00                    95.00               95.00   PMI                       LPMI                        30                                    7.100             0.375       0.0325     0.580               0.9875
      2503220640   KING CITY                                            93930    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     545,000.00                     545,000.00   First Lien                                      0           545,000.00                         0.00                      -          795,000.00                    68.56               68.56   No MI                     NO MI                        0                                    6.270             0.375       0.0325     0.000               0.4075
      2503220667   COVINGTON                                            30016    GA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     127,300.00                     127,300.00   First Lien                                      0           127,300.00                         0.00                 134000              134000                    95.00               95.00   PMI                       BPMI                        30                                   7.6200            0.3750       0.0325    0.0000               0.4075
      2503220674   MIAMI                                                33145    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     265,410.00                     265,410.00   First Lien                                      0           265,410.00                         0.00                 294900              310000                    90.00               90.00   PMI                       LPMI                        25                                  12.8000            0.3750       0.0325    1.6600               2.0675
      2503220677   TUALATIN                                             97062    OR                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     243,900.00                     243,900.00   First Lien                                      0           243,900.00                         0.00                 271000              274000                    90.00               90.00   PMI                       LPMI                        25                                   8.3250            0.2500       0.0325    0.9700               1.2525
      2503220694   MISSION VIEJO                                        92692    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     400,000.00                     400,000.00   First Lien                                      0           400,000.00                         0.00                      -          490,000.00                    81.64               81.64   PMI                       LPMI                        22                                    6.125             0.375       0.0325     0.750               1.1575
      2503220707   PALM SPRINGS                                         92262    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     300,000.00                     300,000.00   First Lien                                      0           300,000.00                         0.00                      -          402,000.00                    74.63               74.63   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      2503220709   BROOKLYN                                             11226    NY                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     495,000.00                     495,000.00   First Lien                                      0           495,000.00                         0.00                 550000              550000                    90.00               90.00   PMI                       LPMI                        25                                   8.7800            0.3750       0.0325    0.6400               1.0475
      2503220712   LOS ANGELES (VAN NUYS ARE                            91401    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     300,000.00                     300,000.00   First Lien                                      0           300,000.00                         0.00                      -          585,000.00                    51.29               51.29   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      2503220715   ENGLEWOOD                                            34224    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     173,000.00                     173,000.00   First Lien                                      0           173,000.00                         0.00                      -          240,000.00                    72.09               72.09   No MI                     NO MI                        0                                    5.950             0.375       0.0325     0.000               0.4075
      2503220726   PAHOA                                                96778    HI                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     178,500.00                     178,500.00   First Lien                                      0           178,500.00                         0.00                      -          225,000.00                    79.34               79.34   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      2503220729   CHICAGO                                              60645    IL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     270,000.00                     270,000.00   First Lien                                      0           270,000.00                         0.00                 300000              300000                    90.00               90.00   PMI                       LPMI                        25                                  11.3750            0.3750       0.0325    0.7200               1.1275
      2503220743   MIAMI                                                33155    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     299,250.00                     299,250.00   First Lien                                      0           299,250.00                         0.00                 315000              335000                    95.00               95.00   PMI                       LPMI                        30                                  10.2500            0.3750       0.0325    1.6100               2.0175
      2503220746   FRESNO                                               93725    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     187,200.00                     187,200.00   First Lien                                      0           208,000.00                    20,800.00                 208000              208000                    90.00              100.00   PMI                       LPMI                        25                                   7.5000            0.3750       0.0325    1.2400               1.6475
      2503220793   BOYNTON BEACH                                        33435    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     164,800.00                     164,800.00   First Lien                                      0           164,800.00                         0.00                      -          206,000.00                    80.00               80.00   No MI                     NO MI                        0                                    9.000             0.375       0.0325     0.000               0.4075
      2503220808   LOS ANGELES                                          90059    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     438,750.00                     438,750.00   First Lien                                      0           438,750.00                         0.00                      -          585,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.170             0.375       0.0325     0.000               0.4075
      2503220817   STEAMBOAT SPRINGS                                    80487    CO                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     234,800.00                     234,800.00   First Lien                                      0           234,800.00                         0.00                 293500              295000                    80.00               80.00   No MI                     NO MI                        0                                   7.6000            0.2500       0.0325    0.0000               0.2825
      2503220825   SALINAS                                              93905    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     467,000.00                     467,000.00   First Lien                                      0           467,000.00                         0.00                      -          701,000.00                    66.62               66.62   No MI                     NO MI                        0                                    5.950             0.375       0.0325     0.000               0.4075
      2503220831   EAST ORANGE                                          07017    NJ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     332,500.00                     332,500.00   First Lien                                      0           332,500.00                         0.00                      -          350,000.00                    95.00               95.00   PMI                       LPMI                        30                                   11.625             0.375       0.0325     1.610               2.0175
      2503220836   STAMFORD                                             06902    CT                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     627,200.00                     627,200.00   First Lien                                      0           783,200.00                   156,000.00                 784000              784000                    80.00               99.90   No MI                     NO MI                        0                                   8.2200            0.3750       0.0325    0.0000               0.4075
      2503220837   SACRAMENTO                                           95842    CA                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     190,000.00                     190,000.00   First Lien                                      0           190,000.00                         0.00                      -          280,000.00                    67.86               67.86   No MI                     NO MI                        0                                    6.100             0.375       0.0325     0.000               0.4075
      2503220855   PALMDALE                                             93550    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     240,000.00                     240,000.00   First Lien                                      0           300,000.00                    60,000.00                      -          300,000.00                    80.00              100.00   No MI                     NO MI                        0                                    5.975             0.375       0.0325     0.000               0.4075
      2503220858   PLEASANT GROVE                                       84062    UT                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     576,000.00                     576,000.00   First Lien                                      0           659,000.00                    83,000.00                      -          720,000.00                    80.00               91.53   No MI                     NO MI                        0                                    7.990             0.375       0.0325     0.000               0.4075
      2503220867   HAWTHORNE (INGLEWOOD AREA                            90304    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     350,000.00                     350,000.00   First Lien                                      0           350,000.00                         0.00                      -          635,000.00                    55.12               55.12   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      2503220901   FORT LAUDERDALE                                      33334    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     273,950.00                     273,950.00   First Lien                                      0           273,950.00                         0.00                 288400              322000                    94.99               94.99   PMI                       BPMI                        30                                   8.5900            0.3750       0.0325    0.0000               0.4075
      2503220905   GREAT MEADOWS                                        07838    NJ                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     291,000.00                     291,000.00   First Lien                                      0           291,000.00                         0.00                      -          365,000.00                    79.73               79.73   No MI                     NO MI                        0                                    7.150             0.250       0.0325     0.000               0.2825
      2503220944   (TUJUNGA AREA) LOS ANGELE                            91042    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     300,000.00                     300,000.00   First Lien                                      0           300,000.00                         0.00                      -          614,000.00                    48.86               48.86   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503220946   SACRAMENTO                                           95831    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     392,000.00                     392,000.00   First Lien                                      0           392,000.00                         0.00                      -          490,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      2503220951   MOSES LAKE                                           98837    WA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     123,500.00                     123,500.00   First Lien                                      0           123,500.00                         0.00                      -          150,000.00                    82.34               82.34   PMI                       LPMI                        22                                    6.890             0.375       0.0325     0.650               1.0575
      2503220990   MISSION HILLS                                        91345    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     464,000.00                     464,000.00   First Lien                                      0           464,000.00                         0.00                      -          635,000.00                    73.08               73.08   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503221036   KIHEI                                                96753    HI                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     648,000.00                     648,000.00   First Lien                                      0           648,000.00                         0.00                      -          810,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503221048   TAMPA                                                33610    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     252,000.00                     252,000.00   First Lien                                      0           252,000.00                         0.00                 280000              280000                    90.00               90.00   PMI                       LPMI                        25                                  11.3500            0.3750       0.0325    0.9900               1.3975
      2503221054   LOXAHATCHEE                                          33470    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     456,000.00                     456,000.00   First Lien                                      0           456,000.00                         0.00                 480000              505000                    95.00               95.00   PMI                       LPMI                        30                                   8.9630            0.3750       0.0325    1.2200               1.6275
      2503221069   SACRAMENTO                                           95822    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     232,000.00                     232,000.00   First Lien                                      0           232,000.00                         0.00                      -          290,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.990             0.375       0.0325     0.000               0.4075
      2503221080   WATSONVILLE                                          95076    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                      -          741,000.00                    67.48               67.48   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503221087   MORGAN HILL                                          95037    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     862,000.00                     862,000.00   First Lien                                      0           862,000.00                         0.00                      -        1,150,000.00                    74.96               74.96   No MI                     NO MI                        0                                    7.282             0.375       0.0325     0.000               0.4075
      2503221114   LYNWOOD                                              90262    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     498,750.00                     498,750.00   First Lien                                      0           498,750.00                         0.00                 525000              530000                    95.00               95.00   PMI                       LPMI                        30                                   8.2500            0.3750       0.0325    1.2200               1.6275
      2503221131   PHOENIX                                              85035    AZ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     213,300.00                     213,300.00   First Lien                                      0           213,300.00                         0.00                      -          237,000.00                    90.00               90.00   PMI                       LPMI                        25                                    8.500             0.375       0.0325     1.290               1.6975
      2503221149   (TEMPLE CITY AREA) EL MON                            91780    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     501,000.00                     501,000.00   First Lien                                      0           501,000.00                         0.00                      -          750,000.00                    66.80               66.80   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503221167   FONTANA                                              92335    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     318,000.00                     318,000.00   First Lien                                      0           368,000.00                    50,000.00                      -          375,000.00                    84.80               98.14   PMI                       LPMI                        22                                    6.990             0.375       0.0325     0.630               1.0375
      2503221169   KAHULUI                                              96732    HI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     481,600.00                     481,600.00   First Lien                                      0           481,600.00                         0.00                      -          602,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503221190   KAILUA                                               96734    HI                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     750,000.00                     750,000.00   First Lien                                      0           900,000.00                   150,000.00                      -        1,050,000.00                    71.43               85.72   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503221204   FRESNO                                               93702    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     145,000.00                     145,000.00   First Lien                                      0           145,000.00                         0.00                      -          211,000.00                    68.73               68.73   No MI                     NO MI                        0                                    6.560             0.375       0.0325     0.000               0.4075
      2503221216   JAMAICA                                              11436    NY                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     421,200.00                     421,200.00   First Lien                                      0           421,200.00                         0.00                 526500              530000                    80.00               80.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      2503221231   FRESNO                                               93720    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     322,905.00                     322,905.00   First Lien                                      0           322,905.00                         0.00                 339900              339900                    95.00               95.00   PMI                       LPMI                        30                                   8.2500            0.3750       0.0325    1.2800               1.6875
      2503221234   PORTLAND                                             97236    OR                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     263,500.00                     263,500.00   First Lien                                      0           263,500.00                         0.00                      -          330,000.00                    79.85               79.85   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503221254   FRESNO                                               93727    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     427,500.00                     427,500.00   First Lien                                      0           427,500.00                         0.00                 450000              465000                    95.00               95.00   PMI                       LPMI                        30                                   8.3500            0.3750       0.0325    1.1600               1.5675
      2503221272   JAMAICA                                              11433    NY                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     548,000.00                     548,000.00   First Lien                                      0           548,000.00                         0.00                 685000              685000                    80.00               80.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      2503221291   LOS ANGELES (SYLMAR AREA)                            91342    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     280,000.00                     280,000.00   First Lien                                      0           280,000.00                         0.00                      -          485,000.00                    57.74               57.74   No MI                     NO MI                        0                                    6.625             0.250       0.0325     0.000               0.2825
      2503221296   FRESNO                                               93702    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     110,500.00                     110,500.00   First Lien                                      0           110,500.00                         0.00                 130000              130000                    85.00               85.00   PMI                       LPMI                        22                                  11.2500            0.3750       0.0325    0.9400               1.3475
      2503221302   WAIPAHU                                              96797    HI                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     385,000.00                     385,000.00   First Lien                                      0           385,000.00                         0.00                      -          820,000.00                    46.96               46.96   No MI                     NO MI                        0                                    6.750             0.250       0.0325     0.000               0.2825
      2503221339   CLAREMONT                                            91711    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                      85,000.00                      85,000.00   First Lien                                      0            85,000.00                         0.00                      -          350,000.00                    24.29               24.29   No MI                     NO MI                        0                                    7.000             0.250       0.0325     0.000               0.2825
      2503221344   ELGIN                                                60120    IL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     251,750.00                     251,750.00   First Lien                                      0           251,750.00                         0.00                 265000              265000                    95.00               95.00   PMI                       LPMI                        30                                   8.5000            0.3750       0.0325    0.8800               1.2875
      2503221354   HARBOR CITY AREA                                     90710    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     110,000.00                     110,000.00   First Lien                                      0           110,000.00                         0.00                      -          685,000.00                    16.06               16.06   No MI                     NO MI                        0                                    7.125             0.250       0.0325     0.000               0.2825
      2503221384   RANCHO CUCAMONGA                                     91737    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     424,000.00                     424,000.00   First Lien                                      0           424,000.00                         0.00                      -          530,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      2503221387   QUAIL VALLEY                                         92587    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     371,440.00                     371,440.00   First Lien                                      0           371,440.00                         0.00                 390990              390990                    95.00               95.00   PMI                       LPMI                        30                                   7.7870            0.2500       0.0325    0.7800               1.0625
      2503221412   PLEASANT GROVE                                       84062    UT                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     480,000.00                     480,000.00   First Lien                                      0           570,000.00                    90,000.00                      -          600,000.00                    80.00               95.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      2503221414   GLENDALE                                             91208    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     484,000.00                     484,000.00   First Lien                                      0           484,000.00                         0.00                 605000              605000                    80.00               80.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      2503221429   COTTONWOOD                                           86326    AZ                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     529,200.00                     529,200.00   First Lien                                      0           560,000.00                    30,800.00                 560000              560000                    94.50              100.00   PMI                       LPMI                        30                                   8.1000            0.2500       0.0325    1.2300               1.5125
      2503221453   BURBANK                                              91501    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     460,000.00                     460,000.00   First Lien                                      0           460,000.00                         0.00                      -          750,000.00                    61.34               61.34   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503221468   DULUTH                                               30096    GA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     136,800.00                     136,800.00   First Lien                                      0           171,900.00                    35,100.00                      -          172,000.00                    79.54               99.95   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      2503221489   SCHENECTADY                                          12304    NY                             20070601                 20370501   ARMS                    No                                              360                    360                          360                      94,525.00                      94,525.00   First Lien                                      0            94,525.00                         0.00                  99500               99500                    95.00               95.00   PMI                       BPMI                        30                                   8.2500            0.3750       0.0325    0.0000               0.4075
      2503221498   LOS ANGELES                                          90018    CA                             20070601                 20370401   FIXED                   Yes                                             360                    480                          360                     405,000.00                     405,000.00   First Lien                                      0           405,000.00                         0.00                      -          565,000.00                    71.69               71.69   No MI                     NO MI                        0                                    6.900             0.250       0.0325     0.000               0.2825
      2503221504   SUN CITY (AREA)                                      92586    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     248,000.00                     248,000.00   First Lien                                      0           248,000.00                         0.00                      -          312,000.00                    79.49               79.49   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      2503221532   CLINTON                                              20735    MD                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     356,250.00                     356,250.00   First Lien                                      0           356,250.00                         0.00                      -          375,000.00                    95.00               95.00   PMI                       LPMI                        30                                    7.990             0.250       0.0325     0.480               0.7625
      2503221560   PHOENIX                                              85022    AZ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     233,750.00                     233,750.00   First Lien                                      0           233,750.00                         0.00                 275000              275000                    85.00               85.00   PMI                       LPMI                        22                                   8.5000            0.3750       0.0325    0.7400               1.1475
      2503221565   TUCSON                                               85757    AZ                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     125,000.00                     125,000.00   First Lien                                      0           125,000.00                         0.00                      -          222,000.00                    56.31               56.31   No MI                     NO MI                        0                                    6.820             0.250       0.0325     0.000               0.2825
      2503221568   TUCSON                                               85757    AZ                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     126,000.00                     126,000.00   First Lien                                      0           126,000.00                         0.00                      -          222,000.00                    56.76               56.76   No MI                     NO MI                        0                                    6.820             0.250       0.0325     0.000               0.2825
      2503221573   PHOENIX                                              85003    AZ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     331,839.00                     331,839.00   First Lien                                      0           414,798.00                    82,959.00                 414799              450000                    80.00              100.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      2503221575   RIVERSIDE                                            92509    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     393,000.00                     393,000.00   First Lien                                      0           393,000.00                         0.00                      -          527,000.00                    74.58               74.58   No MI                     NO MI                        0                                    7.500             0.250       0.0325     0.000               0.2825
      2503221611   FIREBAUGH                                            93622    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     127,500.00                     127,500.00   First Lien                                      0           183,900.00                    56,400.00                      -          255,000.00                    50.00               72.12   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503221642   STOCKTON                                             95210    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     375,250.00                     375,250.00   First Lien                                      0           375,250.00                         0.00                      -          395,000.00                    95.00               95.00   PMI                       LPMI                        30                                    8.250             0.250       0.0325     0.630               0.9125
      2503221677   LAYTON                                               84041    UT                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     346,000.00                     346,000.00   First Lien                                      0           346,000.00                         0.00                      -          440,000.00                    78.64               78.64   No MI                     NO MI                        0                                    7.350             0.375       0.0325     0.000               0.4075
      2503221680   TEMPE                                                85283    AZ                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     164,000.00                     164,000.00   First Lien                                      0           164,000.00                         0.00                      -          223,000.00                    73.55               73.55   No MI                     NO MI                        0                                    7.000             0.250       0.0325     0.000               0.2825
      2503221685   CONCORD                                              94521    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     295,000.00                     295,000.00   First Lien                                      0           295,000.00                         0.00                      -          560,000.00                    52.68               52.68   No MI                     NO MI                        0                                    6.875             0.250       0.0325     0.000               0.2825
      2503221699   KENMORE                                              98028    WA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     301,000.00                     301,000.00   First Lien                                      0           301,000.00                         0.00                      -          430,000.00                    70.00               70.00   No MI                     NO MI                        0                                    5.950             0.375       0.0325     0.000               0.4075
      2503221747   CLINTON                                              84015    UT                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     163,800.00                     163,800.00   First Lien                                      0           163,800.00                         0.00                 182000              182000                    90.00               90.00   PMI                       LPMI                        25                                   7.5000            0.2500       0.0325    0.5200               0.8025
      2503221776   PEBBLE BEACH                                         93953    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     847,500.00                     847,500.00   First Lien                                      0           847,500.00                         0.00                1130000             1150000                    75.00               75.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      2503221815   COMPTON AREA                                         90222    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     197,000.00                     197,000.00   First Lien                                      0           197,000.00                         0.00                      -          360,000.00                    54.73               54.73   No MI                     NO MI                        0                                    6.300             0.375       0.0325     0.000               0.4075
      2503221874   AREA OF FONTANA                                      92335    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     199,000.00                     199,000.00   First Lien                                      0           199,000.00                         0.00                      -          410,000.00                    48.54               48.54   No MI                     NO MI                        0                                    5.950             0.375       0.0325     0.000               0.4075
      2503221883   POMONA                                               91767    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     297,200.00                     297,200.00   First Lien                                      0           297,200.00                         0.00                      -          405,000.00                    73.39               73.39   No MI                     NO MI                        0                                    5.700             0.375       0.0325     0.000               0.4075
      2503221898   LAS VEGAS                                            89156    NV                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     202,400.00                     202,400.00   First Lien                                      0           202,400.00                         0.00                 253000              253000                    80.00               80.00   No MI                     NO MI                        0                                   7.5450            0.3750       0.0325    0.0000               0.4075
      2503221899   KISSIMMEE                                            34746    FL                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     172,000.00                     172,000.00   First Lien                                      0           193,285.00                    21,285.00                 215000              240000                    80.00               89.90   No MI                     NO MI                        0                                   7.0000            0.2500       0.0325    0.0000               0.2825
      2503221911   WELLINGTON                                           33414    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     600,000.00                     600,000.00   First Lien                                      0           600,000.00                         0.00                      -          750,000.00                    80.00               80.00   No MI                     NO MI                        0                                   10.850             0.375       0.0325     0.000               0.4075
      2503221940   SALINAS                                              93905    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     290,000.00                     290,000.00   First Lien                                      0           290,000.00                         0.00                      -          502,000.00                    57.77               57.77   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503221942   SALINAS                                              93905    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     285,000.00                     285,000.00   First Lien                                      0           285,000.00                         0.00                      -          435,000.00                    65.52               65.52   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503221944   SAINT ALBANS                                         11412    NY                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     376,000.00                     376,000.00   First Lien                                      0           376,000.00                         0.00                      -          470,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.875             0.250       0.0325     0.000               0.2825
      2503221952   SAN LEANDRO                                          94577    CA                             20070601                 20220501   FIXED                   No                                              180                    180                          180                     291,000.00                     291,000.00   First Lien                                      0           291,000.00                         0.00                      -          485,000.00                    60.00               60.00   No MI                     NO MI                        0                                    6.676             0.250       0.0325     0.000               0.2825
      2503221956   PROVO                                                84601    UT                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     446,500.00                     446,500.00   First Lien                                      0           446,500.00                         0.00                 470000              470000                    95.00               95.00   PMI                       LPMI                        30                                   8.2500            0.3750       0.0325    0.8300               1.2375
      2503221959   CHINO                                                91710    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     360,000.00                     360,000.00   First Lien                                      0           360,000.00                         0.00                      -          600,000.00                    60.00               60.00   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      2503222017   CHICAGO                                              60641    IL                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     345,000.00                     345,000.00   First Lien                                      0           345,000.00                         0.00                      -          390,000.00                    88.47               88.47   PMI                       LPMI                        25                                    8.525             0.250       0.0325     1.090               1.3725
      2503222029   CHICAGO                                              60636    IL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     195,500.00                     195,500.00   First Lien                                      0           195,500.00                         0.00                 230000              230000                    85.00               85.00   PMI                       LPMI                        22                                  10.8400            0.3750       0.0325    1.0000               1.4075
      2503222044   HESPERIA                                             92345    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     312,000.00                     312,000.00   First Lien                                      0           312,000.00                         0.00                 390000              390000                    80.00               80.00   No MI                     NO MI                        0                                   6.5000            0.2500       0.0325    0.0000               0.2825
      2503222056   TULARE                                               93274    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     414,000.00                     414,000.00   First Lien                                      0           414,000.00                         0.00                 460000              475000                    90.00               90.00   PMI                       LPMI                        25                                   6.3410            0.3750       0.0325    0.4600               0.8675
      2503222067   BOTHELL                                              98011    WA                             20070601                 20220501   FIXED                   No                                              180                    180                          180                     225,400.00                     225,400.00   First Lien                                      0           225,400.00                         0.00                      -          322,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.550             0.250       0.0325     0.000               0.2825
      2503222095   RICHMOND                                             23224    VA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     103,500.00                     103,500.00   First Lien                                      0           103,500.00                         0.00                 115000              122000                    90.00               90.00   PMI                       LPMI                        25                                  11.1000            0.3750       0.0325    1.4400               1.8475
      2503222276   SAINT ALBANS                                         11412    NY                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     489,250.00                     489,250.00   First Lien                                      0           489,250.00                         0.00                 515000              525000                    95.00               95.00   PMI                       LPMI                        30                                   9.1000            0.3750       0.0325    1.1600               1.5675
      2503222398   CANOGA PARK                                          91303    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     540,000.00                     540,000.00   First Lien                                      0           540,000.00                         0.00                      -          675,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.850             0.375       0.0325     0.000               0.4075
      2503222410   CLIFTON                                              07011    NJ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     510,000.00                     510,000.00   First Lien                                      0           510,000.00                         0.00                 600000              600000                    85.00               85.00   PMI                       LPMI                        22                                   9.7500            0.3750       0.0325    0.6900               1.0975
      2503222421   SOUTH OZONE PARK                                     11420    NY                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     560,500.00                     560,500.00   First Lien                                      0           560,500.00                         0.00                 590000              590000                    95.00               95.00   PMI                       BPMI                        30                                   8.0000            0.3750       0.0325    0.0000               0.4075
      2503222426   CHICAGO                                              60628    IL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     168,000.00                     168,000.00   First Lien                                      0           168,000.00                         0.00                      -          210,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.500             0.375       0.0325     0.000               0.4075
      2503222473   CHICAGO                                              60639    IL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     301,500.00                     301,500.00   First Lien                                      0           301,500.00                         0.00                 335000              335000                    90.00               90.00   PMI                       LPMI                        25                                  11.9900            0.3750       0.0325    1.4400               1.8475
      2503222505   PHOENIX                                              85041    AZ                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     213,000.00                     213,000.00   First Lien                                      0           213,000.00                         0.00                      -          274,000.00                    77.74               77.74   No MI                     NO MI                        0                                    6.500             0.250       0.0325     0.000               0.2825
      2503222536   HENDERSON                                            89014    NV                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     283,500.00                     283,500.00   First Lien                                      0           283,500.00                         0.00                      -          315,000.00                    90.00               90.00   PMI                       BPMI                        25                                    6.875             0.375       0.0325     0.000               0.4075
      2503222572   ORLANDO                                              32839    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     142,200.00                     142,200.00   First Lien                                      0           142,200.00                         0.00                 158000              158000                    90.00               90.00   PMI                       BPMI                        25                                   9.9700            0.3750       0.0325    0.0000               0.4075
      2503222577   ANAHEIM                                              92805    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     438,500.00                     438,500.00   First Lien                                      0           438,500.00                         0.00                      -          630,000.00                    69.61               69.61   No MI                     NO MI                        0                                    5.650             0.375       0.0325     0.000               0.4075
      2503222705   SALINAS                                              93906    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     534,750.00                     534,750.00   First Lien                                      0           534,750.00                         0.00                      -          575,000.00                    93.00               93.00   PMI                       LPMI                        30                                    6.650             0.375       0.0325     0.990               1.3975
      2503222714   PHOENIX                                              85008    AZ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     179,910.00                     179,910.00   First Lien                                      0           179,910.00                         0.00                 199900              203000                    90.00               90.00   PMI                       LPMI                        25                                  12.0000            0.3750       0.0325    1.6100               2.0175
      2503222737   JOSHUA TREE                                          92252    CA                             20070601                 20370501   FIXED                   No                                              360                    360                          360                     328,000.00                     328,000.00   First Lien                                      0           328,000.00                         0.00                      -          410,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.125             0.250       0.0325     0.000               0.2825
      2503222750   CARMEL                                               46032    IN                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     507,450.00                     507,450.00   First Lien                                      0           597,000.00                    89,550.00                 597000              597000                    85.00              100.00   PMI                       BPMI                        22                                  10.0500            0.3750       0.0325    0.0000               0.4075
      3903000039   HIALEAH                                              33015    FL                             20050401                 20350301   ARMS                    No                                              360                    360                          335                     295,000.00                     294,895.00   First Lien                                      0           295,000.00                         0.00                 295000              295000                   100.00              100.00   PMI                       BPMI                        35                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103618137   LOOMIS                                               95650    CA                             20061001                 20360901   ARMS                    No                                              360                    360                          353                     663,200.00                     663,200.00   First Lien                                      0           746,100.00                    82,900.00                 829000              829000                    80.00               90.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103642494   LYNDEN                                               98264    WA                             20070101                 20361201   ARMS                    No                                              360                    360                          356                     221,000.00                     221,000.00   First Lien                                      0           274,000.00                    53,000.00                      -          277,000.00                    79.79               98.92   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      1103643476   WARREN                                               05674    VT                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     281,250.00                     280,787.58   First Lien                                      0           315,000.00                    33,750.00                      -          375,000.00                    75.00               84.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103646168   VALLEJO                                              94589    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     300,000.00                     300,000.00   First Lien                                      0           337,500.00                    37,500.00                 375000              375000                    80.00               90.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103646798   ORLANDO                                              11926    FL                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     240,300.00                     240,069.95   First Lien                                      0           240,300.00                         0.00                      -          267,000.00                    90.00               90.00   LPMI                      LPMI                        25                                   11.550             0.375       0.0325     1.960               2.3675
      1103651163   MONTEBELLO                                           90640    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     460,000.00                     460,000.00   First Lien                                      0           460,000.00                         0.00                 575000              575000                    80.00               80.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103655024   COLLEYVILLE                                          76034    TX                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     500,000.00                     498,977.96   First Lien                                      0           500,000.00                         0.00                 875000              929000                    57.15               57.15   No MI                     NO MI                        0                                   5.8750            0.3750       0.0325    0.0000               0.4075
      1103657475   SACRAMENTO                                           34934    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     238,000.00                     238,000.00   First Lien                                      0           272,000.00                    34,000.00                      -          340,000.00                    70.00               80.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103658445   MIAMI                                                33183    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     257,000.00                     257,000.00   First Lien                                      0           257,000.00                         0.00                      -          405,000.00                    63.46               63.46   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      1103658486   HONOLULU                                             35292    HI                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     432,350.00                     432,350.00   First Lien                                      0           432,350.00                         0.00                 576500              577000                    75.00               75.00   No MI                     NO MI                        0                                   6.1250            0.3750       0.0325    0.0000               0.4075
      1103659219   ATLANTIC BEACH                                       32233    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     442,500.00                     442,500.00   First Lien                                      0           442,500.00                         0.00                      -          590,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.700             0.375       0.0325     0.000               0.4075
      1103659421   LOS ANGELES                                          90042    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     500,000.00                     500,000.00   First Lien                                      0           500,000.00                         0.00                 626000              689000                    79.88               79.88   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      1103660532   RIVERSIDE                                            33732    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     320,000.00                     320,000.00   First Lien                                      0           440,000.00                   120,000.00                      -          465,000.00                    68.82               94.63   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      1103660736   RODEO                                                94572    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     497,500.00                     497,500.00   First Lien                                      0           497,500.00                         0.00                      -          635,000.00                    78.35               78.35   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      1103661798   PORT SAINT LUCIE                                     34953    FL                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     208,000.00                     208,000.00   First Lien                                      0           247,000.00                    39,000.00                      -          260,000.00                    80.00               95.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103661802   BROOKLYN                                             40588    NY                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     975,000.00                     975,000.00   First Lien                                      0         1,170,000.00                   195,000.00                1300000             1300000                    75.00               90.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661805   MIAMI LAKES                                          33016    FL                             20070201                 20370101   ARMS                    No                                              360                    360                          357                   1,000,000.00                   1,000,000.00   First Lien                                      0         1,300,000.00                   300,000.00                1300000             1355000                    76.93              100.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661817   SAVANNAH                                             11428    GA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                      52,000.00                      51,824.59   First Lien                                      0            52,000.00                         0.00                      -           65,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103661824   KANSAS CITY                                          23406    MO                             20070401                 20370301   ARMS                    No                                              360                    360                          359                      76,400.00                      76,233.76   First Lien                                      0            87,038.00                    10,638.00                      -           97,000.00                    78.77               89.73   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103661840   PORTSMOUTH                                           45114    VA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     108,800.00                     108,800.00   First Lien                                      0           108,800.00                         0.00                 136000              146000                    80.00               80.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661871   HAZEL CREST                                          22035    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     132,000.00                     132,000.00   First Lien                                      0           132,000.00                         0.00                      -          170,000.00                    77.65               77.65   No MI                     NO MI                        0                                    8.250             0.375       0.0325     0.000               0.4075
      1103661875   CRYSTAL RIVER                                        12537    FL                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     159,020.00                     159,020.00   First Lien                                      0           198,775.00                    39,755.00                 198775              300000                    80.00              100.00   No MI                     NO MI                        0                                   8.0000            0.3750       0.0325    0.0000               0.4075
      1103661876   EAGLE CREEK                                          97022    OR                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     159,500.00                     159,169.50   First Lien                                      0           159,500.00                         0.00                 199375              240000                    80.00               80.00   No MI                     NO MI                        0                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103661889   GOODYEAR                                             85338    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     175,300.00                     175,300.00   First Lien                                      0           219,125.00                    43,825.00                 219171              260000                    79.99               99.98   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103661896   WATERBURY                                            38908    CT                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     184,000.00                     183,628.80   First Lien                                      0           207,000.00                    23,000.00                      -          230,000.00                    80.00               90.00   No MI                     NO MI                        0                                    8.000             0.375       0.0325     0.000               0.4075
      1103661906   SAVANNAH                                             11414    GA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     195,000.00                     194,308.30   First Lien                                      0           195,000.00                         0.00                      -          260,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      1103661920   DECATUR                                              30030    GA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     238,000.00                     238,000.00   First Lien                                      0           323,000.00                    85,000.00                 340000              349000                    70.00               95.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103661934   SPRINGFIELD GARDENS                                  40646    NY                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     260,000.00                     259,123.10   First Lien                                      0           260,000.00                         0.00                 325000              365000                    80.00               80.00   No MI                     NO MI                        0                                   8.0000            0.3750       0.0325    0.0000               0.4075
      1103661957   SCHAUMBURG                                           60194    IL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     312,000.00                     311,416.90   First Lien                                      0           312,000.00                         0.00                      -          390,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.375             0.375       0.0325     0.000               0.4075
      1103661973   SAN MARCOS                                           92069    CA                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     380,000.00                     380,000.00   First Lien                                      0           380,000.00                         0.00                      -          485,000.00                    78.36               78.36   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      1103661977   MIAMI                                                12084    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     388,000.00                     388,000.00   First Lien                                      0           460,750.00                    72,750.00                 485000              515000                    80.00               95.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103661983   HALLANDALE BEACH                                     33009    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     397,600.00                     397,600.00   First Lien                                      0           497,000.00                    99,400.00                 497000              500000                    80.00              100.00   No MI                     NO MI                        0                                   8.1250            0.3750       0.0325    0.0000               0.4075
      1103662022   HALLANDALE                                           33009    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     678,750.00                     678,750.00   First Lien                                      0           859,750.00                   181,000.00                 905000              905000                    75.00               95.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103662031   PHOENIX                                              85086    AZ                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     880,000.00                     880,000.00   First Lien                                      0           880,000.00                         0.00                      -        1,100,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.250             0.375       0.0325     0.000               0.4075
      1103662266   TACOMA                                               35889    WA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     193,507.00                     193,507.00   First Lien                                      0           193,507.00                         0.00                      -          341,523.00                    56.66               56.66   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103662474   PLEASANTON                                           94588    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     417,500.00                     417,500.00   First Lien                                      0           417,500.00                         0.00                      -          650,000.00                    64.24               64.24   No MI                     NO MI                        0                                    5.990             0.375       0.0325     0.000               0.4075
      1103662651   SAN JOSE                                             34724    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     606,000.00                     606,000.00   First Lien                                      0           606,000.00                         0.00                      -          810,000.00                    74.82               74.82   No MI                     NO MI                        0                                    5.875             0.375       0.0325     0.000               0.4075
      1103662695   TAMPA                                                12217    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     100,500.00                     100,500.00   First Lien                                      0           100,500.00                         0.00                      -          134,000.00                    75.00               75.00   No MI                     NO MI                        0                                    8.500             0.375       0.0325     0.000               0.4075
      1103662792   ADELANTO                                             33664    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     240,500.00                     240,500.00   First Lien                                      0           253,400.00                    12,900.00                      -          370,000.00                    65.00               68.49   No MI                     NO MI                        0                                    8.500             0.375       0.0325     0.000               0.4075
      1103662825   MIAMI                                                33142    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     168,750.00                     168,750.00   First Lien                                      0           168,750.00                         0.00                      -          250,000.00                    67.50               67.50   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103663149   MIAMI                                                33179    FL                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     306,000.00                     306,000.00   First Lien                                      0           306,000.00                         0.00                      -          340,000.00                    90.00               90.00   LPMI                      LPMI                        25                                    7.750             0.375       0.0325     0.790               1.1975
      1103663310   LOS ANGELES                                          33395    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     444,000.00                     444,000.00   First Lien                                      0           444,000.00                         0.00                      -          555,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.375             0.375       0.0325     0.000               0.4075
      1103663444   MIAMI BEACH                                          33139    FL                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     450,850.00                     450,540.79   First Lien                                      0           450,850.00                         0.00                 474628              530000                    95.00               95.00   LPMI                      LPMI                        30                                  11.2000            0.3750       0.0325    2.4300               2.8375
      1103663486   MIAMI                                                33156    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     492,000.00                     492,000.00   First Lien                                      0           492,000.00                         0.00                 615000              615000                    80.00               80.00   No MI                     NO MI                        0                                   8.7500            0.3750       0.0325    0.0000               0.4075
      1103663552   UNICORPORATED AREA OF POM                            91766    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     302,250.00                     302,250.00   First Lien                                      0           395,250.00                    93,000.00                      -          465,000.00                    65.00               85.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      1103663555   PAIA                                                 96779    HI                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     476,000.00                     476,000.00   First Lien                                      0           476,000.00                         0.00                      -          595,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103663583   FRESNO                                               34152    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     272,000.00                     272,000.00   First Lien                                      0           323,000.00                    51,000.00                      -          340,000.00                    80.00               95.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103663739   BOWIE                                                44032    MD                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     546,250.00                     546,250.00   First Lien                                      0           546,250.00                         0.00                 575000              580000                    95.00               95.00   LPMI                      LPMI                        30                                   8.6250            0.3750       0.0325    0.8600               1.2675
      1103663827   OAK CREEK                                            80467    CO                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     556,000.00                     556,000.00   First Lien                                      0           556,000.00                         0.00                 695000              696000                    80.00               80.00   No MI                     NO MI                        0                                   8.3750            0.3750       0.0325    0.0000               0.4075
      1103663993   REHOBOTH                                             02769    MA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     241,500.00                     241,500.00   First Lien                                      0           241,500.00                         0.00                      -          345,000.00                    70.00               70.00   No MI                     NO MI                        0                                    8.875             0.375       0.0325     0.000               0.4075
      1103664208   HAYMARKET                                            20169    VA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     920,000.00                     919,350.68   First Lien                                      0         1,092,500.00                   172,500.00                1150000             1175000                    80.00               95.00   No MI                     NO MI                        0                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103664215   WEST FRIENDSHIP                                      21794    MD                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     920,000.00                     920,000.00   First Lien                                      0           920,000.00                         0.00                      -        1,200,000.00                    76.67               76.67   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103664217   POTOMAC                                              20854    MD                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     400,000.00                     400,000.00   First Lien                                      0           400,000.00                         0.00                      -          510,000.00                    78.44               78.44   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103664235   CAPE CORAL                                           33993    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     280,000.00                     279,930.67   First Lien                                      0           280,000.00                         0.00                 280000              285000                   100.00              100.00   LPMI                      LPMI                        35                                   8.5000            0.3750       0.0325    1.3500               1.7575
      1103664238   PEMBROKE PINES                                       33025    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     318,000.00                     317,913.29   First Lien                                      0           318,000.00                         0.00                 318000              320000                   100.00              100.00   LPMI                      LPMI                        35                                   8.1700            0.3750       0.0325    1.5600               1.9675
      1103664243   HUDSON                                               34669    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     155,000.00                     154,948.74   First Lien                                      0           155,000.00                         0.00                 155000              162000                   100.00              100.00   PMI                       BPMI                        35                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103664269   SPRINGFIELD                                          36899    MA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     163,750.00                     163,675.78   First Lien                                      0           163,750.00                         0.00                 163750              164000                   100.00              100.00   PMI                       BPMI                        35                                   6.3750            0.3750       0.0325    0.0000               0.4075
      1103664273   FORT LAUDERDALE                                      12138    FL                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     287,127.00                     287,127.00   First Lien                                      0           287,127.00                         0.00                 287127              290000                   100.00              100.00   PMI                       BPMI                        35                                   8.0000            0.3750       0.0325    0.0000               0.4075
      1103664287   GLEN BURNIE                                          21061    MD                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     236,000.00                     235,929.91   First Lien                                      0           236,000.00                         0.00                      -          236,000.00                   100.00              100.00   PMI                       BPMI                        35                                    7.875             0.375       0.0325     0.000               0.4075
      1103664294   MIAMI                                                33162    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     410,000.00                     409,905.68   First Lien                                      0           410,000.00                         0.00                 410000              410000                   100.00              100.00   LPMI                      LPMI                        35                                   8.7500            0.3750       0.0325    0.9600               1.3675
      1103664306   FAIRBURN                                             11002    GA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     245,000.00                     244,945.69   First Lien                                      0           245,000.00                         0.00                 245000              250000                   100.00              100.00   LPMI                      LPMI                        35                                   8.8750            0.3750       0.0325    1.5600               1.9675
      1103664309   COCONUT CREEK                                        33073    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     279,900.00                     279,900.00   First Lien                                      0           279,900.00                         0.00                 279900              279900                   100.00              100.00   PMI                       BPMI                        35                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103664315   FORT LAUDERDALE                                      12125    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     450,000.00                     450,000.00   First Lien                                      0           450,000.00                         0.00                 450000              460000                   100.00              100.00   LPMI                      LPMI                        35                                   9.1250            0.3750       0.0325    1.6100               2.0175
      1103664408   WINDERMERE                                           34786    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     639,200.00                     639,200.00   First Lien                                      0           759,050.00                   119,850.00                 799000              820000                    80.00               95.00   No MI                     NO MI                        0                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103664409   MIAMI                                                33147    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     157,250.00                     157,250.00   First Lien                                      0           157,250.00                         0.00                      -          185,000.00                    85.00               85.00   LPMI                      LPMI                        22                                    8.750             0.375       0.0325     0.650               1.0575
      1103664410   ALTAMONTE SPRINGS                                    11884    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     141,210.00                     141,176.30   First Lien                                      0           141,210.00                         0.00                 156900              157000                    90.00               90.00   LPMI                      LPMI                        25                                   8.6250            0.3750       0.0325    0.9700               1.3775
      1103664412   TAMPA                                                12207    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     200,481.00                     200,434.88   First Lien                                      0           200,481.00                         0.00                 235861              260000                    85.00               85.00   LPMI                      LPMI                        22                                   8.7500            0.3750       0.0325    0.9400               1.3475
      1103664414   ORLANDO                                              11912    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     178,505.00                     178,505.00   First Lien                                      0           178,505.00                         0.00                 187900              195000                    95.00               95.00   PMI                       BPMI                        30                                   7.8750            0.3750       0.0325    0.0000               0.4075
      1103664415   PUYALLUP                                             98375    WA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     480,000.00                     479,817.13   First Lien                                      0           480,000.00                         0.00                      -          650,000.00                    73.85               73.85   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103664416   ORLANDO                                              32835    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     495,000.00                     495,000.00   First Lien                                      0           495,000.00                         0.00                      -          555,000.00                    89.19               89.19   PMI                       BPMI                        25                                    7.500             0.375       0.0325     0.000               0.4075
      1103664418   MIAMI                                                33176    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     128,000.00                     127,957.67   First Lien                                      0           128,000.00                         0.00                      -          160,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      1103664420   PARRISH                                              12469    FL                             20070401                 20370401   ARMS                    Yes                                             360                    480                          359                     320,400.00                     320,215.83   First Lien                                      0           320,400.00                         0.00                 358500              430000                    89.38               89.38   LPMI                      LPMI                        25                                   8.0000            0.3750       0.0325    0.7200               1.1275
      1103664425   KISSIMMEE                                            34759    FL                             20070501                 20370301   ARMS                    Yes                                             360                    480                          360                     216,000.00                     215,928.57   First Lien                                      0           216,000.00                         0.00                 270000              310000                    80.00               80.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103664426   NORTH LAUDERDALE                                     33068    FL                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     180,500.00                     180,500.00   First Lien                                      0           180,500.00                         0.00                      -          190,000.00                    95.00               95.00   LPMI                      LPMI                        30                                    8.000             0.375       0.0325     0.690               1.0975
      1103664427   TAMPA                                                12209    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     109,600.00                     109,561.09   First Lien                                      0           109,600.00                         0.00                      -          137,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103664428   POMPANO BEACH                                        33064    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     284,000.00                     283,783.90   First Lien                                      0           284,000.00                         0.00                      -          355,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.375             0.375       0.0325     0.000               0.4075
      1103664431   CENTERTON                                            26499    AR                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     239,760.00                     239,603.17   First Lien                                      0           239,760.00                         0.00                      -          267,000.00                    89.80               89.80   PMI                       BPMI                        25                                    8.125             0.375       0.0325     0.000               0.4075
      1103664432   NEW BRUNSWICK                                        39692    NJ                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     298,000.00                     297,805.07   First Lien                                      0           298,000.00                         0.00                      -          381,000.00                    78.22               78.22   No MI                     NO MI                        0                                    8.125             0.375       0.0325     0.000               0.4075
      1103664434   LEHIGH ACRES                                         33936    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     246,810.00                     246,660.48   First Lien                                      0           246,810.00                         0.00                 259800              280000                    95.00               95.00   LPMI                      LPMI                        30                                   8.5000            0.3750       0.0325    2.0800               2.4875
      1103664435   MIAMI                                                12084    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     640,000.00                     640,000.00   First Lien                                      0           640,000.00                         0.00                 800000              805000                    80.00               80.00   No MI                     NO MI                        0                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103664436   CORAL SPRINGS                                        33065    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     156,000.00                     155,953.67   First Lien                                      0           156,000.00                         0.00                 176000              191000                    88.64               88.64   LPMI                      LPMI                        25                                   7.8750            0.3750       0.0325    1.1200               1.5275
      1103664437   SAINT PETERSBURG                                     12246    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     140,000.00                     139,910.73   First Lien                                      0           140,000.00                         0.00                      -          170,000.00                    82.36               82.36   PMI                       BPMI                        12                                    8.250             0.375       0.0325     0.000               0.4075
      1103664438   HOLLYWOOD                                            33020    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     499,900.00                     499,900.00   First Lien                                      0           499,900.00                         0.00                 560000              580000                    89.27               89.27   PMI                       BPMI                        25                                   8.5000            0.3750       0.0325    0.0000               0.4075
      1103664439   ORLANDO                                              11910    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                      87,660.00                      87,628.87   First Lien                                      0            87,660.00                         0.00                  97900               98000                    89.55               89.55   PMI                       BPMI                        25                                   7.2500            0.3750       0.0325    0.0000               0.4075
      1103664441   ORLANDO                                              11909    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     112,000.00                     111,918.94   First Lien                                      0           112,000.00                         0.00                      -          168,000.00                    66.67               66.67   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103664442   ORLANDO                                              11909    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     112,000.00                     111,918.94   First Lien                                      0           112,000.00                         0.00                      -          169,000.00                    66.28               66.28   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103664443   JACKSONVILLE                                         11736    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     193,500.00                     193,446.55   First Lien                                      0           193,500.00                         0.00                      -          215,000.00                    90.00               90.00   LPMI                      LPMI                        25                                    8.125             0.375       0.0325     1.220               1.6275
      1103664444   ORLANDO                                              11913    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      94,900.00                      94,900.00   First Lien                                      0            94,900.00                         0.00                  99900              100000                    95.00               95.00   PMI                       BPMI                        30                                   7.7500            0.3750       0.0325    0.0000               0.4075
      1103664445   ORLANDO                                              11922    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     270,720.00                     270,556.00   First Lien                                      0           270,720.00                         0.00                 338400              382000                    80.00               80.00   No MI                     NO MI                        0                                   8.5000            0.3750       0.0325    0.0000               0.4075
      1103664446   ORLANDO                                              11919    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     137,250.00                     137,217.24   First Lien                                      0           137,250.00                         0.00                 152500              185000                    90.00               90.00   LPMI                      LPMI                        25                                   8.6250            0.3750       0.0325    0.9900               1.3975
      1103664447   KISSIMMEE                                            34746    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     338,310.00                     338,310.00   First Lien                                      0           338,310.00                         0.00                 375901              376000                    90.00               90.00   PMI                       BPMI                        25                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103664448   YORK NEW SALEM                                       17371    PA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     127,600.00                     127,500.46   First Lien                                      0           127,600.00                         0.00                      -          143,500.00                    88.92               88.92   LPMI                      LPMI                        25                                    7.250             0.375       0.0325     0.370               0.7775
      1103664449   HIALEAH                                              33015    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     304,000.00                     303,899.46   First Lien                                      0           304,000.00                         0.00                 380000              385000                    80.00               80.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      1103664450   LAUDERHILL                                           12126    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     292,500.00                     292,430.18   First Lien                                      0           292,500.00                         0.00                 325000              340000                    90.00               90.00   LPMI                      LPMI                        25                                   8.6250            0.3750       0.0325    0.8700               1.2775
      1103664451   WINTER SPRINGS                                       11878    FL                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     396,000.00                     395,859.40   First Lien                                      0           396,000.00                         0.00                      -          495,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103664458   LAKE MARY                                            32746    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     148,500.00                     148,500.00   First Lien                                      0           148,500.00                         0.00                 165000              175000                    90.00               90.00   PMI                       BPMI                        25                                   8.0000            0.3750       0.0325    0.0000               0.4075
      1103664459   GROVELAND                                            34736    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     875,000.00                     875,000.00   First Lien                                      0         1,175,750.00                   300,750.00                      -        1,250,000.00                    70.00               94.06   No MI                     NO MI                        0                                    8.500             0.375       0.0325     0.000               0.4075
      1103664462   FREDERICK                                            44380    MD                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     221,400.00                     221,400.00   First Lien                                      0           221,400.00                         0.00                      -          246,000.00                    90.00               90.00   LPMI                      LPMI                        25                                    8.875             0.375       0.0325     1.170               1.5775
      1103664463   VILLA RICA                                           30180    GA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     187,981.00                     187,981.00   First Lien                                      0           187,981.00                         0.00                 197875              202000                    95.00               95.00   LPMI                      LPMI                        30                                   9.1250            0.3750       0.0325    1.7100               2.1175
      1103664464   CHICAGO                                              60647    IL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     468,000.00                     467,730.74   First Lien                                      0           468,000.00                         0.00                 520000              520000                    90.00               90.00   LPMI                      LPMI                        25                                   8.7500            0.3750       0.0325    0.6400               1.0475
      1103664466   PENNSBURG                                            18073    PA                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     208,165.00                     208,100.91   First Lien                                      0           208,165.00                         0.00                 244900              245000                    85.00               85.00   LPMI                      LPMI                        22                                   7.7500            0.3750       0.0325    0.3900               0.7975
      1103664467   GLEN ELLYN                                           60137    IL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     445,590.00                     445,590.00   First Lien                                      0           445,590.00                         0.00                 495100              640000                    90.00               90.00   PMI                       BPMI                        25                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103664470   CLINTON                                              20735    MD                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     499,500.00                     499,346.22   First Lien                                      0           499,500.00                         0.00                      -          555,000.00                    90.00               90.00   PMI                       BPMI                        25                                    7.750             0.375       0.0325     0.000               0.4075
      1103664473   ANNAPOLIS                                            44287    MD                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     594,700.00                     594,700.00   First Lien                                      0           594,700.00                         0.00                 626000              650000                    95.00               95.00   PMI                       BPMI                        30                                   8.2500            0.3750       0.0325    0.0000               0.4075
      1103664477   GLENN DALE                                           20769    MD                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     337,500.00                     337,396.10   First Lien                                      0           337,500.00                         0.00                      -          375,000.00                    90.00               90.00   LPMI                      LPMI                        25                                    7.750             0.375       0.0325     0.770               1.1775
      1103664480   ANAHEIM                                              33821    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     580,000.00                     580,000.00   First Lien                                      0           580,000.00                         0.00                      -          725,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.000             0.375       0.0325     0.000               0.4075
      1103664481   PUNTA GORDA                                          33955    FL                             20070501                 20370401   ARMS                    No                                              360                    360                          360                      65,000.00                      64,952.95   First Lien                                      0            65,000.00                         0.00                      -          455,000.00                    14.29               14.29   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103664484   VAIL                                                 85641    AZ                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     230,062.00                     229,991.17   First Lien                                      0           230,062.00                         0.00                 242171              243000                    95.00               95.00   LPMI                      LPMI                        30                                   7.7500            0.3750       0.0325    0.6200               1.0275
      1103664485   MARANA                                               85653    AZ                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     246,188.00                     246,137.33   First Lien                                      0           246,188.00                         0.00                 259146              260000                    95.00               95.00   LPMI                      LPMI                        30                                   9.1250            0.3750       0.0325    1.4500               1.8575
      1103664488   NORTHFIELD                                           39503    NJ                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     279,200.00                     279,100.87   First Lien                                      0           279,200.00                         0.00                      -          349,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103664490   SPARKS                                               89431    NV                             20070501                 20370401   ARMS                    Yes                                             360                    480                          360                     152,000.00                     151,946.03   First Lien                                      0           171,000.00                    19,000.00                      -          190,000.00                    80.00               90.00   No MI                     NO MI                        0                                    7.250             0.375       0.0325     0.000               0.4075
      1103664491   RENO                                                 32640    NV                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     176,000.00                     176,000.00   First Lien                                      0           176,000.00                         0.00                      -          220,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.125             0.375       0.0325     0.000               0.4075
      1103664690   SURPRISE                                             85379    AZ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     304,000.00                     304,000.00   First Lien                                      0           304,000.00                         0.00                 320000              320000                    95.00               95.00   LPMI                      LPMI                        30                                   7.7500            0.3750       0.0325    1.0100               1.4175
      1103664824   RIVERSIDE                                            33731    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     269,100.00                     269,100.00   First Lien                                      0           269,100.00                         0.00                 299000              315000                    90.00               90.00   LPMI                      LPMI                        25                                   9.3750            0.3750       0.0325    0.6400               1.0475
      1103664858   CITY OF INDIO                                        33637    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     284,952.00                     284,952.00   First Lien                                      0           356,190.00                    71,238.00                 356190              368000                    80.00              100.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      1103664892   TAMPA                                                12218    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     200,000.00                     200,000.00   First Lien                                      0           200,000.00                         0.00                      -          252,000.00                    79.37               79.37   No MI                     NO MI                        0                                    8.875             0.375       0.0325     0.000               0.4075
      1103664893   TAMPA                                                12218    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     200,000.00                     200,000.00   First Lien                                      0           200,000.00                         0.00                      -          252,000.00                    79.37               79.37   No MI                     NO MI                        0                                    8.875             0.375       0.0325     0.000               0.4075
      1103664897   SPRING HILL                                          12577    FL                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     403,200.00                     403,107.25   First Lien                                      0           403,200.00                         0.00                      -          448,000.00                    90.00               90.00   LPMI                      LPMI                        25                                    8.750             0.375       0.0325     1.020               1.4275
      1103664903   HOMEWOOD                                             22036    IL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     247,000.00                     246,875.27   First Lien                                      0           247,000.00                         0.00                      -          260,000.00                    95.00               95.00   LPMI                      LPMI                        30                                    9.375             0.375       0.0325     1.610               2.0175
      1103664904   CORAL SPRINGS                                        33065    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     128,000.00                     128,000.00   First Lien                                      0           128,000.00                         0.00                      -          160,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.625             0.375       0.0325     0.000               0.4075
      1103665020   SANTA ANA                                            33790    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     256,500.00                     256,500.00   First Lien                                      0           256,500.00                         0.00                 270000              300000                    95.00               95.00   LPMI                      LPMI                        30                                   9.8750            0.3750       0.0325    0.9800               1.3875
      1103665119   SAN BERNARDINO                                       33701    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     300,000.00                     300,000.00   First Lien                                      0           375,000.00                    75,000.00                 375000              375000                    80.00              100.00   No MI                     NO MI                        0                                   6.5000            0.3750       0.0325    0.0000               0.4075
      1103665121   MORENO VALLEY                                        92551    CA                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     396,000.00                     395,624.26   First Lien                                      0           495,000.00                    99,000.00                      -          495,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      1103665138   PARK CIY                                             84098    UT                             20070401                 20370301   ARMS                    No                                              360                    360                          359                     426,400.00                     426,400.00   First Lien                                      0           479,700.00                    53,300.00                 533000              535000                    80.00               90.00   No MI                     NO MI                        0                                   7.0000            0.3750       0.0325    0.0000               0.4075
      1103665139   PARK CITY                                            84098    UT                             20070201                 20370101   ARMS                    No                                              360                    360                          357                     324,000.00                     324,000.00   First Lien                                      0           384,750.00                    60,750.00                      -          405,000.00                    80.00               95.00   No MI                     NO MI                        0                                    7.625             0.375       0.0325     0.000               0.4075
      1103665146   BELLFLOWER                                           33060    CA                             20070301                 20370201   ARMS                    No                                              360                    360                          358                     468,000.00                     467,606.82   First Lien                                      0           585,000.00                   117,000.00                 585000              585000                    80.00              100.00   No MI                     NO MI                        0                                   6.8750            0.3750       0.0325    0.0000               0.4075
      1103665338   TULARE                                               93274    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     137,750.00                     137,750.00   First Lien                                      0           137,750.00                         0.00                 145000              145000                    95.00               95.00   PMI                       BPMI                        30                                  10.3750            0.3750       0.0325    0.0000               0.4075
      1103665406   JACKSONVILLE                                         11735    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     108,900.00                     108,850.53   First Lien                                      0           108,900.00                         0.00                 121000              125000                    90.00               90.00   LPMI                      LPMI                        25                                   9.8750            0.3750       0.0325    0.5900               0.9975
      2503214663   BRADENTON                                            12452    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     446,000.00                     446,000.00   First Lien                                      0           574,212.00                   128,212.00                      -          655,000.00                    68.10               87.67   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503214703   DETROIT                                              17568    MI                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     103,500.00                     103,500.00   First Lien                                      0           103,500.00                         0.00                 115000              115000                    90.00               90.00   LPMI                      LPMI                        25                                  10.2250            0.3750       0.0325    0.6700               1.0775
      2503215275   MENIFEE AREA                                         92584    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     367,500.00                     367,500.00   First Lien                                      0           472,500.00                   105,000.00                      -          525,000.00                    70.00               90.00   No MI                     NO MI                        0                                    5.750             0.375       0.0325     0.000               0.4075
      2503215904   KISSIMMEE                                            34746    FL                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     313,550.00                     313,550.00   First Lien                                      0           313,550.00                         0.00                 391990              395000                    79.99               79.99   No MI                     NO MI                        0                                   8.9900            0.3750       0.0325    0.0000               0.4075
      2503216874   SAN DIEGO                                            33620    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     220,000.00                     220,000.00   First Lien                                      0           275,000.00                    55,000.00                      -          275,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503217430   CARLSBAD                                             92008    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     342,000.00                     342,000.00   First Lien                                      0           542,000.00                   200,000.00                      -          654,000.00                    52.30               82.88   No MI                     NO MI                        0                                    5.500             0.375       0.0325     0.000               0.4075
      2503217555   BAKERSFIELD                                          34039    CA                             20070501                 20370401   ARMS                    No                                              360                    360                          360                     170,000.00                     170,000.00   First Lien                                      0           170,000.00                         0.00                      -          290,000.00                    58.63               58.63   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503218745   LAS VEGAS                                            32526    NV                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     190,350.00                     190,350.00   First Lien                                      0           190,350.00                         0.00                 237990              251000                    79.99               79.99   No MI                     NO MI                        0                                   6.1800            0.3750       0.0325    0.0000               0.4075
      2503218746   ORLANDO                                              11923    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     185,200.00                     185,200.00   First Lien                                      0           219,700.00                    34,500.00                      -          231,500.00                    80.00               94.91   No MI                     NO MI                        0                                    6.560             0.375       0.0325     0.000               0.4075
      2503219035   DENVER                                               29274    CO                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     112,000.00                     112,000.00   First Lien                                      0           112,000.00                         0.00                      -          253,000.00                    44.27               44.27   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503219105   CORONA                                               92879    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     444,000.00                     444,000.00   First Lien                                      0           444,000.00                         0.00                      -          555,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503219136   SUNRISE                                              12136    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     264,000.00                     264,000.00   First Lien                                      0           264,000.00                         0.00                      -          330,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      2503219467   KISSIMMEE                                            34741    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     281,250.00                     281,250.00   First Lien                                      0           281,250.00                         0.00                      -          398,000.00                    70.67               70.67   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      2503219561   CARLSBAD                                             92009    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     279,000.00                     279,000.00   First Lien                                      0           279,000.00                         0.00                      -          456,000.00                    61.19               61.19   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503219758   DENVER                                               29275    CO                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     120,500.00                     120,500.00   First Lien                                      0           120,500.00                         0.00                      -          154,000.00                    78.25               78.25   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503219991   OVIEDO                                               32765    FL                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     227,400.00                     227,400.00   First Lien                                      0           227,400.00                         0.00                 239400              263400                    94.99               94.99   Radian Guaranty           BPMI                        30                                  10.0000            0.3750       0.0325    0.0000               0.4075
      2503219998   LOS ANGELES AREA                                     90022    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     397,500.00                     397,500.00   First Lien                                      0           397,500.00                         0.00                      -          530,000.00                    75.00               75.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      2503220195   BROOKLYN                                             40587    NY                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     596,000.00                     596,000.00   First Lien                                      0           745,000.00                   149,000.00                 745000              765000                    80.00              100.00   No MI                     NO MI                        0                                   7.3750            0.3750       0.0325    0.0000               0.4075
      2503220202   CHICAGO                                              22086    IL                             20070701                 20370601   ARMS                    No                                              360                    360                          360                      98,100.00                      98,100.00   First Lien                                      0            98,100.00                         0.00                 109000              109000                    90.00               90.00   LPMI                      LPMI                        25                                  10.6000            0.3750       0.0325    0.8200               1.2275
      2503220475   BLOOMINGTON                                          55437    MN                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     137,000.00                     137,000.00   First Lien                                      0           172,000.00                    35,000.00                      -          185,000.00                    74.06               92.98   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      2503220490   HIGLEY                                               85236    AZ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     159,000.00                     159,000.00   First Lien                                      0           159,000.00                         0.00                      -          350,000.00                    45.43               45.43   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503220495   SAN JOSE                                             95148    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     425,500.00                     425,500.00   First Lien                                      0           544,696.00                   119,196.00                      -          785,000.00                    54.21               69.39   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503220534   JUPITER                                              33458    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     162,000.00                     162,000.00   First Lien                                      0           162,000.00                         0.00                      -          291,000.00                    55.68               55.68   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503220545   JUPITER                                              33458    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     169,650.00                     169,650.00   First Lien                                      0           169,650.00                         0.00                      -          260,000.00                    65.25               65.25   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503220773   BROOKLYN                                             40595    NY                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     540,000.00                     540,000.00   First Lien                                      0           540,000.00                         0.00                      -          675,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.720             0.375       0.0325     0.000               0.4075
      2503220885   PALM SPRINGS                                         33461    FL                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     185,400.00                     185,400.00   First Lien                                      0           185,400.00                         0.00                 206000              206000                    90.00               90.00   LPMI                      LPMI                        25                                  11.5000            0.3750       0.0325    1.4400               1.8475
      2503220903   WEST SACRAMENTO                                      95691    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     343,000.00                     343,000.00   First Lien                                      0           441,000.00                    98,000.00                      -          490,000.00                    70.00               90.00   No MI                     NO MI                        0                                    6.850             0.375       0.0325     0.000               0.4075
      2503221019   LEHIGH ACRES                                         33971    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     232,500.00                     232,500.00   First Lien                                      0           294,500.00                    62,000.00                      -          310,000.00                    75.00               95.00   No MI                     NO MI                        0                                    8.250             0.375       0.0325     0.000               0.4075
      2503221022   SACRAMENTO                                           95842    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     330,000.00                     330,000.00   First Lien                                      0           330,000.00                         0.00                      -          330,000.00                   100.00              100.00   LPMI                      LPMI                        35                                    6.750             0.375       0.0325     0.640               1.0475
      2503221039   OSSINING                                             10562    NY                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     406,000.00                     406,000.00   First Lien                                      0           406,000.00                         0.00                      -          580,000.00                    70.00               70.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503221100   LOS ANGELES                                          90016    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     586,500.00                     586,500.00   First Lien                                      0           586,500.00                         0.00                      -          690,000.00                    85.00               85.00   LPMI                      LPMI                        22                                    6.890             0.375       0.0325     0.390               0.7975
      2503221230   INGLEWOOD                                            32933    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     300,000.00                     300,000.00   First Lien                                      0           300,000.00                         0.00                      -          520,000.00                    57.70               57.70   No MI                     NO MI                        0                                    6.000             0.375       0.0325     0.000               0.4075
      2503221374   LEHIGH ACRES                                         33936    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     160,000.00                     160,000.00   First Lien                                      0           160,000.00                         0.00                      -          231,000.00                    69.27               69.27   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      2503221398   STOCKTON                                             34736    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     323,000.00                     323,000.00   First Lien                                      0           323,000.00                         0.00                      -          367,000.00                    88.02               88.02   Radian Guaranty           BPMI                        25                                    7.990             0.375       0.0325     0.000               0.4075
      2503221439   TAMPA                                                12207    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     234,000.00                     234,000.00   First Lien                                      0           234,000.00                         0.00                      -          335,000.00                    69.86               69.86   No MI                     NO MI                        0                                    7.350             0.375       0.0325     0.000               0.4075
      2503221440   VICTORVILLE                                          92392    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     280,800.00                     280,800.00   First Lien                                      0           280,800.00                         0.00                      -          351,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      2503221519   BARTOW                                               12296    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     107,000.00                     107,000.00   First Lien                                      0           107,000.00                         0.00                      -          153,000.00                    69.94               69.94   No MI                     NO MI                        0                                    7.150             0.375       0.0325     0.000               0.4075
      2503221582   VICTORVILLE                                          92392    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     365,000.00                     365,000.00   First Lien                                      0           365,000.00                         0.00                      -          413,000.00                    88.38               88.38   LPMI                      LPMI                        25                                    6.580             0.375       0.0325     0.660               1.0675
      2503221638   AREA OF LUCERNE VALLEY                               92356    CA                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     116,000.00                     116,000.00   First Lien                                      0           145,000.00                    29,000.00                 145000              150000                    80.00              100.00   No MI                     NO MI                        0                                   7.8500            0.3750       0.0325    0.0000               0.4075
      2503221639   FORT LAUDERDALE                                      12114    FL                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     360,905.00                     360,905.00   First Lien                                      0           360,905.00                         0.00                 379900              400000                    95.00               95.00   Radian Guaranty           BPMI                        30                                   9.7100            0.3750       0.0325    0.0000               0.4075
      2503221660   PHOENIX                                              85016    AZ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     752,500.00                     752,500.00   First Lien                                      0           752,500.00                         0.00                      -        1,501,476.00                    50.12               50.12   No MI                     NO MI                        0                                    6.550             0.375       0.0325     0.000               0.4075
      2503221734   CASTAIC                                              91384    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     592,000.00                     592,000.00   First Lien                                      0           592,000.00                         0.00                      -          630,000.00                    93.97               93.97   LPMI                      LPMI                        30                                    6.590             0.375       0.0325     0.820               1.2275
      2503222011   LOS ANGELES                                          90018    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     528,000.00                     528,000.00   First Lien                                      0           528,000.00                         0.00                      -          660,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.500             0.375       0.0325     0.000               0.4075
      2503222019   SOUTH JORDAN                                         84095    UT                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     457,600.00                     457,600.00   First Lien                                      0           572,000.00                   114,400.00                      -          572,000.00                    80.00              100.00   No MI                     NO MI                        0                                    6.290             0.375       0.0325     0.000               0.4075
      2503222030   TULARE                                               93274    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     309,100.00                     309,100.00   First Lien                                      0           309,100.00                         0.00                      -          503,000.00                    61.46               61.46   No MI                     NO MI                        0                                    6.990             0.375       0.0325     0.000               0.4075
      2503222113   PLUMAS LAKE                                          95961    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     324,000.00                     324,000.00   First Lien                                      0           324,000.00                         0.00                      -          405,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.420             0.375       0.0325     0.000               0.4075
      2503222136   RENTON                                               98056    WA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     431,250.00                     431,250.00   First Lien                                      0           431,250.00                         0.00                      -          575,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.375             0.375       0.0325     0.000               0.4075
      2503222167   PICO RIVERA                                          90660    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     434,400.00                     434,400.00   First Lien                                      0           434,400.00                         0.00                 543900              543000                    80.00               80.00   No MI                     NO MI                        0                                   6.6000            0.3750       0.0325    0.0000               0.4075
      2503222198   LOS ANGELES                                          90029    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     450,000.00                     450,000.00   First Lien                                      0           450,000.00                         0.00                      -          685,000.00                    65.70               65.70   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      2503222214   SALINAS                                              34218    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     340,000.00                     340,000.00   First Lien                                      0           340,000.00                         0.00                      -          560,000.00                    60.72               60.72   No MI                     NO MI                        0                                    7.050             0.375       0.0325     0.000               0.4075
      2503222225   STOCKTON                                             34742    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     440,000.00                     440,000.00   First Lien                                      0           550,000.00                   110,000.00                 550000              550000                    80.00              100.00   No MI                     NO MI                        0                                   8.8500            0.3750       0.0325    0.0000               0.4075
      2503222244   LOS ANGELES                                          90002    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     283,950.00                     283,950.00   First Lien                                      0           283,950.00                         0.00                 315500              335000                    90.00               90.00   LPMI                      LPMI                        25                                  10.3750            0.3750       0.0325    0.9200               1.3275
      2503222247   VAN NUYS                                             33333    CA                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     430,000.00                     430,000.00   First Lien                                      0           430,000.00                         0.00                      -          570,000.00                    75.44               75.44   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503222346   LOMBARD                                              60148    IL                             20070601                 20370401   ARMS                    Yes                                             360                    480                          360                     196,000.00                     196,000.00   First Lien                                      0           196,000.00                         0.00                      -          245,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.750             0.375       0.0325     0.000               0.4075
      2503222413   EL PASO                                              79936    TX                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     124,269.00                     124,269.00   First Lien                                      0           124,269.00                         0.00                 130810              132000                    95.00               95.00   LPMI                      LPMI                        30                                   9.9900            0.3750       0.0325    1.1200               1.5275
      2503222431   LA PUENTE                                            91744    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     134,000.00                     134,000.00   First Lien                                      0           134,000.00                         0.00                      -          188,000.00                    71.28               71.28   No MI                     NO MI                        0                                    6.450             0.375       0.0325     0.000               0.4075
      2503222514   MIAMI                                                33157    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     316,000.00                     316,000.00   First Lien                                      0           316,000.00                         0.00                      -          395,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503222544   LOS ANGELES                                          90061    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     480,000.00                     480,000.00   First Lien                                      0           576,000.00                    96,000.00                 640000              640000                    75.00               90.00   No MI                     NO MI                        0                                   7.1250            0.3750       0.0325    0.0000               0.4075
      2503222561   SPANISH FORK                                         84660    UT                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     403,750.00                     403,750.00   First Lien                                      0           403,750.00                         0.00                      -          475,000.00                    85.00               85.00   LPMI                      LPMI                        22                                    9.050             0.375       0.0325     0.690               1.0975
      2503222626   ONTARIO                                              91764    CA                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     394,250.00                     394,250.00   First Lien                                      0           394,250.00                         0.00                      -          415,000.00                    95.00               95.00   LPMI                      LPMI                        30                                   10.150             0.375       0.0325     0.870               1.2775
      2503222675   WHITTIER                                             33029    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     436,500.00                     436,500.00   First Lien                                      0           485,000.00                    48,500.00                 485000              485000                    90.00              100.00   LPMI                      LPMI                        25                                   7.5000            0.3750       0.0325    0.8900               1.2975
      2503222708   SAN JUAN BAUTISTA                                    95045    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     260,000.00                     260,000.00   First Lien                                      0           260,000.00                         0.00                      -          550,000.00                    47.28               47.28   No MI                     NO MI                        0                                    7.990             0.375       0.0325     0.000               0.4075
      2503222752   MIAMI                                                33165    FL                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     381,600.00                     381,600.00   First Lien                                      0           381,600.00                         0.00                 477000              480000                    80.00               80.00   No MI                     NO MI                        0                                   8.0250            0.3750       0.0325    0.0000               0.4075
      2503222764   BROOKLYN                                             11236    NY                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     468,000.00                     468,000.00   First Lien                                      0           468,000.00                         0.00                      -          585,000.00                    80.00               80.00   No MI                     NO MI                        0                                    8.250             0.375       0.0325     0.000               0.4075
      2503222786   LOS ANGELES                                          90026    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     620,000.00                     620,000.00   First Lien                                      0           620,000.00                         0.00                      -          775,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.500             0.375       0.0325     0.000               0.4075
      2503222813   LOS ANGELES                                          90016    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     465,000.00                     465,000.00   First Lien                                      0           465,000.00                         0.00                      -          620,000.00                    75.00               75.00   No MI                     NO MI                        0                                    6.700             0.375       0.0325     0.000               0.4075
      2503222819   ATLANTA                                              11032    GA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     218,700.00                     218,700.00   First Lien                                      0           218,700.00                         0.00                 243000              243000                    90.00               90.00   LPMI                      LPMI                        25                                  10.8400            0.3750       0.0325    0.9200               1.3275
      2503222841   SAN DIEGO                                            33619    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     225,150.00                     225,150.00   First Lien                                      0           225,150.00                         0.00                 237000              237000                    95.00               95.00   LPMI                      LPMI                        30                                   8.3750            0.3750       0.0325    1.2100               1.6175
      2503222932   HANFORD                                              93230    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     112,000.00                     112,000.00   First Lien                                      0           112,000.00                         0.00                      -          178,000.00                    62.93               62.93   No MI                     NO MI                        0                                    6.125             0.375       0.0325     0.000               0.4075
      2503222949   SACRAMENTO                                           95832    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     228,000.00                     228,000.00   First Lien                                      0           228,000.00                         0.00                      -          285,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.250             0.375       0.0325     0.000               0.4075
      2503222982   CENTERTON                                            26499    AR                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     407,850.00                     407,850.00   First Lien                                      0           407,850.00                         0.00                 453200              454000                    90.00               90.00   LPMI                      LPMI                        25                                  10.7500            0.3750       0.0325    0.6900               1.0975
      2503222996   CENTERTON                                            26499    AR                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     400,500.00                     400,500.00   First Lien                                      0           400,500.00                         0.00                 445000              445000                    90.00               90.00   LPMI                      LPMI                        25                                  10.7500            0.3750       0.0325    0.6900               1.0975
      2503223013   FREMONT                                              94536    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     425,000.00                     425,000.00   First Lien                                      0           425,000.00                         0.00                      -          745,000.00                    57.05               57.05   No MI                     NO MI                        0                                    6.305             0.375       0.0325     0.000               0.4075
      2503223027   GREENACRES                                           33463    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     216,000.00                     216,000.00   First Lien                                      0           270,000.00                    54,000.00                 270000              303000                    80.00              100.00   No MI                     NO MI                        0                                   8.0400            0.3750       0.0325    0.0000               0.4075
      2503223104   EAST HARTFORD                                        38725    CT                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     103,500.00                     103,500.00   First Lien                                      0           103,500.00                         0.00                 115000              134000                    90.00               90.00   LPMI                      LPMI                        25                                  10.8000            0.3750       0.0325    0.9400               1.3475
      2503223117   NEW BEDFORD                                          02740    MA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     292,500.00                     292,500.00   First Lien                                      0           292,500.00                         0.00                 325000              325000                    90.00               90.00   Radian Guaranty           BPMI                        25                                   9.6000            0.3750       0.0325    0.0000               0.4075
      2503223127   GLENDALE                                             31107    AZ                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     173,600.00                     173,600.00   First Lien                                      0           173,600.00                         0.00                      -          217,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.600             0.375       0.0325     0.000               0.4075
      2503223128   LANCASTER                                            93534    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     360,000.00                     360,000.00   First Lien                                      0           360,000.00                         0.00                      -          450,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.200             0.375       0.0325     0.000               0.4075
      2503223197   PERRIS                                               92571    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     477,850.00                     477,850.00   First Lien                                      0           477,850.00                         0.00                      -          503,000.00                    95.00               95.00   Radian Guaranty           BPMI                        30                                    6.125             0.375       0.0325     0.000               0.4075
      2503223270   PARAMOUNT                                            33077    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     392,000.00                     392,000.00   First Lien                                      0           392,000.00                         0.00                      -          490,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.625             0.375       0.0325     0.000               0.4075
      2503223290   GLENDALE                                             33271    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     750,000.00                     750,000.00   First Lien                                      0           750,000.00                         0.00                      -        1,082,000.00                    69.32               69.32   No MI                     NO MI                        0                                    7.100             0.375       0.0325     0.000               0.4075
      2503223402   APACHE JUNCTION                                      31097    AZ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     206,500.00                     206,500.00   First Lien                                      0           206,500.00                         0.00                      -          237,000.00                    87.14               87.14   LPMI                      LPMI                        25                                    8.450             0.375       0.0325     1.340               1.7475
      2503223422   DEER PARK                                            40753    NY                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     403,750.00                     403,750.00   First Lien                                      0           403,750.00                         0.00                 425000              440000                    95.00               95.00   LPMI                      LPMI                        30                                   8.9900            0.3750       0.0325    1.3600               1.7675
      2503223427   SAN JOSE                                             34709    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     576,000.00                     576,000.00   First Lien                                      0           576,000.00                         0.00                      -          640,000.00                    90.00               90.00   LPMI                      LPMI                        25                                    7.700             0.375       0.0325     0.890               1.2975
      2503223465   FAIRFIELD                                            94534    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     380,000.00                     380,000.00   First Lien                                      0           380,000.00                         0.00                      -          475,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503223532   SCOTTSDALE                                           85250    AZ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     399,200.00                     399,200.00   First Lien                                      0           499,000.00                    99,800.00                 499000              501000                    80.00              100.00   No MI                     NO MI                        0                                   8.3400            0.3750       0.0325    0.0000               0.4075
      2503223553   YORBA LINDA                                          92887    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     352,000.00                     352,000.00   First Lien                                      0           352,000.00                         0.00                      -          440,000.00                    80.00               80.00   No MI                     NO MI                        0                                    6.525             0.375       0.0325     0.000               0.4075
      2503223558   TREASURE ISLAND                                      12241    FL                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     212,500.00                     212,500.00   First Lien                                      0           212,500.00                         0.00                 250000              280000                    85.00               85.00   LPMI                      LPMI                        22                                   8.7500            0.3750       0.0325    0.6200               1.0275
      2503223569   TEMPE                                                85283    AZ                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     272,000.00                     272,000.00   First Lien                                      0           272,000.00                         0.00                      -          340,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.100             0.375       0.0325     0.000               0.4075
      2503223587   LOS ANGELES                                          90043    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     417,000.00                     417,000.00   First Lien                                      0           417,000.00                         0.00                      -          525,000.00                    79.43               79.43   No MI                     NO MI                        0                                    6.750             0.375       0.0325     0.000               0.4075
      2503223720   WHITTIER                                             33025    CA                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     517,600.00                     517,600.00   First Lien                                      0           517,600.00                         0.00                 647000              665000                    80.00               80.00   No MI                     NO MI                        0                                   7.5000            0.3750       0.0325    0.0000               0.4075
      2503223847   SEATTLE                                              98178    WA                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     356,250.00                     356,250.00   First Lien                                      0           356,250.00                         0.00                      -          375,000.00                    95.00               95.00   LPMI                      LPMI                        30                                    8.750             0.375       0.0325     1.190               1.5975
      2503223850   SARASOTA                                             34232    FL                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     168,300.00                     168,300.00   First Lien                                      0           168,300.00                         0.00                 187000              232000                    90.00               90.00   LPMI                      LPMI                        25                                   8.5700            0.3750       0.0325    1.1900               1.5975
      2503223876   WOODBRIDGE                                           22193    VA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     357,000.00                     357,000.00   First Lien                                      0           357,000.00                         0.00                      -          420,000.00                    85.00               85.00   LPMI                      LPMI                        22                                    9.990             0.375       0.0325     0.740               1.1475
      2503223890   EL SEGUNDO                                           90245    CA                             20070601                 20370501   ARMS                    No                                              360                    360                          360                     468,000.00                     468,000.00   First Lien                                      0           468,000.00                         0.00                 585000              585000                    80.00               80.00   No MI                     NO MI                        0                                   6.6250            0.3750       0.0325    0.0000               0.4075
      2503223894   SPRINGFIELD                                          23956    MO                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     176,850.00                     176,850.00   First Lien                                      0           176,850.00                         0.00                 196500              196500                    90.00               90.00   LPMI                      LPMI                        25                                   9.8500            0.3750       0.0325    0.6200               1.0275
      2503223973   TOOELE                                               84074    UT                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     118,800.00                     118,800.00   First Lien                                      0           118,800.00                         0.00                 135900              132000                    90.00               90.00   PMI                       BPMI                        25                                   7.8750            0.3750       0.0325    0.0000               0.4075
      2503224073   EUREKA AREA                                          34822    CA                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     256,500.00                     256,500.00   First Lien                                      0           256,500.00                         0.00                      -          285,000.00                    90.00               90.00   LPMI                      LPMI                        25                                   10.250             0.375       0.0325     0.690               1.0975
      2503224074   SEATTLE                                              35796    WA                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     423,855.00                     423,855.00   First Lien                                      0           423,855.00                         0.00                 470950              473000                    90.00               90.00   LPMI                      LPMI                        25                                  10.5000            0.3750       0.0325    1.2400               1.6475
      2503224208   GLENDORA                                             91740    CA                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     510,000.00                     510,000.00   First Lien                                      0           510,000.00                         0.00                      -          547,000.00                    93.24               93.24   LPMI                      LPMI                        30                                    7.500             0.375       0.0325     1.160               1.5675
      2503224250   CHESTERFIELD                                         23832    VA                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     207,000.00                     207,000.00   First Lien                                      0           207,000.00                         0.00                      -          230,000.00                    90.00               90.00   LPMI                      LPMI                        25                                    9.100             0.375       0.0325     1.190               1.5975
      2503224264   PALMDALE                                             93551    CA                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     380,000.00                     380,000.00   First Lien                                      0           380,000.00                         0.00                      -          400,000.00                    95.00               95.00   LPMI                      LPMI                        30                                    8.500             0.375       0.0325     1.160               1.5675
      2503224346   NORTH LAUDERDALE                                     33068    FL                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     255,000.00                     255,000.00   First Lien                                      0           255,000.00                         0.00                      -          300,000.00                    85.00               85.00   LPMI                      LPMI                        22                                    7.875             0.375       0.0325     0.850               1.2575
      2503224451   BONNEY LAKE                                          98391    WA                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     363,802.00                     363,802.00   First Lien                                      0           363,802.00                         0.00                 382950              390000                    95.00               95.00   LPMI                      LPMI                        30                                   7.5700            0.3750       0.0325    1.0800               1.4875
      2503224503   THORNTON                                             29280    CO                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     160,000.00                     160,000.00   First Lien                                      0           160,000.00                         0.00                      -          200,000.00                    80.00               80.00   No MI                     NO MI                        0                                    7.915             0.375       0.0325     0.000               0.4075
      2503224705   CENTERTON                                            26499    AR                             20070701                 20370601   ARMS                    No                                              360                    360                          360                     367,110.00                     367,110.00   First Lien                                      0           367,110.00                         0.00                 407900              415000                    90.00               90.00   LPMI                      LPMI                        25                                   9.6900            0.3750       0.0325    0.7700               1.1775

         LOAN_ID                   CURRENT_NET_COUPON           PAYMENT   PREPAY           PP_DESC                    BACK_RATIO   PRODUCT                             IO_PERIOD    INDEX                  RATE_FREQ         PAY_FREQ                  NEXT_RATE_ADJ_DATE1              NEXT_PAY_ADJ_DATE1       ROLL        MARGIN           INIT_RATE_CAP            PER_RATE_CAP            GROSS_LIFE_CAP          MAX_RATE         MIN_RATE          FICO_SCORE   DOCTYPE                                 LOAN_PURP                    OCCTYPE                    PROPTYPE
      1103143549                                5.843          1,458.33   Yes              3YP                             45.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 730   SISA                                    Cash Out Refinance           Owner Occupied             PUD
      1103445953                                6.218          4,416.67   No               NO                              41.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.625            3.000                 704   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103541312                                5.593          1,067.50   Yes              1YP                             35.67   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 730   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103581621                               5.5925              1960   Yes              3YP                             41.66   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 738   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103605926                              13.0925            369.68   No               NO                              44.68   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.625            0.000                 711   Stated                                  Purchase                     Investor                   SFR
      1103611487                              12.3425            522.68   No               NO                              41.62   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.875            0.000                 693   Stated                                  Purchase                     Investor                   D-PUDS
      1103611552                               6.3425           2603.81   No               NO                              43.17   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.750            3.000                 653   Stated                                  Purchase                     Owner Occupied             Condominium
      1103612837                               6.4675           1303.39   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 697   Express No Doc                          Purchase                     Owner Occupied             D-PUDS
      1103612902                               8.0925           1128.77   Yes              2YP                             39.91   5/6 LIBOR                                        LIBOR                          6                6                             20111201                        20120101         56         3.000                   3.000                   1.000                     6.000            14.500            3.000                 704   Stated                                  Purchase                     Investor                   SFR
      1103613763                               6.5925           1331.17   Yes              2YP                              1.00   7/6 LIBOR IO                               60    LIBOR                          6                6                             20140301                        20140401         83         3.000                   3.000                   1.000                     6.000            13.000            3.000                 768   Express No Doc Verified Assets          Purchase                     Owner Occupied             D-PUDS
      1103615320                              11.2175            1191.1   Yes              3YP                             40.58   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.750            0.000                 682   Stated                                  Purchase                     Owner Occupied             SFR
      1103618814                               11.718            526.04   Yes              3YP                             39.99   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.250            0.000                 644   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103620173                              11.4675            525.11   Yes              1YP                             28.73   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.000            0.000                 757   Stated                                  Purchase                     Owner Occupied             SFR
      1103624061                              11.7175            558.01   No               NO                              40.42   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.250            0.000                 706   Stated                                  Purchase                     Investor                   D-PUDS
      1103624733                              13.7175            790.58   No               NO                              41.39   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.250            0.000                 656   Stated                                  Purchase                     Investor                   SFR
      1103626197                               10.843            323.66   Yes              3YP                             37.10   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.375            0.000                 694   Full                                    Cash Out Refinance           Investor                   3-FAMILY
      1103627011                              12.1175            860.05   No               NO                              49.48   20YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.650            0.000                 729   Stated                                  Purchase                     Investor                   2-FAMILY
      1103632043                              11.8925             705.6   Yes              3YP                             42.29   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.425            0.000                 689   Stated                                  Purchase                     Investor                   HI-RISE
      1103632215                              11.8425            786.83   No               NO                               0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.375            0.000                 686   Express No Doc                          Purchase                     Owner Occupied             PUD
      1103632233                               11.093            307.45   No               NO                              48.79   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.625            0.000                 724   Full                                    Cash Out Refinance           Investor                   SFR
      1103632320                               13.393            436.21   Yes              1YP                             32.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.925            0.000                 652   Stated                                  Cash Out Refinance           Investor                   SFR
      1103632732                                7.968            764.63   No               NO                              28.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            14.375            3.000                 752   Stated                                  Rate/Term Refinance          Investor                   2-FAMILY
      1103632897                                6.343          1,771.88   Yes              1YP                             26.42   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.750            3.000                 732   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103633116                              12.3425            438.58   Yes              3YP                             41.72   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.875            0.000                 636   Stated                                  Purchase                     Second Home                SFR
      1103633980                              13.0425             425.7   Yes              3YP                             45.48   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.575            0.000                 647   Stated                                  Purchase                     Investor                   2-FAMILY
      1103634228                              13.0675            482.79   No               NO                              49.14   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.600            0.000                 666   Stated                                  Purchase                     Investor                   D-PUDS
      1103634326                              13.8425            588.28   No               NO                              46.43   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.375            0.000                 643   Stated                                  Purchase                     Investor                   2-FAMILY
      1103634352                               11.018          1,222.38   Yes              3YP                             40.47   15YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.550            0.000                 687   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103635040                              11.8425           1127.37   Yes              1YP                             43.77   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.375            0.000                 672   SISA                                    Purchase                     Owner Occupied             2-FAMILY
      1103635229                               8.7175            901.65   Yes              6MP                             41.32   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             9.250            0.000                 763   Stated                                  Purchase                     Owner Occupied             SFR
      1103635362                              12.0175             278.5   No               NO                              18.16   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.550            0.000                 704   Stated                                  Purchase                     Investor                   SFR
      1103635710                               13.343            751.99   No               NO                              40.82   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.875            0.000                 652   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      1103636278                              13.2675            395.15   No               NO                              33.59   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.800            0.000                 661   Stated                                  Purchase                     Investor                   D-PUDS
      1103636476                              12.2175           1087.24   No               NO                              25.38   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.750            0.000                 686   Stated                                  Purchase                     Investor                   PUD
      1103637015                              13.2175             524.3   Yes              1YP                             29.06   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.750            0.000                 643   Stated                                  Purchase                     Investor                   SFR
      1103637096                                6.593          2,146.67   No               NO                              44.68   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.000            7.000                 686   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103638302                              13.4425            768.89   No               NO                              30.14   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.975            0.000                 661   Stated                                  Purchase                     Investor                   2-FAMILY
      1103638697                              13.8425            628.57   No               NO                              47.49   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.375            0.000                 658   Stated                                  Purchase                     Investor                   Condominium
      1103638853                              10.9675            396.12   No               NO                              40.33   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.500            0.000                 712   Stated                                  Purchase                     Investor                   PUD
      1103638909                              13.0925            298.05   No               NO                              30.40   30/15 FIXED BAL IO                         60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.625            0.000                 654   Full                                    Purchase                     Investor                   SFR
      1103638943                              12.7175           1195.21   Yes              1YP                             32.38   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.250            0.000                 682   Stated                                  Purchase                     Investor                   Condominium
      1103638971                                7.543          3,067.18   Yes              2YP                             46.74   2/6 LIBOR                                        LIBOR                          6                6                             20090101                        20090201         21         6.550                   3.000                   1.000                     6.000            13.950            7.950                 658   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103639013                               12.193          1,538.17   Yes              1YP                             42.03   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.725            0.000                 685   Stated                                  Cash Out Refinance           Investor                   SFR
      1103639110                               6.0925            666.25   Yes              2YP                             43.68   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120101                        20120201         57         3.000                   3.000                   1.000                     6.000            12.500            3.000                 732   SISA                                    Purchase                     Owner Occupied             Condominium
      1103639385                               11.343            876.34   Yes              3YP                             44.29   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.875            0.000                 687   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103639597                               11.093            254.96   No               NO                               0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.625            0.000                 646   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103639598                               12.458            660.49   No               NO                               0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.990            0.000                 626   Express Verified Assets                 Cash Out Refinance           Owner Occupied             Condominium
      1103639786                               11.843          1,308.74   Yes              2YP                              0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.375            0.000                 636   Express Verified Assets                 Cash Out Refinance           Owner Occupied             Townhouse
      1103639789                              12.4575            574.82   No               NO                               0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.990            0.000                 632   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103639790                              12.4575            705.26   Yes              2YP                              0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.990            0.000                 621   Express Verified Assets                 Purchase                     Owner Occupied             Townhouse
      1103639791                              12.4575            972.77   Yes              2YP                              0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.990            0.000                 627   Express Verified Assets                 Purchase                     Owner Occupied             Townhouse
      1103639792                              12.4575            486.38   Yes              2YP                              0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.990            0.000                 643   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103639793                               11.468            346.64   No               NO                               0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.000            0.000                 607   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103639848                               5.5925            620.62   Yes              3YP                             25.25   5/6 LIBOR IO                               60    LIBOR                          6                6                             20111201                        20120101         56         3.000                   3.000                   1.000                     6.000            12.000            6.000                 797   Stated                                  Purchase                     Investor                   SFR
      1103639907                              11.6425            833.69   Yes              3YP                             43.46   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.175            0.000                 686   Stated                                  Purchase                     Investor                   Condominium
      1103640641                              12.3675           1263.15   No               NO                              48.16   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.900            0.000                 701   Stated                                  Purchase                     Investor                   HI-RISE
      1103640736                               11.318          1,106.08   Yes              3YP                             34.01   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.850            0.000                 733   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      1103640941                              13.7175            783.05   No               NO                              30.63   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.250            0.000                 651   Stated                                  Purchase                     Investor                   SFR
      1103641203                                6.093          3,244.12   Yes              2YP                              1.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 729   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103641208                                9.967            804.97   Yes              1YP                             28.94   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.500            0.000                 697   Full                                    Cash Out Refinance           Owner Occupied             Condominium
      1103641222                               10.943          1,532.00   Yes              3YP                             47.82   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.475            0.000                 727   Stated                                  Cash Out Refinance           Investor                   SFR
      1103641481                              10.9675            633.79   Yes              3YP                             41.21   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.500            0.000                 669   Stated                                  Purchase                     Owner Occupied             SFR
      1103641496                               11.843          1,163.32   Yes              3YP                             43.31   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.375            0.000                 692   Stated                                  Cash Out Refinance           Investor                   4-FAMILY
      1103641545                               11.443            451.75   Yes              3YP                             19.37   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.975            0.000                 666   Stated                                  Cash Out Refinance           Investor                   SFR
      1103641549                              12.3925            492.77   Yes              3YP                             48.83   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.925            0.000                 697   Stated                                  Purchase                     Investor                   SFR
      1103641582                                5.968          2,916.56   Yes              1YP                             41.62   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.375            3.000                 688   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103641703                              11.5925            436.06   Yes              2YP                             48.09   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.125            0.000                 684   Stated                                  Purchase                     Investor                   SFR
      1103642086                               12.343          2,001.00   Yes              3YP                             44.36   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.875            0.000                 675   Stated                                  Cash Out Refinance           Investor                   SFR
      1103642187                               11.543            400.83   Yes              1YP                             35.92   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.075            0.000                 732   Stated                                  Cash Out Refinance           Investor                   SFR
      1103642251                               11.343            692.71   No               NO                              49.96   30/15 FIXED BAL IO                         60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.875            0.000                 738   Stated                                  Cash Out Refinance           Investor                   SFR
      1103642335                               5.4675           2017.08   No               NO                              41.26   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120101                        20120201         57         2.750                   3.000                   1.000                     6.000            11.875            2.750                 702   SISA                                    Purchase                     Owner Occupied             D-PUDS
      1103642362                              11.8925           1135.75   Yes              2YP                             44.95   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.425            0.000                 687   Stated                                  Purchase                     Investor                   SFR
      1103642496                               6.2175            745.95   No               NO                              22.23   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120101                        20120201         57         2.750                   6.000                   2.000                     6.000            12.625            2.750                 644   Stated                                  Purchase                     Owner Occupied             PUD
      1103643071                               11.968            576.32   Yes              1YP                             41.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 721   Stated                                  Cash Out Refinance           Investor                   PUD
      1103643089                              12.2675             407.2   No               NO                              46.07   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.800            0.000                 709   Stated                                  Purchase                     Investor                   SFR
      1103643097                                5.718          1,375.57   Yes              3YP                             39.60   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.750                   3.000                   1.000                     6.000            12.125            2.750                 732   Stated                                  Cash Out Refinance           Investor                   SFR
      1103643276                                6.843          1,454.69   Yes              3YP                             39.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.125            0.000                   0   Stated                                  Cash Out Refinance           Second Home                D-PUDS
      1103643299                              11.4675           1018.33   No               NO                              47.87   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.000            0.000                 712   Stated                                  Purchase                     Investor                   SFR
      1103643731                               5.2175           1546.88   No               NO                              41.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         3.000                   3.000                   1.000                     6.000            11.625            5.625                 781   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103643742                                5.468          1,640.10   Yes              1YP                             40.93   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100201                        20100301         34         2.750                   3.000                   1.000                     6.000            11.875            2.750                 786   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103644291                              11.2175             503.7   Yes              1YP                             44.18   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.750            0.000                 668   Stated                                  Purchase                     Owner Occupied             SFR
      1103644308                              12.6175            880.37   Yes              1YP                             35.45   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.150            0.000                 681   Stated                                  Purchase                     Investor                   Condominium
      1103644382                                5.093          1,567.92   Yes              3YP                             54.36   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.375            0.000                 781   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103644392                                5.843          2,624.88   No               NO                              43.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 765   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103644400                              13.0675             533.4   Yes              1YP                             43.26   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.600            0.000                 657   Stated                                  Purchase                     Investor                   SFR
      1103644465                                6.718          3,325.00   Yes              3YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.125            3.000                 647   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103644519                              11.9675            208.33   No               NO                              32.78   30/15 FIXED BAL IO                         60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 684   Stated                                  Purchase                     Investor                   SFR
      1103644634                                5.343          1,335.52   Yes              3YP                             29.96   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.625            0.000                 758   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103644724                               12.718          1,215.84   No               NO                              38.14   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.250            0.000                 731   Stated                                  Cash Out Refinance           Investor                   SFR
      1103644816                              11.7175            605.16   No               NO                              33.23   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.250            0.000                 706   Stated                                  Purchase                     Investor                   Condominium
      1103644823                              12.1925            698.31   No               NO                              25.68   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.725            0.000                 662   Stated                                  Purchase                     Investor                   2-FAMILY
      1103644852                               11.593            750.14   Yes              2YP                             48.13   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.125            0.000                 731   Stated                                  Cash Out Refinance           Investor                   SFR
      1103644855                               6.4675              2700   Yes              3YP                             37.30   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 695   Stated                                  Purchase                     Owner Occupied             SFR
      1103644918                               5.9675           2491.56   Yes              2YP                             45.02   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.375            3.000                 731   Stated                                  Purchase                     Owner Occupied             SFR
      1103644939                              10.3425            603.45   Yes              2YP                             38.19   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.875            0.000                 748   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      1103645004                               9.7675           1010.95   Yes              2YP                             43.91   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.300            0.000                 788   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      1103645207                              11.8425           1436.18   Yes              2YP                             25.40   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.375            0.000                 671   Stated                                  Purchase                     Second Home                HI-RISE
      1103645261                              12.3925            756.19   No               NO                              38.94   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.925            0.000                 686   Stated                                  Purchase                     Investor                   PUD
      1103645266                              13.8425           1396.81   No               NO                              46.79   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.375            0.000                 647   Stated                                  Purchase                     Investor                   Condominium
      1103645334                              13.2175            219.04   No               NO                               0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.750            0.000                 746   Express No Doc                          Purchase                     Owner Occupied             Condominium
      1103645336                              12.8425            567.61   No               NO                               0.00   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.375            0.000                 666   Express No Doc                          Purchase                     Owner Occupied             2-FAMILY
      1103645372                              12.2175            285.26   Yes              2YP                              0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.750            0.000                 644   Express Verified Assets                 Purchase                     Investor                   SFR
      1103645374                              12.4575            580.34   Yes              2YP                              0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.990            0.000                 632   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103645375                               12.458            489.15   Yes              2YP                              0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.990            0.000                 638   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103645525                                6.718          2,090.00   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120101                        20120201         57         2.750                   6.000                   2.000                     6.000            13.125            2.750                 635   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103645552                              12.0925            872.34   Yes              2YP                             38.41   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.625            0.000                 689   Stated                                  Purchase                     Investor                   SFR
      1103645630                                9.842            832.97   No               NO                              27.29   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.375            0.000                 722   Stated                                  Cash Out Refinance           Investor                   SFR
      1103645647                              12.0925           1141.59   No               NO                              48.19   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.625            0.000                 675   Stated                                  Purchase                     Investor                   SFR
      1103645678                               11.968            504.81   Yes              3YP                             43.03   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 698   Stated                                  Rate/Term Refinance          Investor                   Condominium
      1103645687                               7.4675           3044.34   No               NO                              45.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.750                   3.000                   1.000                     6.000            13.875            2.750                 722   Stated                                  Purchase                     Owner Occupied             4-FAMILY
      1103645821                               10.968          1,525.05   No               NO                              42.55   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.500            0.000                 694   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103645844                              11.7175             275.6   Yes              1YP                             36.79   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.250            0.000                 697   Stated                                  Purchase                     Investor                   SFR
      1103645898                               13.468            272.52   No               NO                              38.66   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.000            0.000                 647   Stated                                  Cash Out Refinance           Investor                   SFR
      1103645975                                4.968          1,881.25   Yes              3YP                             43.16   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.250            0.000                 780   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103646020                               11.968            832.46   No               NO                              44.10   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 684   Stated                                  Cash Out Refinance           Investor                   SFR
      1103646029                                4.968          1,080.38   Yes              3YP                             38.49   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100201                        20100301         34         2.750                   3.000                   1.000                     6.000            11.375            2.750                 727   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103646126                               12.458          1,243.60   Yes              2YP                              0.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.990            0.000                 629   Express Verified Assets                 Cash Out Refinance           Owner Occupied             PUD
      1103646143                               11.893            315.25   No               NO                              35.11   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.425            0.000                 707   Stated                                  Cash Out Refinance           Investor                   SFR
      1103646254                              11.9675            567.78   Yes              2YP                             37.93   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 661   Stated                                  Purchase                     Second Home                Condominium
      1103646277                               7.9675              3015   No               NO                              42.56   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.375            3.000                 651   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      1103646283                              12.9675           2221.88   No               NO                              41.83   30/15 FIXED BAL IO                         60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.500            0.000                 717   Stated                                  Purchase                     Investor                   HI-RISE
      1103646302                                6.093          3,905.43   No               NO                              43.67   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 715   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103646348                              11.7175            272.98   Yes              1YP                             34.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.250            0.000                 697   Stated                                  Purchase                     Investor                   SFR
      1103646463                              10.7175            330.23   Yes              3YP                             31.81   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.250            0.000                 674   Stated                                  Purchase                     Owner Occupied             SFR
      1103646487                                6.468          3,678.80   Yes              1YP                             42.73   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 682   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103646493                               9.8825           1592.25   No               NO                              44.12   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.375                   3.000                   1.000                     6.000            17.750            4.375                 627   SISA                                    Purchase                     Investor                   SFR
      1103646521                              13.3425            609.82   No               NO                              25.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.875            0.000                 669   Stated                                  Purchase                     Investor                   PUD
      1103646623                              13.2175            256.32   No               NO                              35.37   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.750            0.000                 646   Stated                                  Purchase                     Investor                   Condominium
      1103646782                                5.343          3,952.17   Yes              1YP                             43.97   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            11.750            2.750                 684   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103646816                               12.593            552.41   Yes              3YP                             43.47   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.125            0.000                 677   Stated                                  Cash Out Refinance           Investor                   SFR
      1103646838                               8.3425            570.05   No               NO                              43.60   5/6 LIBOR                                        LIBOR                          6                6                             20120201                        20120301         58         3.000                   3.000                   1.000                     6.000            14.750            8.750                 664   Stated                                  Purchase                     Owner Occupied             Condominium
      1103646976                              13.0925           1304.86   Yes              6MP                             34.35   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.625            0.000                 678   Stated                                  Purchase                     Investor                   PUD
      1103647092                                6.593          3,319.13   Yes              2YP                             48.97   2/6 LIBOR                                        LIBOR                          6                6                             20090401                        20090501         24         6.950                   3.000                   1.000                     6.000            13.950            6.950                 691   SISA                                    Cash Out Refinance           Owner Occupied             D-PUDS
      1103647099                               11.893            721.78   No               NO                              41.73   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.425            0.000                 720   Stated                                  Cash Out Refinance           Investor                   SFR
      1103647132                              12.3425            547.95   Yes              2YP                             44.75   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.875            0.000                 688   Stated                                  Purchase                     Investor                   Condominium
      1103647189                                6.968          3,441.67   Yes              3YP                             36.91   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.750                   3.000                   1.000                     6.000            13.375            2.750                 676   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103647199                               8.5825           1911.07   Yes              2YP                             41.33   2/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20090201                        20090301         22         7.150                   3.000                   1.000                     6.000            14.990            8.990                 652   Stated                                  Purchase                     Owner Occupied             Condominium
      1103647350                               7.5925           6666.67   Yes              1YP                             33.95   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            14.000            2.750                 671   Stated                                  Purchase                     Owner Occupied             SFR
      1103647408                               9.9675           1134.28   Yes              3YP                             46.43   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.500            0.000                 714   Stated                                  Purchase                     Owner Occupied             Condominium
      1103647440                                5.593          1,725.00   No               NO                              39.15   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.750                   3.000                   1.000                     6.000            12.000            2.750                 744   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103647484                              12.2675            398.07   No               NO                              39.91   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.800            0.000                 704   Stated                                  Purchase                     Investor                   Condominium
      1103647491                              12.3425           3738.85   Yes              1YP                             33.95   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.875            0.000                 671   Stated                                  Purchase                     Owner Occupied             SFR
      1103647553                               11.693            308.56   No               NO                              45.01   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.225            0.000                 651   Stated                                  Cash Out Refinance           Owner Occupied             3-FAMILY
      1103647673                                7.943          3,878.19   Yes              3YP                             49.99   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120201                        20120301         58         6.550                   3.000                   1.000                     6.000            15.750            9.750                 618   Stated                                  Cash Out Refinance           Second Home                SFR
      1103647703                                6.468          1,530.00   No               NO                              45.30   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 705   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103647745                                5.468          2,287.94   Yes              3YP                             38.88   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120201                        20120301         58         2.750                   3.000                   1.000                     6.000            11.875            2.750                 717   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103648022                                5.093          4,020.65   Yes              3YP                             47.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.500            3.000                 717   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103648053                              11.8425            486.49   Yes              2YP                             42.93   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.375            0.000                 661   Stated                                  Purchase                     Investor                   SFR
      1103648126                               5.3425            827.62   Yes              3YP                             36.89   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.750                   3.000                   1.000                     6.000            11.750            2.750                 756   Stated                                  Purchase                     Owner Occupied             SFR
      1103648158                                7.218          1,041.03   No               NO                              47.90   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120201                        20120301         58         3.000                   3.000                   1.000                     6.000            13.625            3.000                 615   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103648203                               5.3425           3546.04   Yes              3YP                             29.57   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.625            0.000                 803   Full                                    Purchase                     Second Home                D-PUDS
      1103648241                               12.468            995.58   Yes              6MP                             37.01   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.000            0.000                 654   Stated                                  Cash Out Refinance           Investor                   SFR
      1103648294                              11.2175            317.96   Yes              3YP                             18.93   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.750            0.000                 690   Stated                                  Purchase                     Investor                   SFR
      1103648355                               13.898            764.92   No               NO                              43.45   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.430            0.000                 667   Stated                                  Cash Out Refinance           Investor                   SFR
      1103648365                               7.4675            3307.5   No               NO                              48.07   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         4.125                   3.000                   1.000                     6.000            13.875            4.125                 736   Stated                                  Purchase                     Investor                   SFR
      1103648406                               5.5925           3498.95   Yes              3YP                             38.63   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 760   Stated                                  Purchase                     Owner Occupied             SFR
      1103648432                                8.503          1,411.36   Yes              3YP                             47.83   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.875                   3.000                   1.000                     6.000            16.250            4.250                 649   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103648450                                5.343          3,707.23   No               NO                              44.15   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.625            0.000                 704   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103648573                               11.218          1,638.27   Yes              6MP                             40.80   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.750            0.000                 648   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103648735                               7.4925           4292.33   Yes              1YP                             40.61   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.900            3.000                 708   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103648746                                5.718          1,988.58   No               NO                              43.35   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.750                   3.000                   1.000                     6.000            12.125            2.750                 739   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103648767                                5.593          4,406.25   No               NO                              22.21   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 776   Full                                    Rate/Term Refinance          Second Home                SFR
      1103648834                               5.3425           2515.63   Yes              1YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 776   Express Verified Assets                 Purchase                     Investor                   SFR
      1103648907                                6.343            708.75   Yes              3YP                             32.01   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            12.750            2.750                 783   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103648931                               6.5925           1864.33   Yes              1YP                             44.48   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.000            3.000                 701   Stated                                  Purchase                     Owner Occupied             SFR
      1103649078                               5.7175            1396.5   No               NO                              27.88   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.750                   3.000                   1.000                     6.000            12.125            2.750                 791   SISA                                    Purchase                     Owner Occupied             Condominium
      1103649142                              11.8425            1414.5   Yes              1YP                             35.23   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.375            0.000                 697   Stated                                  Purchase                     Investor                   SFR
      1103649164                                5.593          3,407.26   No               NO                              43.66   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 737   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      1103649173                                5.468            659.44   Yes              3YP                             16.91   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 806   Full                                    Cash Out Refinance           Owner Occupied             Condominium
      1103649192                                5.468          3,154.39   Yes              3YP                             33.86   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 768   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103649198                                5.968          2,549.07   Yes              3YP                             32.68   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 711   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103649226                               5.4675              1175   Yes              3YP                             40.48   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140201                        20140301         82         2.750                   3.000                   1.000                     6.000            11.875            2.750                 770   Stated                                  Purchase                     Second Home                D-PUDS
      1103649241                                5.468          3,536.45   Yes              3YP                             39.96   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 783   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103649244                              11.7175            392.97   Yes              3YP                             41.81   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.250            0.000                 662   Stated                                  Purchase                     Investor                   SFR
      1103649274                               6.8425           1060.61   Yes              1YP                             44.08   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.250            3.000                 669   Stated                                  Purchase                     Second Home                Condominium
      1103649275                                5.468            664.85   Yes              1YP                             40.88   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.500                   3.000                   1.000                     6.000            11.875            2.500                 776   Full                                    Cash Out Refinance           Investor                   SFR
      1103649342                                6.093          2,860.00   Yes              3YP                             46.37   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100201                        20100301         34         2.750                   3.000                   1.000                     6.000            12.500            2.750                 764   SISA                                    Rate/Term Refinance          Investor                   3-FAMILY
      1103649373                               6.3425              1233   Yes              3YP                             37.82   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.750            3.000                 746   SISA                                    Purchase                     Owner Occupied             SFR
      1103649380                               5.4675           1288.58   Yes              2YP                             40.47   2/6 LIBOR IO                               60    LIBOR                          6                6                             20090301                        20090401         23         3.000                   3.000                   1.000                     6.000            11.875            5.875                 695   Stated                                  Purchase                     Investor                   SFR
      1103649478                                6.968          1,696.25   Yes              1YP                             27.79   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.375            7.375                 667   Stated                                  Cash Out Refinance           Investor                   SFR
      1103649499                                5.718            959.28   Yes              3YP                             44.49   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 801   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103649521                                7.093          1,781.25   No               NO                              49.93   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.500            3.000                 653   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103649550                               8.3775           1740.47   Yes              3YP                             39.02   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         6.000                   3.000                   1.000                     6.000            15.875            6.000                 652   Full                                    Purchase                     Investor                   4-FAMILY
      1103649552                                5.468          1,416.73   No               NO                              38.59   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            11.875            2.500                 730   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103649572                                6.218          2,253.33   Yes              3YP                             44.93   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 691   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103649594                              11.5925            654.09   Yes              2YP                             44.95   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.125            0.000                 668   Stated                                  Purchase                     Second Home                HI-RISE
      1103649602                              11.8175            1161.2   No               NO                              38.40   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.350            0.000                 720   Stated                                  Purchase                     Investor                   Condominium
      1103649607                                6.468          1,976.56   Yes              3YP                             28.57   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 648   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103649618                                4.968            850.39   Yes              3YP                             29.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.250            0.000                 798   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      1103649626                                7.343          3,861.46   No               NO                              44.95   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            13.750            2.750                 618   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103649780                               8.0925            956.25   No               NO                              26.22   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            14.500            3.000                 667   Stated                                  Purchase                     Investor                   SFR
      1103649788                                5.593          4,489.77   Yes              3YP                             48.63   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 801   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103649828                                6.528          2,110.13   No               NO                              40.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120101                        20120201         57         2.750                   6.000                   2.000                     6.000            14.275            8.275                 646   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103649838                               6.2175           2870.83   Yes              3YP                             44.45   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140301                        20140401         83         2.750                   3.000                   1.000                     6.000            12.625            2.750                 676   Stated                                  Purchase                     Owner Occupied             SFR
      1103649844                               5.7175           2164.17   Yes              3YP                             41.67   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.125            3.000                 651   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103649879                                5.968          2,586.01   Yes              3YP                             41.71   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 795   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103649882                              10.1175            1782.5   Yes              3YP                             44.37   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.650            0.000                 733   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      1103649902                                5.843          2,000.00   No               NO                              35.06   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            12.250            2.750                 806   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      1103649925                                6.093          1,031.88   Yes              3YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.500            2.500                 660   Express No Doc                          Cash Out Refinance           Owner Occupied             HI-RISE
      1103649983                               6.4675           4292.58   No               NO                              49.85   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.875            3.000                 709   Stated                                  Purchase                     Investor                   SFR
      1103650057                                5.468          3,116.28   Yes              3YP                             36.92   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 781   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      1103650090                                5.468          1,167.15   Yes              3YP                             38.43   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 727   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103650126                                6.218            897.24   Yes              2YP                              1.00   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 671   Express Non-Verified Assets             Cash Out Refinance           Investor                   SFR
      1103650169                                5.968          1,041.67   Yes              3YP                             41.43   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 777   Stated                                  Cash Out Refinance           Investor                   SFR
      1103650190                                5.593            800.00   Yes              3YP                             44.03   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            12.000            3.000                 765   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103650205                               10.968            693.20   Yes              1YP                             40.25   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.500            0.000                 764   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103650238                               5.9675              1275   Yes              3YP                             43.13   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.375            2.500                 686   SISA                                    Purchase                     Owner Occupied             Condominium
      1103650275                               7.0925           1394.37   No               NO                              33.51   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.500            3.000                 697   Stated                                  Purchase                     Owner Occupied             Condominium
      1103650336                                5.343          3,453.94   Yes              3YP                             40.65   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.625            0.000                 760   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103650353                                5.843          2,333.33   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.750                   3.000                   1.000                     6.000            12.250            2.750                 738   Express Non-Verified Assets             Rate/Term Refinance          Investor                   SFR
      1103650439                                5.592          1,439.76   Yes              3YP                             35.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.999            3.000                 652   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      1103650475                                6.468          3,145.70   Yes              3YP                             30.81   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 638   Stated                                  Cash Out Refinance           Owner Occupied             3-FAMILY
      1103650515                                5.843          1,770.83   Yes              1YP                             48.58   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 706   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103650588                                5.093          1,791.91   Yes              3YP                             39.87   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.375            0.000                 722   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103650621                                5.468          4,606.98   Yes              3YP                             24.51   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 690   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103650646                               5.5825           3976.75   Yes              2YP                              1.00   3/6 LIBOR                                        LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            11.990            3.000                 716   Express Verified Assets                 Purchase                     Second Home                Condominium
      1103650664                                6.218          1,915.17   Yes              3YP                             34.89   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 653   SISA                                    Rate/Term Refinance          Owner Occupied             PUD
      1103650704                               8.4675           3076.67   Yes              6MP                             41.54   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         4.500                   3.000                   1.000                     6.000            14.875            4.500                 651   Stated                                  Purchase                     Owner Occupied             SFR
      1103650762                               5.9675           2018.75   Yes              3YP                             44.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.375            3.000                 722   SISA                                    Purchase                     Owner Occupied             SFR
      1103650770                                5.718          1,233.17   Yes              3YP                             24.54   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.125            3.000                 699   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103650880                                5.468          2,224.18   Yes              3YP                             44.45   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 683   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      1103650906                                5.968            892.79   Yes              3YP                             16.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 815   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103650985                                6.468            646.88   Yes              1YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 707   Express No Doc                          Cash Out Refinance           Owner Occupied             Condominium
      1103651112                                6.343          2,775.75   No               NO                              44.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 684   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103651126                              12.4675            291.48   No               NO                              30.80   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.000            0.000                 698   Stated                                  Purchase                     Investor                   Condominium
      1103651168                               6.5925           1060.28   No               NO                              49.05   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            13.000            2.750                 673   Full                                    Purchase                     Investor                   SFR
      1103651172                              12.0925            452.33   No               NO                              40.14   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.625            0.000                 650   Stated                                  Purchase                     Investor                   SFR
      1103651202                                6.343          2,756.25   No               NO                              29.13   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.750            3.000                 731   SISA                                    Cash Out Refinance           Owner Occupied             D-PUDS
      1103651240                               7.5825           1189.18   Yes              1YP                             44.30   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.990            3.000                 706   SISA                                    Purchase                     Owner Occupied             Condominium
      1103651250                                5.968          1,231.43   Yes              2YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 755   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103651275                                5.468            770.32   Yes              3YP                             15.32   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 808   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103651288                                5.968          2,146.25   Yes              3YP                             49.56   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.375            3.000                 622   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103651320                                5.693          5,023.87   Yes              3YP                             30.05   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.975            0.000                 749   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103651337                                5.718          2,000.00   No               NO                              15.00   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 809   Full                                    Cash Out Refinance           Second Home                SFR
      1103651396                                6.593          2,463.54   Yes              3YP                             41.92   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 642   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103651416                               4.9675           1545.62   No               NO                              26.24   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.250            0.000                 808   Full                                    Purchase                     Owner Occupied             PUD
      1103651419                               5.3425           2287.51   No               NO                              35.33   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         5.750                   3.000                   1.000                     6.000            11.750            5.750                 792   Full                                    Purchase                     Owner Occupied             HI-RISE
      1103651616                                5.093          2,566.67   No               NO                              40.00   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            11.500            3.000                 789   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      1103651644                               5.7175           1551.26   Yes              3YP                             47.17   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.125            3.000                 698   Stated                                  Purchase                     Owner Occupied             SFR
      1103651658                                5.718            689.48   Yes              2YP                             47.43   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 716   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103651685                                6.218          1,040.00   Yes              3YP                             20.87   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 802   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103651687                               5.8425            1062.5   Yes              3YP                             45.15   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         5.125                   3.000                   1.000                     6.000            12.250            5.125                 723   Stated                                  Purchase                     Second Home                SFR
      1103651721                               6.9675            1445.5   No               NO                              34.38   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.375            7.375                 683   Stated                                  Purchase                     Investor                   PUD
      1103651752                                5.718          1,888.58   Yes              3YP                             17.53   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 817   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103651764                                5.843            750.00   No               NO                              30.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 641   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103651810                                5.968          3,472.65   No               NO                              17.15   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 771   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103651837                                5.968            963.54   No               NO                              45.03   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 730   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      1103651838                                6.343          1,778.81   Yes              1YP                             28.90   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 707   Stated                                  Rate/Term Refinance          Investor                   Condominium
      1103651856                                5.968          2,390.63   No               NO                              44.19   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140301                        20140401         83         2.750                   3.000                   1.000                     6.000            12.375            2.750                 732   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103651876                                5.718          1,605.00   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 727   Express Non-Verified Assets             Rate/Term Refinance          Owner Occupied             SFR
      1103651973                                6.218          1,130.39   No               NO                              35.71   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100101                        20100201         33         2.750                   3.000                   1.000                     6.000            12.625            2.750                 753   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      1103652059                               6.0925              2379   Yes              3YP                             49.14   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            12.500            3.500                 728   Stated                                  Purchase                     Owner Occupied             SFR
      1103652088                                5.468          1,331.67   Yes              3YP                             43.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 760   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103652103                                5.468          2,439.33   No               NO                              29.77   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 779   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103652104                              12.0925            370.48   Yes              2YP                             36.33   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.625            0.000                 673   Stated                                  Purchase                     Owner Occupied             Condominium
      1103652212                                6.417          2,258.24   Yes              3YP                             43.58   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.699            0.000                 685   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103652218                               8.2175              1495   No               NO                              47.86   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            14.625            8.625                 691   Stated                                  Purchase                     Investor                   Condominium
      1103652262                                6.343          1,945.54   Yes              1YP                             41.81   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 684   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103652293                                5.968          1,001.41   Yes              1YP                             39.35   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.375            3.000                 654   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103652316                               5.9675              3060   Yes              1YP                             42.70   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.750                   3.000                   1.000                     6.000            12.375            2.750                 685   Stated                                  Purchase                     Owner Occupied             SFR
      1103652329                                6.252          2,214.12   Yes              2YP                             44.96   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.659            3.000                 628   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103652333                                6.468          1,342.92   Yes              1YP                             47.80   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.250                   3.000                   1.000                     6.000            12.875            3.250                 672   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103652335                               5.5925           1743.56   No               NO                              26.17   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 723   Full                                    Purchase                     Owner Occupied             Condominium
      1103652343                               6.7175            3296.5   Yes              3YP                             47.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.125            3.000                 779   Stated                                  Purchase                     Owner Occupied             4-FAMILY
      1103652351                                5.813          2,094.07   No               NO                              35.36   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.220            3.000                 744   Full                                    Rate/Term Refinance          Investor                   Condominium
      1103652363                                5.968          1,035.94   Yes              3YP                             31.78   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            12.375            3.000                 679   Stated                                  Cash Out Refinance           Investor                   Condominium
      1103652373                               6.4675           1168.75   Yes              3YP                             44.01   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.875            3.000                 676   Stated                                  Purchase                     Owner Occupied             Condominium
      1103652452                               6.7175           2216.67   Yes              1YP                             42.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.000            0.000                 630   Stated                                  Purchase                     Owner Occupied             SFR
      1103652458                                5.343          4,785.30   Yes              2YP                             34.15   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 730   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      1103652492                                5.593          1,374.00   No               NO                              26.79   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.000            3.000                 717   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103652510                               11.968          1,035.24   No               NO                              39.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 705   Stated                                  Cash Out Refinance           Investor                   SFR
      1103652537                                5.593          2,496.88   Yes              1YP                             35.42   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 704   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103652548                                6.968          2,251.18   No               NO                               1.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.250            0.000                 666   Express Verified Assets                 Rate/Term Refinance          Investor                   SFR
      1103652549                                6.593          1,833.33   Yes              2YP                             38.58   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 653   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103652552                               6.2175            851.02   Yes              3YP                             44.95   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 668   Stated                                  Purchase                     Investor                   SFR
      1103652565                               6.3425              1440   Yes              2YP                             46.39   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.750            2.500                 690   Stated                                  Purchase                     Investor                   Condominium
      1103652605                                5.343          1,157.67   Yes              3YP                             45.61   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 641   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103652607                                6.343            712.97   No               NO                              46.79   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         2.750                   3.000                   1.000                     6.000            12.750            2.750                 751   Full                                    Cash Out Refinance           Investor                   Condominium
      1103652612                                6.218          3,511.25   Yes              1YP                              0.00   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140301                        20140401         83         3.000                   3.000                   1.000                     6.000            12.625            3.000                 723   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103652631                               6.8425           2924.17   Yes              2YP                             48.28   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.250            3.000                 682   Stated                                  Purchase                     Owner Occupied             SFR
      1103652634                                6.468            963.00   Yes              3YP                              1.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 711   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103652653                                6.218          2,692.61   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 760   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             2-FAMILY
      1103652662                                5.918          2,480.00   Yes              1YP                             37.40   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.200            0.000                 802   Stated                                  Rate/Term Refinance          Owner Occupied             PUD
      1103652674                                5.843          3,402.62   Yes              3YP                             31.96   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 685   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103652697                                6.218          1,210.17   Yes              1YP                             33.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.625            3.000                 655   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103652700                                5.593          2,000.00   Yes              3YP                             40.59   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            12.000            3.000                 726   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      1103652713                               5.3425           1686.67   No               NO                              44.87   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 770   Full                                    Purchase                     Owner Occupied             SFR
      1103652729                                6.218          1,034.58   Yes              3YP                             33.54   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 622   Express Non-Verified Assets             Rate/Term Refinance          Owner Occupied             SFR
      1103652737                                6.093          3,697.60   Yes              1YP                              0.00   7/6 LIBOR                                        LIBOR                          6                6                             20140301                        20140401         83         3.000                   3.000                   1.000                     6.000            12.500            3.000                 685   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103652754                               8.4675           3605.47   Yes              3YP                             46.98   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            14.875            3.000                 695   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      1103652758                               6.9675            497.81   Yes              1YP                             41.99   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            13.375            2.500                 692   Stated                                  Purchase                     Investor                   Condominium
      1103652771                                6.218          2,788.02   Yes              3YP                             24.05   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.625            3.000                 766   SISA                                    Cash Out Refinance           Investor                   2-FAMILY
      1103652779                                5.968          2,734.38   No               NO                              35.00   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 780   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103652840                                5.718          2,352.00   No               NO                              26.40   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 773   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      1103652841                                5.218          2,343.75   Yes              2YP                             41.60   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            11.625            3.000                 772   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103652847                                5.968          2,310.94   Yes              3YP                             44.43   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 655   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      1103652867                               7.0925            922.61   No               NO                              32.53   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.375            0.000                 730   Stated                                  Purchase                     Investor                   SFR
      1103652876                                5.593          4,375.00   Yes              3YP                             27.97   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.000            3.000                 772   Stated                                  Rate/Term Refinance          Second Home                Condominium
      1103652929                               7.0925            615.31   Yes              3YP                             32.43   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.500            3.000                 640   Full                                    Purchase                     Owner Occupied             SFR
      1103652986                                6.093          1,885.94   No               NO                              43.48   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 768   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103653022                               5.5925              1505   Yes              2YP                             36.08   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.000            3.000                 732   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103653039                               5.9675           1859.38   No               NO                              38.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            12.375            2.750                 813   Full                                    Purchase                     Investor                   SFR
      1103653048                               5.9675              3910   No               NO                              29.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.375            3.000                 745   Full                                    Purchase                     Second Home                D-PUDS
      1103653060                                5.843          2,927.08   Yes              3YP                             42.06   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.250            3.000                 766   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103653068                                5.093          2,887.50   No               NO                              38.65   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            11.500            2.750                 719   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      1103653073                               6.2175           1678.33   Yes              1YP                             26.87   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.625            3.000                 704   Stated                                  Purchase                     Investor                   SFR
      1103653093                                5.343          2,357.50   Yes              3YP                             23.37   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.750                   3.000                   1.000                     6.000            11.750            2.750                 714   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103653099                                5.718          1,082.08   No               NO                              16.54   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            12.125            3.000                 804   Full                                    Cash Out Refinance           Owner Occupied             Condominium
      1103653115                                5.718          1,475.10   Yes              3YP                             42.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.125            3.000                 801   Stated                                  Rate/Term Refinance          Second Home                HI-RISE
      1103653161                                6.093          1,296.38   Yes              3YP                             38.80   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 673   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103653165                                5.843          2,343.75   No               NO                              44.03   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            12.250            2.750                 701   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103653172                                5.718          1,798.65   Yes              1YP                             45.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 713   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103653191                                5.843          3,508.95   Yes              3YP                             37.61   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 774   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103653215                                5.468          3,321.64   Yes              3YP                             43.00   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 777   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103653297                               5.5825           1038.27   Yes              3YP                             31.16   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.990            3.000                 755   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103653310                                6.343          2,302.19   No               NO                              35.52   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 726   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103653355                                5.843          2,327.41   No               NO                              30.47   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 729   Stated                                  Rate/Term Refinance          Investor                   HI-RISE
      1103653358                               8.0925           4249.43   Yes              3YP                             43.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            14.500            3.000                 755   Stated                                  Purchase                     Owner Occupied             4-FAMILY
      1103653380                                5.843          1,029.90   No               NO                              17.17   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 780   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      1103653387                                5.843          1,750.00   Yes              3YP                             35.86   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 694   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103653393                               7.7025           1085.76   No               NO                              42.41   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         4.125                   3.000                   1.000                     6.000            15.300            9.300                 653   Stated                                  Purchase                     Investor                   SFR
      1103653401                               5.9675           1788.98   No               NO                              41.86   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.375            3.000                 699   Stated                                  Purchase                     Investor                   SFR
      1103653418                                6.093            626.71   Yes              1YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 797   Express Non-Verified Assets             Cash Out Refinance           Investor                   Condominium
      1103653446                                5.273          2,692.08   Yes              3YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.750                   3.000                   1.000                     6.000            12.500            3.750                 685   Express Non-Verified Assets             Rate/Term Refinance          Owner Occupied             SFR
      1103653448                                5.593          3,708.75   No               NO                              37.99   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 793   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103653455                                5.968          1,847.69   Yes              3YP                             47.69   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.375            2.500                 771   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103653464                                6.093          3,450.42   Yes              3YP                             37.47   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 780   Stated                                  Rate/Term Refinance          Owner Occupied             3-FAMILY
      1103653469                                6.093          2,588.43   Yes              3YP                             42.59   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 777   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103653506                               6.2175           1391.21   Yes              3YP                             48.28   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.625            3.000                 641   Stated                                  Purchase                     Owner Occupied             SFR
      1103653553                                5.093          1,663.75   No               NO                              31.33   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.500            3.000                 803   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103653572                               7.0925              1075   No               NO                              41.76   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.500            3.000                 721   Stated                                  Purchase                     Owner Occupied             SFR
      1103653577                                5.593          1,415.00   No               NO                              40.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.000            3.000                 797   SISA                                    Rate/Term Refinance          Investor                   SFR
      1103653599                               6.5925           3153.26   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 767   Express Verified Assets                 Purchase                     Investor                   SFR
      1103653605                                5.468          2,276.56   No               NO                              22.73   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 782   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103653612                                5.968          2,295.00   Yes              2YP                             44.61   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.375            3.000                 734   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103653659                               6.4675           2589.58   No               NO                              44.60   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.875            3.000                 740   Stated                                  Purchase                     Investor                   Condominium
      1103653671                                6.063          1,827.78   Yes              2YP                             40.69   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.470            3.000                 776   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      1103653689                                6.093            687.92   Yes              6MP                             29.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 686   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103653742                                6.218          2,040.67   No               NO                              38.00   7/6 LIBOR                                        LIBOR                          6                6                             20140301                        20140401         83         2.500                   3.000                   1.000                     6.000            12.625            2.500                 709   Express No Doc                          Rate/Term Refinance          Owner Occupied             PUD
      1103653785                               6.3425            909.66   Yes              1YP                             43.92   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.750            3.000                 706   Stated                                  Purchase                     Investor                   PUD
      1103653804                               5.3425           2684.44   No               NO                              41.05   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 801   Full                                    Purchase                     Owner Occupied             Condominium
      1103653810                                5.968          1,394.53   Yes              3YP                             40.11   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            12.375            3.000                 645   Stated                                  Rate/Term Refinance          Investor                   D-PUDS
      1103653816                                6.218          2,097.92   Yes              3YP                             43.69   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.625            2.750                 651   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103653861                               5.4675           1298.83   No               NO                              28.01   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.500                   3.000                   1.000                     6.000            11.875            2.500                 752   Full                                    Purchase                     Investor                   Condominium
      1103653863                                5.593          4,259.07   Yes              3YP                             44.79   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 718   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103653888                                7.718          1,692.89   No               NO                              33.03   7/6 LIBOR                                        LIBOR                          6                6                             20140301                        20140401         83         3.000                   3.000                   1.000                     6.000            14.125            3.000                 694   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      1103653894                                5.718          2,518.11   Yes              3YP                             29.08   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 767   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103653897                               6.3425           4162.02   No               NO                              42.82   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 710   Full                                    Purchase                     Owner Occupied             SFR
      1103653913                                7.093            765.63   Yes              3YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.500            3.000                 637   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      1103653929                               7.3425              1550   Yes              3YP                             29.55   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.750            3.500                 682   Stated                                  Purchase                     Investor                   D-PUDS
      1103653934                               5.2175           2231.25   Yes              3YP                             45.20   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.625            3.000                 716   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      1103653953                               6.3525           1171.39   Yes              3YP                             31.77   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         4.000                   3.000                   1.000                     6.000            13.590            4.000                 750   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103653975                               9.2525           2898.46   Yes              2YP                              1.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            16.750            3.875                 666   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103653997                                5.468          1,762.50   Yes              3YP                             41.69   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 697   Full                                    Cash Out Refinance           Owner Occupied             Condominium
      1103654006                                5.718          4,307.92   Yes              1YP                             47.03   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         3.500                   3.000                   1.000                     6.000            12.125            3.500                 672   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103654026                               6.3425           1956.79   Yes              3YP                             44.32   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 762   SISA                                    Purchase                     Owner Occupied             SFR
      1103654045                               6.3425              2700   Yes              1YP                             46.07   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 682   Stated                                  Purchase                     Owner Occupied             Condominium
      1103654046                                6.093            735.85   Yes              1YP                             42.82   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 709   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103654056                                5.843          2,283.85   No               NO                              50.36   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 816   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103654058                                6.573          1,572.26   Yes              3YP                             45.19   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.980            3.000                 692   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103654067                               7.3425            808.91   Yes              3YP                             42.59   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.750            7.750                 669   Stated                                  Purchase                     Investor                   2-FAMILY
      1103654075                                7.093          2,250.00   Yes              6MP                             49.75   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.500            3.000                 675   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103654097                                5.593          3,750.00   Yes              3YP                             34.84   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100401                        20100501         36         2.750                   3.000                   1.000                     6.000            12.000            2.750                 711   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654102                                6.218          3,064.06   Yes              3YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.625            3.000                 639   Express Verified Assets                 Rate/Term Refinance          Investor                   D-PUDS
      1103654122                               5.8425              3125   Yes              3YP                             15.26   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 689   Full                                    Purchase                     Owner Occupied             D-PUDS
      1103654134                                5.968          1,328.13   Yes              1YP                             49.77   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.375            2.500                 639   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103654137                               5.3425            1782.5   Yes              3YP                             44.90   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 700   Stated                                  Purchase                     Owner Occupied             Condominium
      1103654139                                5.843          1,990.63   Yes              1YP                             38.96   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 772   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654145                                5.093          1,329.17   Yes              3YP                             25.12   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.500            3.000                 769   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103654154                                4.968          2,302.69   Yes              3YP                             31.42   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.250            0.000                 759   Full                                    Cash Out Refinance           Owner Occupied             PUD
      1103654164                                5.468          2,576.00   Yes              3YP                             41.28   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 726   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103654170                               7.0425           2632.33   Yes              3YP                             42.45   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.450            3.000                 699   Stated                                  Purchase                     Owner Occupied             SFR
      1103654175                                6.583          1,284.41   Yes              3YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.990            6.990                 668   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103654179                               5.3425           1643.54   No               NO                              49.01   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            11.750            3.000                 700   SISA                                    Purchase                     Owner Occupied             SFR
      1103654181                                5.468          1,282.71   No               NO                              32.00   7/6 LIBOR IO                               60    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            11.875            3.000                 715   Full                                    Cash Out Refinance           Investor                   SFR
      1103654186                                5.393          2,281.33   Yes              2YP                             30.14   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.800            3.000                 706   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654188                                6.343          2,896.88   Yes              3YP                             40.03   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.750            2.500                 679   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654193                                5.343          1,359.88   Yes              1YP                             25.79   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 717   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103654194                                5.843          2,276.04   Yes              3YP                             41.43   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 720   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103654232                                5.843          1,215.22   Yes              3YP                             37.25   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 746   Full                                    Cash Out Refinance           Investor                   2-FAMILY
      1103654251                               7.3425           1710.79   No               NO                              46.61   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.750            3.000                 643   Stated                                  Purchase                     Owner Occupied             SFR
      1103654288                                6.093            818.53   No               NO                              43.09   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.500            2.500                 693   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654309                                5.718          1,339.84   Yes              2YP                             22.81   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.125            3.000                 740   SISA                                    Rate/Term Refinance          Investor                   Condominium
      1103654343                                5.718            899.33   Yes              3YP                             26.12   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 761   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103654355                               5.8425            3312.5   Yes              1YP                             40.62   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 724   Stated                                  Purchase                     Owner Occupied             SFR
      1103654356                               5.8425           2020.83   Yes              1YP                             46.36   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 712   Full                                    Purchase                     Owner Occupied             SFR
      1103654375                                6.093            979.48   No               NO                              40.61   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 680   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103654408                                6.018          3,395.07   No               NO                               1.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.300            0.000                 742   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             D-PUDS
      1103654416                                5.968            468.75   Yes              3YP                             15.96   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 764   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654433                                6.843          3,035.94   Yes              1YP                             48.83   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            13.250            2.500                 717   Stated                                  Cash Out Refinance           Investor                   SFR
      1103654467                                5.593          4,300.00   No               NO                              36.92   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 741   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103654472                                6.218          1,787.50   Yes              2YP                             33.94   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 659   Full                                    Cash Out Refinance           Owner Occupied             2-FAMILY
      1103654482                                4.968            694.27   Yes              3YP                             51.13   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            11.375            3.000                 740   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103654489                                5.968          1,847.15   Yes              2YP                             27.20   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 753   Full                                    Cash Out Refinance           Owner Occupied             PUD
      1103654504                                6.093          1,105.00   Yes              2YP                             39.36   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 692   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103654507                                6.218          2,502.99   Yes              3YP                             43.38   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 735   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654516                                6.093          1,075.21   Yes              2YP                             20.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 754   Stated                                  Rate/Term Refinance          Investor                   D-PUDS
      1103654522                                5.843          1,869.79   Yes              3YP                             49.82   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 718   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      1103654534                                5.343          1,078.13   Yes              3YP                             31.58   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 763   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      1103654536                                5.968          1,293.01   Yes              3YP                             28.78   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 761   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654539                                5.093          4,485.53   Yes              3YP                             43.83   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.500            3.000                 803   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103654546                                7.093          3,125.00   Yes              3YP                             39.83   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.500            3.000                 668   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103654548                                6.093          1,841.67   Yes              3YP                             49.79   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.500            2.500                 721   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103654580                                5.843          3,906.25   No               NO                              25.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 704   Stated                                  Cash Out Refinance           Second Home                D-PUDS
      1103654583                                5.968          1,562.50   Yes              3YP                             39.76   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 707   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654619                                5.343          1,293.75   Yes              2YP                             29.33   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.500                   3.000                   1.000                     6.000            11.750            2.500                 706   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103654622                                5.968          2,526.04   Yes              3YP                             44.26   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 677   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654631                                6.843          1,628.23   Yes              2YP                             33.91   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.250            7.250                 651   Stated                                  Cash Out Refinance           Investor                   SFR
      1103654636                               5.8425           2083.33   No               NO                               1.00   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            12.250            3.000                 736   Express Non-Verified Assets             Purchase                     Owner Occupied             D-PUDS
      1103654637                                5.468          4,201.72   Yes              3YP                             42.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 789   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103654644                                5.593          1,780.00   Yes              2YP                             33.81   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.000            3.000                 773   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103654688                                5.968          2,339.73   Yes              2YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 796   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             D-PUDS
      1103654691                                6.593          1,145.68   Yes              3YP                             42.33   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 691   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654727                                5.593          1,677.01   Yes              3YP                             18.74   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 698   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654743                               4.8425              1575   Yes              3YP                             45.32   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.250            3.000                 801   Full                                    Purchase                     Owner Occupied             SFR
      1103654747                                5.043          2,043.75   Yes              3YP                             38.05   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.450            3.000                 695   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103654762                                6.633          3,246.96   Yes              3YP                              1.00   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.695            0.000                 662   Express Verified Assets                 Rate/Term Refinance          Investor                   HI-RISE
      1103654772                               7.5825           2130.67   Yes              2YP                             49.30   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.990            3.000                 669   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103654798                                5.843          2,126.64   Yes              3YP                             25.88   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 728   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      1103654813                               6.0925           3271.67   Yes              1YP                             33.34   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 746   Stated                                  Purchase                     Owner Occupied             SFR
      1103654822                               5.4675           1782.08   Yes              3YP                             43.72   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 703   Stated                                  Purchase                     Owner Occupied             Condominium
      1103654829                                5.968          2,215.31   No               NO                               0.00   7/6 LIBOR IO                               60    LIBOR                          6                6                             20140301                        20140401         83         3.000                   3.000                   1.000                     6.000            12.375            3.000                 696   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103654832                                5.718          3,645.46   Yes              3YP                             35.35   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 685   Full                                    Rate/Term Refinance          Investor                   2-FAMILY
      1103654837                               9.8475            1219.2   Yes              1YP                             46.02   2/6 LIBOR                                        LIBOR                          6                6                             20090301                        20090401         23         7.150                   3.000                   1.000                     6.000            16.255           10.255                 618   Stated                                  Purchase                     Owner Occupied             SFR
      1103654858                                6.218          2,173.83   Yes              3YP                             48.46   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.625            3.000                 690   Stated                                  Rate/Term Refinance          Investor                   Condominium
      1103654873                                5.593          5,491.50   Yes              3YP                             46.43   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 684   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103654878                                5.593          2,130.00   Yes              3YP                             40.27   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.000            3.000                 698   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103654884                               6.0925           2589.17   Yes              3YP                             48.72   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 724   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      1103654886                                7.218          2,865.73   Yes              3YP                             32.96   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.625            3.000                 706   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103654901                                5.343          1,586.04   Yes              3YP                             22.30   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 753   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103654905                               6.3425            852.19   Yes              2YP                             18.67   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 729   Stated                                  Purchase                     Investor                   SFR
      1103654911                                5.718          2,338.25   Yes              2YP                             43.89   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 765   SISA                                    Cash Out Refinance           Owner Occupied             Condominium
      1103654936                                4.968            985.42   Yes              3YP                             28.84   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            11.375            3.000                 718   Full                                    Cash Out Refinance           Owner Occupied             2-FAMILY
      1103654939                               5.8425          10416.15   Yes              2YP                             37.78   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 780   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103654942                                6.583          3,343.55   Yes              3YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.990            3.000                 654   Express Verified Assets                 Cash Out Refinance           Investor                   2-FAMILY
      1103654944                                6.093          1,755.00   No               NO                              38.95   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 705   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103654960                               6.0925              2158   Yes              3YP                             43.19   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.500            2.500                 670   Stated                                  Purchase                     Owner Occupied             SFR
      1103654975                                6.343          3,141.98   No               NO                              40.75   25YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 775   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103654979                                6.093          3,337.70   No               NO                              49.56   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 732   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103654980                               6.2175           2473.33   Yes              3YP                             43.04   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.625            3.000                 735   Stated                                  Purchase                     Owner Occupied             SFR
      1103654985                               6.5925              1890   No               NO                              44.48   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.500                   3.000                   1.000                     6.000            13.000            2.500                 695   Stated                                  Purchase                     Owner Occupied             SFR
      1103654987                                6.343          1,035.00   No               NO                              38.34   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.750            3.000                 757   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103654992                               6.5925            873.83   No               NO                              23.68   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         4.500                   3.000                   1.000                     6.000            13.000            7.000                 759   Stated                                  Purchase                     Investor                   SFR
      1103655013                                5.843          1,093.75   No               NO                              30.44   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 725   Full                                    Rate/Term Refinance          Investor                   SFR
      1103655056                                5.843          1,378.13   Yes              6MP                             33.54   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 725   Full                                    Rate/Term Refinance          Investor                   2-FAMILY
      1103655063                                5.718          2,521.46   No               NO                               1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            12.125            2.750                 693   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103655080                               6.5925           1053.84   Yes              3YP                             43.81   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.000            3.000                 695   Stated                                  Purchase                     Owner Occupied             SFR
      1103655105                                5.718          1,375.57   Yes              3YP                             44.28   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            12.125            3.000                 717   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103655111                                5.843          2,734.38   Yes              1YP                             31.62   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 662   Stated                                  Rate/Term Refinance          Owner Occupied             2-FAMILY
      1103655133                                6.218          1,733.33   No               NO                              50.39   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 685   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103655137                               5.9675           1491.75   Yes              3YP                             48.21   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.375            3.000                 662   Stated                                  Purchase                     Owner Occupied             SFR
      1103655142                                5.968          1,317.63   Yes              3YP                             52.80   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 707   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103655143                                7.093            873.01   Yes              3YP                             39.12   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.375            0.000                 665   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103655149                               6.0925           1607.67   Yes              3YP                             46.17   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         5.500                   3.000                   1.000                     6.000            12.500            5.500                 700   Stated                                  Purchase                     Owner Occupied             SFR
      1103655159                                5.968            985.15   Yes              3YP                             25.41   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 718   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103655161                               7.4675           1874.25   Yes              3YP                             36.61   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.250                   3.000                   1.000                     6.000            13.875            3.250                 723   Stated                                  Purchase                     Owner Occupied             SFR
      1103655170                                6.843          2,345.31   No               NO                               1.00   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.125            0.000                 695   Express Verified Assets                 Rate/Term Refinance          Investor                   SFR
      1103655209                               6.0925             890.5   Yes              3YP                             49.56   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            12.500            3.000                 708   Stated                                  Purchase                     Owner Occupied             Condominium
      1103655274                                5.843          2,254.17   Yes              3YP                             37.92   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 729   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103655312                                6.093          1,733.33   Yes              1YP                             43.72   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 647   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103655330                                5.968            738.28   Yes              3YP                             42.42   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 702   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103655336                                7.618            747.21   No               NO                               0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.900            0.000                 660   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103655338                                5.848            924.06   Yes              3YP                             22.77   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.130            0.000                 723   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103655346                                5.843          1,562.50   Yes              2YP                             42.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 774   Stated                                  Cash Out Refinance           Investor                   SFR
      1103655353                               6.8425           1318.29   Yes              1YP                             38.13   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.250            3.000                 752   Stated                                  Purchase                     Investor                   SFR
      1103655373                                6.218          1,542.68   Yes              3YP                             53.05   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 653   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655379                               5.9675           1347.25   Yes              1YP                             43.56   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.375            3.000                 744   Stated                                  Purchase                     Owner Occupied             SFR
      1103655390                                5.968          3,232.52   Yes              2YP                             40.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 694   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655392                                5.968          5,169.06   Yes              1YP                             35.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 708   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103655427                                6.468          2,360.90   No               NO                              39.26   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 746   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      1103655438                                5.968          1,539.29   Yes              3YP                             23.77   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 736   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103655456                                5.593          1,000.00   Yes              3YP                             25.78   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.000            3.000                 771   Stated                                  Rate/Term Refinance          Investor                   PUD
      1103655471                                7.343          2,480.00   Yes              2YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.750            3.000                 643   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103655477                               7.0925           1347.73   Yes              2YP                             49.40   2/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20090301                        20090401         23         4.620                   3.000                   1.000                     6.000            13.500            7.500                 724   Stated                                  Purchase                     Owner Occupied             SFR
      1103655478                                5.593          3,038.75   Yes              1YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 752   Express Non-Verified Assets             Rate/Term Refinance          Owner Occupied             SFR
      1103655514                                5.968          1,126.25   Yes              3YP                             40.93   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.375            3.000                 701   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655517                                5.968          3,250.99   No               NO                              33.18   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 784   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103655520                               5.9675           3385.42   No               NO                              38.51   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 764   Full                                    Purchase                     Owner Occupied             D-PUDS
      1103655533                                6.093          3,160.34   Yes              3YP                             36.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 725   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103655534                                5.708          2,376.03   Yes              3YP                             32.50   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.990            0.000                 643   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103655535                                5.718          1,592.50   Yes              3YP                             43.85   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 693   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655556                                6.093          2,175.47   Yes              2YP                             44.00   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 706   SISA                                    Cash Out Refinance           Investor                   SFR
      1103655563                                6.093          2,085.42   Yes              3YP                             44.67   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 628   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655568                                5.843          2,541.88   Yes              3YP                             36.56   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 706   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655580                                5.468          2,423.44   Yes              3YP                             33.37   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 677   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103655594                               5.7175           2997.75   No               NO                              38.10   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 801   Full                                    Purchase                     Owner Occupied             D-PUDS
      1103655600                               5.3425           4695.83   No               NO                              47.58   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 786   Full                                    Purchase                     Owner Occupied             SFR
      1103655601                               6.3425               711   Yes              2YP                             36.99   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.250                   3.000                   1.000                     6.000            12.750            2.250                 733   Stated                                  Purchase                     Owner Occupied             HI-RISE
      1103655612                                5.718          1,678.74   No               NO                              40.59   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 736   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103655619                               5.3425           2381.46   Yes              1YP                             37.26   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            11.750            3.000                 696   Stated                                  Purchase                     Owner Occupied             SFR
      1103655632                               7.0925           2005.35   No               NO                              44.34   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.500            3.000                 664   Stated                                  Purchase                     Owner Occupied             SFR
      1103655644                                5.968          1,657.50   Yes              3YP                             32.65   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140301                        20140401         83         3.000                   3.000                   1.000                     6.000            12.375            3.000                 702   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655652                                5.718          4,583.54   No               NO                              39.75   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.125            3.000                 786   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103655655                                6.593          2,406.25   No               NO                              34.73   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 691   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103655658                                5.968          1,792.97   Yes              3YP                             43.48   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.375            3.000                 627   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655669                                7.143            663.09   Yes              3YP                             30.77   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            13.550            3.000                 629   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103655672                              13.8475           2567.32   No               NO                              34.35   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.380            0.000                 646   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103655683                               9.2725           3098.81   No               NO                              46.77   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.875                   3.000                   1.000                     6.000            16.500            3.875                 704   SISA                                    Purchase                     Investor                   D-PUDS
      1103655684                               13.968            642.89   Yes              3YP                             49.76   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.500            0.000                 654   Stated                                  Rate/Term Refinance          Investor                   2-FAMILY
      1103655692                                5.843         10,152.08   Yes              1YP                             39.73   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            12.250            3.000                 700   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655694                                5.468          1,104.50   Yes              3YP                             43.68   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 685   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655695                               6.0925           2742.19   Yes              1YP                             44.19   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 723   Stated                                  Purchase                     Investor                   2-FAMILY
      1103655700                                5.843          1,731.77   Yes              3YP                             48.82   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 639   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103655702                                5.968          1,035.94   Yes              1YP                             38.71   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 756   Stated                                  Cash Out Refinance           Investor                   D-PUDS
      1103655708                                5.968          1,668.59   No               NO                              40.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 706   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      1103655719                                6.218          2,549.63   Yes              2YP                             34.60   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 780   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103655727                                5.343          4,312.50   Yes              3YP                             21.89   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            11.750            3.000                 733   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103655738                                5.593          2,360.00   No               NO                              39.40   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.500                   3.000                   1.000                     6.000            12.000            2.500                 761   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655748                                5.343          2,878.28   No               NO                              47.54   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.625            0.000                 726   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103655751                               6.7175           2271.09   Yes              1YP                             44.44   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.125            3.000                 723   Stated                                  Purchase                     Owner Occupied             SFR
      1103655755                                5.968            677.34   Yes              1YP                             38.71   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 756   Stated                                  Cash Out Refinance           Investor                   D-PUDS
      1103655776                                5.343          1,437.50   Yes              6MP                             42.27   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            11.750            3.000                 695   Stated                                  Cash Out Refinance           Investor                   SFR
      1103655782                                5.843          2,891.51   Yes              1YP                             24.01   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 775   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103655792                                7.093          4,400.42   Yes              3YP                             31.89   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.375            0.000                 664   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103655794                               5.8425           3587.33   Yes              3YP                             34.80   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 781   Full                                    Purchase                     Owner Occupied             D-PUDS
      1103655803                                6.218          3,836.98   Yes              3YP                             31.50   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.625            3.000                 622   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655826                                5.343          3,258.22   Yes              3YP                             44.22   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.625            0.000                 769   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103655827                                5.968          5,071.05   Yes              3YP                             44.04   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 695   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103655833                                6.593          6,562.50   Yes              1YP                             36.32   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.000            3.000                 686   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103655874                                5.593          1,480.99   No               NO                              43.34   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 717   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103655891                                6.218          1,191.67   Yes              3YP                             23.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 748   Stated                                  Cash Out Refinance           Second Home                D-PUDS
      1103655895                               6.5925           3033.33   Yes              3YP                             44.62   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.000            3.000                 700   Stated                                  Purchase                     Owner Occupied             SFR
      1103655913                                9.273          1,316.73   Yes              2YP                             48.84   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.625                   3.000                   1.000                     6.000            16.650            3.625                 689   Stated                                  Cash Out Refinance           Investor                   SFR
      1103655918                               5.2175           1828.13   Yes              3YP                             40.67   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.625            3.000                 715   Stated                                  Purchase                     Owner Occupied             SFR
      1103655925                                6.218          1,343.14   Yes              3YP                             25.54   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 653   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103655928                                5.093          2,924.17   Yes              3YP                             43.96   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.500            3.000                 703   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103655932                               5.0925            1127.5   Yes              3YP                             13.60   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.500            3.000                 773   Full                                    Purchase                     Owner Occupied             D-PUDS
      1103655939                                5.343          2,096.35   Yes              1YP                             41.33   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         4.500                   3.000                   1.000                     6.000            11.750            4.500                 720   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103655950                                5.843          1,166.67   Yes              3YP                             40.80   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         2.500                   3.000                   1.000                     6.000            12.250            2.500                 709   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103655959                                6.718          2,805.47   Yes              1YP                             39.35   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.125            3.000                 626   Full                                    Cash Out Refinance           Owner Occupied             2-FAMILY
      1103655978                                5.968          1,559.67   Yes              3YP                             30.01   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 755   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103656001                                5.843          1,380.21   Yes              3YP                             45.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 729   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103656015                               5.4675            1153.5   Yes              3YP                             36.96   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 720   Stated                                  Purchase                     Investor                   Condominium
      1103656038                               8.3425           2654.17   No               NO                              37.63   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.750            3.000                 718   Stated                                  Purchase                     Investor                   SFR
      1103656048                               5.3425           1391.98   No               NO                              32.81   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 770   Full                                    Purchase                     Owner Occupied             D-PUDS
      1103656056                                5.468          1,419.79   No               NO                              28.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 751   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103656076                                5.843            616.15   No               NO                              26.59   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         2.500                   3.000                   1.000                     6.000            12.250            2.500                 760   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      1103656103                                5.718            893.23   No               NO                              29.73   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.125            3.000                 769   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656108                               6.4675           2772.92   Yes              2YP                             46.90   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100401                        20100501         36         2.500                   3.000                   1.000                     6.000            12.875            2.500                 705   Stated                                  Purchase                     Owner Occupied             SFR
      1103656109                                6.093          1,207.92   Yes              3YP                             44.57   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            12.500            3.000                 643   Stated                                  Cash Out Refinance           Investor                   PUD
      1103656134                                7.843          2,654.17   No               NO                               0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.125            0.000                 733   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103656140                                6.468          4,540.19   No               NO                               0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 748   Express No Doc                          Cash Out Refinance           Investor                   3-FAMILY
      1103656141                               6.5925           2732.82   No               NO                               0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 676   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103656142                               6.8425           2436.17   No               NO                               0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.125            0.000                 639   Express Verified Assets                 Purchase                     Owner Occupied             2-FAMILY
      1103656145                                6.468          5,513.08   No               NO                               0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 748   Express No Doc                          Cash Out Refinance           Investor                   3-FAMILY
      1103656146                               5.9675            714.23   No               NO                              47.20   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 790   SISA                                    Purchase                     Second Home                SFR
      1103656164                                6.218          1,407.81   No               NO                              45.10   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.625            2.500                 750   Stated                                  Rate/Term Refinance          Investor                   Condominium
      1103656181                               6.7175           1211.25   Yes              3YP                             31.08   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.125            3.000                 720   Stated                                  Purchase                     Investor                   2-FAMILY
      1103656207                                5.548          1,218.69   Yes              3YP                             34.32   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.290            0.000                 773   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103656229                                5.843          2,098.69   Yes              3YP                             37.35   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 774   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656234                               6.4675            1842.5   Yes              3YP                             42.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.875            3.000                 786   Stated                                  Purchase                     Owner Occupied             SFR
      1103656238                                6.093          1,083.33   Yes              2YP                             31.01   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 651   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103656247                                5.843          2,812.50   Yes              1YP                             22.10   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 740   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656250                                6.393          1,360.00   Yes              3YP                             44.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.800            3.000                 695   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656255                               6.3425            2425.5   Yes              3YP                             44.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.750            3.000                 778   Stated                                  Purchase                     Owner Occupied             SFR
      1103656270                                5.468          1,985.26   Yes              3YP                             31.34   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 771   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103656280                                5.718          2,638.02   No               NO                              41.99   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 734   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      1103656297                                6.093          1,760.42   Yes              3YP                             42.89   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 668   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656341                                5.843          1,781.25   Yes              1YP                             37.59   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 620   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656391                               6.3425              1134   Yes              1YP                             28.58   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            6.750                 746   Stated                                  Purchase                     Investor                   SFR
      1103656405                                6.843          2,270.84   Yes              2YP                              1.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.250            3.000                 607   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103656415                               5.7175           2388.75   Yes              3YP                             37.49   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.125            3.000                 722   Stated                                  Purchase                     Owner Occupied             Condominium
      1103656427                                6.968          3,142.57   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.375            3.000                 635   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103656430                                5.593          2,440.00   Yes              1YP                             40.02   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 732   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656441                                5.243          1,619.67   Yes              3YP                             45.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.650            3.000                 784   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103656442                               6.4675            429.69   Yes              1YP                             49.84   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 778   Stated                                  Purchase                     Investor                   SFR
      1103656446                                5.843          1,054.69   Yes              3YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.250            2.500                 681   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103656467                                5.343          2,951.67   Yes              3YP                              1.00   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            11.750            3.000                 716   Express Verified Assets                 Cash Out Refinance           Owner Occupied             2-FAMILY
      1103656469                                5.593          3,435.00   Yes              3YP                             34.51   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.000            3.000                 682   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656471                               6.2175           1056.82   Yes              3YP                             41.20   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 660   Full                                    Purchase                     Owner Occupied             SFR
      1103656473                                5.343          2,491.67   Yes              3YP                             40.35   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 708   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103656485                               5.8425           1595.94   Yes              3YP                             29.84   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 639   Stated                                  Purchase                     Owner Occupied             SFR
      1103656490                                5.808          1,915.78   Yes              2YP                             47.16   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         4.375                   3.000                   1.000                     6.000            13.625            4.375                 632   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103656520                                5.468          2,374.48   Yes              3YP                              0.00   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140301                        20140401         83         3.000                   3.000                   1.000                     6.000            11.875            3.000                 688   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103656534                                6.468          2,578.13   Yes              3YP                             34.35   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         4.500                   3.000                   1.000                     6.000            12.875            4.500                 656   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103656544                                5.033            589.33   No               NO                              23.75   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            11.440            3.000                 723   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103656547                                7.273          1,372.56   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.625                   3.000                   1.000                     6.000            14.250            3.625                 762   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103656568                                5.093          5,268.03   Yes              3YP                             44.08   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.375            0.000                 683   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103656569                                6.343          2,345.63   Yes              3YP                             42.93   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 737   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656570                                6.218          1,620.67   Yes              3YP                             49.31   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 705   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103656572                               6.3425           2062.69   Yes              3YP                             44.94   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 661   Stated                                  Purchase                     Owner Occupied             SFR
      1103656583                                5.593          2,124.50   Yes              3YP                             54.26   7/6 LIBOR IO                               60    LIBOR                          6                6                             20140301                        20140401         83         3.000                   3.000                   1.000                     6.000            12.000            3.000                 690   Full                                    Cash Out Refinance           Owner Occupied             PUD
      1103656594                                6.093          2,621.67   Yes              2YP                             43.97   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 727   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      1103656613                                5.343          1,907.08   Yes              3YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 744   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103656618                                6.968            795.89   Yes              3YP                             29.50   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.375            3.000                 643   Stated                                  Rate/Term Refinance          Investor                   D-PUDS
      1103656623                               7.8725            1147.5   Yes              3YP                             32.78   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            15.000            3.625                 700   Stated                                  Purchase                     Investor                   SFR
      1103656626                                6.093            948.10   Yes              2YP                             37.37   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 651   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656631                                5.593          1,425.00   Yes              3YP                             42.16   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            12.000            3.000                 673   FISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103656646                               6.5825           1080.54   Yes              1YP                             42.21   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.990            3.000                 759   Stated                                  Purchase                     Investor                   Condominium
      1103656655                                5.593          1,490.00   Yes              1YP                             41.65   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.000            2.500                 746   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103656679                               7.7175           1650.39   No               NO                              38.22   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            14.125            3.000                 686   Stated                                  Purchase                     Investor                   2-FAMILY
      1103656681                                6.218          2,604.12   Yes              3YP                             43.47   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 633   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103656695                                6.593          1,303.39   Yes              3YP                             53.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 672   Full                                    Cash Out Refinance           Investor                   SFR
      1103656739                               6.7175           1306.25   Yes              3YP                             44.28   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.125            3.000                 703   SISA                                    Purchase                     Owner Occupied             D-PUDS
      1103656742                               7.5925            527.85   No               NO                              43.49   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.875            0.000                 746   Stated                                  Purchase                     Investor                   SFR
      1103656750                                5.468          3,363.44   Yes              3YP                             45.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 757   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      1103656761                                5.468          2,619.27   No               NO                              40.64   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 733   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656788                                6.468            583.74   No               NO                              23.61   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 677   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103656798                               6.4675            665.44   Yes              2YP                             31.28   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            12.875            3.000                 711   Stated                                  Purchase                     Investor                   Condominium
      1103656804                                6.343          2,025.00   Yes              2YP                             44.22   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         2.500                   3.000                   1.000                     6.000            12.750            2.500                 682   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103656807                                5.468          3,066.67   Yes              3YP                             37.27   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 716   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103656818                                6.343          3,583.02   No               NO                              37.34   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 770   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656819                                5.843          1,822.83   No               NO                              36.18   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 653   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656820                               5.5925           2756.86   No               NO                              50.11   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 784   Full                                    Purchase                     Owner Occupied             PUD
      1103656821                                5.718          4,177.09   No               NO                              39.65   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 804   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103656822                               5.4675           2711.28   No               NO                              48.69   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 765   Full                                    Purchase                     Owner Occupied             PUD
      1103656823                               6.2175           2356.25   No               NO                              53.83   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 787   Alternative                             Purchase                     Owner Occupied             SFR
      1103656824                                6.468          1,395.00   No               NO                              37.76   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 787   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103656825                               6.0925           1207.27   No               NO                              32.47   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 674   Full                                    Purchase                     Second Home                SFR
      1103656828                               6.2175           3628.07   No               NO                              31.71   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 780   Full                                    Purchase                     Owner Occupied             PUD
      1103656829                                5.968          4,002.16   No               NO                              36.10   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 778   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103656830                                5.968          1,639.35   No               NO                              21.11   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 698   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103656831                               5.9675           2672.21   No               NO                              48.15   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 799   Stated                                  Purchase                     Owner Occupied             SFR
      1103656832                               5.9675           2655.28   No               NO                              37.36   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 764   Stated                                  Purchase                     Owner Occupied             SFR
      1103656833                                6.093          3,194.21   No               NO                              54.91   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 706   Alternative                             Cash Out Refinance           Owner Occupied             SFR
      1103656836                                6.093          2,496.88   No               NO                              47.69   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 799   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103656837                                6.093          1,122.97   No               NO                              44.74   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 760   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656838                               5.9675           1748.64   No               NO                              39.73   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 768   Stated                                  Purchase                     Owner Occupied             SFR
      1103656839                                6.093          2,964.38   No               NO                              37.24   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 801   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656840                                6.593          3,941.57   No               NO                              52.55   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 702   Stated                                  Cash Out Refinance           Owner Occupied             PUD
      1103656841                                5.843          1,519.03   No               NO                              34.38   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 673   Stated                                  Cash Out Refinance           Owner Occupied             PUD
      1103656842                                6.468          3,372.71   No               NO                              42.61   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 699   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656843                                5.968          3,441.86   No               NO                              47.98   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 685   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103656844                                6.468          2,643.75   No               NO                              29.50   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 749   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656845                               5.9675           4433.16   No               NO                              43.40   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 770   Full                                    Purchase                     Owner Occupied             PUD
      1103656860                                6.093          2,688.88   No               NO                              39.73   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 762   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      1103656867                               6.0925            573.27   No               NO                              45.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 751   SISA                                    Purchase                     Owner Occupied             SFR
      1103656870                                5.718          1,312.00   No               NO                              53.09   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 758   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103656878                                5.968          2,500.00   No               NO                              49.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 681   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103656882                                6.968          2,940.78   Yes              1YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.375            3.000                 739   Express No Doc                          Cash Out Refinance           Owner Occupied             D-PUDS
      1103656886                                5.843          1,109.38   Yes              3YP                             34.94   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 680   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103656897                               5.4675           3781.11   Yes              2YP                             40.69   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 753   Full                                    Purchase                     Owner Occupied             SFR
      1103656900                                5.468          3,909.94   Yes              3YP                             32.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 791   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103656911                                5.593          1,123.92   Yes              3YP                             42.78   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 753   Full                                    Cash Out Refinance           Investor                   SFR
      1103656912                                5.343          2,129.93   Yes              3YP                              1.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.625            0.000                 767   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103656925                               5.4675           1733.28   Yes              2YP                             36.44   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 782   Full                                    Purchase                     Owner Occupied             D-PUDS
      1103656947                                6.218          2,161.79   Yes              3YP                             44.09   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 682   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103656952                                6.093          1,785.59   No               NO                              40.85   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 696   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103657001                                5.843          1,994.79   No               NO                              39.28   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140301                        20140401         83         3.000                   3.000                   1.000                     6.000            12.250            3.000                 773   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103657011                                6.593          2,800.00   No               NO                              42.14   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         2.500                   3.000                   1.000                     6.000            13.000            2.500                 643   SISA                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103657015                               5.7175            2082.5   Yes              3YP                             34.95   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.125            3.000                 706   Stated                                  Purchase                     Owner Occupied             Condominium
      1103657016                                6.093          2,626.49   Yes              3YP                             43.71   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 770   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657044                                5.468          2,075.83   Yes              3YP                             25.08   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 778   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103657053                                5.718            945.29   Yes              1YP                             36.67   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.125            3.000                 770   Full                                    Rate/Term Refinance          Investor                   SFR
      1103657072                                5.343          1,360.83   No               NO                              45.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 745   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103657075                                7.468          3,018.75   No               NO                              42.11   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.875            3.000                 671   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103657098                                8.467          2,721.67   Yes              3YP                             29.60   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            14.875            3.000                 684   Stated                                  Cash Out Refinance           Investor                   4-FAMILY
      1103657101                               6.5925           2543.33   Yes              3YP                             42.96   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.000            3.000                 668   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103657105                               5.9675           1253.75   No               NO                              50.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         2.500                   3.000                   1.000                     6.000            12.375            2.500                 696   Full                                    Purchase                     Owner Occupied             SFR
      1103657119                                5.343          2,567.72   Yes              3YP                             44.47   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 725   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657120                                7.343          1,278.75   Yes              3YP                             39.06   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.750            3.000                 711   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      1103657131                                5.593          2,275.00   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.000            2.500                 649   Express Verified Assets                 Cash Out Refinance           Owner Occupied             PUD
      1103657135                                5.593          1,678.73   Yes              3YP                             39.34   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 788   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      1103657143                                5.583          3,299.49   Yes              3YP                             34.17   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.990            3.000                 781   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103657154                                5.968            832.73   Yes              1YP                             38.71   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 756   Stated                                  Cash Out Refinance           Investor                   D-PUDS
      1103657160                                5.968          1,393.31   Yes              3YP                             40.28   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 797   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103657173                               5.7175            793.19   Yes              1YP                             34.26   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.125            3.000                 785   Stated                                  Purchase                     Investor                   SFR
      1103657189                                5.143          3,676.88   No               NO                              39.74   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.550            3.000                 793   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103657198                                5.218          2,980.89   No               NO                              30.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.500            0.000                 776   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103657201                                6.593          1,254.17   Yes              1YP                             32.53   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            13.000            3.000                 733   Full                                    Cash Out Refinance           Investor                   D-PUDS
      1103657206                               5.8425            642.58   No               NO                              37.14   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            12.250            2.750                 766   Full                                    Purchase                     Investor                   D-PUDS
      1103657219                               7.3825            904.56   No               NO                              35.73   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.500                   3.000                   1.000                     6.000            14.470            3.500                 794   Stated                                  Purchase                     Second Home                D-PUDS
      1103657249                                5.968          2,215.31   Yes              3YP                             28.54   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         2.500                   3.000                   1.000                     6.000            12.375            2.500                 749   SISA                                    Cash Out Refinance           Investor                   SFR
      1103657325                              10.2525           1507.97   No               NO                              45.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            17.750            3.875                 660   SISA                                    Purchase                     Investor                   Condominium
      1103657327                               5.2175            660.47   Yes              1YP                             46.97   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.625            3.000                 796   Full                                    Purchase                     Investor                   PUD
      1103657332                                7.668          1,402.14   No               NO                              47.41   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.950            0.000                 624   FISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103657380                               7.0925            1287.5   Yes              3YP                             43.49   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.500            7.500                 671   Stated                                  Purchase                     Owner Occupied             SFR
      1103657391                               7.8425           1034.49   Yes              1YP                             48.34   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.250            3.000                 702   Stated                                  Purchase                     Investor                   SFR
      1103657405                                7.598          1,512.02   Yes              2YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            14.625            3.625                 712   Express Verified Assets                 Cash Out Refinance           Owner Occupied             D-PUDS
      1103657413                                7.018          2,075.37   Yes              3YP                             45.17   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.250            0.000                 633   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103657414                                5.968          1,036.46   Yes              1YP                             47.78   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 633   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657415                               5.1425            4040.4   Yes              3YP                             27.37   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.550            3.000                 780   Full                                    Purchase                     Owner Occupied             SFR
      1103657434                                5.668            873.91   Yes              3YP                             39.97   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.950            0.000                 692   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103657436                                6.093          2,184.00   Yes              3YP                             44.78   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 712   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657457                                5.968          1,432.81   Yes              3YP                             42.01   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 651   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657458                                5.218            914.06   Yes              1YP                             34.49   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.625            3.000                 798   FISA                                    Rate/Term Refinance          Owner Occupied             SFR
      1103657464                                6.093          1,386.67   Yes              3YP                             43.48   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.500            2.750                 673   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657466                                5.593          1,732.70   Yes              2YP                             39.75   7/6 LIBOR                                        LIBOR                          6                6                             20140301                        20140401         83         3.000                   3.000                   1.000                     6.000            12.000            3.000                 781   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103657467                                5.843          3,125.00   Yes              3YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 668   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             D-PUDS
      1103657491                               6.3425              1800   No               NO                               1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.750            2.750                 807   Express No Doc                          Purchase                     Owner Occupied             D-PUDS
      1103657492                                5.438          2,190.94   Yes              3YP                             49.07   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.750                   3.000                   1.000                     6.000            13.125            3.750                 775   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      1103657494                                6.218          3,930.83   No               NO                              41.54   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.625            3.000                 685   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103657504                               7.3925            2854.8   No               NO                              31.87   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.800            3.000                 636   Stated                                  Purchase                     Owner Occupied             SFR
      1103657517                                5.093          3,974.52   Yes              1YP                             36.73   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.500            3.000                 784   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103657522                                5.593          1,775.00   Yes              3YP                             33.63   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.000            3.000                 774   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      1103657537                                5.288          2,036.72   Yes              3YP                             45.34   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.875            3.875                 678   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      1103657540                                6.468          2,612.50   Yes              3YP                             40.32   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 663   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103657542                               7.0425            918.34   Yes              3YP                             43.01   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.450            3.000                 718   Stated                                  Purchase                     Owner Occupied             SFR
      1103657547                                5.718          1,071.88   Yes              1YP                             46.72   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.125            3.000                 796   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103657578                               6.3425              1674   No               NO                               0.00   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140301                        20140401         83         2.750                   3.000                   1.000                     6.000            12.750            2.750                 736   Express Verified Assets                 Purchase                     Owner Occupied             HI-RISE
      1103657590                                5.968          2,852.81   No               NO                              34.19   7/6 LIBOR IO                               60    LIBOR                          6                6                             20140301                        20140401         83         3.000                   3.000                   1.000                     6.000            12.375            3.000                 678   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657592                                5.968          2,999.22   No               NO                              46.82   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 789   Full                                    Rate/Term Refinance          Owner Occupied             HI-RISE
      1103657604                               6.9675           1602.78   Yes              3YP                             20.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.375            3.000                   0   Full                                    Purchase                     Second Home                Condominium
      1103657616                               5.9675            1224.8   Yes              1YP                             49.08   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 720   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103657623                                5.718          1,071.88   Yes              3YP                             12.96   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.125            3.000                 744   Stated                                  Cash Out Refinance           Investor                   Condominium
      1103657625                                5.468          1,615.62   No               NO                              24.02   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 726   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103657629                                5.718          1,071.88   Yes              3YP                             12.96   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.125            3.000                 744   Stated                                  Cash Out Refinance           Investor                   Condominium
      1103657631                                5.468          2,203.12   Yes              3YP                             44.89   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            11.875            3.000                 737   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103657637                                5.968          2,282.25   Yes              3YP                             28.28   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 715   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103657652                                7.218          2,880.76   Yes              3YP                             34.55   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.500            0.000                 663   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103657672                                5.718          1,796.67   Yes              3YP                             30.32   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.125            3.000                 765   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657676                               5.8425            1937.5   Yes              2YP                             40.13   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.500                   3.000                   1.000                     6.000            12.250            2.500                 724   SISA                                    Purchase                     Owner Occupied             SFR
      1103657683                                5.468          2,085.62   Yes              1YP                             39.71   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 781   Full                                    Rate/Term Refinance          Owner Occupied             HI-RISE
      1103657685                                5.968          1,185.26   Yes              3YP                             42.18   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 747   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103657697                               6.9675            1858.5   No               NO                              43.69   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.375            3.000                 654   Full                                    Purchase                     Owner Occupied             Condominium
      1103657711                                5.343            996.67   Yes              3YP                             48.17   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 712   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103657722                               5.8425            1687.5   Yes              1YP                             39.46   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 678   Stated                                  Purchase                     Owner Occupied             Condominium
      1103657723                                5.718          1,575.00   No               NO                              38.46   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 699   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103657729                               6.4675           2180.05   Yes              2YP                             41.50   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         5.250                   3.000                   1.000                     6.000            12.875            5.250                 681   Stated                                  Purchase                     Owner Occupied             SFR
      1103657735                                6.408            966.92   Yes              3YP                             27.43   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.690            0.000                 632   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103657738                                5.468          2,325.52   Yes              3YP                             44.22   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 713   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103657754                                5.343          2,826.47   Yes              3YP                             32.50   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.625            0.000                 778   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103657767                               6.8425           1249.42   Yes              1YP                             49.24   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.250            3.000                 658   Full                                    Purchase                     Owner Occupied             SFR
      1103657781                                5.843            754.59   Yes              3YP                             49.00   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 612   Full                                    Cash Out Refinance           Investor                   SFR
      1103657786                                6.593          1,297.92   Yes              2YP                             31.70   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            13.000            3.000                 740   Stated                                  Cash Out Refinance           Investor                   SFR
      1103657787                                6.343          2,756.25   Yes              3YP                             41.69   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.750            3.000                 735   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657805                                5.718          1,415.73   Yes              3YP                             54.69   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.125            3.000                 611   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657808                                5.468          1,684.17   Yes              3YP                             38.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 654   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657812                                6.093          2,556.67   Yes              3YP                             44.13   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 690   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657814                                6.093          1,665.63   Yes              3YP                             43.54   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.500            3.000                 675   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103657833                               6.4675           1631.67   Yes              3YP                             49.78   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         4.000                   3.000                   1.000                     6.000            12.875            4.000                 719   Stated                                  Purchase                     Owner Occupied             SFR
      1103657848                                5.718          1,360.00   Yes              3YP                              0.00   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 718   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103657853                                6.343          2,805.47   No               NO                              48.69   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 713   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103657858                                5.718            800.00   Yes              3YP                             23.16   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 751   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657867                                5.218          4,500.00   Yes              3YP                             27.94   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.625            3.000                 754   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657877                                7.093          1,937.50   Yes              3YP                             29.94   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.500            3.000                 621   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657893                                6.593            733.33   Yes              1YP                             49.04   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 664   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103657911                                5.968          1,487.50   Yes              3YP                             44.37   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            12.375            3.000                 721   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      1103657924                                6.343          1,125.00   Yes              3YP                             31.83   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 707   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      1103657942                                6.093          1,285.63   Yes              3YP                             48.83   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 695   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103657948                                7.523            818.17   Yes              3YP                              1.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.650                   3.000                   1.000                     6.000            14.900            3.650                 690   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103657955                                6.468          2,108.33   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.875            3.000                 680   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103657958                                6.343            711.00   Yes              3YP                             41.52   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            12.750            3.000                 653   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103657967                                5.468            787.74   Yes              2YP                              1.00   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            11.875            3.000                 737   Stated                                  Cash Out Refinance           Investor                   D-PUDS
      1103657971                                6.468            726.43   Yes              3YP                             38.25   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 675   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103657974                                6.718          1,077.95   Yes              3YP                             41.87   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.125            3.000                 675   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658003                               6.9675           1355.16   Yes              2YP                             37.45   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.375            7.375                 694   Stated                                  Purchase                     Investor                   D-PUDS
      1103658030                               6.9675           1284.17   Yes              2YP                             36.61   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.375            7.375                 683   Stated                                  Purchase                     Investor                   D-PUDS
      1103658037                                5.593          2,700.00   Yes              1YP                             34.07   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.000            3.000                 779   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658041                                7.468          1,511.63   Yes              3YP                             36.57   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.750            0.000                 626   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658044                                6.843          1,563.28   No               NO                              39.70   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.250            3.000                 762   Stated                                  Cash Out Refinance           Investor                   Condominium
      1103658051                                6.468          2,360.42   Yes              1YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.875            3.000                 715   Express No Doc                          Rate/Term Refinance          Owner Occupied             SFR
      1103658080                                5.593          3,000.00   Yes              3YP                             40.05   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 692   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103658087                                6.468            744.79   Yes              3YP                              0.00   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140301                        20140401         83         2.500                   3.000                   1.000                     6.000            12.875            2.500                 641   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             D-PUDS
      1103658104                                5.393          1,500.27   Yes              1YP                             32.05   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.800            3.000                 760   Full                                    Cash Out Refinance           Investor                   D-PUDS
      1103658127                                5.968            911.46   No               NO                              27.82   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 770   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658133                                5.843          1,975.73   Yes              3YP                             41.06   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         5.250                   3.000                   1.000                     6.000            12.250            5.250                 735   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658142                                5.843          2,050.78   Yes              3YP                             45.61   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 705   Stated                                  Cash Out Refinance           Investor                   SFR
      1103658149                               5.4675           1737.53   Yes              3YP                             32.94   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 709   Full                                    Purchase                     Investor                   HI-RISE
      1103658170                                5.543          2,380.00   Yes              3YP                             39.51   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            11.950            3.000                 687   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103658173                               7.3425             697.5   Yes              1YP                             45.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.750            3.000                 745   Stated                                  Purchase                     Investor                   SFR
      1103658187                               7.4675           2320.22   Yes              3YP                             26.60   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.875            3.000                 683   Stated                                  Purchase                     Investor                   SFR
      1103658189                                4.968          2,583.58   Yes              1YP                             43.07   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.375            3.000                 751   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103658200                               6.8425            1060.1   No               NO                              25.51   2/6 LIBOR                                        LIBOR                          6                6                             20090401                        20090501         24         3.000                   3.000                   1.000                     6.000            13.250            7.250                 751   Full                                    Purchase                     Investor                   SFR
      1103658209                                5.343          2,635.42   Yes              3YP                             40.31   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 736   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103658228                                6.093          1,567.19   Yes              3YP                             31.78   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 727   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103658234                                5.593          2,400.00   No               NO                              39.68   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 641   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      1103658240                                5.468          4,960.37   Yes              3YP                             37.15   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 783   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103658279                                6.218          1,094.17   Yes              3YP                             44.80   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 649   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103658281                               5.9675           1123.59   Yes              2YP                             43.54   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            12.375            3.000                 685   Stated                                  Purchase                     Investor                   SFR
      1103658291                                6.093          2,454.38   No               NO                              35.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 733   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      1103658295                               7.8425           1942.46   Yes              3YP                             34.99   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.250            3.000                 681   Stated                                  Purchase                     Owner Occupied             SFR
      1103658338                               5.4675           4739.17   No               NO                              20.86   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 732   Full                                    Purchase                     Owner Occupied             Townhouse
      1103658377                                5.468          2,766.15   Yes              1YP                             27.93   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 778   Stated                                  Cash Out Refinance           Investor                   SFR
      1103658395                                5.843          1,430.70   Yes              3YP                             43.48   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 628   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658403                               6.3425           4190.63   Yes              6MP                             47.85   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         3.000                   3.000                   1.000                     6.000            12.750            3.000                 798   Stated                                  Purchase                     Investor                   SFR
      1103658418                                5.968          2,083.33   No               NO                              28.57   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 807   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103658423                                6.593          2,330.37   Yes              2YP                             31.46   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.000            3.000                 617   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658481                                5.218          2,439.84   No               NO                              28.81   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.625            3.000                 800   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103658503                               5.5925              2280   Yes              2YP                             42.17   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         2.750                   3.000                   1.000                     6.000            12.000            2.750                 691   Stated                                  Purchase                     Owner Occupied             SFR
      1103658540                                6.468          2,643.75   Yes              1YP                              1.00   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 799   Express Verified Assets                 Cash Out Refinance           Owner Occupied             2-FAMILY
      1103658544                                6.203          1,962.00   Yes              3YP                             43.81   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            14.000            4.125                 641   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103658545                                5.593          2,561.58   Yes              3YP                              0.00   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 666   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103658555                               5.8425           1473.44   No               NO                              42.62   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 702   Stated                                  Purchase                     Owner Occupied             SFR
      1103658557                                6.093          1,812.34   Yes              3YP                             44.70   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 716   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658591                               6.4675           3895.83   Yes              3YP                             43.88   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.875            2.750                 675   Stated                                  Purchase                     Owner Occupied             SFR
      1103658599                                6.593          2,263.33   Yes              3YP                             39.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         3.500                   3.000                   1.000                     6.000            13.000            3.500                 656   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      1103658600                               6.3425           1402.73   Yes              3YP                             35.52   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140201                        20140301         82         3.500                   3.000                   1.000                     6.000            12.750            3.500                 689   Stated                                  Purchase                     Investor                   SFR
      1103658601                                5.718          2,450.00   No               NO                              34.11   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            12.125            3.500                 752   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103658602                               6.4675           2452.08   Yes              3YP                             40.63   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            12.875            3.500                 666   Stated                                  Purchase                     Owner Occupied             SFR
      1103658603                                5.343          1,442.29   No               NO                              40.39   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            11.750            3.500                 745   Full                                    Cash Out Refinance           Investor                   Condominium
      1103658604                                5.343          1,257.81   No               NO                              35.84   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            11.750            3.500                 745   Full                                    Cash Out Refinance           Investor                   Condominium
      1103658605                                5.718          2,552.08   No               NO                              18.35   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         3.500                   3.000                   1.000                     6.000            12.125            3.500                 719   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103658606                                5.843          1,250.00   Yes              3YP                             36.50   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            12.250            3.500                 695   Stated                                  Cash Out Refinance           Investor                   SFR
      1103658607                               5.7175           2475.52   Yes              3YP                             33.46   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         3.500                   3.000                   1.000                     6.000            12.125            3.500                 742   Stated                                  Purchase                     Owner Occupied             SFR
      1103658608                                5.968          1,142.19   No               NO                              44.52   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         3.500                   3.000                   1.000                     6.000            12.375            3.500                 684   Stated                                  Rate/Term Refinance          Investor                   Condominium
      1103658609                               6.5925           2566.67   No               NO                              37.90   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            13.000            3.500                 715   Stated                                  Purchase                     Owner Occupied             SFR
      1103658610                               6.3425           2489.06   No               NO                              47.69   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         3.500                   3.000                   1.000                     6.000            12.750            3.500                 719   Stated                                  Purchase                     Investor                   SFR
      1103658611                               6.5925           2566.67   Yes              3YP                             39.10   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100201                        20100301         34         3.500                   1.000                   1.000                     6.000            13.000            3.500                 658   Stated                                  Purchase                     Owner Occupied             SFR
      1103658612                                5.968          1,864.69   Yes              3YP                             31.50   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            12.375            3.500                 688   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103658613                                5.718          2,347.92   No               NO                              43.37   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            12.125            3.500                 746   Stated                                  Rate/Term Refinance          Owner Occupied             PUD
      1103658614                                6.343          2,986.88   Yes              3YP                             44.11   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            12.750            3.500                 652   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658615                                5.468          1,982.81   Yes              3YP                             32.86   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            11.875            3.500                 766   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658616                                5.843          2,109.38   Yes              3YP                             46.72   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            12.250            3.500                 804   Full                                    Cash Out Refinance           Investor                   3-FAMILY
      1103658618                               5.2175           1661.21   No               NO                              36.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            11.625            3.500                 690   Stated                                  Purchase                     Owner Occupied             SFR
      1103658619                               6.2175              1590   No               NO                              45.30   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            12.625            3.500                 673   Stated                                  Purchase                     Owner Occupied             SFR
      1103658620                                6.468          2,041.02   No               NO                              40.09   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            12.875            3.500                 692   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658621                                5.468          2,937.50   No               NO                              47.96   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            11.875            3.500                 777   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658622                               5.5925           1931.25   Yes              3YP                             40.08   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            12.000            3.500                 738   Stated                                  Purchase                     Owner Occupied             SFR
      1103658623                               6.5925           1093.75   No               NO                              37.18   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            13.000            3.500                 674   Stated                                  Purchase                     Owner Occupied             PUD
      1103658625                               4.9675           1541.95   Yes              3YP                             39.71   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         3.500                   3.000                   1.000                     6.000            11.375            3.500                 665   Stated                                  Purchase                     Owner Occupied             PUD
      1103658626                               5.4675           2913.02   No               NO                              29.50   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            11.875            3.500                 753   Stated                                  Purchase                     Owner Occupied             SFR
      1103658627                               6.5925           1859.38   No               NO                              36.33   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            13.000            3.500                 801   Stated                                  Purchase                     Investor                   SFR
      1103658631                                6.218          1,188.36   Yes              3YP                             49.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.625            2.750                 686   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103658635                                6.218            828.13   Yes              3YP                             49.60   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.625            3.000                 629   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658661                                5.218          2,952.50   Yes              3YP                             49.66   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.500            0.000                 784   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103658667                               6.4675            681.37   Yes              3YP                             30.66   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.875            3.000                 747   Stated                                  Purchase                     Investor                   PUD
      1103658676                                5.968          4,263.28   Yes              2YP                             35.52   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 694   Stated                                  Rate/Term Refinance          Investor                   2-FAMILY
      1103658689                                6.583            729.58   Yes              3YP                             31.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.990            3.000                 665   SISA                                    Cash Out Refinance           Investor                   SFR
      1103658713                               8.7175           3132.92   No               NO                               0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         2.500                   3.000                   1.000                     6.000            15.125            2.500                 673   Express Non-Verified Assets             Purchase                     Investor                   SFR
      1103658715                                5.218          1,249.22   Yes              3YP                             41.99   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.625            3.000                 721   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      1103658726                                6.343          1,912.50   Yes              2YP                             40.32   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 641   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658757                                5.718          1,828.63   Yes              3YP                             33.10   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 732   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      1103658783                                7.343          2,066.02   Yes              1YP                              1.00   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         2.500                   3.000                   1.000                     6.000            13.750            2.500                 701   Express Verified Assets                 Cash Out Refinance           Owner Occupied             D-PUDS
      1103658797                               6.5925           3966.67   Yes              3YP                             43.93   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.000            3.000                 660   Stated                                  Purchase                     Owner Occupied             SFR
      1103658812                               5.4675           1982.45   Yes              3YP                             34.81   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 803   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103658827                                5.593          1,706.59   Yes              2YP                             37.33   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 762   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103658828                                5.968          3,864.58   No               NO                              28.49   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 765   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658831                               5.5165           2060.45   Yes              3YP                             36.54   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.799            0.000                 765   Full                                    Purchase                     Owner Occupied             SFR
      1103658832                                6.468            551.31   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 647   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103658834                               5.5925           3005.01   Yes              3YP                             18.68   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 701   Full                                    Purchase                     Owner Occupied             D-PUDS
      1103658835                                7.343          2,944.42   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.625            0.000                 633   Express Verified Assets                 Cash Out Refinance           Owner Occupied             3-FAMILY
      1103658836                               5.7175              2350   Yes              2YP                             40.71   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 788   Full                                    Purchase                     Owner Occupied             D-PUDS
      1103658837                                5.843          5,164.69   Yes              3YP                             28.65   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 758   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103658838                                6.343          4,322.10   Yes              3YP                             48.76   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 670   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103658839                                5.968          1,685.53   No               NO                              37.44   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 754   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103658840                                5.718          2,360.73   No               NO                              42.61   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 771   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103658841                                5.093          1,528.72   Yes              3YP                             35.17   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.375            0.000                 781   Full                                    Cash Out Refinance           Owner Occupied             PUD
      1103658842                                5.718          2,043.27   Yes              3YP                             46.18   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 712   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103658846                                5.843          1,270.94   No               NO                              47.73   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 773   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103658851                                5.593          2,898.54   No               NO                              39.31   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 774   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103658861                               6.0925           2418.25   No               NO                               1.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 687   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103658877                                5.343          1,964.58   No               NO                              33.57   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            11.750            3.000                 803   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103658886                                5.718          3,088.02   No               NO                              33.51   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.125            3.000                 814   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103658899                                5.378          1,337.42   Yes              3YP                             30.09   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            12.625            3.625                 689   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      1103658908                               5.8625           1187.47   Yes              3YP                             48.99   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.500                   3.000                   1.000                     6.000            12.690            3.500                 764   Full                                    Purchase                     Owner Occupied             SFR
      1103658915                                5.593            644.58   Yes              3YP                             36.96   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 663   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103658930                                5.593          2,542.09   Yes              3YP                             41.77   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 653   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      1103658933                               6.9675            543.91   No               NO                              37.67   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            13.375            3.000                 739   Stated                                  Purchase                     Investor                   SFR
      1103658934                               7.7175           1083.27   Yes              1YP                             43.49   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.125            3.000                 646   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103658938                                6.468          2,511.67   Yes              3YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 716   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103658952                                5.468            979.17   Yes              3YP                             30.43   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            11.875            3.000                 726   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658970                                5.843          2,858.33   Yes              2YP                             30.40   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 742   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103658989                               6.4675             425.1   Yes              3YP                             45.90   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   3.000                   1.000                     6.000            12.875            2.500                 742   Stated                                  Purchase                     Investor                   SFR
      1103658991                               5.4675           3909.94   Yes              3YP                             39.33   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 780   Stated                                  Purchase                     Owner Occupied             SFR
      1103658992                               6.8425           1894.67   Yes              6MP                             46.11   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.250            3.000                 658   SISA                                    Purchase                     Owner Occupied             SFR
      1103659047                               8.2675           1654.03   Yes              3YP                             45.19   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.675            3.000                 661   Stated                                  Purchase                     Investor                   SFR
      1103659060                                5.968          1,115.63   No               NO                              32.23   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.375            3.000                 684   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103659081                                5.343          1,413.54   No               NO                              36.16   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 704   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103659106                               7.8425            736.31   Yes              2YP                             42.05   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            14.250            3.000                 694   Stated                                  Purchase                     Investor                   Condominium
      1103659137                                6.593            788.31   Yes              3YP                             41.05   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 687   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103659146                                7.343            831.04   Yes              3YP                             42.10   7/6 LIBOR                                        LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            13.750            3.000                 748   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103659150                                5.968          2,507.50   Yes              3YP                             48.49   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 646   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103659166                                5.343          1,581.25   No               NO                               1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.750            3.000                 768   Express Verified Assets                 Cash Out Refinance           Second Home                Condominium
      1103659176                               6.5825            1584.4   Yes              2YP                             40.09   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.990            3.000                 693   SISA                                    Purchase                     Investor                   SFR
      1103659180                                5.843          1,329.95   Yes              3YP                             33.48   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 721   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103659207                               5.9675           2658.33   Yes              3YP                             43.36   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 699   Full                                    Purchase                     Owner Occupied             SFR
      1103659209                                5.593          2,735.00   Yes              3YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.000            3.000                 753   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103659272                                6.468          2,190.83   Yes              3YP                             44.13   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 724   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103659284                               6.8425           1245.79   Yes              1YP                             29.12   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.250            3.000                 752   Stated                                  Purchase                     Investor                   SFR
      1103659286                                6.343          1,248.61   Yes              3YP                             33.16   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 677   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103659293                                6.218            774.58   Yes              6MP                             40.25   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 770   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103659331                                5.843          1,583.33   Yes              3YP                             36.30   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 729   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103659333                               6.8425            995.18   Yes              3YP                             43.48   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.250            3.000                 721   Stated                                  Purchase                     Investor                   SFR
      1103659341                               5.8425           1131.25   No               NO                              44.65   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.250            2.750                 698   Full                                    Purchase                     Owner Occupied             SFR
      1103659374                               7.0925              1400   Yes              3YP                             44.84   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.500            3.000                 721   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      1103659437                                5.843          2,015.63   No               NO                              18.87   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 643   Full                                    Rate/Term Refinance          Investor                   SFR
      1103659442                                5.468          1,575.65   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 711   Stated                                  Cash Out Refinance           Investor                   SFR
      1103659473                                5.843          3,577.29   Yes              3YP                              1.00   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 630   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103659475                               5.3425           3166.11   Yes              3YP                             20.22   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.625            0.000                 771   Full                                    Purchase                     Owner Occupied             SFR
      1103659600                                5.218          2,542.97   No               NO                              19.99   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100501                        20100601         37         3.000                   3.000                   1.000                     6.000            11.625            3.000                 799   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103659608                                5.968          1,859.38   Yes              3YP                             28.73   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 673   Stated                                  Cash Out Refinance           Investor                   SFR
      1103659613                               6.8425           2019.24   Yes              3YP                             42.63   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.250            3.000                 673   Stated                                  Purchase                     Owner Occupied             SFR
      1103659637                                5.843          1,096.59   No               NO                               8.23   7/6 LIBOR                                        LIBOR                          6                6                             20140401                        20140501         84         2.750                   3.000                   1.000                     6.000            12.250            2.750                 788   SISA                                    Rate/Term Refinance          Investor                   SFR
      1103659639                                5.968          1,656.28   Yes              3YP                             36.50   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 654   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103659714                                6.343          4,258.07   Yes              3YP                              1.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 686   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103659727                               6.4675           2566.67   Yes              3YP                             51.55   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 723   Full                                    Purchase                     Investor                   2-FAMILY
      1103659728                                5.843            735.00   Yes              3YP                             44.62   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 737   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103659753                                5.593          1,225.00   Yes              3YP                             53.17   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.000            3.000                 715   Stated                                  Cash Out Refinance           Investor                   SFR
      1103659763                                6.593          2,341.86   No               NO                              30.57   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.000            3.000                 746   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103659784                                5.843          2,965.14   Yes              3YP                             51.14   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 777   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103659804                                7.468          1,033.59   Yes              3YP                             19.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.875            3.000                   0   Stated                                  Cash Out Refinance           Second Home                SFR
      1103659836                               5.5925            2962.5   No               NO                              20.05   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100501                        20100601         37         3.000                   3.000                   1.000                     6.000            12.000            3.000                 799   Full                                    Purchase                     Investor                   SFR
      1103659838                                5.343          2,300.00   Yes              3YP                             44.57   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 774   Full                                    Rate/Term Refinance          Investor                   D-PUDS
      1103659840                               5.9675           4637.81   Yes              3YP                             45.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 684   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103659859                               8.3425              1050   Yes              5YP                             21.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120101                        20120201         57         3.000                   3.000                   1.000                     6.000            14.750            3.000                   0   Full                                    Purchase                     Second Home                Condominium
      1103659884                                5.343          1,645.94   Yes              3YP                             36.14   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            11.750            3.000                 786   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      1103659922                                5.343          3,354.17   Yes              3YP                             28.16   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            11.750            3.000                 800   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103659930                                5.218          1,013.16   Yes              3YP                             45.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.625            3.000                 763   Stated                                  Rate/Term Refinance          Investor                   3-FAMILY
      1103659944                                5.843          3,875.00   Yes              3YP                             32.10   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 670   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      1103659949                                6.218            599.22   Yes              3YP                             44.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 641   FISA                                    Rate/Term Refinance          Owner Occupied             Condominium
      1103659952                                6.093            770.31   Yes              1YP                             45.24   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 693   Stated                                  Cash Out Refinance           Investor                   SFR
      1103659990                                5.093          2,833.27   Yes              2YP                             22.26   7/6 LIBOR                                        LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            11.500            3.000                 784   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103660004                               5.0925            572.92   No               NO                               1.00   7/6 LIBOR IO                               60    LIBOR                          6                6                             20140401                        20140501         84         2.750                   3.000                   1.000                     6.000            11.500            2.750                 687   Express No Doc Verified Assets          Purchase                     Owner Occupied             Condominium
      1103660022                                6.968          2,712.71   Yes              1YP                             46.59   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.250            0.000                 680   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      1103660033                                6.218          3,930.20   Yes              5YP                             44.87   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 662   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103660039                                6.093          5,312.49   Yes              3YP                             54.49   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 797   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103660053                               5.2175           2478.75   Yes              3YP                             31.04   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.625            3.000                 802   Full                                    Purchase                     Owner Occupied             D-PUDS
      1103660065                                5.968          3,453.13   No               NO                              47.92   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 661   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103660094                                6.218          1,296.63   Yes              1YP                             36.91   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.625            3.000                 648   Stated                                  Cash Out Refinance           Investor                   D-PUDS
      1103660127                                6.763          1,091.27   Yes              3YP                             25.03   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.170            3.000                 627   Stated                                  Cash Out Refinance           Investor                   SFR
      1103660147                                6.918            570.00   Yes              3YP                             51.38   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.200            0.000                 702   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103660170                                6.093          2,383.33   Yes              3YP                             38.45   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 736   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      1103660245                               6.1225           2703.75   Yes              2YP                             41.73   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            13.000            3.625                 768   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103660261                                6.468          1,168.75   No               NO                              43.64   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 663   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103660271                               5.8425           1031.25   No               NO                              43.47   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 800   Stated                                  Purchase                     Second Home                HI-RISE
      1103660279                                6.468            716.15   No               NO                              49.51   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         2.500                   3.000                   1.000                     6.000            12.875            2.500                 627   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103660290                                7.093          2,489.06   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.375            0.000                 702   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      1103660298                               5.2175           1911.25   Yes              3YP                             19.42   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.500            0.000                 809   Full                                    Purchase                     Owner Occupied             SFR
      1103660300                                5.593          1,750.00   Yes              3YP                             30.09   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 810   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103660328                                5.813          1,347.67   No               NO                              28.85   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.220            3.000                 685   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103660400                                6.093            916.41   Yes              3YP                             38.58   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 743   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103660419                                5.968          1,732.80   Yes              3YP                             44.69   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 685   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103660460                               5.4675            1809.5   Yes              3YP                             39.96   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            11.875            3.000                 764   Stated                                  Purchase                     Owner Occupied             SFR
      1103660469                                6.983          1,101.86   Yes              3YP                             39.96   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.265            0.000                 770   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103660480                                5.218          2,165.63   Yes              3YP                             52.77   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     6.000            11.625            5.000                 650   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103660507                               7.8125            1662.3   Yes              3YP                             46.97   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            15.250            3.875                 704   SISA                                    Purchase                     Owner Occupied             Condominium
      1103660521                                7.343          1,487.35   Yes              2YP                             29.82   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     6.000            13.750            5.000                 693   Stated                                  Cash Out Refinance           Investor                   SFR
      1103660528                                5.468            998.75   No               NO                              49.55   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.500                   3.000                   1.000                     6.000            11.875            3.500                 725   Full                                    Rate/Term Refinance          Second Home                Condominium
      1103660534                                6.093          1,896.20   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.125                   3.000                   3.000                     6.000            12.500            5.125                 672   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103660560                                5.468          1,742.92   Yes              3YP                             37.25   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 797   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103660581                                6.093          1,441.12   Yes              3YP                             26.51   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         4.500                   3.000                   1.000                     6.000            12.500            4.500                 682   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103660621                                7.218            653.13   No               NO                              36.41   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.500            0.000                 645   Stated                                  Cash Out Refinance           Investor                   SFR
      1103660625                                7.718            891.00   Yes              3YP                              1.00   7/6 LIBOR                                        LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            14.125            3.000                 702   Express No Doc                          Cash Out Refinance           Owner Occupied             Condominium
      1103660635                                6.343          2,177.06   Yes              2YP                              1.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 707   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103660636                                5.968          1,434.38   Yes              3YP                             47.61   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 659   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103660640                                5.343          1,437.50   Yes              3YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 726   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             Condominium
      1103660646                                5.343          2,526.87   No               NO                              31.49   3/6 LIBOR                                        LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            11.750            3.000                 756   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103660651                                5.968          1,610.22   Yes              3YP                             49.64   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.375            2.750                 692   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103660675                               6.5925              1750   Yes              3YP                             48.63   2/6 LIBOR IO                               60    LIBOR                          6                6                             20090401                        20090501         24         3.000                   3.000                   1.000                     6.000            13.000            3.000                 751   SISA                                    Purchase                     Owner Occupied             SFR
      1103660684                               7.9675           2233.28   Yes              3YP                             32.03   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.375            3.000                 666   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103660694                                5.843          1,446.94   Yes              2YP                             42.39   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 626   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103660698                                5.593          1,050.00   Yes              1YP                             49.80   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 781   Stated                                  Cash Out Refinance           Investor                   SFR
      1103660713                                5.543          1,041.25   Yes              1YP                             49.56   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         5.950                   3.000                   1.000                     6.000            11.950            5.950                 761   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103660727                                5.468            819.28   Yes              3YP                             19.92   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 654   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103660735                                5.718          4,800.12   Yes              2YP                             42.88   7/6 LIBOR                                        LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.125            3.000                 776   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103660797                               5.4675           1860.42   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.500                   3.000                   1.000                     6.000            11.875            2.500                 729   Express Verified Assets                 Purchase                     Owner Occupied             D-PUDS
      1103660799                                5.968          1,450.31   Yes              3YP                             49.64   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.375            2.750                 692   Stated                                  Cash Out Refinance           Investor                   SFR
      1103660824                                5.968          1,694.69   Yes              3YP                             38.38   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 636   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      1103660862                                5.593          1,315.00   Yes              3YP                             37.18   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 657   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103660890                               5.0925           3079.84   Yes              3YP                             46.33   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.375            0.000                 787   Full                                    Purchase                     Investor                   SFR
      1103660907                                5.718          3,436.02   No               NO                              18.67   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 796   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103660914                                6.093          1,856.01   Yes              1YP                             34.88   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 773   Full                                    Cash Out Refinance           Investor                   D-PUDS
      1103660915                                6.968          2,280.10   Yes              3YP                              0.00   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.875                   6.000                   2.000                     6.000            13.375            2.875                 680   Express Verified Assets                 Cash Out Refinance           Owner Occupied             2-FAMILY
      1103660917                                6.593          2,520.00   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.000            2.875                 710   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103660918                               5.9675           2146.25   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.375            2.875                 684   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103660920                                6.593          3,324.66   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.000            2.875                 628   Express Verified Assets                 Cash Out Refinance           Owner Occupied             PUD
      1103660921                                6.093          1,978.84   No               NO                               0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.500            2.875                 627   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103660922                               7.0625           2490.76   Yes              3YP                              0.00   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100301                        20100401         35         4.000                   6.000                   2.000                     6.000            15.000            4.000                 676   Express Verified Assets                 Purchase                     Second Home                PUD
      1103660924                               6.0925           1343.33   Yes              3YP                              0.00   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.875                   6.000                   2.000                     6.000            12.500            2.875                 766   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103660925                                6.463          3,177.92   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            14.250            4.000                 687   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             PUD
      1103660926                               7.1675           1660.36   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            14.875            4.000                 691   Express Verified Assets                 Purchase                     Investor                   PUD
      1103660927                               6.8425           1874.24   Yes              3YP                              0.00   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100301                        20100401         35         2.875                   6.000                   2.000                     6.000            13.250            2.875                 661   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103660928                               7.7175            697.03   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            14.125            2.875                 632   Express Verified Assets                 Purchase                     Investor                   2-FAMILY
      1103660929                               7.3875            1092.5   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.750                   6.000                   2.000                     6.000            14.625            3.750                 747   Express No Doc                          Purchase                     Second Home                PUD
      1103660930                               7.0575           2916.19   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            14.875            4.000                 644   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103660931                                6.343          7,264.30   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.750            2.875                 685   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103660932                                7.093          2,072.92   Yes              1YP                             49.30   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120101                        20120201         57         2.875                   6.000                   2.000                     6.000            13.500            2.875                 637   Full                                    Cash Out Refinance           Investor                   SFR
      1103660933                               6.9425           3397.92   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            14.750            4.000                 695   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103660934                               6.3425           1800.68   Yes              3YP                              0.00   7/6 LIBOR BAL                                    LIBOR                          6                6                             20140201                        20140301         82         2.875                   6.000                   2.000                     6.000            12.750            2.875                 760   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103660935                                7.468            439.69   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.875            2.875                 730   Express No Doc                          Cash Out Refinance           Owner Occupied             Condominium
      1103660936                                6.783          1,567.19   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            14.500            4.000                 693   Express Verified Assets                 Rate/Term Refinance          Second Home                SFR
      1103660937                               5.6775            914.27   Yes              1YP                             49.53   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         3.750                   6.000                   2.000                     6.000            13.125            3.750                 730   Stated                                  Purchase                     Owner Occupied             PUD
      1103660938                               7.2825            623.13   Yes              1YP                             49.92   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         3.750                   6.000                   2.000                     6.000            14.500            3.750                 712   Full                                    Purchase                     Investor                   SFR
      1103660939                                7.413          2,782.71   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            15.250            4.000                 661   Express Verified Assets                 Cash Out Refinance           Owner Occupied             PUD
      1103660941                                5.718          2,235.81   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.125            2.875                 736   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103660942                                6.378            741.19   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            14.375            4.000                 656   Express Verified Assets                 Cash Out Refinance           Owner Occupied             Condominium
      1103660943                                5.903          1,153.92   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         3.250                   6.000                   2.000                     6.000            12.750            3.250                 743   Express Verified Assets                 Cash Out Refinance           Owner Occupied             PUD
      1103660944                               6.4675           1214.58   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.875            2.875                 716   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103660945                               6.4675           2625.09   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.875            2.875                 684   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103660946                               6.7825           1451.46   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            14.750            4.000                 633   Express Verified Assets                 Purchase                     Second Home                Condominium
      1103660947                               6.2175           1307.65   No               NO                               0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.625            2.875                 732   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103660948                               6.7175            1416.6   Yes              3YP                             44.25   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.125            2.875                 662   Stated                                  Purchase                     Owner Occupied             PUD
      1103660949                               7.2175             976.3   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.625            2.875                 693   Express Verified Assets                 Purchase                     Investor                   SFR
      1103660950                               6.9675           1446.79   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.375            2.875                 680   Express No Doc                          Purchase                     Owner Occupied             Condominium
      1103660951                               6.3425           1387.72   Yes              3YP                              0.00   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100301                        20100401         35         2.875                   6.000                   2.000                     6.000            12.750            2.875                 732   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103660952                               7.8425           2370.84   Yes              3YP                              0.00   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.875                   6.000                   2.000                     6.000            14.250            2.875                 675   Express No Doc                          Purchase                     Second Home                PUD
      1103660953                                7.593          1,019.93   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            14.000            2.875                 640   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103660954                                6.778          1,566.15   Yes              1YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.500                   6.000                   2.000                     6.000            13.875            3.500                 728   Express No Doc                          Cash Out Refinance           Owner Occupied             PUD
      1103660955                                6.343          2,520.00   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.750            2.875                 654   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             Condominium
      1103660959                               7.2475           1199.97   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   6.000                   2.000                     6.000            14.375            3.500                 801   Express No Doc                          Purchase                     Second Home                Condominium
      1103660960                                6.218          1,176.88   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.625            2.875                 739   Express Verified Assets                 Cash Out Refinance           Owner Occupied             PUD
      1103660961                                6.593          1,138.46   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.000            2.875                 739   Express Verified Assets                 Cash Out Refinance           Investor                   PUD
      1103660962                               6.4675            893.29   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.875            2.875                 722   Express No Doc                          Purchase                     Owner Occupied             Condominium
      1103660963                               7.7175           2545.83   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            14.125            2.875                 667   Express No Doc                          Purchase                     Owner Occupied             2-FAMILY
      1103660964                               6.6875           1583.17   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         3.625                   6.000                   2.000                     6.000            13.875            3.625                 751   Express No Doc                          Purchase                     Second Home                PUD
      1103660965                               5.8425           1651.01   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.250            2.875                 781   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103660966                               6.7175               855   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.125            2.875                 752   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103660967                               7.4125           2071.09   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            15.250            4.000                 670   Express No Doc                          Purchase                     Second Home                SFR
      1103660968                                6.673          1,290.00   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.875                   6.000                   2.000                     6.000            14.000            3.875                 684   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103660969                               6.9325           1472.31   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            14.750            4.000                 656   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103660970                                5.593          3,576.39   Yes              3YP                             46.45   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100301                        20100401         35         2.875                   6.000                   2.000                     6.000            12.000            2.875                 708   Full                                    Rate/Term Refinance          Owner Occupied             PUD
      1103660971                                6.553          1,770.21   No               NO                               0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         3.375                   6.000                   2.000                     6.000            13.500            3.375                 681   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103660972                               6.3525           1740.88   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            13.750            4.000                 654   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103660973                               7.3425           1435.69   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.750            2.875                 701   Express Verified Assets                 Purchase                     Investor                   2-FAMILY
      1103660974                               6.6625           1415.27   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            14.750            4.000                 690   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103660975                               7.1325           1757.96   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.625                   6.000                   2.000                     6.000            14.250            3.625                 731   Express No Doc                          Purchase                     Investor                   PUD
      1103660976                               6.4675           1304.11   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.875            2.875                 639   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103660979                                7.218          2,795.83   Yes              1YP                              0.00   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.875                   6.000                   2.000                     6.000            13.625            2.875                 702   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             Condominium
      1103660980                               6.6025           2143.69   Yes              3YP                             46.80   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            14.750            4.000                 663   Stated                                  Purchase                     Owner Occupied             PUD
      1103660981                               6.4675           3809.04   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.875            2.875                 694   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103660982                                7.718          1,090.78   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            14.125            2.875                 631   Express Verified Assets                 Cash Out Refinance           Owner Occupied             Condominium
      1103660983                               6.9325           1093.28   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            14.750            4.000                 653   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103660984                                7.343          1,082.59   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.750            2.875                 678   Express Verified Assets                 Cash Out Refinance           Investor                   Condominium
      1103660985                               6.7175           1211.25   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.125            2.875                 663   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103660986                                7.468            836.31   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.875            2.875                 635   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103660987                               6.8875           1093.49   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.750                   6.000                   2.000                     6.000            14.125            3.750                 742   Express Verified Assets                 Purchase                     Investor                   PUD
      1103660988                                8.467          1,372.67   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            14.875            2.875                 620   Express Verified Assets                 Cash Out Refinance           Investor                   PUD
      1103660989                               7.0925            1749.5   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.500            2.875                 620   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103660992                                7.093            875.00   Yes              3YP                             20.96   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.750                   3.000                   1.000                     6.000            13.500            2.750                 667   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103660993                                5.718          3,828.13   Yes              1YP                             44.60   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.750                   3.000                   1.000                     6.000            12.125            2.750                 737   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103660994                                6.093          2,491.13   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            12.500            2.750                 750   Express Verified Assets                 Rate/Term Refinance          Investor                   Condominium
      1103660995                                6.468          2,686.98   Yes              2YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            12.875            2.750                 665   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      1103660996                                5.968          1,785.00   Yes              1YP                             41.22   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.750                   3.000                   1.000                     6.000            12.375            2.750                 740   SISA                                    Rate/Term Refinance          Owner Occupied             Condominium
      1103660998                                5.968          1,483.34   Yes              1YP                             24.95   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 730   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103660999                                5.843          1,020.83   Yes              3YP                             51.62   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 673   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661000                                5.843          1,250.52   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 721   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103661001                                6.593            825.10   Yes              3YP                             46.14   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 732   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      1103661002                                6.218          1,592.50   Yes              1YP                             46.90   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 742   Stated                                  Cash Out Refinance           Investor                   Condominium
      1103661003                                6.093          1,747.81   Yes              3YP                             40.96   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 701   SISA                                    Rate/Term Refinance          Owner Occupied             PUD
      1103661004                                6.093          1,599.06   Yes              1YP                             41.71   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 760   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103661005                                5.968            947.92   Yes              1YP                             51.78   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 775   Stated                                  Cash Out Refinance           Owner Occupied             PUD
      1103661006                                6.093          1,097.03   Yes              3YP                             33.43   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 712   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103661007                                6.093          2,096.20   Yes              3YP                             47.30   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 690   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103661008                                6.093          2,491.56   Yes              1YP                             40.45   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 697   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661009                                6.593            864.52   Yes              3YP                             43.76   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 753   SISA                                    Cash Out Refinance           Owner Occupied             Condominium
      1103661010                                5.968          2,046.88   Yes              1YP                             30.30   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 682   Stated                                  Cash Out Refinance           Owner Occupied             PUD
      1103661011                                6.218          1,495.00   Yes              3YP                             38.08   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 757   Full                                    Cash Out Refinance           Owner Occupied             PUD
      1103661012                                5.968          1,329.64   Yes              1YP                             44.37   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 727   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661013                                5.968          2,604.17   Yes              3YP                             43.66   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 761   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661014                                6.218          2,600.00   Yes              1YP                             44.54   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 727   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103661015                                6.093          1,168.75   Yes              1YP                             41.71   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 760   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661016                                5.968          1,507.81   Yes              3YP                             47.18   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 770   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103661017                                6.593          1,036.98   Yes              2YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 717   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      1103661018                                9.217            609.58   Yes              3YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            15.625            3.625                 698   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             Condominium
      1103661040                               6.9675           2310.83   Yes              3YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.375            3.000                 700   Stated                                  Purchase                     Owner Occupied             SFR
      1103661057                                5.718          1,263.83   Yes              3YP                             30.44   7/6 LIBOR                                        LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.125            3.000                 620   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661065                                8.342          3,325.00   No               NO                              20.89   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.750            3.000                 663   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661077                                5.468          1,037.92   Yes              3YP                             28.16   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 770   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103661082                                5.843          1,927.08   Yes              3YP                             47.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 742   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661087                                5.843          1,395.83   No               NO                              23.14   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 703   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      1103661092                                5.218          3,102.79   Yes              3YP                             28.71   7/6 LIBOR                                        LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            11.625            3.000                 780   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      1103661120                                6.583          4,368.75   No               NO                               1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.990            3.000                 632   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103661123                                6.343          1,057.21   Yes              3YP                             22.77   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 632   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661138                                6.718            891.51   Yes              3YP                             26.10   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.000            0.000                 664   SISA                                    Cash Out Refinance           Owner Occupied             Condominium
      1103661147                               8.1475           1591.84   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.000                   3.000                   1.000                     6.000            15.575            4.000                 731   Express No Doc                          Purchase                     Owner Occupied             Condominium
      1103661156                               8.7725           2110.09   Yes              3YP                              1.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             9.875            0.000                 719   Express Non-Verified Assets             Purchase                     Investor                   Condominium
      1103661169                                5.843          1,458.33   No               NO                              40.71   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 715   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103661176                                6.093          1,460.94   Yes              3YP                              1.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 797   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103661191                                8.792            917.34   No               NO                              38.63   7/6 LIBOR                                        LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            15.200            3.200                 653   SISA                                    Cash Out Refinance           Owner Occupied             Condominium
      1103661194                                7.843          1,446.50   Yes              3YP                             30.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.250            3.000                 685   Stated                                  Cash Out Refinance           Second Home                SFR
      1103661219                                5.718          2,802.60   Yes              3YP                             49.68   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.125            3.000                 729   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      1103661248                                6.218            925.57   No               NO                              35.35   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.625            3.000                 751   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103661269                                5.708          2,024.62   Yes              3YP                             42.28   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.990            0.000                 683   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661279                               9.0925           1837.27   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            15.500            3.000                 690   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103661288                                7.343            992.59   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         4.000                   3.000                   1.000                     5.000            12.750            4.000                 635   Express No Doc                          Cash Out Refinance           Owner Occupied             PUD
      1103661289                               7.2175           1348.35   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.250                   5.000                   1.000                     5.000            12.625            2.250                 752   Express No Doc                          Purchase                     Investor                   SFR
      1103661290                                7.468          3,322.27   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.250                   5.000                   1.000                     5.000            12.875            2.250                 668   Express No Doc                          Rate/Term Refinance          Investor                   PUD
      1103661291                                6.593          4,316.67   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.250                   5.000                   1.000                     5.000            12.000            2.250                 668   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103661292                                6.718          1,130.50   No               NO                              43.74   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.250                   6.000                   2.000                     6.000            13.125            2.250                 709   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      1103661293                                7.218          1,489.42   No               NO                              49.85   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.250                   5.000                   1.000                     5.000            12.625            2.250                 759   SISA                                    Cash Out Refinance           Second Home                SFR
      1103661294                               6.4875           1294.97   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         4.125                   3.000                   1.000                     5.000            12.875            4.125                 706   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103661295                                6.343          3,937.50   No               NO                              39.76   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   6.000                   2.000                     6.000            12.750            2.750                 645   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103661296                               7.5925              1530   No               NO                              50.08   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         4.250                   5.000                   1.000                     5.000            13.000            4.250                 693   Full                                    Purchase                     Investor                   2-FAMILY
      1103661297                               5.9675            863.28   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.750                   6.000                   2.000                     6.000            12.375            2.750                 647   Express No Doc                          Purchase                     Second Home                PUD
      1103661299                                6.468          1,727.92   No               NO                              44.61   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.250                   6.000                   2.000                     6.000            12.875            2.250                 705   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661300                                7.343          1,264.83   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         4.000                   5.000                   1.000                     5.000            12.750            4.000                 762   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103661301                               5.4675            813.36   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120201                        20120301         58         2.250                   5.000                   1.000                     5.000            10.875            2.250                 794   Express No Doc                          Purchase                     Owner Occupied             PUD
      1103661302                               6.7175           1271.34   No               NO                              40.95   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.250                   6.000                   2.000                     6.000            13.125            2.250                 741   Stated                                  Purchase                     Owner Occupied             Condominium
      1103661303                                6.968            966.95   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         2.250                   5.000                   1.000                     5.000            12.375            2.250                 757   Express No Doc                          Cash Out Refinance           Investor                   Condominium
      1103661304                                6.218          2,765.94   No               NO                               0.00   10/1 CMT IO                               120    CMT                           12               12                             20170201                        20170301        118         2.750                   5.000                   2.000                     5.000            11.625            6.625                 799   SISA                                    Cash Out Refinance           Investor                   3-FAMILY
      1103661305                                7.343          2,886.88   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   6.000                   2.000                     6.000            13.750            2.750                 701   Express No Doc                          Cash Out Refinance           Owner Occupied             2-FAMILY
      1103661306                                8.342          1,431.72   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.750                   6.000                   2.000                     6.000            14.750            2.750                 698   Express No Doc                          Cash Out Refinance           Investor                   2-FAMILY
      1103661307                                6.968          1,476.32   No               NO                              44.90   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.250                   5.000                   1.000                     5.000            12.375            2.250                 662   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103661309                               6.2175            979.95   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.250                   5.000                   1.000                     5.000            11.625            2.250                 796   Express No Doc                          Purchase                     Owner Occupied             Condominium
      1103661312                                7.583          3,099.45   No               NO                              41.44   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.990            3.000                 645   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661342                                6.343          1,684.69   Yes              2YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 628   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103661343                                7.043            667.40   Yes              3YP                             21.86   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.450            3.000                 756   FISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103661354                                7.093          4,076.42   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.500            3.000                 739   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103661401                                7.468          1,640.63   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         2.875                   3.000                   1.000                     6.000            13.875            2.875                 637   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      1103661403                                5.593          1,628.63   Yes              3YP                             44.78   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.000            2.750                 676   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103661437                               8.7525              1564   Yes              3YP                             30.55   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.500                   3.000                   1.000                     6.000            15.600            3.500                 785   Stated                                  Purchase                     Investor                   D-PUDS
      1103661450                               5.7175           1453.67   Yes              1YP                             39.20   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.125            2.750                 725   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103661482                                5.243          1,111.17   Yes              3YP                             23.97   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.650            3.000                 763   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103661529                                5.843          1,041.67   Yes              3YP                             24.30   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 807   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103661542                                6.468          1,506.77   Yes              1YP                             46.42   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 630   Stated                                  Rate/Term Refinance          Investor                   Condominium
      1103661563                               7.8725           3408.75   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            15.000            4.125                 702   Express No Doc Verified Assets          Purchase                     Owner Occupied             SFR
      1103661564                                7.218          1,500.00   Yes              3YP                             43.31   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.500            0.000                 655   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661580                                5.593          2,997.75   No               NO                              33.17   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 780   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103661586                                6.468          6,445.31   Yes              3YP                             27.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 687   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103661587                                7.988          1,305.96   No               NO                              46.94   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            15.175            3.500                 664   Stated                                  Cash Out Refinance           Investor                   Condominium
      1103661593                               6.2175            786.17   No               NO                              15.32   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.625            3.000                 736   Full                                    Purchase                     Investor                   Townhouse
      1103661638                                6.718          1,710.00   Yes              1YP                             41.29   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.125            3.000                 732   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103661647                               6.9675           4470.83   No               NO                              37.49   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.250            0.000                 642   Stated                                  Purchase                     Owner Occupied             SFR
      1103661652                               6.2175           1421.33   No               NO                               1.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 702   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103661692                                6.218          1,601.04   Yes              3YP                             47.34   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         6.000                   3.000                   1.000                     6.000            12.625            6.000                 644   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661701                               8.8425           2247.75   No               NO                               1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            15.990            3.625                 722   Express Non-Verified Assets             Purchase                     Investor                   SFR
      1103661712                                6.843          3,247.16   Yes              3YP                              1.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.250            3.000                 650   Express Non-Verified Assets             Cash Out Refinance           Investor                   SFR
      1103661724                                5.393          2,141.65   Yes              2YP                             41.69   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.800            3.000                 731   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      1103661746                                6.718          1,558.59   Yes              3YP                             39.40   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.125            3.000                 663   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661747                               7.2175           3100.83   Yes              1YP                             47.56   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.625            3.000                 681   Stated                                  Purchase                     Owner Occupied             SFR
      1103661781                                7.428          3,757.08   Yes              3YP                             49.96   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.000                   3.000                   1.000                     6.000            14.875            4.000                 662   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103661783                                6.593          2,036.48   No               NO                              41.64   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 795   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661787                               7.0925            939.74   Yes              2YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20111201                        20120101         56         5.000                   5.000                   1.000                     5.000            12.500            5.000                 667   Express No Doc                          Purchase                     Owner Occupied             PUD
      1103661791                               7.4675           1322.95   No               NO                              40.84   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            12.875            5.000                 626   Stated                                  Purchase                     Owner Occupied             Condominium
      1103661792                                6.093          1,099.58   Yes              2YP                             18.69   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            11.500            5.000                 634   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661793                               7.8425           1402.45   No               NO                              36.16   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            13.250            5.000                 699   SISA                                    Purchase                     Owner Occupied             Condominium
      1103661794                               7.7175           1514.69   No               NO                              29.20   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            13.125            5.000                 648   Stated                                  Purchase                     Owner Occupied             Condominium
      1103661795                                7.593          1,496.88   Yes              2YP                             43.82   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            13.000            5.000                 641   Stated                                  Cash Out Refinance           Owner Occupied             PUD
      1103661796                               7.2175           1303.37   Yes              2YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.625            5.000                 695   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103661797                               7.3425           1343.01   No               NO                              22.70   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.750            5.000                 694   SISA                                    Purchase                     Owner Occupied             PUD
      1103661804                               7.2175           6354.17   Yes              2YP                             37.06   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120101                        20120201         57         5.000                   3.000                   1.000                     5.000            12.625            5.000                 667   SISA                                    Purchase                     Owner Occupied             SFR
      1103661806                               6.4675           5729.17   No               NO                              28.37   5/6 LIBOR IO                              120    LIBOR                          6                6                             20111201                        20120101         56         5.000                   5.000                   1.000                     5.000            11.875            5.000                 708   Stated                                  Purchase                     Owner Occupied             SFR
      1103661807                               7.5925           6666.67   Yes              2YP                             32.01   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            13.000            5.000                 698   SISA                                    Purchase                     Second Home                SFR
      1103661808                               7.2175            876.87   No               NO                              44.73   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.625            5.000                 660   Stated                                  Purchase                     Owner Occupied             PUD
      1103661809                               7.0925               875   No               NO                              45.07   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            12.500            5.000                 756   Stated                                  Purchase                     Investor                   Condominium
      1103661810                               7.0925               875   No               NO                              47.21   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.500            5.000                 756   Stated                                  Purchase                     Investor                   Condominium
      1103661811                               7.8425            979.03   No               NO                              37.30   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.250            5.000                 638   SISA                                    Purchase                     Owner Occupied             SFR
      1103661813                               6.9675            909.58   Yes              2YP                             41.64   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.375            5.000                 657   Stated                                  Purchase                     Owner Occupied             PUD
      1103661815                               7.4675            781.62   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.875            5.000                 695   Express No Doc Verified Assets          Purchase                     Owner Occupied             SFR
      1103661816                               7.5925               720   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.000            5.000                 752   Express No Doc Verified Assets          Purchase                     Second Home                Condominium
      1103661818                                7.468            359.63   No               NO                              44.93   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.875            5.000                 740   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661819                                7.968            420.70   Yes              2YP                             28.01   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.375            5.000                 627   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661820                                7.968            484.55   Yes              2YP                             48.90   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.375            5.000                 627   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661821                               7.8425            496.02   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            13.250            5.000                 655   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103661822                                7.343            487.16   Yes              2YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.750            5.000                 709   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103661825                                7.593            544.00   Yes              1YP                             15.32   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.000            5.000                 660   SISA                                    Cash Out Refinance           Investor                   SFR
      1103661826                               7.8425            619.04   No               NO                              31.63   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            13.250            5.000                 735   Stated                                  Purchase                     Investor                   SFR
      1103661827                               7.1425            569.25   Yes              5YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.250            5.000                 693   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103661829                               7.3425            567.82   No               NO                              16.04   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.750            5.000                 747   Stated                                  Purchase                     Investor                   SFR
      1103661830                                6.968            621.61   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.375            5.000                 696   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103661831                               7.4675            597.45   Yes              2YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.875            5.000                 674   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103661833                               7.8425            646.25   No               NO                              27.87   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.250            5.000                 642   Stated                                  Purchase                     Owner Occupied             SFR
      1103661834                               7.9675            717.51   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.375            5.000                 677   Express No Doc                          Purchase                     Investor                   PUD
      1103661835                               7.7175            747.69   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.125            5.000                 679   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103661836                               6.8425             623.5   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.250            5.000                 743   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103661839                               7.0925            656.25   No               NO                              46.09   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            12.500            5.000                 698   Stated                                  Purchase                     Owner Occupied             SFR
      1103661841                               7.9675            764.92   No               NO                              48.29   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.375            5.000                 659   Stated                                  Purchase                     Owner Occupied             SFR
      1103661842                                7.593            810.08   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120101                        20120201         57         5.000                   3.000                   1.000                     5.000            13.000            5.000                 658   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103661843                               7.9675             770.5   No               NO                              33.82   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.375            5.000                 625   Stated                                  Purchase                     Owner Occupied             Condominium
      1103661844                               7.8425            841.42   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.250            5.000                 672   Express No Doc                          Purchase                     Investor                   Condominium
      1103661845                               6.4675            750.61   No               NO                              37.76   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            11.875            5.000                 639   Stated                                  Purchase                     Owner Occupied             PUD
      1103661846                                7.968            804.00   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            13.375            5.000                 643   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103661848                               7.8425            871.47   Yes              2YP                             31.01   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.250            5.000                 707   SISA                                    Purchase                     Owner Occupied             Condominium
      1103661849                                7.593            773.33   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120101                        20120201         57         5.000                   5.000                   1.000                     5.000            13.000            5.000                 670   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103661850                               7.4675            773.98   Yes              3YP                             31.63   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.875            5.000                 664   SISA                                    Purchase                     Owner Occupied             Condominium
      1103661851                               7.7175               891   No               NO                              37.34   5/6 LIBOR                                        LIBOR                          6                6                             20120101                        20120201         57         5.000                   3.000                   1.000                     5.000            13.125            5.000                 721   SISA                                    Purchase                     Owner Occupied             SFR
      1103661852                                7.468            870.08   Yes              2YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.875            5.000                 782   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103661853                               6.9675             737.5   No               NO                              40.43   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.375            5.000                 765   Stated                                  Purchase                     Investor                   SFR
      1103661854                               7.5925            892.26   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            13.000            5.000                 698   Express No Doc                          Purchase                     Investor                   2-FAMILY
      1103661855                               7.9675            865.42   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.375            5.000                 641   Express No Doc                          Purchase                     Investor                   PUD
      1103661856                                7.843            859.38   No               NO                              19.36   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120101                        20120201         57         5.000                   5.000                   1.000                     5.000            13.250            5.000                 648   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661857                               7.8425             863.5   No               NO                              38.75   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.250            5.000                 622   Stated                                  Purchase                     Owner Occupied             SFR
      1103661859                               7.4675            830.97   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.875            5.000                 719   Express No Doc                          Purchase                     Investor                   PUD
      1103661860                                7.093          1,322.50   Yes              2YP                             44.08   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.500            5.000                 648   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661861                                7.468          1,391.25   Yes              1YP                             34.24   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            12.875            5.000                 723   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661862                               7.0925              1335   No               NO                              41.09   5/6 LIBOR IO                              120    LIBOR                          6                6                             20111201                        20120101         56         5.000                   5.000                   1.000                     5.000            12.500            5.000                 737   SISA                                    Purchase                     Owner Occupied             PUD
      1103661863                               7.4675           1402.73   Yes              2YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20111201                        20120101         56         4.000                   6.000                   2.000                     6.000            13.875            4.000                 623   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103661864                               7.9675            1507.5   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.375            5.000                 679   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103661865                               7.4675            1438.5   No               NO                              45.99   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.875            5.000                 638   Stated                                  Purchase                     Owner Occupied             PUD
      1103661866                               7.3425           1420.83   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.750            5.000                 690   Express Verified Assets                 Purchase                     Investor                   SFR
      1103661867                               7.9675           1562.78   Yes              2YP                             35.31   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            13.375            5.000                 623   Stated                                  Purchase                     Owner Occupied             SFR
      1103661868                               7.0925           1399.69   No               NO                              15.29   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.500            5.000                 665   Stated                                  Purchase                     Owner Occupied             PUD
      1103661870                               7.5925            879.47   No               NO                              39.26   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.000            5.000                 654   Stated                                  Purchase                     Owner Occupied             SFR
      1103661872                               7.7175           1055.71   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.125            5.000                 771   Express Non-Verified Assets             Purchase                     Second Home                Condominium
      1103661873                                6.718            926.25   Yes              2YP                             18.05   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            12.125            5.000                 783   SISA                                    Cash Out Refinance           Investor                   Condominium
      1103661874                                7.593          1,150.18   No               NO                              41.45   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.000            5.000                 746   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103661877                               6.3425            898.59   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            11.750            5.000                 718   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103661878                               7.7175              1188   No               NO                              21.60   5/6 LIBOR                                        LIBOR                          6                6                             20120101                        20120201         57         5.000                   3.000                   1.000                     5.000            13.125            5.000                 687   SISA                                    Purchase                     Owner Occupied             3-FAMILY
      1103661879                               6.9675            994.17   No               NO                              41.54   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.375            5.000                 795   Alternative                             Purchase                     Investor                   PUD
      1103661881                                7.593          1,105.00   No               NO                              20.79   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.000            5.000                 634   SISA                                    Cash Out Refinance           Investor                   SFR
      1103661882                                7.468          1,089.38   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.875            5.000                 702   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103661883                               7.0925           1049.69   No               NO                              39.46   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            12.500            5.000                 653   Stated                                  Purchase                     Owner Occupied             Townhouse
      1103661884                                7.343          1,203.57   Yes              1YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.750            5.000                 671   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      1103661885                               7.9675           1284.52   No               NO                              31.40   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.375            5.000                 630   Stated                                  Purchase                     Owner Occupied             SFR
      1103661886                                7.468          1,229.72   No               NO                              30.54   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.875            5.000                 677   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661887                               7.9675           1299.72   No               NO                              32.15   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.375            5.000                 809   Alternative                             Purchase                     Investor                   SFR
      1103661888                               8.0925           1334.91   Yes              2YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.500            5.000                 655   Express Verified Assets                 Purchase                     Second Home                SFR
      1103661890                               7.5925            1172.8   No               NO                              43.82   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.000            5.000                 654   Stated                                  Purchase                     Owner Occupied             SFR
      1103661892                               6.5925           1026.67   Yes              2YP                             41.37   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            12.000            5.000                 673   Full                                    Purchase                     Owner Occupied             Condominium
      1103661893                                6.468          1,026.09   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            11.875            5.000                 698   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103661894                               7.3425            1162.5   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.750            5.000                 782   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103661895                               7.2175           1302.34   Yes              2YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.625            5.000                 707   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103661897                                7.468          1,207.50   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.875            5.000                 701   Express Verified Assets                 Cash Out Refinance           Investor                   Condominium
      1103661898                               7.8425           1289.06   No               NO                              46.41   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.250            5.000                 639   Stated                                  Purchase                     Owner Occupied             PUD
      1103661899                               7.4675           1363.17   Yes              2YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120201                        20120301         58         5.000                   3.000                   1.000                     5.000            12.875            5.000                 634   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103661900                                6.718          1,116.25   Yes              2YP                             35.14   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.125            5.000                 687   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103661901                                7.738          1,469.53   Yes              2YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            14.375            5.000                 679   Express No Doc                          Rate/Term Refinance          Owner Occupied             Condominium
      1103661903                               7.8425           1316.91   No               NO                              57.98   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.250            5.000                 695   Stated                                  Purchase                     Investor                   Condominium
      1103661904                               6.9675            1326.1   No               NO                              45.38   5/6 LIBOR                                        LIBOR                          6                6                             20120101                        20120201         57         5.000                   5.000                   1.000                     5.000            12.375            5.000                 711   Stated                                  Purchase                     Investor                   3-FAMILY
      1103661905                               7.9675           1355.91   No               NO                              43.64   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.375            5.000                 628   Stated                                  Purchase                     Owner Occupied             SFR
      1103661907                                7.468          1,281.66   Yes              2YP                             47.17   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.875            5.000                 653   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661910                               7.7175           1343.33   Yes              2YP                             21.05   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.125            5.000                 674   Stated                                  Purchase                     Owner Occupied             Condominium
      1103661912                               7.0925           1429.73   Yes              2YP                             47.76   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.500            5.000                 641   Stated                                  Purchase                     Owner Occupied             PUD
      1103661913                                7.218          1,453.83   No               NO                              32.52   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.625            5.000                 628   SISA                                    Cash Out Refinance           Investor                   SFR
      1103661915                                7.093          1,622.18   No               NO                              40.60   5/6 LIBOR                                        LIBOR                          6                6                             20120201                        20120301         58         5.000                   5.000                   1.000                     5.000            12.500            5.000                 685   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103661916                                7.593          1,557.33   Yes              2YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20111201                        20120101         56         4.000                   5.000                   2.000                     6.000            14.000            4.000                 635   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103661917                                5.968          1,469.21   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            11.375            5.000                 752   Express Verified Assets                 Cash Out Refinance           Investor                   3-FAMILY
      1103661918                               7.9675           1647.08   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.375            5.000                 759   Express No Doc                          Purchase                     Investor                   SFR
      1103661921                               7.8425            1644.5   No               NO                              44.10   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            13.250            5.000                 685   SISA                                    Purchase                     Owner Occupied             SFR
      1103661922                                7.843          1,833.09   No               NO                              42.92   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.250            5.000                 677   SISA                                    Cash Out Refinance           Investor                   3-FAMILY
      1103661923                               6.8425           1488.67   No               NO                              36.14   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.250            5.000                 716   Stated                                  Purchase                     Owner Occupied             SFR
      1103661924                               6.5925           1442.58   Yes              2YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120201                        20120301         58         4.000                   5.000                   1.000                     5.000            12.000            4.000                 643   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103661925                               6.5925           1444.85   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.000            5.000                 652   Express No Doc                          Purchase                     Owner Occupied             PUD
      1103661926                               7.9675           1730.83   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.375            5.000                 670   Express No Doc                          Purchase                     Investor                   SFR
      1103661927                               7.0925              1555   No               NO                              42.79   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.500            5.000                 627   Stated                                  Purchase                     Owner Occupied             SFR
      1103661928                                6.843          1,510.42   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            12.250            5.000                 801   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103661929                                7.468          1,827.17   Yes              5YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            12.875            5.000                 663   Express Verified Assets                 Cash Out Refinance           Owner Occupied             Condominium
      1103661930                               8.2175           2086.09   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            14.875            5.000                 635   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103661931                               7.7175           1900.79   No               NO                              45.83   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            13.125            5.000                 644   Stated                                  Purchase                     Owner Occupied             PUD
      1103661932                               7.4675              1680   No               NO                              26.54   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.875            5.000                 642   Stated                                  Purchase                     Owner Occupied             SFR
      1103661933                               7.7175           1751.95   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.125            5.000                 699   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103661935                               7.8425           1953.29   No               NO                              43.25   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.250            5.000                 770   Stated                                  Purchase                     Investor                   SFR
      1103661936                                6.843          1,798.90   No               NO                              39.59   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.250            5.000                 708   Stated                                  Cash Out Refinance           Second Home                PUD
      1103661937                                7.968          2,036.99   No               NO                              41.87   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            13.375            5.000                 723   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661938                                6.968          1,659.37   Yes              2YP                             29.39   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.375            5.000                 678   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661939                                7.218          1,715.62   No               NO                              41.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.625            5.000                 649   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661940                                6.593          1,811.29   Yes              2YP                             43.30   5/6 LIBOR                                        LIBOR                          6                6                             20120201                        20120301         58         4.000                   3.000                   2.000                     6.000            13.000            4.000                 802   Full                                    Cash Out Refinance           Owner Occupied             PUD
      1103661942                               7.3425           1787.67   No               NO                              38.81   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.750            5.000                 632   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      1103661945                                7.468          2,059.20   No               NO                              43.49   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.875            5.000                 626   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661946                                7.593          1,898.67   No               NO                              45.90   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120101                        20120201         57         5.000                   3.000                   1.000                     5.000            13.000            5.000                 621   SISA                                    Cash Out Refinance           Investor                   SFR
      1103661947                               7.9675              2010   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.375            5.000                 734   Express Non-Verified Assets             Purchase                     Investor                   PUD
      1103661949                                6.093          1,581.67   No               NO                              38.27   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            11.500            5.000                 735   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103661950                                6.968          1,794.58   Yes              5YP                             31.34   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.375            5.000                 673   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661951                               7.8425              2035   No               NO                               0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20111201                        20120101         56         2.250                   5.000                   2.000                     6.000            14.250            4.000                 671   Express Verified Assets                 Purchase                     Investor                   SFR
      1103661952                               6.4675           1714.17   Yes              2YP                             30.27   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            11.875            5.000                 707   Stated                                  Purchase                     Owner Occupied             SFR
      1103661953                               7.4675           2177.53   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.875            5.000                 701   Express Verified Assets                 Purchase                     Second Home                PUD
      1103661954                               7.2175           1931.67   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.625            5.000                 679   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103661955                               7.2175           1941.52   No               NO                              34.35   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.625            5.000                 693   SISA                                    Purchase                     Owner Occupied             PUD
      1103661956                               7.2175           1941.83   No               NO                              44.33   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.625            5.000                 644   Stated                                  Purchase                     Owner Occupied             PUD
      1103661958                               7.4675              2058   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.875            5.000                 708   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103661959                               8.6975           2661.19   Yes              2YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            15.125            5.000                 638   NINA                                    Purchase                     Owner Occupied             2-FAMILY
      1103661960                               7.3425           2050.65   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.750            5.000                 694   Express No Doc                          Purchase                     Owner Occupied             Condominium
      1103661961                               7.0925           2000.94   No               NO                              33.55   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.500            5.000                 697   Stated                                  Purchase                     Owner Occupied             PUD
      1103661962                                7.593          2,406.75   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120101                        20120201         57         5.000                   3.000                   1.000                     5.000            13.000            5.000                 681   Express No Doc                          Cash Out Refinance           Investor                   3-FAMILY
      1103661963                               6.7325           2293.42   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.500            5.000                 784   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103661964                               7.0925           2063.75   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.500            5.000                 685   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103661965                               6.7175           1969.47   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.125            5.000                 715   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103661966                                7.093          2,093.75   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.500            5.000                 641   Express No Doc                          Cash Out Refinance           Investor                   PUD
      1103661967                               7.9675              2345   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.375            5.000                 672   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103661968                               6.8425           2096.46   No               NO                              28.74   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.250            5.000                 638   SISA                                    Purchase                     Owner Occupied             PUD
      1103661969                                6.218          1,932.29   Yes              2YP                             41.39   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            11.625            5.000                 663   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103661970                                7.593          2,400.00   No               NO                              22.25   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.000            5.000                 750   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661972                               7.9675           2814.23   No               NO                              40.89   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.375            5.000                 637   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      1103661974                               6.5925           2229.38   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.000            5.000                 690   Express Verified Assets                 Purchase                     Second Home                PUD
      1103661975                                6.843          2,612.74   No               NO                              29.34   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.250            5.000                 662   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661976                               7.3425              2480   Yes              1YP                             39.59   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.750            5.000                 719   Alternative                             Purchase                     Owner Occupied             3-FAMILY
      1103661978                               6.5925           2263.33   Yes              2YP                             39.98   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.000            5.000                 632   Stated                                  Purchase                     Owner Occupied             PUD
      1103661979                               6.7175            2327.5   Yes              2YP                             41.49   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.125            5.000                 661   Stated                                  Purchase                     Owner Occupied             PUD
      1103661981                               7.7175           2675.83   No               NO                              34.89   5/6 LIBOR IO                              120    LIBOR                          6                6                             20111201                        20120101         56         5.000                   3.000                   1.000                     5.000            13.125            5.000                 654   Stated                                  Purchase                     Owner Occupied             SFR
      1103661982                               6.8425           2400.35   No               NO                              25.91   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.250            5.000                 668   SISA                                    Purchase                     Owner Occupied             PUD
      1103661987                                6.468          2,360.42   No               NO                              35.40   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120101                        20120201         57         5.000                   3.000                   1.000                     5.000            11.875            5.000                 708   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661988                                6.843          2,492.19   No               NO                              35.89   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.250            5.000                 647   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661990                               7.8425              3465   No               NO                              44.47   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.250            5.000                 662   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      1103661991                               7.8425            3789.5   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            13.250            5.000                 693   Express Verified Assets                 Purchase                     Owner Occupied             3-FAMILY
      1103661993                               7.8425            3030.5   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.250            5.000                 721   Express Verified Assets                 Purchase                     Investor                   4-FAMILY
      1103661995                               7.3425           3206.18   Yes              2YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.000            5.000                 627   Express Verified Assets                 Purchase                     Second Home                SFR
      1103661996                                7.968          3,344.32   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            13.375            5.000                 727   Express No Doc                          Cash Out Refinance           Owner Occupied             PUD
      1103661998                               6.5325           2718.75   Yes              2YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.250            5.000                 757   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103661999                               7.7175           3385.19   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20111201                        20120101         56         5.000                   5.000                   1.000                     5.000            13.125            5.000                 662   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103662000                               7.3425           2978.91   Yes              2YP                             46.48   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.750            5.000                 657   Stated                                  Purchase                     Owner Occupied             Condominium
      1103662001                               6.9675           2851.62   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.375            5.000                 661   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103662003                               7.3425           3031.22   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.750            5.000                 763   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103662004                                7.343          3,100.00   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.750            5.000                 680   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103662005                                7.968          3,350.00   No               NO                              44.64   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.375            5.000                 664   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103662006                                7.093          3,125.00   Yes              2YP                             41.86   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120201                        20120301         58         4.000                   5.000                   1.000                     5.000            12.500            4.000                 659   Stated                                  Cash Out Refinance           Owner Occupied             PUD
      1103662007                               6.9675           3180.47   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.375            5.000                 745   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103662008                               7.0925           3263.44   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.500            5.000                 674   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103662010                               6.9675           3318.75   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.375            5.000                 745   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103662011                               6.9675           3318.75   No               NO                              38.42   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.375            5.000                 664   SISA                                    Purchase                     Owner Occupied             Condominium
      1103662012                               6.9675           3318.75   Yes              2YP                             36.61   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.375            5.000                 684   SISA                                    Purchase                     Investor                   Condominium
      1103662013                                7.468          3,570.00   No               NO                              42.27   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.875            5.000                 682   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103662014                               6.8425           3294.88   Yes              2YP                             39.88   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.250            5.000                 697   Stated                                  Purchase                     Investor                   SFR
      1103662015                               7.9675            3868.2   Yes              2YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.375            5.000                 660   Express No Doc Verified Assets          Purchase                     Owner Occupied             SFR
      1103662018                                7.468          3,957.19   No               NO                              43.56   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.875            5.000                 681   Stated                                  Cash Out Refinance           Owner Occupied             PUD
      1103662020                                7.218          3,990.42   No               NO                              37.31   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            12.625            5.000                 736   Alternative                             Cash Out Refinance           Investor                   SFR
      1103662021                               7.5925           4266.67   No               NO                              45.47   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.000            5.000                 655   Stated                                  Purchase                     Owner Occupied             Condominium
      1103662023                               6.5925           4083.33   No               NO                              35.45   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.000            5.000                 754   Stated                                  Purchase                     Owner Occupied             SFR
      1103662024                               7.8425              4950   No               NO                              32.54   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.250            5.000                 679   Stated                                  Purchase                     Owner Occupied             PUD
      1103662027                               7.3425           5033.08   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   5.000                   1.000                     5.000            12.750            5.000                 666   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103662028                               6.9675           4916.67   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.375            5.000                 801   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103662029                               7.8425              5720   No               NO                              35.12   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            13.250            5.000                 697   Stated                                  Purchase                     Investor                   PUD
      1103662030                                7.343          5,425.00   Yes              2YP                             15.24   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.750            5.000                 630   SISA                                    Cash Out Refinance           Investor                   SFR
      1103662033                                7.468          6,152.34   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.875            5.000                 703   Express Verified Assets                 Cash Out Refinance           Owner Occupied             PUD
      1103662072                                6.843          1,933.33   Yes              3YP                             44.02   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.250            3.000                 631   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103662082                                5.343          1,313.04   Yes              3YP                             50.82   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 762   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103662112                                6.838          2,090.16   Yes              2YP                             45.74   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            13.875            3.875                 664   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      1103662130                                5.843          2,046.77   Yes              2YP                             44.36   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 803   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103662157                                7.468          2,723.44   Yes              1YP                             43.31   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.875            3.000                 683   SISA                                    Cash Out Refinance           Owner Occupied             2-FAMILY
      1103662166                                6.843          1,252.44   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.250            2.875                 728   Express Verified Assets                 Rate/Term Refinance          Investor                   PUD
      1103662169                                6.218          2,318.75   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.625            2.875                 712   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103662170                                6.593          2,735.72   Yes              3YP                             41.50   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.000            2.875                 712   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103662171                                6.843          2,135.86   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.250            2.875                 644   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103662172                                6.068          1,220.08   Yes              3YP                             38.27   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         3.500                   6.000                   2.000                     6.000            13.125            3.500                 681   Full                                    Rate/Term Refinance          Investor                   Condominium
      1103662173                                7.093          1,912.50   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.500            2.875                 644   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103662174                               6.2525           1733.79   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         3.250                   6.000                   2.000                     6.000            13.000            3.250                 786   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103662175                                6.718          1,353.75   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.125            2.875                 670   Express Verified Assets                 Cash Out Refinance           Investor                   Condominium
      1103662177                                6.343          1,620.00   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.750            2.875                 774   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103662179                                6.968          1,427.47   Yes              3YP                              0.00   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100301                        20100401         35         2.875                   6.000                   2.000                     6.000            13.375            2.875                 738   Express Verified Assets                 Rate/Term Refinance          Investor                   SFR
      1103662184                               6.8275            1889.1   No               NO                               0.00   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100401                        20100501         36         3.500                   6.000                   2.000                     6.000            13.875            3.500                 804   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103662185                               6.5075           1660.41   Yes              1YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            13.875            3.875                 706   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103662186                               7.3075           1056.55   No               NO                              44.37   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.875            4.000                 652   Full                                    Purchase                     Investor                   SFR
      1103662187                               6.8475           1499.52   No               NO                               0.00   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100301                        20100401         35         4.000                   3.000                   1.000                     6.000            15.125            4.000                 679   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103662188                               7.9675           2086.77   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.375            2.875                 754   Express Verified Assets                 Purchase                     Investor                   4-FAMILY
      1103662189                                7.343          5,063.33   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.750            2.875                 635   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103662190                               6.8425           2964.88   Yes              1YP                             40.74   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.250            2.875                 770   Full                                    Purchase                     Investor                   PUD
      1103662191                                6.818          1,419.14   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.625                   6.000                   2.000                     6.000            13.875            3.625                 747   Express Verified Assets                 Rate/Term Refinance          Second Home                SFR
      1103662192                                7.323          1,560.63   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   6.000                   2.000                     6.000            14.250            3.500                 786   Express No Doc                          Rate/Term Refinance          Second Home                SFR
      1103662194                                6.743            860.69   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         3.750                   6.000                   2.000                     6.000            14.000            3.750                 730   Express Verified Assets                 Rate/Term Refinance          Investor                   SFR
      1103662195                                7.138          1,538.21   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            14.375            3.750                 767   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103662198                                5.968            790.90   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            12.375            2.875                 683   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103662201                               6.7175            549.82   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.125            2.875                 790   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103662202                                7.218          1,121.11   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.625            2.875                 692   Express No Doc                          Cash Out Refinance           Investor                   PUD
      1103662203                               6.8425            884.02   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.250            2.875                 728   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103662204                                6.218          1,854.48   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            12.625            2.875                 661   Express Verified Assets                 Cash Out Refinance           Owner Occupied             PUD
      1103662205                               6.7175           2061.58   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.125            2.875                 651   Express Verified Assets                 Purchase                     Second Home                PUD
      1103662207                               7.5175            772.86   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   6.000                   2.000                     6.000            14.875            3.875                 714   Express Verified Assets                 Purchase                     Investor                   SFR
      1103662209                                6.843            946.71   Yes              3YP                              0.00   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100401                        20100501         36         2.875                   6.000                   2.000                     5.875            13.125            2.875                 626   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103662210                               6.1375           1485.22   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         3.750                   6.000                   2.000                     6.000            13.375            3.750                 722   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103662211                                6.593          1,448.85   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.000            2.875                 700   Express No Doc                          Cash Out Refinance           Second Home                PUD
      1103662212                               6.1175           1817.76   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.875            2.875                 696   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103662213                                6.143          1,239.58   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.500                   6.000                   2.000                     6.000            13.000            3.500                 695   Express Verified Assets                 Cash Out Refinance           Owner Occupied             PUD
      1103662215                                6.968          1,302.92   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.375            2.875                 677   Express Verified Assets                 Rate/Term Refinance          Second Home                SFR
      1103662216                               7.2175           1169.17   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.625            2.875                 698   Express Verified Assets                 Purchase                     Investor                   PUD
      1103662217                               6.8175           1752.58   Yes              3YP                             48.76   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         4.000                   6.000                   2.000                     6.000            14.625            4.000                 668   Stated                                  Purchase                     Owner Occupied             SFR
      1103662218                                7.093          1,069.80   Yes              3YP                              0.00   3/6 LIBOR                                        LIBOR                          6                6                             20100401                        20100501         36         2.875                   6.000                   2.000                     6.000            13.500            2.875                 711   Express No Doc                          Cash Out Refinance           Owner Occupied             HI-RISE
      1103662219                                7.968            752.47   Yes              3YP                             40.94   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.375            2.875                 645   Full                                    Cash Out Refinance           Investor                   2-FAMILY
      1103662222                                6.343            687.83   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            12.750            2.875                 767   Express No Doc                          Cash Out Refinance           Owner Occupied             Condominium
      1103662223                                6.343          2,278.13   Yes              3YP                              0.00   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100301                        20100401         35         2.875                   6.000                   2.000                     6.000            12.750            2.875                 731   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103662224                                6.468          1,432.29   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            12.875            2.875                 670   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103662225                                6.913          1,370.63   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.500            4.000                 655   Express Verified Assets                 Cash Out Refinance           Owner Occupied             PUD
      1103662226                               6.9675            653.92   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.375            2.875                 721   Express No Doc                          Purchase                     Second Home                Condominium
      1103662227                               6.5075           1522.65   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.875                   6.000                   2.000                     6.000            13.875            3.875                 707   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103662229                                7.283          2,318.27   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            14.500            3.750                 683   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103662230                                6.968            939.32   Yes              1YP                              0.00   3/6 LIBOR                                        LIBOR                          6                6                             20100401                        20100501         36         2.875                   6.000                   2.000                     6.000            13.375            2.875                 623   Express Verified Assets                 Cash Out Refinance           Investor                   Condominium
      1103662231                                6.593            866.25   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.000            2.875                 636   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103662232                               6.5675           2231.07   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            13.875            3.750                 702   Express Verified Assets                 Purchase                     Investor                   PUD
      1103662233                               7.1375           1086.75   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.750                   6.000                   2.000                     6.000            14.375            3.750                 744   Express Verified Assets                 Purchase                     Investor                   PUD
      1103662234                                7.468          4,458.66   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.875            2.875                 621   Express Verified Assets                 Cash Out Refinance           Owner Occupied             Condominium
      1103662270                                6.573          2,596.94   Yes              3YP                             42.39   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.375            0.000                 710   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103662280                               6.2175           1219.83   No               NO                               1.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 686   Express Non-Verified Assets             Purchase                     Owner Occupied             SFR
      1103662283                                5.718          1,347.50   Yes              2YP                             42.09   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.125            3.000                 699   Stated                                  Cash Out Refinance           Investor                   SFR
      1103662288                                5.593          2,075.00   Yes              3YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 789   Express No Doc Verified Assets          Cash Out Refinance           Owner Occupied             SFR
      1103662300                                5.343          2,415.00   Yes              3YP                             44.34   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 684   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      1103662312                                5.468          2,447.92   No               NO                              30.56   5/1 LIBOR IO                              120    LIBOR                         12               12                             20120101                        20120201         57         2.500                   2.000                   2.000                     6.000            11.875            2.500                 660   Full                                    Cash Out Refinance           Owner Occupied             Condominium
      1103662330                                6.843          3,286.67   Yes              3YP                             47.91   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120101                        20120201         57         2.750                   3.000                   1.000                     6.000            13.250            7.250                 668   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103662332                                7.718          2,691.95   Yes              3YP                             11.82   5/1 LIBOR IO                               60    LIBOR                         12               12                             20120401                        20120501         60         2.750                   5.000                   1.000                     5.000            13.125            2.750                 645   Stated                                  Rate/Term Refinance          Investor                   Condominium
      1103662340                                6.468          1,864.84   Yes              3YP                             35.25   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.500                   3.000                   1.000                     6.000            12.875            3.500                 738   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103662383                                5.968          1,966.42   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 715   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103662400                                7.368            725.32   Yes              3YP                              0.00   7/6 LIBOR                                        LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            13.775            3.000                 782   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103662432                               7.2175           1194.58   Yes              1YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.500                   3.000                   1.000                     6.000            13.625            3.500                 717   Express Verified Assets                 Purchase                     Second Home                Condominium
      1103662448                               6.8425           5606.67   Yes              1YP                             44.03   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.250            3.000                 706   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      1103662480                               7.0025           3478.98   Yes              3YP                             40.50   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            13.990            3.750                 767   Stated                                  Purchase                     Owner Occupied             SFR
      1103662494                                6.218            984.35   Yes              3YP                             39.50   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 670   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103662503                                9.092          1,109.93   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            15.500            3.000                 662   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103662507                                6.218          2,063.69   Yes              2YP                             48.97   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            12.625            2.750                 666   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103662512                               7.0925            836.41   Yes              1YP                             25.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.500            3.000                   0   Stated                                  Purchase                     Second Home                Condominium
      1103662531                                7.343          1,343.33   Yes              3YP                             46.23   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.750            3.000                 637   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      1103662564                                6.583          2,012.34   No               NO                              45.88   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   3.000                   1.000                     6.000            14.500            4.000                 638   SISA                                    Cash Out Refinance           Owner Occupied             PUD
      1103662569                                6.468          2,681.25   Yes              3YP                             41.13   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 696   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103662601                                6.343          2,025.00   Yes              5YP                             48.07   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.750            3.000                 700   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103662663                                6.468            940.47   Yes              3YP                             22.91   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 677   Full                                    Cash Out Refinance           Owner Occupied             SFR
      1103662668                               5.4675           1523.58   Yes              1YP                             41.62   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.875            3.000                 712   Stated                                  Purchase                     Owner Occupied             Condominium
      1103662693                                5.968          2,454.38   Yes              3YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.375            3.000                 689   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      1103662735                                5.968          2,576.56   No               NO                              51.04   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.375            3.000                 709   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103662753                               5.4675            2232.5   No               NO                              38.18   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.875            3.000                 718   SISA                                    Purchase                     Owner Occupied             SFR
      1103662757                               8.9675           1218.75   No               NO                              33.56   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            15.375            3.000                 690   SISA                                    Purchase                     Investor                   SFR
      1103662771                               6.5825            2236.8   Yes              3YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.990            3.000                 698   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103662812                               6.8625           2436.16   Yes              3YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            14.250            3.875                 708   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103662845                                6.593          1,936.67   Yes              3YP                             25.01   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.000            3.000                 783   Stated                                  Cash Out Refinance           Investor                   SFR
      1103662885                                7.093          1,531.25   Yes              2YP                              1.00   2/6 LIBOR IO                              120    LIBOR                          6                6                             20090301                        20090401         23         2.875                   3.000                   1.000                     6.000            13.500            2.875                 646   Express Non-Verified Assets             Rate/Term Refinance          Investor                   SFR
      1103662897                               7.2175            541.88   Yes              3YP                             30.64   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.500            0.000                 631   Stated                                  Purchase                     Investor                   SFR
      1103663049                                8.692            811.83   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            15.100            3.000                 754   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103663092                                6.593          3,225.83   Yes              3YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.000            3.000                 670   Express Verified Assets                 Rate/Term Refinance          Investor                   HI-RISE
      1103663135                               7.5425              3180   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.950            3.000                 742   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103663313                                6.343          2,353.50   Yes              3YP                              1.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.750            3.000                 654   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103663337                               8.8425           1338.17   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            15.250            9.250                 726   Stated                                  Purchase                     Investor                   4-FAMILY
      1103663343                               8.2175           3382.73   Yes              1YP                             29.69   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            14.625            8.625                 701   Stated                                  Purchase                     Investor                   4-FAMILY
      1103663354                               6.8425              1748   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.125            0.000                 704   Express Non-Verified Assets             Purchase                     Owner Occupied             D-PUDS
      1103663356                               8.9525           1292.53   Yes              1YP                             40.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.500                   3.000                   1.000                     6.000            16.000            4.500                 726   Stated                                  Purchase                     Investor                   D-PUDS
      1103663365                               7.5825           1251.77   Yes              1YP                             28.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            13.990            7.990                 678   Stated                                  Purchase                     Owner Occupied             SFR
      1103663519                               5.8425            726.08   Yes              3YP                             32.91   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 790   Full                                    Purchase                     Owner Occupied             SFR
      1103663537                                7.093          1,675.00   Yes              6MP                             23.60   2/6 LIBOR IO                              120    LIBOR                          6                6                             20090301                        20090401         23         2.875                   3.000                   1.000                     6.000            13.500            2.875                 658   Stated                                  Cash Out Refinance           Second Home                SFR
      1103663569                                6.968            844.32   Yes              3YP                             30.70   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.250            0.000                 677   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103663625                               7.4675            811.17   No               NO                              32.04   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.750            0.000                 759   Stated                                  Purchase                     Investor                   SFR
      1103663638                               6.9675            832.26   Yes              3YP                             49.54   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.250            0.000                 650   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103663705                                6.843          1,063.33   Yes              3YP                             40.98   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            13.250            7.250                 673   Stated                                  Cash Out Refinance           Owner Occupied             PUD
      1103663861                               6.8925           1165.47   Yes              3YP                             25.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.300            3.000                   0   Full                                    Purchase                     Second Home                Condominium
      1103663873                                6.858          1,824.17   Yes              3YP                             44.70   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            14.375            8.375                 630   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      1103664231                               7.3425           1089.53   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.750            2.875                 733   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103664232                                7.468          1,233.75   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         2.875                   6.000                   2.000                     6.000            13.875            2.875                 622   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103664241                               7.6925           1352.81   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            15.000            3.750                 706   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103664242                               7.4425           1260.84   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            14.750            3.750                 706   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103664248                               7.2825           1026.33   No               NO                              41.38   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         3.750                   6.000                   2.000                     6.000            14.500            3.750                 735   Full                                    Purchase                     Investor                   2-FAMILY
      1103664253                               6.9075             613.1   No               NO                              42.37   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            14.125            3.750                 713   Full                                    Purchase                     Investor                   SFR
      1103664259                               6.9425            850.75   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            14.250            3.750                 709   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103664260                                7.218          1,531.67   Yes              3YP                              0.00   3/6 LIBOR                                        LIBOR                          6                6                             20100401                        20100501         36         2.875                   6.000                   2.000                     6.000            13.625            2.875                 641   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103664261                               6.4075            586.48   Yes              3YP                             37.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            13.625            3.750                 767   Full                                    Purchase                     Investor                   SFR
      1103664262                               7.7175           1299.32   Yes              3YP                             39.84   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.125            2.875                 628   Stated                                  Purchase                     Owner Occupied             Condominium
      1103664263                               7.4675               798   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.875            2.875                 686   Express Verified Assets                 Purchase                     Investor                   2-FAMILY
      1103664266                               7.6175           2569.01   No               NO                               0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            14.875            3.750                 724   Express Verified Assets                 Purchase                     Investor                   2-FAMILY
      1103664270                               7.0125           1546.79   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            14.250            3.750                 762   Express Verified Assets                 Purchase                     Investor                   PUD
      1103664276                               6.4675           2205.73   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            12.875            2.875                 686   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103664281                               7.1175           1339.92   No               NO                               0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.875            4.000                 687   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103664284                               7.1875           2192.87   No               NO                               0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.625                   6.000                   2.000                     6.000            14.375            3.625                 767   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103664285                               7.1875           1208.41   No               NO                               0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.625                   6.000                   2.000                     6.000            14.375            3.625                 767   Express Verified Assets                 Purchase                     Investor                   SFR
      1103664290                                7.343          2,987.95   No               NO                              48.81   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100401                        20100501         36         2.875                   6.000                   2.000                     6.000            13.750            2.875                 653   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      1103664292                               6.8425            850.16   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            13.250            2.875                 757   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103664300                                8.467          1,146.35   Yes              3YP                             42.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.875            2.875                 630   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      1103664301                                8.467          1,567.92   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.875            2.875                 627   Express No Doc                          Cash Out Refinance           Investor                   PUD
      1103664310                               6.0625           1354.54   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            13.250            3.750                 707   Express No Doc                          Purchase                     Second Home                SFR
      1103664311                               7.7175            880.89   Yes              3YP                              9.23   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.125            2.875                 634   Stated                                  Purchase                     Owner Occupied             SFR
      1103664314                               7.4175           3250.52   Yes              3YP                             33.66   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            15.875            4.000                 655   Stated                                  Purchase                     Owner Occupied             SFR
      1103664316                               7.1575           1335.79   Yes              3YP                             49.91   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            14.375            3.750                 748   Full                                    Purchase                     Investor                   SFR
      1103664318                                7.593          5,515.91   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         2.875                   6.000                   2.000                     6.000            14.000            2.875                 626   Express No Doc                          Rate/Term Refinance          Owner Occupied             SFR
      1103664321                               7.0925           2372.34   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.750            4.000                 695   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103664324                               7.3075           3808.76   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.875            4.000                 663   Express No Doc                          Purchase                     Owner Occupied             PUD
      1103664327                               6.1375            798.09   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         3.750                   6.000                   2.000                     6.000            13.375            3.750                 727   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103664328                               6.5175            2158.8   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.625                   6.000                   2.000                     6.000            13.625            3.625                 775   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103664331                               6.6575           2064.48   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.625            4.000                 660   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103664335                               6.8675           2339.25   No               NO                               0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.625            4.000                 696   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103664340                               7.4675           1140.56   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.875            2.875                 655   Express No Doc                          Purchase                     Investor                   Condominium
      1103664341                               7.0325           1377.48   Yes              3YP                             43.87   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100401                        20100501         36         4.000                   6.000                   2.000                     6.000            14.500            4.000                 743   Full                                    Purchase                     Investor                   Condominium
      1103664343                               7.7175           1390.68   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            15.375            4.000                 697   Express Verified Assets                 Purchase                     Investor                   PUD
      1103664348                               7.9175            634.78   No               NO                              47.56   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.500            0.000                 639   Stated                                  Purchase                     Owner Occupied             Condominium
      1103664349                                7.343            707.79   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.625            0.000                 643   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103664352                               6.5925            2176.4   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 663   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103664353                                6.968          1,623.58   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.250            0.000                 650   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103664356                                7.468          1,397.00   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.750            0.000                 588   Express No Doc                          Cash Out Refinance           Owner Occupied             PUD
      1103664358                                6.968          1,064.84   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.250            0.000                 608   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103664359                               7.6075           1558.15   Yes              3YP                             48.30   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             9.000            0.000                 693   Full                                    Purchase                     Investor                   PUD
      1103664361                               7.8425            407.63   No               NO                              45.13   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.125            0.000                 775   Full                                    Purchase                     Investor                   2-FAMILY
      1103664362                               8.4675            529.92   No               NO                               0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.750            0.000                 681   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103664364                                6.843          1,485.55   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.125            0.000                 615   Express No Doc                          Rate/Term Refinance          Owner Occupied             PUD
      1103664365                                7.843          1,828.13   No               NO                               0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.125            0.000                 619   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103664367                               7.5925           1782.78   Yes              3YP                              0.00   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.875            0.000                 665   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103664368                                6.968          1,228.17   Yes              3YP                              0.00   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.250            0.000                 605   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103664371                                8.342            915.07   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.625            0.000                 619   Express No Doc                          Cash Out Refinance           Investor                   PUD
      1103664374                               7.9675            581.28   Yes              1YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.250            0.000                 747   Express Verified Assets                 Purchase                     Investor                   SFR
      1103664377                               8.0925           1054.94   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.375            0.000                 677   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103664378                                6.593          1,403.65   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 612   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103664379                               7.5925            911.63   Yes              3YP                             43.62   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.875            0.000                 628   Stated                                  Purchase                     Owner Occupied             Condominium
      1103664381                                7.343            997.65   Yes              3YP                              0.00   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.625            0.000                 590   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             PUD
      1103664382                                8.592            954.77   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.875            0.000                 610   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      1103664384                                7.843          1,320.31   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.125            0.000                 616   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103664386                               7.4075             492.1   Yes              3YP                             44.77   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.500            0.000                 727   Full                                    Purchase                     Investor                   SFR
      1103664389                               7.8125           1017.39   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.875            0.000                 750   Express Verified Assets                 Purchase                     Investor                   PUD
      1103664392                                6.968          2,220.48   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.250            0.000                 605   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103664393                                7.593            659.81   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.875            0.000                 618   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103664394                               6.5075           2868.87   Yes              3YP                              0.00   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.750            0.000                 723   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103664395                               7.2175           1041.83   Yes              1YP                             36.24   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.500            0.000                 694   Full                                    Purchase                     Investor                   PUD
      1103664397                               8.0925           1494.68   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.375            0.000                 706   Express Verified Assets                 Purchase                     Investor                   SFR
      1103664398                               6.9675            2650.8   Yes              3YP                              0.00   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.250            0.000                 602   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103664399                               7.7175            623.88   No               NO                               0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.000            0.000                 670   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103664400                               7.6575            645.09   Yes              3YP                             47.44   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.750            0.000                 714   Full                                    Purchase                     Investor                   SFR
      1103664402                               7.4075            653.58   Yes              1YP                             48.21   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.500            0.000                 783   Full                                    Purchase                     Investor                   SFR
      1103664591                               7.2175            1677.5   Yes              3YP                             43.47   5/6 LIBOR IO                              120    LIBOR                          6                6                             20111201                        20120101         56         2.500                   3.000                   1.000                     6.000            13.625            2.500                 633   Stated                                  Purchase                     Owner Occupied             Condominium
      1103665109                               6.5925           3406.67   No               NO                               0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.500                   5.000                   1.000                     5.000            12.000            4.500                 689   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103665110                               6.8425           3192.58   No               NO                              43.22   5/6 LIBOR                                        LIBOR                          6                6                             20120201                        20120301         58         2.500                   5.000                   1.000                     5.000            12.250            4.750                 657   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      1103665111                               7.0925           2824.83   Yes              3YP                             44.20   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.750                   5.000                   2.000                     5.000            12.500            4.750                 623   Stated                                  Purchase                     Owner Occupied             SFR
      1103665112                               7.0925              2175   Yes              3YP                             42.63   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120201                        20120301         58         5.000                   5.000                   1.000                     5.000            12.500            5.000                 626   Stated                                  Purchase                     Owner Occupied             SFR
      1103665113                               7.0925              3750   No               NO                              42.30   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.250                   5.000                   1.000                     5.000            12.500            5.000                 682   Stated                                  Purchase                     Owner Occupied             SFR
      1103665114                                6.468          1,305.65   Yes              3YP                             28.78   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.500                   5.000                   1.000                     5.000            11.875            4.625                 670   Stated                                  Cash Out Refinance           Investor                   SFR
      1103665115                               6.7175           1705.25   No               NO                              47.92   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.250                   5.000                   1.000                     5.000            12.125            4.875                 663   Full                                    Purchase                     Owner Occupied             SFR
      1103665116                               7.0925               860   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.625                   5.000                   1.000                     5.000            12.500            4.875                 719   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103665117                                6.468          2,612.50   No               NO                              44.90   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.500                   5.000                   1.000                     5.000            11.875            4.375                 664   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103665118                                6.968          1,647.08   No               NO                               0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120201                        20120301         58         2.500                   5.000                   1.000                     5.000            12.375            4.725                 633   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103665120                               6.7425           1780.44   Yes              3YP                             43.60   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.250                   6.000                   2.000                     6.000            13.150            4.900                 731   Stated                                  Purchase                     Investor                   SFR
      1103665122                                6.593          7,758.33   No               NO                              43.80   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120201                        20120301         58         2.500                   5.000                   1.000                     5.000            12.000            4.500                 665   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103665123                               6.5925           3454.25   Yes              3YP                             47.70   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.500                   5.000                   1.000                     5.000            12.000            4.470                 663   Stated                                  Purchase                     Owner Occupied             SFR
      1103665125                               5.9675           2486.25   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.500                   5.000                   1.000                     5.000            11.375            4.725                 712   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103665126                               6.9675           2974.58   Yes              3YP                             44.74   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120201                        20120301         58         2.250                   5.000                   1.000                     5.000            12.375            5.000                 681   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103665127                               6.7175           2867.35   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120101                        20120201         57         2.500                   5.000                   1.000                     5.000            12.125            4.875                 641   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103665128                                7.343          5,444.73   No               NO                              44.70   5/6 LIBOR                                        LIBOR                          6                6                             20120201                        20120301         58         2.250                   5.000                   1.000                     5.000            12.750            5.000                 659   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103665129                                6.343          3,825.00   Yes              3YP                             39.24   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120201                        20120301         58         2.500                   5.000                   1.000                     5.000            11.750            4.250                 680   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103665130                               6.5925           3432.96   No               NO                              43.90   5/6 LIBOR                                        LIBOR                          6                6                             20120201                        20120301         58         2.500                   5.000                   1.000                     5.000            12.000            4.500                 678   Stated                                  Purchase                     Owner Occupied             SFR
      1103665131                                6.468          1,283.33   No               NO                              44.03   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.500                   5.000                   1.000                     5.000            11.875            4.375                 628   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103665133                               6.4675           1759.77   Yes              3YP                             41.22   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120101                        20120201         57         2.500                   5.000                   1.000                     5.000            11.875            4.375                 672   Stated                                  Purchase                     Owner Occupied             SFR
      1103665134                               7.8425            1226.5   No               NO                               0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         3.375                   5.000                   1.000                     5.000            13.250            4.875                 715   Express Verified Assets                 Purchase                     Investor                   SFR
      1103665135                               6.0925           1279.06   Yes              1YP                             41.19   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120101                        20120201         57         2.500                   5.000                   1.000                     5.000            11.500            4.000                 649   Stated                                  Purchase                     Owner Occupied             SFR
      1103665136                               6.4675            1146.1   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20111201                        20120101         56         2.500                   5.000                   1.000                     5.000            11.875            4.375                 700   Express No Doc                          Purchase                     Owner Occupied             SFR
      1103665137                               7.4675           1019.45   No               NO                              41.17   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120201                        20120301         58         2.875                   5.000                   1.000                     5.000            12.875            5.000                 666   Stated                                  Purchase                     Owner Occupied             Condominium
      1103665140                               6.5925           3159.78   No               NO                              39.32   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         2.500                   5.000                   1.000                     5.000            12.000            4.500                 746   Stated                                  Purchase                     Second Home                SFR
      1103665141                                6.843          1,364.35   Yes              1YP                             40.78   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         2.500                   5.000                   1.000                     5.000            12.250            4.750                 664   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103665142                                6.968          2,873.21   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120101                        20120201         57         2.500                   5.000                   1.000                     5.000            12.375            4.725                 676   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103665143                                6.718          5,818.75   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.500                   5.000                   1.000                     5.000            12.125            4.625                 708   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103665144                               6.7175           2303.75   No               NO                              44.84   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.500                   5.000                   1.000                     5.000            12.125            4.625                 740   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      1103665145                               7.0925              1825   Yes              3YP                             36.25   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120201                        20120301         58         2.625                   5.000                   1.000                     5.000            12.500            4.875                 721   Stated                                  Purchase                     Owner Occupied             Condominium
      1103665147                               6.5925           2671.85   Yes              3YP                             41.20   7/6 LIBOR                                        LIBOR                          6                6                             20140101                        20140201         81         2.500                   5.000                   1.000                     5.000            12.000            4.500                 702   Stated                                  Purchase                     Owner Occupied             SFR
      1103665148                               6.5925           2543.33   No               NO                               0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120301                        20120401         59         2.500                   5.000                   1.000                     5.000            12.000            4.500                 756   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103665149                               7.0925              3125   No               NO                               0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120201                        20120301         58         2.625                   5.000                   1.000                     5.000            12.500            4.875                 656   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103665150                               7.7175              2880   Yes              3YP                              0.00   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.000            0.000                 625   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103665151                                7.593          2,231.25   No               NO                               0.00   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.875            0.000                 687   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103665152                               7.5925           1968.75   No               NO                               0.00   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.875            0.000                 622   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103665153                               7.5925           2736.56   Yes              3YP                             43.20   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.875            0.000                 646   Stated                                  Purchase                     Owner Occupied             SFR
      1103665154                               8.0925           2361.75   No               NO                               0.00   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.375            0.000                 620   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103665156                               8.4675           2216.48   No               NO                               0.00   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.750            0.000                 733   Express Verified Assets                 Purchase                     Investor                   SFR
      1103665157                                6.093          2,826.13   No               NO                              41.24   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 721   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103665158                               7.9675            1281.5   Yes              3YP                             40.76   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.250            0.000                 711   Stated                                  Purchase                     Investor                   SFR
      1103665159                               7.0925           1514.33   Yes              3YP                             29.00   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.375            0.000                 734   Stated                                  Purchase                     Second Home                SFR
      1103665160                               7.3425            686.25   No               NO                              37.60   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.625            0.000                 690   Stated                                  Purchase                     Owner Occupied             SFR
      1103665161                               8.3425           1075.25   No               NO                              32.90   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.625            0.000                 679   Stated                                  Purchase                     Investor                   SFR
      1103665162                               7.4675           2893.33   Yes              3YP                             35.50   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.750            0.000                 711   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      2503153673                              11.0675           1317.27   No               NO                              49.99   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.600            0.000                 684   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503164097                                8.292          2,417.16   Yes              3YP                             48.21   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20090701                        20090801         27         5.550                   3.000                   1.000                     6.000            14.700            8.700                 598   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503180761                              12.3425            997.76   Yes              2YP                             46.29   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.875            0.000                 634   Stated                                  Purchase                     Owner Occupied             SFR
      2503184571                              11.2175            595.55   Yes              2YP                             53.27   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.750            0.000                 635   Full                                    Purchase                     Owner Occupied             D-PUDS
      2503185841                              12.2075            499.52   Yes              3YP                             41.01   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.740            0.000                 635   Stated                                  Purchase                     Owner Occupied             SFR
      2503188998                              11.9675            672.37   Yes              2YP                             47.44   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 653   Stated                                  Purchase                     Owner Occupied             SFR
      2503189258                               11.363            497.51   Yes              2YP                             36.40   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.895            0.000                 752   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      2503189762                               12.168            281.53   Yes              3YP                             33.16   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.700            0.000                 624   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503190770                              11.7575            367.85   No               NO                              34.67   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.290            0.000                 706   Stated                                  Purchase                     Investor                   SFR
      2503191818                               12.158            300.33   Yes              3YP                             37.88   30/15 FIXED BAL IO                         60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.690            0.000                 696   Stated                                  Cash Out Refinance           Investor                   SFR
      2503191847                              11.2175            689.43   Yes              1YP                             48.33   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.750            0.000                 686   Stated                                  Purchase                     Owner Occupied             Condominium
      2503193131                              10.2075            496.68   Yes              3YP                             33.27   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.740            0.000                 706   Stated                                  Purchase                     Owner Occupied             Condominium
      2503194961                               11.593          1,360.10   Yes              3YP                             25.16   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.125            0.000                 689   Stated                                  Cash Out Refinance           Investor                   D-PUDS
      2503195310                              10.3575            903.43   Yes              3YP                             43.91   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.890            0.000                 684   Stated                                  Purchase                     Owner Occupied             Condominium
      2503195664                              11.4675            779.15   No               NO                              28.93   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.000            0.000                 693   Stated                                  Purchase                     Owner Occupied             Condominium
      2503195675                              12.7175            270.19   Yes              2YP                             42.26   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.250            0.000                 648   Full                                    Purchase                     Investor                   SFR
      2503195750                                6.593          2,800.00   Yes              3YP                             29.81   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120201                        20120301         58         3.000                   3.000                   1.000                     6.000            13.000            3.000                 661   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503195826                              11.8575           1720.44   No               NO                              49.08   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.390            0.000                 741   Stated                                  Purchase                     Owner Occupied             4-FAMILY
      2503196100                               10.918            813.84   Yes              3YP                             42.60   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.450            0.000                 692   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      2503196609                              12.0675            217.69   No               NO                              49.94   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.600            0.000                 686   Stated                                  Purchase                     Investor                   4-FAMILY
      2503196781                              11.3875            511.23   No               NO                              45.09   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.920            0.000                 697   Stated                                  Purchase                     Investor                   2-FAMILY
      2503197046                              11.4025             268.7   No               NO                              41.36   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.935            0.000                 691   Stated                                  Purchase                     Investor                   Condominium
      2503197386                              13.4175            500.41   No               NO                              46.91   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.950            0.000                 692   Stated                                  Purchase                     Investor                   Condominium
      2503197397                              11.4425            360.37   No               NO                              37.10   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.975            0.000                 684   Stated                                  Purchase                     Owner Occupied             Condominium
      2503198076                              13.3675            560.23   No               NO                              40.19   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.900            0.000                 647   Stated                                  Purchase                     Second Home                HI-RISE
      2503198220                               8.5825           1125.46   Yes              2YP                             44.64   2/6 LIBOR                                        LIBOR                          6                6                             20090301                        20090401         23         6.550                   3.000                   1.000                     6.000            14.990            8.990                 649   Stated                                  Purchase                     Owner Occupied             SFR
      2503198749                              12.7075             373.5   No               NO                              42.59   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.240            0.000                 689   Stated                                  Purchase                     Investor                   2-FAMILY
      2503198867                              12.0575               803   No               NO                              37.94   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.590            0.000                 668   Stated                                  Purchase                     Owner Occupied             Townhouse
      2503199274                                5.468            940.00   Yes              3YP                             41.11   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 701   Stated                                  Rate/Term Refinance          Investor                   PUD
      2503199481                               13.868          1,627.21   No               NO                              47.79   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.400            0.000                 642   Stated                                  Cash Out Refinance           Investor                   SFR
      2503199678                               11.983            641.05   Yes              1YP                             39.82   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.515            0.000                 684   Stated                                  Cash Out Refinance           Investor                   SFR
      2503199806                              12.7175            440.74   Yes              1YP                             48.96   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.250            0.000                 682   Stated                                  Purchase                     Investor                   Condominium
      2503200154                              13.0675            278.65   No               NO                              48.19   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.600            0.000                 670   Stated                                  Purchase                     Investor                   SFR
      2503200183                              12.7675            482.95   No               NO                              47.41   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.300            0.000                 665   Stated                                  Purchase                     Investor                   SFR
      2503200602                              12.4575            400.71   Yes              2YP                             50.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.990            0.000                 655   Stated                                  Purchase                     Second Home                Condominium
      2503200917                              12.1675            314.01   Yes              3YP                             49.92   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.700            0.000                 650   Stated                                  Purchase                     Owner Occupied             SFR
      2503200927                               14.368            288.98   Yes              2YP                             46.89   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.900            0.000                 641   Stated                                  Cash Out Refinance           Investor                   Condominium
      2503200932                              12.2425            366.87   No               NO                              41.76   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.775            0.000                 720   Stated                                  Purchase                     Investor                   Condominium
      2503201011                              12.2425            448.52   No               NO                              45.48   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.775            0.000                 724   Stated                                  Purchase                     Investor                   Condominium
      2503201271                              12.2975            1621.9   No               NO                              44.24   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.830            0.000                 643   Stated                                  Purchase                     Owner Occupied             4-FAMILY
      2503201291                              11.3175            874.69   No               NO                              41.88   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.850            0.000                 693   Stated                                  Purchase                     Owner Occupied             HI-RISE
      2503201423                               12.468            420.36   No               NO                              37.54   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.000            0.000                 653   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503201732                              11.6075            394.97   No               NO                              36.61   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.140            0.000                 673   Stated                                  Purchase                     Owner Occupied             SFR
      2503201750                               11.768            465.40   Yes              2YP                             47.55   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.300            0.000                 695   Stated                                  Cash Out Refinance           Investor                   D-PUDS
      2503201982                              12.3425            868.38   No               NO                              38.64   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.875            0.000                 702   Stated                                  Purchase                     Investor                   4-FAMILY
      2503202208                              13.2175            964.13   No               NO                              49.98   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.750            0.000                 674   Stated                                  Purchase                     Investor                   Condominium
      2503202420                              12.7075            393.75   No               NO                              44.01   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.240            0.000                 691   Stated                                  Purchase                     Investor                   2-FAMILY
      2503202514                               10.343            326.25   No               NO                              31.04   30/15 FIXED BAL IO                         60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.875            0.000                 669   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503202548                              11.4575            781.16   Yes              2YP                             45.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.990            0.000                 620   Full                                    Purchase                     Owner Occupied             SFR
      2503202609                               12.218            415.66   No               NO                              37.98   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.750            0.000                 684   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503202645                               11.838            509.03   No               NO                              39.23   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.370            0.000                 653   Stated                                  Cash Out Refinance           Second Home                D-PUDS
      2503202757                               8.5775           3387.15   Yes              2YP                             42.41   2/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20090301                        20090401         23         5.550                   3.000                   1.000                     6.000            17.125           11.125                 607   Stated                                  Purchase                     Owner Occupied             PUD
      2503203013                              12.1575            529.65   Yes              3YP                             41.82   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.690            0.000                 658   Full                                    Purchase                     Owner Occupied             Condominium
      2503203247                              11.3675            558.95   Yes              3YP                             40.48   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.900            0.000                 676   Stated                                  Purchase                     Investor                   SFR
      2503203341                              12.5175            997.43   No               NO                              47.54   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.050            0.000                 693   Stated                                  Purchase                     Investor                   SFR
      2503203461                              11.8575            583.89   No               NO                              35.69   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.390            0.000                 716   Stated                                  Purchase                     Investor                   Condominium
      2503203466                              10.4575            475.59   No               NO                              50.45   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.990            0.000                 702   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503203513                              11.3925            606.03   No               NO                              30.96   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.925            0.000                 712   Stated                                  Purchase                     Investor                   SFR
      2503203514                               11.888          1,244.62   Yes              1YP                             31.11   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.420            0.000                 704   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      2503203529                              13.7175             384.3   No               NO                              29.37   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.250            0.000                 674   Stated                                  Purchase                     Investor                   2-FAMILY
      2503203574                               11.618            538.29   Yes              3YP                             34.81   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.150            0.000                 693   Stated                                  Rate/Term Refinance          Investor                   D-PUDS
      2503203584                              12.2575            420.67   Yes              3YP                             42.82   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.790            0.000                 667   Stated                                  Purchase                     Investor                   PUD
      2503203710                               12.468            414.82   Yes              2YP                             52.96   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.000            0.000                 675   Stated                                  Cash Out Refinance           Investor                   SFR
      2503203782                              11.9675             544.3   Yes              2YP                             42.64   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 625   Full                                    Purchase                     Owner Occupied             Condominium
      2503203852                               11.158            316.52   No               NO                              40.87   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.690            0.000                 724   Stated                                  Cash Out Refinance           Investor                   D-PUDS
      2503203861                              11.2675            500.04   No               NO                              34.98   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.800            0.000                 713   Stated                                  Purchase                     Investor                   SFR
      2503203896                               11.268            375.41   Yes              3YP                             30.28   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.800            0.000                 622   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      2503203994                              11.6675            305.38   No               NO                              38.87   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.200            0.000                 668   Stated                                  Purchase                     Investor                   2-FAMILY
      2503204068                              12.5175             637.2   No               NO                              42.47   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.050            0.000                 669   Stated                                  Purchase                     Investor                   D-PUDS
      2503204087                              12.6075           1281.93   No               NO                              21.82   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.140            0.000                 734   Stated                                  Purchase                     Investor                   2-FAMILY
      2503204151                              11.9825           1044.92   No               NO                              37.42   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.515            0.000                 734   Stated                                  Purchase                     Investor                   2-FAMILY
      2503204218                              11.4675            324.01   No               NO                              32.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.000            0.000                 710   Stated                                  Purchase                     Investor                   SFR
      2503204310                               11.983            797.04   Yes              1YP                             47.75   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.515            0.000                 646   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503204389                              11.3675            458.85   No               NO                              30.92   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.900            0.000                 703   Stated                                  Purchase                     Investor                   D-PUDS
      2503204520                               12.458          1,193.85   Yes              1YP                             43.43   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.990            0.000                 682   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      2503204614                              10.9675           2401.46   No               NO                              46.72   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.500            0.000                 725   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503204710                              12.3675            744.71   No               NO                              32.23   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.900            0.000                 697   Stated                                  Purchase                     Investor                   2-FAMILY
      2503204754                               12.518            263.65   Yes              3YP                             30.41   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.050            0.000                 664   Full                                    Cash Out Refinance           Investor                   SFR
      2503204783                               11.328            603.08   No               NO                              39.80   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.860            0.000                 631   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503204824                              12.3575            370.97   No               NO                              35.69   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.890            0.000                 697   Stated                                  Purchase                     Investor                   Condominium
      2503204848                               7.3425           1343.27   Yes              3YP                             49.99   3/6 LIBOR                                        LIBOR                          6                6                             20100301                        20100401         35         5.650                   3.000                   1.000                     6.000            13.750            7.750                 637   Full                                    Purchase                     Owner Occupied             SFR
      2503204851                              11.9075            664.13   Yes              3YP                             49.99   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.440            0.000                 637   Full                                    Purchase                     Owner Occupied             SFR
      2503204853                               11.093            379.94   Yes              2YP                             32.79   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.625            0.000                 656   Stated                                  Cash Out Refinance           Second Home                SFR
      2503204863                               12.243            345.10   No               NO                              31.71   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.775            0.000                 670   Stated                                  Cash Out Refinance           Investor                   SFR
      2503204878                              13.1375            477.43   Yes              1YP                             47.69   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.670            0.000                 672   Stated                                  Purchase                     Investor                   2-FAMILY
      2503204980                              11.7575            591.18   No               NO                              41.92   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.290            0.000                 685   Stated                                  Purchase                     Investor                   SFR
      2503205026                               11.458            925.06   Yes              2YP                             39.34   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.990            0.000                 729   Stated                                  Cash Out Refinance           Investor                   Condominium
      2503205029                              10.8675             663.3   No               NO                              39.06   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.400            0.000                 649   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503205117                               13.843            801.65   No               NO                              36.69   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.375            0.000                 652   Stated                                  Cash Out Refinance           Investor                   PUD
      2503205315                              11.6175            586.66   No               NO                              40.81   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.150            0.000                 720   Stated                                  Purchase                     Investor                   Condominium
      2503205391                               11.366            385.85   No               NO                              36.46   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.898            0.000                 666   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503205411                              11.4575            706.13   No               NO                              33.23   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.990            0.000                 711   Stated                                  Purchase                     Investor                   D-PUDS
      2503205470                              11.9675           1280.71   No               NO                              49.98   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 646   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      2503205693                               11.668            803.91   No               NO                              41.03   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.200            0.000                 668   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503205877                              13.0275            793.59   No               NO                              39.78   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.560            0.000                 685   Stated                                  Purchase                     Investor                   D-PUDS
      2503205980                               12.738            279.02   No               NO                              36.50   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.270            0.000                 666   Stated                                  Cash Out Refinance           Investor                   SFR
      2503206098                                7.293          1,604.17   Yes              3YP                             36.60   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120201                        20120301         58         5.550                   3.000                   1.000                     6.000            13.700            7.700                 644   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503206108                              11.4675            800.26   No               NO                              46.75   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.000            0.000                 674   Stated                                  Purchase                     Owner Occupied             Condominium
      2503206109                              10.3575            649.01   No               NO                              37.35   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.890            0.000                 793   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503206237                               7.9625           2885.89   Yes              3YP                             42.53   3/6 LIBOR                                        LIBOR                          6                6                             20100301                        20100401         35         5.550                   3.000                   1.000                     6.000            16.250           10.250                 625   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503206315                              12.2365            500.56   Yes              1YP                             32.28   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.769            0.000                 693   Stated                                  Purchase                     Investor                   Condominium
      2503206352                               12.058          1,208.53   No               NO                              41.85   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.590            0.000                 641   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503206378                               13.683            248.80   Yes              1YP                             43.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.215            0.000                 656   Stated                                  Cash Out Refinance           Investor                   PUD
      2503206545                               12.068            470.32   Yes              3YP                             44.86   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.600            0.000                 662   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      2503206612                              12.2075            705.84   No               NO                              44.69   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.740            0.000                 655   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503206661                              14.0175            506.77   No               NO                              44.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.550            0.000                 652   Stated                                  Purchase                     Investor                   SFR
      2503206665                                6.218            883.63   Yes              3YP                             45.16   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         6.550                   3.000                   1.000                     6.000            12.625            6.550                 612   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      2503206762                               10.308            490.81   Yes              2YP                             37.79   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.840            0.000                 657   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503206786                               10.368            914.54   No               NO                              46.34   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.900            0.000                 704   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      2503206794                               11.618            689.12   No               NO                              29.20   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.150            0.000                 702   Stated                                  Cash Out Refinance           Investor                   SFR
      2503206867                               12.658          1,051.00   No               NO                              41.95   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.190            0.000                 642   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503206879                              11.7175            335.33   No               NO                              47.84   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.250            0.000                 674   Stated                                  Purchase                     Investor                   SFR
      2503206902                              11.8575           1111.67   No               NO                              39.65   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.390            0.000                 704   Stated                                  Purchase                     Investor                   3-FAMILY
      2503206915                              12.7575            474.03   No               NO                              35.43   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.290            0.000                 671   Stated                                  Purchase                     Investor                   PUD
      2503206917                               6.7025            3436.5   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.110            3.000                 695   Express No Doc                          Purchase                     Owner Occupied             D-PUDS
      2503207027                               6.5825           1620.04   Yes              2YP                             43.50   2/6 LIBOR                                        LIBOR                          6                6                             20090301                        20090401         23         6.650                   3.000                   1.000                     6.000            12.990            6.990                 621   Full                                    Purchase                     Owner Occupied             D-PUDS
      2503207030                              11.0745            811.25   Yes              2YP                             46.46   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.607            0.000                 621   Full                                    Purchase                     Owner Occupied             D-PUDS
      2503207055                               12.568            300.79   No               NO                              43.66   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.100            0.000                 658   Stated                                  Cash Out Refinance           Investor                   Townhouse
      2503207166                              11.6675            563.78   Yes              3YP                             41.28   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.200            0.000                 695   Stated                                  Purchase                     Investor                   SFR
      2503207362                              11.9575           1234.45   No               NO                              41.64   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.490            0.000                 690   Stated                                  Purchase                     Investor                   PUD
      2503207365                               12.608          1,843.30   No               NO                              31.45   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.140            0.000                 693   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      2503207441                               6.5325           2128.92   Yes              2YP                             49.37   2/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20090301                        20090401         23         5.550                   3.000                   1.000                     6.000            12.940            6.940                 634   Full                                    Purchase                     Owner Occupied             SFR
      2503207460                              12.0775           1237.17   Yes              2YP                             47.53   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.610            0.000                 634   Full                                    Purchase                     Owner Occupied             SFR
      2503207462                               11.318            854.35   Yes              2YP                             43.27   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.850            0.000                 669   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503207487                              12.2075            389.28   No               NO                              43.04   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.740            0.000                 698   Stated                                  Purchase                     Investor                   Condominium
      2503207506                               11.958            391.93   No               NO                              28.08   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.490            0.000                 690   Stated                                  Cash Out Refinance           Investor                   SFR
      2503207511                                6.893          4,085.20   Yes              3YP                             49.30   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100301                        20100401         35         6.550                   3.000                   1.000                     6.000            13.300            7.300                 608   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503207516                              13.2575            518.71   No               NO                              47.12   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.790            0.000                 657   Stated                                  Purchase                     Investor                   SFR
      2503207647                                5.843          2,125.00   Yes              3YP                             44.62   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.500                   3.000                   1.000                     6.000            12.250            3.500                 750   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503207654                              12.3075           1326.12   No               NO                              36.09   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.840            0.000                 663   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      2503207802                                6.778          1,893.86   Yes              2YP                             30.53   2/6 LIBOR                                        LIBOR                          6                6                             20090301                        20090401         23         5.550                   3.000                   1.000                     6.000            14.895            8.895                 604   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503207864                               11.593            926.63   No               NO                              46.79   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.125            0.000                 651   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      2503207978                                6.483          1,653.60   Yes              3YP                             41.95   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140501                        20140601         85         2.250                   3.000                   1.000                     5.000            11.890            2.250                 694   Stated                                  Rate/Term Refinance          Owner Occupied             PUD
      2503208019                              11.4575            470.75   Yes              3YP                             50.83   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.990            0.000                 621   Full                                    Purchase                     Owner Occupied             SFR
      2503208053                               10.118          1,145.89   Yes              3YP                             48.38   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.650            0.000                 645   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503208074                              10.9575            781.73   No               NO                              41.51   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.490            0.000                 693   Stated                                  Purchase                     Owner Occupied             Condominium
      2503208084                                6.593          1,009.17   Yes              3YP                             38.76   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.000            3.000                 623   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      2503208171                              10.5865            321.08   Yes              1YP                             32.02   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.119            0.000                 719   Stated                                  Purchase                     Owner Occupied             Condominium
      2503208184                               8.8125            594.82   Yes              3YP                             31.34   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            15.840            3.625                 756   SISA                                    Purchase                     Investor                   SFR
      2503208285                              10.8575            488.01   No               NO                              33.50   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.390            0.000                 725   Full                                    Purchase                     Investor                   2-FAMILY
      2503208298                              11.9675           1342.61   Yes              2YP                             37.73   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 656   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503208308                              11.9175            465.23   Yes              2YP                             45.40   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.450            0.000                 665   Full                                    Purchase                     Owner Occupied             Condominium
      2503208320                              11.9575           1237.12   No               NO                              42.97   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.490            0.000                 715   Stated                                  Purchase                     Investor                   HI-RISE
      2503208334                              11.3575           1684.42   No               NO                              47.61   30/15 FIXED BAL IO                         60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.890            0.000                 705   Stated                                  Purchase                     Owner Occupied             4-FAMILY
      2503208342                                6.333          3,485.43   Yes              2YP                             47.07   2/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20090301                        20090401         23         6.550                   3.000                   1.000                     6.000            15.120            9.120                 623   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503208379                              11.7075            712.04   No               NO                              36.61   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.240            0.000                 726   Stated                                  Purchase                     Investor                   2-FAMILY
      2503208442                                5.593          3,360.00   Yes              2YP                             44.49   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 739   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      2503208484                               7.5825           1138.09   Yes              2YP                             47.82   2/6 LIBOR                                        LIBOR                          6                6                             20090301                        20090401         23         6.550                   3.000                   1.000                     4.000            11.990            7.990                 658   Stated                                  Purchase                     Owner Occupied             SFR
      2503208485                              12.4575            572.05   No               NO                              47.82   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.990            0.000                 658   Stated                                  Purchase                     Owner Occupied             SFR
      2503208492                              12.6075            382.07   No               NO                              44.49   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.140            0.000                 660   Stated                                  Purchase                     Investor                   SFR
      2503208510                              11.7575            677.89   No               NO                              44.52   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.290            0.000                 692   Stated                                  Purchase                     Investor                   D-PUDS
      2503208530                              11.9675            746.87   No               NO                              30.44   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 674   Stated                                  Purchase                     Owner Occupied             HI-RISE
      2503208539                               10.458            392.52   Yes              2YP                             44.91   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.990            0.000                 705   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503208594                              11.8675            508.56   No               NO                              39.01   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.400            0.000                 697   Stated                                  Purchase                     Investor                   SFR
      2503208634                              11.8075            485.23   No               NO                              45.91   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.340            0.000                 660   Full                                    Purchase                     Owner Occupied             2-FAMILY
      2503208683                              12.0075            789.93   Yes              2YP                             42.39   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.540            0.000                 646   Stated                                  Purchase                     Owner Occupied             SFR
      2503208720                              13.0175            489.62   No               NO                              44.83   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.550            0.000                 645   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      2503208743                              11.8175           1140.08   Yes              2YP                             46.70   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.350            0.000                 621   Full                                    Purchase                     Owner Occupied             SFR
      2503208777                               11.458            317.60   No               NO                              29.65   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.990            0.000                 724   Stated                                  Cash Out Refinance           Investor                   SFR
      2503208833                              10.3075            629.97   No               NO                              39.44   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.840            0.000                 681   Full                                    Purchase                     Owner Occupied             3-FAMILY
      2503208891                               11.808          1,191.99   Yes              2YP                             48.68   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.340            0.000                 662   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503208925                              13.5675            489.04   No               NO                              45.97   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.100            0.000                 648   Stated                                  Purchase                     Investor                   Condominium
      2503208958                               9.7075           1488.53   Yes              2YP                             39.40   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.240            0.000                 703   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503208999                               10.593          1,423.44   No               NO                              35.36   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.125            0.000                 660   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503209019                              12.7375            700.64   No               NO                              48.06   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.270            0.000                 637   Full                                    Purchase                     Owner Occupied             Condominium
      2503209022                               4.9675           2253.12   No               NO                              25.85   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.250            0.000                 778   Full                                    Purchase                     Owner Occupied             Condominium
      2503209047                               12.168            487.26   No               NO                              34.32   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.700            0.000                 652   Stated                                  Rate/Term Refinance          Investor                   2-FAMILY
      2503209086                              11.8675             295.6   No               NO                              27.97   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.400            0.000                 699   Stated                                  Purchase                     Investor                   SFR
      2503209106                                5.583          1,098.17   Yes              3YP                             40.19   7/6 LIBOR IO                               60    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            11.990            3.000                 759   Stated                                  Rate/Term Refinance          Investor                   PUD
      2503209123                              11.2675           1367.88   Yes              2YP                             40.54   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.800            0.000                 648   Full                                    Purchase                     Owner Occupied             SFR
      2503209130                                6.583          1,314.12   Yes              2YP                             41.17   2/6 LIBOR IO                               60    LIBOR                          6                6                             20090301                        20090401         23         5.550                   3.000                   1.000                     6.000            12.990            6.990                 621   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503209131                               12.358            464.29   No               NO                              42.29   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.890            0.000                 621   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503209143                               10.568            662.32   Yes              2YP                             45.27   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.100            0.000                 668   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503209149                              10.8425            460.96   Yes              2YP                             33.12   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.375            0.000                 735   Stated                                  Purchase                     Investor                   2-FAMILY
      2503209170                                5.843          2,934.50   No               NO                              50.37   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 748   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503209189                              11.9175           1063.38   Yes              2YP                             37.72   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.450            0.000                 643   Stated                                  Purchase                     Owner Occupied             SFR
      2503209245                              11.6075            623.64   No               NO                              47.89   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.140            0.000                 703   Stated                                  Purchase                     Investor                   SFR
      2503209267                              10.7075           1261.65   Yes              3YP                             50.09   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.240            0.000                 691   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503209268                                7.063          4,284.64   Yes              3YP                             23.78   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         6.550                   3.000                   1.000                     6.000            13.990            7.990                 809   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      2503209281                              11.9675           1622.23   Yes              1YP                             47.59   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 666   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503209322                               9.3125              3078   No               NO                              48.84   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            15.720            3.000                 742   Stated                                  Purchase                     Investor                   3-FAMILY
      2503209337                                5.593          1,855.00   Yes              3YP                             40.32   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 676   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      2503209367                               11.508            301.25   No               NO                              32.73   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.040            0.000                 712   Stated                                  Cash Out Refinance           Investor                   SFR
      2503209386                               12.668            538.49   No               NO                              30.19   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.200            0.000                 649   Stated                                  Cash Out Refinance           Investor                   SFR
      2503209499                              12.5575           1502.87   No               NO                              45.94   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.090            0.000                 675   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503209519                              12.0575             467.3   No               NO                              38.30   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.590            0.000                 650   Stated                                  Purchase                     Investor                   SFR
      2503209590                              11.3175            925.54   Yes              3YP                             44.85   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.850            0.000                 667   Stated                                  Purchase                     Owner Occupied             SFR
      2503209606                                6.173          1,985.13   No               NO                              32.55   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            13.250            3.750                 764   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      2503209608                              11.3075            884.19   No               NO                              48.24   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.840            0.000                 686   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503209620                              11.9675            213.45   No               NO                              18.97   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 721   Stated                                  Purchase                     Investor                   Townhouse
      2503209644                               9.8575             959.1   Yes              2YP                             49.16   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.390            0.000                 705   Stated                                  Purchase                     Owner Occupied             Condominium
      2503209651                               12.962            266.20   No               NO                              42.95   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.494            0.000                 643   Stated                                  Cash Out Refinance           Investor                   PUD
      2503209721                              12.3115           1229.13   No               NO                              43.22   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.844            0.000                 661   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      2503209743                              12.0075            933.89   Yes              2YP                             45.25   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.540            0.000                 645   Stated                                  Purchase                     Owner Occupied             SFR
      2503209745                              11.9575           1098.48   No               NO                              32.58   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.490            0.000                 726   Stated                                  Purchase                     Investor                   2-FAMILY
      2503209746                              11.6075            1223.9   No               NO                              37.57   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.140            0.000                 653   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503209762                               10.608            464.13   No               NO                              42.66   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.140            0.000                 670   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503209785                                7.583          3,401.43   Yes              3YP                             40.16   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         6.550                   3.000                   1.000                     6.000            13.990            7.990                 603   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503209788                              11.8425           4088.03   No               NO                              41.17   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.375            0.000                 672   Stated                                  Purchase                     Owner Occupied             SFR
      2503209794                               12.208            760.14   Yes              3YP                             41.59   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.740            0.000                 669   Stated                                  Cash Out Refinance           Owner Occupied             HI-RISE
      2503209837                                7.843          2,051.01   Yes              2YP                             47.65   2/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20090301                        20090401         23         5.550                   3.000                   1.000                     6.000            14.250            8.250                 630   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503209838                              11.2675            243.94   No               NO                              36.22   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.800            0.000                 700   Full                                    Purchase                     Investor                   D-PUDS
      2503209974                              11.9825            574.28   Yes              1YP                             47.29   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.515            0.000                 691   Stated                                  Purchase                     Investor                   PUD
      2503210023                               11.018          1,088.55   Yes              3YP                             45.18   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.550            0.000                 670   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503210036                              11.0575            396.37   No               NO                              43.60   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.590            0.000                 687   Stated                                  Purchase                     Owner Occupied             Condominium
      2503210037                                5.468          1,336.56   No               NO                              30.85   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 689   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503210129                              11.9075            340.03   Yes              3YP                             47.12   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.440            0.000                 646   Full                                    Purchase                     Owner Occupied             4-FAMILY
      2503210258                               6.4675            829.69   Yes              3YP                             42.94   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 753   Stated                                  Purchase                     Investor                   SFR
      2503210263                                5.343            852.92   Yes              3YP                             39.94   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 766   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503210265                                7.643          2,071.68   Yes              2YP                              0.00   2/6 LIBOR                                        LIBOR                          6                6                             20090401                        20090501         24         6.550                   3.000                   1.000                     6.000            14.050            8.050                 608   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503210353                               13.358            512.81   No               NO                              39.01   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.890            0.000                 641   Stated                                  Cash Out Refinance           Investor                   SFR
      2503210363                                5.093          2,603.33   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.500            3.000                 767   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503210442                              11.8425           1512.32   Yes              1YP                             43.04   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.375            0.000                 646   Stated                                  Purchase                     Owner Occupied             SFR
      2503210459                              10.7115            524.24   No               NO                              48.08   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.244            0.000                 714   Stated                                  Purchase                     Owner Occupied             Condominium
      2503210478                              12.1575           1348.98   Yes              3YP                             49.83   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.690            0.000                 647   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503210569                                9.432          1,110.59   Yes              2YP                             42.91   2/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20090301                        20090401         23         6.650                   3.000                   1.000                     6.000            15.840            9.840                 646   Full                                    Cash Out Refinance           Investor                   Townhouse
      2503210596                               11.808            742.09   Yes              3YP                             49.48   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.340            0.000                 726   Stated                                  Cash Out Refinance           Investor                   SFR
      2503210649                              11.4575           1850.12   Yes              3YP                             48.07   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.990            0.000                 671   Stated                                  Purchase                     Owner Occupied             SFR
      2503210809                               6.4675            795.78   Yes              3YP                             36.68   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.875            3.000                 794   Stated                                  Purchase                     Investor                   Condominium
      2503210868                              11.4575           1027.84   Yes              2YP                             34.35   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.990            0.000                 669   Stated                                  Purchase                     Owner Occupied             SFR
      2503210870                              11.6175           4160.69   Yes              2YP                             42.00   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.150            0.000                 672   Stated                                  Purchase                     Owner Occupied             SFR
      2503210917                                5.468          3,521.88   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.750            0.000                 777   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      2503210966                               9.4925           1022.49   No               NO                              37.33   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            16.720            3.750                 692   Stated                                  Purchase                     Investor                   SFR
      2503211005                                7.043          2,080.60   Yes              3YP                             40.89   2/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20090301                        20090401         23         6.550                   3.000                   1.000                     6.000            14.990            8.990                 628   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503211020                              12.8825            587.01   Yes              1YP                             26.91   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.415            0.000                 648   Stated                                  Purchase                     Owner Occupied             Condominium
      2503211108                               5.5925              2380   Yes              3YP                             42.82   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.000            3.000                 701   Stated                                  Purchase                     Owner Occupied             SFR
      2503211326                                5.093          1,980.00   Yes              3YP                             32.60   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.500            3.000                 711   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503211373                               11.958          1,839.68   Yes              2YP                             48.12   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.490            0.000                 664   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      2503211427                               11.898            238.91   Yes              3YP                             39.76   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.430            0.000                 659   Stated                                  Cash Out Refinance           Owner Occupied             PUD
      2503211458                              12.3425           2055.82   No               NO                              43.36   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.875            0.000                 676   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503211465                               6.1675           2739.58   Yes              3YP                             42.68   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.575            3.000                 774   Stated                                  Purchase                     Owner Occupied             SFR
      2503211498                                6.410          1,280.46   Yes              3YP                             38.52   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.817            2.750                 666   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503211501                              12.3075            375.69   No               NO                              37.03   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.840            0.000                 671   Stated                                  Purchase                     Owner Occupied             Condominium
      2503211543                                5.843            866.67   Yes              3YP                             29.04   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.250            3.875                 668   SISA                                    Rate/Term Refinance          Owner Occupied             Condominium
      2503211653                                6.043          1,522.20   Yes              3YP                             49.71   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.450            3.000                 641   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503211660                                6.218            840.67   Yes              1YP                             32.71   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 749   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503211681                                9.442          2,044.96   Yes              2YP                             37.30   2/6 LIBOR                                        LIBOR                          6                6                             20090301                        20090401         23         7.650                   3.000                   1.000                     6.000            15.850            9.850                 613   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      2503211683                               11.908            587.09   Yes              1YP                             30.10   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.440            0.000                 679   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503211691                              11.2575            280.96   Yes              3YP                             44.29   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.790            0.000                 690   Stated                                  Purchase                     Investor                   SFR
      2503211805                                6.098          4,778.35   Yes              3YP                             49.84   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.250            0.000                 685   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503211829                               11.862          1,361.92   No               NO                              42.23   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.394            0.000                 738   Stated                                  Cash Out Refinance           Investor                   4-FAMILY
      2503211853                               11.808          1,183.55   No               NO                              38.81   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.340            0.000                 659   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503211856                               6.5725           1918.76   Yes              3YP                             43.06   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            14.550            4.125                 683   Stated                                  Purchase                     Second Home                Condominium
      2503211885                              13.1075            887.08   No               NO                              44.22   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.640            0.000                 665   Stated                                  Purchase                     Investor                   2-FAMILY
      2503211888                                6.718          1,032.50   Yes              3YP                             42.98   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.000            0.000                 694   Full                                    Cash Out Refinance           Investor                   SFR
      2503211908                                5.583          2,755.40   Yes              1YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.990            3.875                 709   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      2503211940                              12.1575             216.4   No               NO                              40.23   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.690            0.000                 718   Stated                                  Purchase                     Investor                   D-PUDS
      2503212164                               7.1325           3753.69   Yes              1YP                             49.87   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.000                   3.000                   1.000                     6.000            14.700            4.000                 691   Stated                                  Purchase                     Owner Occupied             SFR
      2503212207                                5.713          2,617.25   No               NO                              41.70   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            13.250            3.875                 715   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503212214                              13.1075            621.58   No               NO                              47.53   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.640            0.000                 678   Stated                                  Purchase                     Investor                   Condominium
      2503212258                                5.343          2,200.33   Yes              3YP                             38.63   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 749   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503212273                                9.393          1,939.64   Yes              3YP                             35.70   2/6 LIBOR                                        LIBOR                          6                6                             20090301                        20090401         23         6.250                   3.000                   1.000                     6.000            15.800            9.800                 673   Stated                                  Cash Out Refinance           Investor                   SFR
      2503212278                              11.2175           1450.52   Yes              3YP                             38.84   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.750            0.000                 667   Stated                                  Purchase                     Owner Occupied             SFR
      2503212309                               5.3225            1050.5   Yes              1YP                             28.21   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.730            3.000                 711   Stated                                  Purchase                     Investor                   Condominium
      2503212329                               6.0825           3071.93   Yes              1YP                             42.95   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.490            3.000                 740   Stated                                  Purchase                     Owner Occupied             SFR
      2503212347                              12.0075            468.16   No               NO                              39.30   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.540            0.000                 718   Stated                                  Purchase                     Investor                   SFR
      2503212354                               11.608            883.49   No               NO                              17.39   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.140            0.000                 700   Stated                                  Cash Out Refinance           Investor                   SFR
      2503212425                                5.968          1,739.58   Yes              3YP                             26.36   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 683   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503212443                                6.081          2,595.20   Yes              1YP                             28.86   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.488            3.000                 689   Stated                                  Rate/Term Refinance          Investor                   D-PUDS
      2503212614                              13.9625           1371.06   No               NO                              41.15   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.495            0.000                 679   Stated                                  Purchase                     Investor                   2-FAMILY
      2503212622                                5.913          2,078.23   Yes              3YP                             44.28   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.195            0.000                 744   SISA                                    Rate/Term Refinance          Owner Occupied             2-FAMILY
      2503212634                                5.968          1,009.78   Yes              3YP                             31.73   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 661   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503212649                                6.218          1,637.06   No               NO                              25.79   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 730   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503212656                                5.593          2,366.15   Yes              3YP                             43.65   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 719   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503212706                                5.968          1,450.31   Yes              2YP                             41.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 700   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503212742                              11.2075               817   No               NO                              32.88   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.740            0.000                 673   Stated                                  Purchase                     Owner Occupied             SFR
      2503212748                               12.133            604.84   Yes              3YP                             49.64   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.665            0.000                 665   Stated                                  Cash Out Refinance           Investor                   SFR
      2503212778                               7.9325            737.06   Yes              3YP                             32.20   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            15.210            3.750                 694   SISA                                    Purchase                     Investor                   SFR
      2503212948                               5.8425           1883.33   Yes              3YP                             42.30   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            12.250            3.000                 667   Stated                                  Purchase                     Owner Occupied             Condominium
      2503213006                              11.8075            395.57   No               NO                              30.57   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.340            0.000                 640   Stated                                  Purchase                     Owner Occupied             SFR
      2503213025                                5.968          5,481.44   Yes              3YP                             39.72   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 663   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503213030                                5.393          2,046.30   Yes              3YP                             35.04   3/6 LIBOR                                        LIBOR                          6                6                             20100301                        20100401         35         3.875                   3.000                   1.000                     6.000            11.800            3.875                 629   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503213035                               12.688            758.31   Yes              1YP                             41.94   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.220            0.000                 645   Stated                                  Cash Out Refinance           Investor                   SFR
      2503213040                                5.973          3,090.31   Yes              1YP                             40.82   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.380            3.000                 667   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503213054                               5.9675           1234.88   Yes              3YP                             42.64   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.375            3.875                 686   Stated                                  Purchase                     Owner Occupied             PUD
      2503213083                                6.402          2,493.80   No               NO                              45.33   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.809            3.000                 708   Stated                                  Cash Out Refinance           Investor                   SFR
      2503213124                               7.1325           1760.28   Yes              3YP                             41.87   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.540            3.000                 693   Stated                                  Purchase                     Owner Occupied             HI-RISE
      2503213151                                6.468          1,402.80   Yes              3YP                              1.00   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 669   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503213233                                6.168            704.13   Yes              3YP                             44.61   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.450            0.000                 641   Full                                    Rate/Term Refinance          Investor                   SFR
      2503213234                               5.7125           1832.18   Yes              2YP                             48.64   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.120            3.875                 695   Stated                                  Purchase                     Owner Occupied             SFR
      2503213241                                6.143          2,240.10   Yes              3YP                             46.46   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.550            3.875                 697   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503213298                                7.663          3,844.57   No               NO                              41.69   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            14.500            3.625                 740   Full                                    Cash Out Refinance           Owner Occupied             2-FAMILY
      2503213337                              14.1075            254.56   No               NO                              38.29   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            14.640            0.000                 670   Stated                                  Purchase                     Investor                   Townhouse
      2503213350                                5.343          3,114.58   Yes              3YP                             39.29   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 778   Express Verified Assets                 Cash Out Refinance           Investor                   D-PUDS
      2503213384                                6.933          1,726.23   Yes              1YP                              1.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.375                   3.000                   1.000                     6.000            14.750            4.375                 633   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503213425                               5.0425           2361.67   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.450            3.000                 746   Full                                    Purchase                     Owner Occupied             D-PUDS
      2503213496                                5.993          1,445.33   Yes              3YP                             43.91   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.400            3.000                 715   Stated                                  Rate/Term Refinance          Investor                   4-FAMILY
      2503213518                                7.243          1,685.63   Yes              2YP                             41.09   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            14.990            4.125                 656   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503213534                               6.0425            4837.5   Yes              3YP                             31.18   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.450            3.875                 670   Stated                                  Purchase                     Owner Occupied             SFR
      2503213535                                7.408            970.36   Yes              2YP                             49.97   2/6 LIBOR IO                              120    LIBOR                          6                6                             20090301                        20090401         23         5.550                   3.000                   1.000                     6.000            13.815            7.815                 609   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503213553                              10.4675            1476.1   No               NO                              37.28   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            11.000            0.000                 687   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503213580                                6.343          1,350.00   Yes              3YP                             37.26   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            12.750            3.625                 817   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503213591                                5.583          4,118.13   Yes              1YP                             18.39   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.990            3.000                 759   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503213615                               5.4925              2301   Yes              1YP                             41.75   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.900            3.000                 725   Stated                                  Purchase                     Owner Occupied             SFR
      2503213618                               7.5555           1714.04   Yes              1YP                             25.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.963            3.000                 640   Full                                    Purchase                     Second Home                HI-RISE
      2503213647                                5.993            693.33   Yes              2YP                             42.65   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.400            3.000                 712   Stated                                  Rate/Term Refinance          Investor                   Condominium
      2503213650                                8.256          2,772.16   Yes              3YP                             24.75   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.663            3.000                 676   Stated                                  Cash Out Refinance           Investor                   4-FAMILY
      2503213654                                4.858            920.42   Yes              3YP                             49.84   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.500                   3.000                   1.000                     6.000            11.875            3.500                 705   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      2503213687                               11.787          1,030.06   Yes              1YP                             38.06   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.319            0.000                 650   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503213717                               7.1325           1145.59   Yes              2YP                             22.47   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.540            3.000                   0   Full                                    Purchase                     Second Home                Condominium
      2503213771                                5.593          3,000.00   Yes              5YP                             45.46   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 682   Stated                                  Rate/Term Refinance          Owner Occupied             HI-RISE
      2503213776                                5.843          1,759.03   Yes              3YP                             21.78   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 786   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503213822                               6.0925           1291.43   No               NO                              15.88   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 699   Stated                                  Purchase                     Investor                   Condominium
      2503213886                               8.1725           2779.22   Yes              3YP                             49.29   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         4.375                   3.000                   1.000                     6.000            15.790            4.375                 620   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503213903                                5.068            893.46   Yes              3YP                             36.65   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.350            0.000                 714   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503213904                               5.7025           1477.86   Yes              2YP                             39.69   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         4.000                   3.000                   1.000                     6.000            12.110            4.000                 681   Stated                                  Purchase                     Owner Occupied             SFR
      2503213906                                7.143          2,874.03   No               NO                              33.14   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.550            3.000                 725   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503213921                               9.2525            857.09   Yes              3YP                             45.88   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            17.000            4.125                 642   Stated                                  Purchase                     Investor                   PUD
      2503213949                               6.2175           1899.17   Yes              1YP                             43.38   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.625            3.875                 714   Stated                                  Purchase                     Owner Occupied             SFR
      2503213972                                6.878          3,079.04   Yes              3YP                             48.55   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.500                   3.000                   1.000                     6.000            14.125            3.500                 658   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503213981                                5.958          2,368.01   Yes              3YP                             38.37   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.240            0.000                 666   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503213990                               7.5875           1002.08   No               NO                              39.01   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            14.675            3.875                 718   Stated                                  Purchase                     Owner Occupied             SFR
      2503214010                               7.3425           6096.67   Yes              3YP                             41.59   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.750            3.000                 779   Stated                                  Purchase                     Owner Occupied             HI-RISE
      2503214049                                6.093          1,711.67   Yes              3YP                             27.16   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            12.500            4.125                 677   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      2503214062                                5.583          1,991.68   Yes              3YP                             41.50   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.990            3.000                 755   Stated                                  Cash Out Refinance           Investor                   SFR
      2503214086                                7.088          1,685.68   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.495            3.000                 644   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503214087                               8.0025           2882.87   Yes              2YP                             33.62   2/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20090401                        20090501         24         5.550                   3.000                   1.000                     6.000            16.550           10.550                 618   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503214090                               7.7545           4641.18   Yes              2YP                             46.98   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.162            3.000                 650   Stated                                  Purchase                     Owner Occupied             SFR
      2503214091                                6.593          4,926.97   Yes              3YP                             43.63   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 746   Stated                                  Rate/Term Refinance          Owner Occupied             4-FAMILY
      2503214123                                5.768          1,826.77   Yes              3YP                             44.60   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.175            3.000                 664   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503214143                                7.323          1,231.97   Yes              1YP                             45.41   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.730            3.000                 736   Stated                                  Rate/Term Refinance          Investor                   Condominium
      2503214156                                6.148          1,776.50   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.500                   3.000                   1.000                     6.000            13.125            3.500                 702   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503214165                               6.3425           2910.52   Yes              3YP                             41.88   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 751   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503214170                              12.2675            273.19   No               NO                              42.73   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.800            0.000                 679   Stated                                  Purchase                     Investor                   SFR
      2503214173                                7.753          2,471.58   No               NO                              44.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            15.500            4.125                 650   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      2503214232                                5.593          1,079.88   No               NO                              39.07   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 749   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      2503214235                              13.2075            232.86   No               NO                              49.31   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.740            0.000                 686   Stated                                  Purchase                     Investor                   PUD
      2503214245                               5.4675           2957.69   Yes              1YP                             45.01   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 775   Full                                    Purchase                     Owner Occupied             D-PUDS
      2503214262                                8.006          4,300.78   Yes              3YP                             42.19   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   3.000                   1.000                     6.000            14.413            4.000                 639   Stated                                  Cash Out Refinance           Investor                   SFR
      2503214301                                5.403            995.63   Yes              3YP                             27.66   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            12.750            3.625                 762   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      2503214320                                5.968          1,135.55   Yes              1YP                             40.07   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 683   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503214331                                6.468          2,578.13   Yes              3YP                             37.66   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 674   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503214336                                5.543          1,066.04   Yes              3YP                             47.52   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.950            3.000                 746   Stated                                  Cash Out Refinance           Investor                   SFR
      2503214376                                6.008            939.09   Yes              3YP                             46.40   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.375                   3.000                   1.000                     6.000            13.875            4.375                 630   SISA                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      2503214377                               5.5925              3092   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         2.500                   3.000                   1.000                     6.000            12.000            2.500                 800   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      2503214380                                6.093          5,064.58   Yes              3YP                             29.99   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 692   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503214415                               6.4675             777.8   Yes              3YP                             42.92   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 753   Stated                                  Purchase                     Investor                   SFR
      2503214429                                6.468          1,118.83   Yes              3YP                             46.05   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 625   Full                                    Cash Out Refinance           Investor                   SFR
      2503214433                                6.168          1,880.06   Yes              1YP                             41.10   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.450            0.000                 701   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503214438                                6.488          2,317.10   Yes              3YP                             45.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.895            3.000                 682   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      2503214441                              12.9675            272.61   No               NO                              34.99   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.500            0.000                 705   Stated                                  Purchase                     Investor                   SFR
      2503214465                                6.468          7,809.33   Yes              1YP                             49.94   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 740   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503214475                                5.493          1,032.50   No               NO                              37.72   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.900            3.000                 773   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503214490                                7.193          1,235.00   Yes              2YP                             33.85   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.600            3.000                 668   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503214515                               5.9675           3140.75   No               NO                              44.35   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 709   Stated                                  Purchase                     Owner Occupied             SFR
      2503214522                               5.7175           2347.92   Yes              1YP                             38.46   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            12.125            3.000                 768   Stated                                  Purchase                     Owner Occupied             SFR
      2503214536                                6.093            555.16   No               NO                              50.32   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 757   Stated                                  Rate/Term Refinance          Second Home                SFR
      2503214541                               5.5825           2475.87   Yes              2YP                             32.85   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.990            3.875                 766   Stated                                  Purchase                     Owner Occupied             SFR
      2503214542                                6.133          3,270.00   Yes              3YP                             43.61   7/6 LIBOR IO                               60    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.540            3.000                 695   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503214544                                6.343            856.41   Yes              3YP                             29.04   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.750            3.875                 668   SISA                                    Rate/Term Refinance          Investor                   Condominium
      2503214547                                6.468            985.42   Yes              3YP                             48.95   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.875            3.875                 639   Stated                                  Cash Out Refinance           Second Home                Condominium
      2503214582                                5.893          1,806.00   No               NO                              42.08   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.300            3.000                 645   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503214655                                6.208          2,238.77   No               NO                              42.38   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.615            3.000                 677   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503214677                                5.543          1,413.13   Yes              1YP                             43.49   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.950            3.000                 769   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      2503214682                                6.538          1,331.13   Yes              1YP                             38.26   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.945            3.000                 635   SISA                                    Cash Out Refinance           Investor                   SFR
      2503214745                                5.243          4,049.17   No               NO                              29.03   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.650            3.000                 715   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503214765                               5.9845            632.79   Yes              2YP                             37.21   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.392            3.000                 689   Full                                    Purchase                     Investor                   Condominium
      2503214784                                7.173          1,413.39   Yes              1YP                             20.35   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            14.310            3.750                 747   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      2503214803                                6.038          3,002.14   Yes              2YP                             39.02   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.320            0.000                 800   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503214812                                5.593          1,360.00   Yes              3YP                             40.31   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 715   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503214814                                6.643            748.48   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.925            0.000                 726   Express Non-Verified Assets             Rate/Term Refinance          Owner Occupied             2-FAMILY
      2503214833                               6.5825           2038.75   No               NO                              42.65   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.990            3.000                 649   Stated                                  Purchase                     Owner Occupied             Condominium
      2503214838                               6.2175            1987.5   Yes              1YP                             49.69   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.625            3.000                 676   Stated                                  Purchase                     Owner Occupied             SFR
      2503214852                                6.093            650.00   Yes              2YP                             32.68   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 626   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503214853                               6.4625           2527.87   Yes              5YP                             48.60   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         4.000                   3.000                   1.000                     6.000            14.630            4.000                 660   Stated                                  Purchase                     Owner Occupied             Condominium
      2503214855                               5.7175           1755.83   Yes              2YP                             40.55   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.125            3.000                 711   Full                                    Purchase                     Owner Occupied             SFR
      2503214860                                6.218          4,631.48   Yes              3YP                             33.14   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 701   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503214870                               8.3825            2218.5   No               NO                               0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            15.860            3.750                 680   Express Non-Verified Assets             Purchase                     Owner Occupied             Condominium
      2503214879                               5.7055              2272   Yes              1YP                             33.97   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.113            3.000                 673   Stated                                  Purchase                     Owner Occupied             SFR
      2503214886                               5.7175            566.31   Yes              1YP                             35.88   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.125            3.000                 737   Stated                                  Purchase                     Investor                   PUD
      2503214897                                5.268          1,404.56   Yes              3YP                             35.66   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.675            3.000                 791   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503214911                               5.3925            700.42   Yes              3YP                             35.32   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.800            3.000                 757   Stated                                  Purchase                     Owner Occupied             Condominium
      2503214949                              11.9675           1833.02   No               NO                              48.42   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.500            0.000                 640   Stated                                  Purchase                     Owner Occupied             Condominium
      2503214957                                5.968          2,635.00   Yes              3YP                             34.52   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 768   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503214985                               5.4675           2624.17   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.875            3.875                 757   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      2503214990                                6.883          2,658.42   No               NO                              49.22   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.290            3.000                 710   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503215006                                6.333          2,359.00   Yes              3YP                             27.51   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.740            3.000                 705   Stated                                  Cash Out Refinance           Investor                   Condominium
      2503215030                                5.868          1,255.00   Yes              3YP                             41.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.275            3.000                 794   Stated                                  Cash Out Refinance           Investor                   SFR
      2503215038                               7.4525           2143.81   Yes              2YP                             40.84   2/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20090301                        20090401         23         6.550                   3.000                   1.000                     6.000            15.990            9.990                 639   Stated                                  Purchase                     Owner Occupied             Condominium
      2503215068                                6.093          1,487.50   Yes              3YP                             41.71   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 742   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503215086                                5.958          1,842.77   Yes              3YP                             47.50   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.365            3.875                 617   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      2503215090                               5.8425           3583.33   No               NO                              31.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 740   Stated                                  Purchase                     Owner Occupied             SFR
      2503215099                                6.468          2,257.29   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.000                   3.000                   1.000                     6.000            12.875            4.000                 645   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503215142                               6.0925           2036.67   Yes              3YP                             43.65   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 701   Full                                    Purchase                     Owner Occupied             HI-RISE
      2503215171                                5.583          1,976.70   No               NO                              33.99   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.990            3.000                 729   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503215177                                5.668          2,355.21   Yes              3YP                             39.20   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.950            0.000                 784   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503215189                                5.968          1,678.75   Yes              3YP                             49.95   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 736   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503215190                               7.2525            657.81   Yes              3YP                             41.36   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.625                   3.000                   1.000                     6.000            14.430            3.625                 718   Stated                                  Purchase                     Investor                   Condominium
      2503215197                                5.718          2,108.42   Yes              3YP                             42.67   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 792   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503215211                                5.998          3,501.10   Yes              3YP                              9.56   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.280            0.000                 641   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503215220                                7.593            946.67   No               NO                              38.12   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.000            3.000                 632   SISA                                    Rate/Term Refinance          Owner Occupied             HI-RISE
      2503215257                                5.968          1,450.31   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 786   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      2503215347                                7.468          2,565.94   No               NO                              41.71   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.875            3.000                 710   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503215349                                6.093          3,466.67   No               NO                              41.60   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 702   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503215367                               7.9675           1758.75   Yes              3YP                             10.70   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.375            3.000                 640   Full                                    Purchase                     Second Home                HI-RISE
      2503215376                                5.693          2,135.00   Yes              1YP                             42.86   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.100            3.000                 738   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503215379                               5.3425           9056.25   Yes              1YP                             42.25   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.750            3.875                 714   Full                                    Purchase                     Owner Occupied             SFR
      2503215389                               5.9095           2210.95   Yes              1YP                             39.11   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            12.317            3.000                 656   Stated                                  Purchase                     Owner Occupied             SFR
      2503215407                               12.093            229.56   No               NO                              44.74   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            12.625            0.000                 692   Stated                                  Cash Out Refinance           Investor                   SFR
      2503215423                                6.343          1,687.50   No               NO                              16.70   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.750            3.875                 764   Stated                                  Cash Out Refinance           Investor                   Condominium
      2503215437                                5.468          2,281.46   Yes              3YP                             17.35   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.875            3.000                 709   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503215458                                6.218          2,123.33   Yes              3YP                             42.21   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 703   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      2503215501                                6.343          6,890.63   Yes              1YP                             38.80   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 661   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503215524                                6.093          1,526.96   No               NO                              25.70   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 700   Stated                                  Rate/Term Refinance          Investor                   3-FAMILY
      2503215531                                6.363            803.94   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.770            3.000                 675   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      2503215574                                6.333          2,182.07   Yes              3YP                             24.56   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.740            3.000                 705   Stated                                  Cash Out Refinance           Investor                   Condominium
      2503215575                                5.343            900.83   Yes              1YP                             41.31   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 738   Full                                    Cash Out Refinance           Owner Occupied             Condominium
      2503215578                                6.133          1,771.25   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.540            3.000                 755   Express Verified Assets                 Cash Out Refinance           Investor                   PUD
      2503215579                                5.833          3,232.29   No               NO                              40.40   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            13.250            3.625                 680   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503215590                                6.468          3,911.05   Yes              3YP                             49.18   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 755   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503215603                                6.343          3,450.52   No               NO                              35.14   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 623   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503215605                                6.193          4,125.00   Yes              3YP                              0.00   7/6 LIBOR IO                               60    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.600            3.000                 643   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503215609                               5.5825           3394.33   Yes              3YP                             41.71   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.990            3.000                 791   Stated                                  Purchase                     Owner Occupied             SFR
      2503215610                                5.783          2,331.57   Yes              3YP                             40.54   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.190            3.000                 688   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503215646                               5.8425           5387.53   Yes              3YP                             15.74   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 640   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503215647                                5.583          2,236.27   Yes              3YP                             40.30   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.990            3.875                 685   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503215670                                6.573          1,917.17   Yes              3YP                             49.89   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.980            3.000                 636   Full                                    Cash Out Refinance           Investor                   SFR
      2503215681                               9.0325           4411.47   Yes              1YP                             44.47   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         5.550                   3.000                   1.000                     6.000            16.990           10.990                 621   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      2503215702                               12.968            916.33   No               NO                              31.27   30/15 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            13.500            0.000                 702   Stated                                  Rate/Term Refinance          Investor                   Condominium
      2503215704                                6.093          2,800.42   Yes              3YP                             42.01   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 784   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503215717                               7.5925           3786.67   Yes              1YP                             48.38   2/6 LIBOR IO                              120    LIBOR                          6                6                             20090401                        20090501         24         3.000                   3.000                   1.000                     6.000            14.000            3.000                 704   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      2503215728                                5.993            693.33   Yes              2YP                             43.18   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.400            3.000                 712   Stated                                  Rate/Term Refinance          Investor                   Condominium
      2503215741                                5.583          1,936.77   Yes              3YP                             35.50   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.990            3.000                 703   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503215757                                5.708          1,264.97   Yes              3YP                             42.77   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.990            0.000                 704   SISA                                    Cash Out Refinance           Owner Occupied             2-FAMILY
      2503215800                                5.868          3,070.51   Yes              3YP                             39.65   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.150            0.000                 623   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503215823                                6.468          1,272.87   Yes              3YP                             41.05   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 653   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503215860                               7.5125           1285.35   Yes              3YP                             42.62   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.920            3.000                 627   Full                                    Purchase                     Owner Occupied             Condominium
      2503215875                                5.328          1,479.00   Yes              3YP                             41.18   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.525            3.875                 642   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503215878                                9.583          1,798.20   No               NO                              49.98   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            15.990            3.000                 639   Stated                                  Cash Out Refinance           Investor                   3-FAMILY
      2503215932                               5.9575            934.86   Yes              2YP                             40.09   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.365            3.000                 719   Stated                                  Purchase                     Owner Occupied             Condominium
      2503215971                                9.848          1,852.20   Yes              3YP                             38.12   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            17.025            3.625                 717   Stated                                  Cash Out Refinance           Investor                   D-PUDS
      2503215974                                6.018          3,270.62   Yes              3YP                             38.95   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.300            0.000                 728   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503215977                               5.9675            787.11   Yes              3YP                             14.77   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 784   Full                                    Purchase                     Investor                   SFR
      2503215990                                5.593          1,025.00   No               NO                              49.04   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 622   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503215996                                5.778          2,100.53   Yes              3YP                             41.16   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.950            0.000                 787   SISA                                    Cash Out Refinance           Owner Occupied             Condominium
      2503215999                               6.8425              3625   No               NO                              45.07   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.500                   3.000                   1.000                     6.000            13.250            3.500                 723   Stated                                  Purchase                     Investor                   SFR
      2503216015                                6.093          2,220.98   Yes              3YP                             37.51   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.375            0.000                 641   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503216016                                5.343          2,108.33   Yes              3YP                             48.49   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.750            3.875                 685   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503216018                                6.113            623.47   Yes              3YP                             37.93   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.520            3.875                 692   Stated                                  Cash Out Refinance           Investor                   Condominium
      2503216019                               5.9675            902.46   No               NO                              27.83   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 739   Full                                    Purchase                     Investor                   SFR
      2503216076                                5.593          1,904.75   Yes              3YP                             46.83   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.875            0.000                 789   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503216088                                5.843          1,505.73   Yes              3YP                             41.76   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 763   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503216103                                5.718            809.39   Yes              3YP                             37.18   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 636   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503216116                                6.547          1,865.27   Yes              3YP                             31.82   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            13.725            3.750                 727   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503216118                               6.4675            610.44   Yes              3YP                             36.52   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 695   Stated                                  Purchase                     Investor                   Condominium
      2503216127                                6.253          1,454.85   Yes              3YP                             35.93   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.250                   3.000                   1.000                     6.000            13.990            4.250                 677   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503216135                               6.4675            610.44   Yes              3YP                             36.52   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 695   Stated                                  Purchase                     Investor                   Condominium
      2503216144                                6.093          1,392.08   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 707   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503216151                                8.563          3,762.79   Yes              2YP                             49.99   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            15.700            3.875                 741   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503216153                               5.4675             709.9   No               NO                              36.28   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 750   Stated                                  Purchase                     Investor                   SFR
      2503216174                                6.218          2,085.82   Yes              3YP                             54.79   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 641   SISA                                    Cash Out Refinance           Investor                   SFR
      2503216186                               5.8425              2250   Yes              3YP                             42.09   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 668   Stated                                  Purchase                     Owner Occupied             SFR
      2503216189                                5.468          1,684.17   Yes              2YP                              1.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.875            3.875                 750   SISA                                    Cash Out Refinance           Investor                   2-FAMILY
      2503216225                                6.583            929.67   Yes              3YP                             31.15   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.990            3.000                 681   SISA                                    Cash Out Refinance           Investor                   Townhouse
      2503216230                                6.468          1,170.00   Yes              3YP                             35.68   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 715   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503216251                                5.493          1,198.44   Yes              2YP                             37.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.900            3.000                 698   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503216276                               5.8425           1074.22   No               NO                              49.55   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.250            3.875                 723   Stated                                  Purchase                     Investor                   SFR
      2503216279                                5.878          1,320.92   Yes              3YP                             36.80   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.550            0.000                 756   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503216287                                5.643            660.46   No               NO                              22.02   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.050            3.000                 701   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503216313                               6.4675           4239.58   Yes              1YP                             35.15   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 692   Stated                                  Purchase                     Second Home                SFR
      2503216353                                5.583          3,743.75   Yes              3YP                             20.98   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            11.990            3.000                 699   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      2503216367                               5.2225           2233.23   Yes              1YP                             29.41   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.630            3.000                 695   Stated                                  Purchase                     Owner Occupied             SFR
      2503216388                                5.793          1,730.83   Yes              3YP                             50.84   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.200            3.000                 681   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503216397                                5.718          2,817.50   Yes              3YP                             49.44   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            12.125            3.000                 704   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503216413                               6.7175            2612.5   No               NO                              49.44   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.125            3.000                 704   Stated                                  Purchase                     Investor                   D-PUDS
      2503216419                                6.018            995.88   Yes              2YP                             47.47   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.425            3.000                 683   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503216452                                6.468          1,260.42   Yes              3YP                             49.56   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.875            3.000                 661   SISA                                    Cash Out Refinance           Investor                   SFR
      2503216476                                6.583            996.95   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.990            3.000                 742   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             Condominium
      2503216506                                5.408          1,245.38   No               NO                              35.07   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.815            3.875                 784   SISA                                    Rate/Term Refinance          Investor                   SFR
      2503216508                                6.093          1,245.83   Yes              3YP                             42.88   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.875                   3.000                   1.000                     6.000            12.500            3.875                 662   SISA                                    Rate/Term Refinance          Investor                   Condominium
      2503216540                                5.998          1,266.47   Yes              3YP                             36.98   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.280            0.000                 753   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503216543                                6.923          3,605.44   Yes              2YP                             45.86   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.330            3.000                 698   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503216567                                5.693          1,413.17   Yes              3YP                             31.36   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.100            3.000                 645   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503216569                                7.093          1,288.75   Yes              3YP                             39.43   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     4.490            11.990            3.000                 643   SISA                                    Cash Out Refinance           Investor                   2-FAMILY
      2503216571                               6.1175           1141.88   Yes              1YP                             42.07   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.525            3.000                 693   Stated                                  Purchase                     Owner Occupied             PUD
      2503216623                                5.028          1,477.32   Yes              3YP                             47.75   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.375                   3.000                   1.000                     6.000            11.875            3.375                 766   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503216625                                5.468          2,937.50   No               NO                              38.70   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 771   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503216651                                5.468          2,640.68   Yes              3YP                             44.62   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            12.575            3.750                 621   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      2503216655                                5.343          3,368.54   Yes              1YP                             44.85   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.750            3.875                 755   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503216705                                5.393          1,812.50   No               NO                              41.88   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.800            3.000                 722   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503216721                                5.288          1,934.41   Yes              3YP                             49.99   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            12.475            3.750                 745   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503216724                                5.968          1,524.16   Yes              3YP                             45.23   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 680   Stated                                  Cash Out Refinance           Owner Occupied             HI-RISE
      2503216725                                6.468          1,480.99   Yes              2YP                             33.18   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 620   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503216746                                6.288          1,169.39   Yes              2YP                             43.02   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            13.575            3.875                 705   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503216748                                6.623          1,021.69   Yes              1YP                             34.09   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.030            3.000                 694   Stated                                  Cash Out Refinance           Investor                   SFR
      2503216756                                6.118          2,582.81   No               NO                              41.33   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.525            3.000                 698   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503216764                                5.843          4,609.38   Yes              1YP                             39.65   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 692   Stated                                  Rate/Term Refinance          Owner Occupied             PUD
      2503216796                                6.613          3,235.95   Yes              3YP                             38.07   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            13.990            3.625                 700   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503216804                               6.3425            809.44   Yes              3YP                             41.86   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 697   Stated                                  Purchase                     Second Home                Condominium
      2503216819                                6.498          1,971.26   Yes              3YP                             47.20   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.450            0.000                 690   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503216842                                6.343          2,205.00   Yes              2YP                             47.42   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 635   Stated                                  Cash Out Refinance           Investor                   Condominium
      2503216857                                5.553          2,708.44   Yes              3YP                             35.98   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.750            3.875                 664   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503216885                               5.3425           2200.33   Yes              3YP                             43.97   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.750            3.875                 720   Full                                    Purchase                     Owner Occupied             D-PUDS
      2503216910                                5.843          1,183.59   Yes              2YP                             33.81   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 791   Stated                                  Cash Out Refinance           Investor                   SFR
      2503216919                                5.493          1,216.88   Yes              3YP                             42.98   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.900            3.000                 670   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503216923                                6.468            928.13   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 786   Express No Doc                          Cash Out Refinance           Owner Occupied             Condominium
      2503216944                                5.993          2,773.33   Yes              3YP                             43.09   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.400            3.875                 669   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503216973                                6.218          1,188.29   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 673   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503217085                                6.343          1,255.01   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 761   Express Verified Assets                 Rate/Term Refinance          Investor                   SFR
      2503217112                                5.193          2,333.33   Yes              3YP                             43.68   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.875                   3.000                   1.000                     6.000            11.600            3.875                 755   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503217164                                6.918            840.00   Yes              3YP                             48.62   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.200            0.000                 658   Stated                                  Rate/Term Refinance          Owner Occupied             PUD
      2503217221                                7.583          5,667.91   Yes              1YP                             32.26   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.990            3.000                 669   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503217257                                5.543          2,186.63   Yes              3YP                             43.70   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.950            3.000                 758   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503217263                               5.8075           1457.46   Yes              3YP                             43.21   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.630            0.000                 789   Full                                    Purchase                     Owner Occupied             SFR
      2503217266                               6.0825              1298   Yes              3YP                             40.69   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.490            3.000                 760   Stated                                  Purchase                     Owner Occupied             SFR
      2503217295                               6.1425           1659.33   Yes              3YP                             44.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.550            3.875                 691   Stated                                  Purchase                     Owner Occupied             SFR
      2503217306                                5.843          4,951.04   No               NO                              33.25   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 792   Full                                    Rate/Term Refinance          Second Home                D-PUDS
      2503217319                               5.8925              1764   Yes              1YP                             36.92   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100401                        20100501         36         3.875                   3.000                   1.000                     6.000            12.300            3.875                 770   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503217326                                6.503          3,434.06   Yes              1YP                             43.81   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            14.250            4.125                 646   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503217347                                5.468          1,223.96   Yes              3YP                             50.30   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 775   Stated                                  Cash Out Refinance           Investor                   SFR
      2503217349                               7.9675            850.52   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.375            3.000                 694   Express Verified Assets                 Purchase                     Investor                   3-FAMILY
      2503217358                                5.593          2,085.00   No               NO                              32.23   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.000            3.000                 721   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503217360                                6.843            803.54   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.250            3.000                 751   Express Verified Assets                 Cash Out Refinance           Investor                   HI-RISE
      2503217361                               8.9725           1473.29   Yes              3YP                             42.24   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            16.920            4.125                 645   Stated                                  Purchase                     Investor                   Condominium
      2503217404                                5.583          3,132.27   No               NO                              37.07   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.990            3.000                 756   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503217415                               6.2675               979   Yes              3YP                             44.38   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.550                   3.000                   1.000                     6.000            12.675            5.550                 656   Stated                                  Purchase                     Owner Occupied             SFR
      2503217431                               6.0925           1308.13   Yes              3YP                             37.59   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 689   Stated                                  Purchase                     Owner Occupied             SFR
      2503217443                               5.6225           2100.94   Yes              2YP                             37.55   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            12.750            3.625                 681   Stated                                  Purchase                     Owner Occupied             SFR
      2503217470                                6.043          1,173.90   Yes              3YP                             32.94   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.450            3.875                 654   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503217487                               8.3425            1160.1   Yes              3YP                             38.23   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.750            3.000                 756   Stated                                  Purchase                     Owner Occupied             4-FAMILY
      2503217506                                5.968          1,115.63   Yes              1YP                             49.88   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 647   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503217515                               5.2175            2962.5   Yes              3YP                             48.63   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.625            3.000                 713   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503217527                               6.2875           3302.87   Yes              1YP                             41.47   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.695            3.000                 671   Stated                                  Purchase                     Owner Occupied             SFR
      2503217556                                6.593            790.94   Yes              3YP                             48.04   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 664   Stated                                  Cash Out Refinance           Investor                   SFR
      2503217558                               5.9555           1471.44   No               NO                              26.66   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.363            3.000                 718   Stated                                  Purchase                     Investor                   SFR
      2503217562                                5.343          1,495.00   Yes              3YP                             34.99   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.750            3.875                 693   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      2503217578                                5.443          2,008.50   Yes              1YP                             38.40   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.850            3.000                 699   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503217583                                5.153          2,288.87   Yes              1YP                             42.20   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.560            3.000                 735   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503217585                                6.273          4,175.00   No               NO                              49.12   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.680            3.000                 698   Stated                                  Cash Out Refinance           Investor                   SFR
      2503217587                               6.0125           2458.73   Yes              3YP                             36.18   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            12.990            3.625                 702   Stated                                  Purchase                     Owner Occupied             SFR
      2503217616                                9.943          1,933.39   Yes              3YP                             32.33   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            17.990            4.125                 647   Stated                                  Cash Out Refinance           Investor                   SFR
      2503217628                               6.9225            3080.5   No               NO                              42.62   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.330            3.000                 770   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      2503217638                               6.7275            690.61   Yes              3YP                             35.03   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.135            3.000                 717   Stated                                  Purchase                     Investor                   Condominium
      2503217655                                8.143          2,724.88   Yes              1YP                             40.59   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            15.430            3.875                 708   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503217663                                6.363          2,542.00   Yes              3YP                             47.45   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            13.440            3.625                 710   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503217692                               6.1175           1549.69   Yes              3YP                             49.28   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.525            3.000                 646   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503217702                                5.218          1,289.06   No               NO                              54.33   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.625            3.000                 743   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503217724                               5.8325            3802.5   Yes              3YP                             38.72   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.240            3.000                 691   Stated                                  Purchase                     Owner Occupied             SFR
      2503217748                               6.6225           1141.79   Yes              3YP                             36.07   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.030            3.000                 749   Stated                                  Purchase                     Investor                   Condominium
      2503217755                                6.443          1,798.12   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.850            3.000                 713   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503217775                               6.2175            749.45   No               NO                              39.21   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.625            3.000                 716   Stated                                  Purchase                     Investor                   SFR
      2503217802                                6.718          4,037.50   Yes              3YP                             32.33   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.125            3.000                 689   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      2503217817                                6.468          2,566.67   No               NO                              26.86   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 653   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      2503217839                                7.192          2,108.72   No               NO                              37.71   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.599            3.000                 649   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503217853                               6.1175            2834.3   Yes              1YP                             33.81   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.525            3.000                 670   Stated                                  Purchase                     Owner Occupied             SFR
      2503217881                                6.193          1,100.00   Yes              3YP                             32.43   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.600            3.000                 731   Stated                                  Rate/Term Refinance          Owner Occupied             PUD
      2503217894                               6.0425           1845.24   Yes              3YP                             46.35   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.450            3.000                 695   Stated                                  Purchase                     Owner Occupied             SFR
      2503217955                                6.393          1,777.07   No               NO                              39.73   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.800            3.875                 669   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      2503217979                               6.3425           2098.69   No               NO                              47.07   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 683   Stated                                  Purchase                     Owner Occupied             SFR
      2503218041                               5.3425           2318.98   Yes              1YP                             38.08   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 691   Stated                                  Purchase                     Owner Occupied             SFR
      2503218099                                6.843          1,033.50   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.250            3.000                 726   Express Verified Assets                 Cash Out Refinance           Investor                   Condominium
      2503218101                                5.858          2,666.25   Yes              3YP                             48.07   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 755   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503218107                               5.7175           1929.38   Yes              3YP                             36.63   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.125            3.000                 686   Stated                                  Purchase                     Investor                   2-FAMILY
      2503218154                                6.668            827.43   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.950            0.000                 692   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503218214                               7.2425           2043.67   Yes              3YP                             39.09   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            14.790            4.125                 642   SISA                                    Purchase                     Owner Occupied             SFR
      2503218232                               7.0925              3250   Yes              3YP                             42.66   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.500            3.000                 732   Stated                                  Purchase                     Owner Occupied             Condominium
      2503218287                                5.831          1,460.73   No               NO                              34.74   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.238            3.000                 712   Stated                                  Cash Out Refinance           Investor                   SFR
      2503218313                                6.218          4,519.29   Yes              3YP                             39.62   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 709   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503218341                               6.4675               825   Yes              2YP                             34.28   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 787   Stated                                  Purchase                     Investor                   Condominium
      2503218361                                6.968          1,720.83   Yes              3YP                             44.84   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.375            3.000                 667   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503218363                                5.843          1,601.56   Yes              3YP                             42.63   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 714   Stated                                  Rate/Term Refinance          Owner Occupied             PUD
      2503218378                                5.143          2,854.65   No               NO                              11.20   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.550            3.000                 773   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503218381                                7.680          1,253.56   Yes              1YP                             44.65   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.088            3.000                 648   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503218384                                6.213          1,390.20   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.620            3.000                 749   Express Non-Verified Assets             Cash Out Refinance           Investor                   PUD
      2503218401                                7.099          1,481.68   No               NO                              44.93   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.381            0.000                 652   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503218406                                6.518          3,363.93   Yes              3YP                             44.32   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.800            0.000                 775   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503218427                               8.0925            2422.5   No               NO                              38.99   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.500            3.000                 764   SISA                                    Purchase                     Owner Occupied             2-FAMILY
      2503218453                                7.153          2,055.38   Yes              1YP                             40.58   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            14.700            3.875                 667   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503218457                                6.326          1,722.53   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.733            3.875                 668   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      2503218479                               6.9125           3319.16   No               NO                              49.34   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         4.000                   3.000                   1.000                     6.000            14.980            4.000                 676   Stated                                  Purchase                     Owner Occupied             HI-RISE
      2503218501                                6.093          3,168.75   Yes              3YP                             22.27   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 631   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503218507                               8.6625           1636.31   Yes              1YP                             45.40   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            15.840            4.125                 712   SISA                                    Purchase                     Investor                   SFR
      2503218525                                5.843          2,583.33   Yes              3YP                             41.39   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 698   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503218562                               6.0675            535.54   Yes              3YP                             39.62   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.475            3.000                 746   Stated                                  Purchase                     Investor                   SFR
      2503218567                                5.843          2,833.33   Yes              3YP                             43.46   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 686   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503218569                                6.593          2,365.42   Yes              3YP                             39.68   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.000            3.000                 714   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503218589                                5.343          2,300.00   Yes              3YP                             41.65   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            11.750            2.750                 699   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503218603                                6.218          2,491.67   Yes              3YP                             48.57   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 727   Full                                    Rate/Term Refinance          Owner Occupied             2-FAMILY
      2503218619                                6.718            819.65   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.000            0.000                 704   Express No Doc                          Cash Out Refinance           Owner Occupied             Condominium
      2503218632                                5.343          3,301.46   No               NO                              45.38   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.750            3.000                 696   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503218639                                5.583          2,383.52   Yes              3YP                             42.96   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.990            3.000                 720   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503218640                                5.243          1,193.56   Yes              3YP                             32.96   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.650            3.000                 706   Stated                                  Rate/Term Refinance          Investor                   Condominium
      2503218647                                5.843          1,099.06   Yes              3YP                             44.51   7/6 LIBOR                                        LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.250            3.000                 679   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503218653                                9.873          3,127.08   Yes              2YP                             41.58   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            17.720            3.875                 649   Stated                                  Cash Out Refinance           Investor                   SFR
      2503218665                                6.583          1,964.03   No               NO                              45.37   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.375                   3.000                   1.000                     6.000            14.700            4.375                 631   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503218742                                6.037          2,239.29   Yes              3YP                             34.84   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.444            3.000                 688   Stated                                  Cash Out Refinance           Investor                   SFR
      2503218759                                6.468          1,160.16   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.875            3.000                 668   Express Verified Assets                 Cash Out Refinance           Investor                   2-FAMILY
      2503218765                                6.843          1,631.25   Yes              1YP                             40.06   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.250            3.000                 715   Full                                    Rate/Term Refinance          Investor                   3-FAMILY
      2503218771                               7.2275           2926.75   Yes              3YP                             49.90   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            13.635            3.875                 682   Stated                                  Purchase                     Owner Occupied             SFR
      2503218776                                6.718          2,029.17   Yes              3YP                             38.33   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.000            0.000                 664   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503218814                                7.093          1,006.87   No               NO                              42.01   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.500            3.000                 740   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      2503218824                               5.8575           1217.16   No               NO                               0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.140            0.000                 783   Full                                    Purchase                     Owner Occupied             HI-RISE
      2503218837                               6.7075            996.95   Yes              1YP                             23.62   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.990            0.000                 745   Stated                                  Purchase                     Owner Occupied             SFR
      2503218889                                5.093          2,365.00   Yes              3YP                             44.72   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.500            3.000                 706   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      2503218898                                5.418          1,431.98   Yes              1YP                             29.99   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.825            3.000                 741   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503218911                                6.468          1,466.67   No               NO                              34.59   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.875            3.000                 722   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503218923                               6.6325           2686.46   Yes              1YP                             50.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.040            3.000                 660   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      2503218940                                6.468            916.67   Yes              3YP                             39.77   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 647   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503218963                                5.718          1,485.31   Yes              3YP                             39.33   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.125            3.875                 632   Full                                    Rate/Term Refinance          Investor                   Condominium
      2503218969                                6.043          2,687.50   Yes              1YP                             15.35   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.450            3.000                 638   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503218970                                5.701          2,833.40   Yes              3YP                             40.57   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            12.999            3.750                 725   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503218980                                5.588            779.85   Yes              3YP                             34.87   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.995            3.000                 776   Full                                    Cash Out Refinance           Second Home                SFR
      2503219012                                7.093          1,200.00   No               NO                              44.75   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.500            3.000                 787   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      2503219017                                6.593          1,120.00   Yes              3YP                             43.61   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.000            3.000                 787   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      2503219020                                7.343          1,059.17   No               NO                              30.71   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.750            3.000                 620   Stated                                  Cash Out Refinance           Investor                   SFR
      2503219037                                5.093          2,560.73   Yes              1YP                             42.54   3/6 LIBOR                                        LIBOR                          6                6                             20100401                        20100501         36         3.875                   3.000                   1.000                     6.000            11.500            3.875                 733   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      2503219081                               5.5825            862.56   Yes              3YP                             21.81   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.990            3.000                 687   SISA                                    Purchase                     Owner Occupied             D-PUDS
      2503219085                                6.343          2,870.05   Yes              1YP                             39.17   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.750            3.875                 666   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503219091                                7.093          1,174.15   Yes              2YP                             27.98   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.375            0.000                 637   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      2503219116                               9.1775            836.72   No               NO                              22.64   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            16.625            3.875                 671   Stated                                  Purchase                     Investor                   SFR
      2503219122                                7.343          3,875.00   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.750            3.000                 657   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             3-FAMILY
      2503219125                                5.793          2,345.67   Yes              3YP                             27.53   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.200            3.000                 776   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503219128                                6.343          1,329.63   Yes              1YP                             42.49   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 658   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219135                                6.343          1,183.67   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 778   Express No Doc Verified Assets          Cash Out Refinance           Owner Occupied             SFR
      2503219163                               8.0925           1577.81   No               NO                              43.02   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.500            3.000                 672   Stated                                  Purchase                     Owner Occupied             SFR
      2503219166                                6.343            454.02   Yes              1YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 701   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      2503219270                               7.9425            945.64   Yes              3YP                              9.74   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.350            3.000                 640   Stated                                  Purchase                     Second Home                Condominium
      2503219272                                6.973          3,403.13   No               NO                              43.73   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            14.250            3.625                 758   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219294                                5.943            981.60   Yes              3YP                             19.21   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.350            3.000                 709   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503219297                                6.343          3,164.06   Yes              2YP                             49.99   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.750            3.000                 646   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219299                                5.593          1,820.00   Yes              3YP                              0.00   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.000            3.000                 687   Express No Doc Verified Assets          Cash Out Refinance           Owner Occupied             SFR
      2503219311                                5.968          2,256.75   Yes              3YP                             43.55   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.375            3.000                 704   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503219312                                6.106            705.58   Yes              1YP                             28.63   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.513            3.875                 639   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503219341                                5.813          3,169.95   Yes              3YP                             42.64   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 661   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219349                                6.218          2,875.91   Yes              3YP                             44.56   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 751   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219364                                6.843          3,636.00   Yes              1YP                             37.94   7/6 LIBOR                                        LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            13.250            3.000                 646   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      2503219375                               6.7925           1232.91   No               NO                              29.16   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.200            3.000                 716   Stated                                  Purchase                     Investor                   Condominium
      2503219397                                7.743            820.53   Yes              1YP                             40.62   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.150            3.000                 738   Stated                                  Cash Out Refinance           Investor                   SFR
      2503219400                                5.583          2,096.50   Yes              1YP                             41.46   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.990            3.875                 650   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503219451                               6.3425              3375   No               NO                              42.89   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.750            3.875                 704   Stated                                  Purchase                     Investor                   D-PUDS
      2503219464                                5.968          1,349.65   Yes              2YP                             27.88   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.250            0.000                 749   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219468                                7.148          1,807.25   No               NO                              13.14   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.430            0.000                 710   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503219475                                7.555          2,492.83   No               NO                              45.47   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.875                   3.000                   1.000                     6.000            15.963            4.875                 634   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503219477                                9.583            789.15   Yes              3YP                             17.13   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            15.990            3.000                 643   Stated                                  Cash Out Refinance           Investor                   4-FAMILY
      2503219509                                6.553            812.50   Yes              3YP                             40.24   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.500                   3.000                   1.000                     6.000            13.500            3.500                 645   FISA                                    Rate/Term Refinance          Owner Occupied             SFR
      2503219522                                6.843          3,489.40   Yes              3YP                             39.90   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            13.990            3.875                 647   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      2503219530                                8.542            804.36   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.950            3.000                 712   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      2503219538                               7.9525           1359.55   Yes              2YP                             43.82   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         4.625                   3.000                   1.000                     6.000            15.720            4.625                 643   SISA                                    Purchase                     Owner Occupied             SFR
      2503219541                                6.583          2,976.58   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.990            3.000                 640   Stated                                  Cash Out Refinance           Second Home                SFR
      2503219548                               5.8425           4609.38   Yes              1YP                             32.24   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 727   Full                                    Purchase                     Owner Occupied             SFR
      2503219551                                5.968          1,965.63   Yes              3YP                             44.43   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 777   Stated                                  Rate/Term Refinance          Investor                   2-FAMILY
      2503219562                                5.843          2,281.25   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 777   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503219596                                6.293          2,809.63   Yes              3YP                             34.24   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            13.800            3.750                 696   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503219602                                6.463          2,633.33   Yes              3YP                             45.77   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            13.900            3.625                 669   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219607                               7.5225           2117.01   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            14.750            3.750                 687   Express Non-Verified Assets             Purchase                     Second Home                SFR
      2503219614                                6.843          3,466.41   Yes              2YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            13.250            3.875                 698   Express Non-Verified Assets             Cash Out Refinance           Investor                   4-FAMILY
      2503219617                               5.4805           1540.16   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.888            3.000                 787   Express Verified Assets                 Purchase                     Investor                   SFR
      2503219619                                6.593          2,008.89   Yes              2YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 643   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      2503219626                                5.663          1,767.79   No               NO                              34.19   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            12.650            3.625                 704   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503219644                                6.513          1,502.19   Yes              3YP                             38.54   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.500                   3.000                   1.000                     6.000            13.500            3.500                 757   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503219658                                5.218          1,686.57   Yes              3YP                             44.23   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             5.500            0.000                 682   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219707                                7.738          3,835.63   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            15.025            3.875                 667   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503219711                                5.788          1,248.40   Yes              3YP                             47.08   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.500                   3.000                   1.000                     6.000            13.125            3.500                 671   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219715                               6.6525           3608.53   No               NO                              43.74   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.750                   3.000                   1.000                     6.000            14.350            3.750                 787   Full                                    Purchase                     Owner Occupied             SFR
      2503219719                                5.878            548.89   Yes              3YP                             34.76   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.160            0.000                 658   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219720                                5.843          2,669.48   Yes              3YP                             35.87   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 639   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503219756                                5.718          3,062.50   Yes              3YP                             43.10   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.125            3.000                 624   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503219770                                5.843          2,760.42   Yes              1YP                             47.52   3/6 LIBOR IO                               60    LIBOR                          6                6                             20100401                        20100501         36         3.000                   3.000                   1.000                     6.000            12.250            3.000                 716   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503219771                                6.568            801.66   No               NO                              26.84   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.975            3.000                 637   Full                                    Cash Out Refinance           Investor                   SFR
      2503219785                                5.968            573.75   Yes              3YP                             28.61   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            3.000                 640   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219788                               6.0925           1909.38   Yes              3YP                             39.29   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 790   Stated                                  Purchase                     Second Home                Condominium
      2503219789                               6.4425           2761.41   Yes              3YP                             28.94   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.850            3.875                 704   Stated                                  Purchase                     Investor                   Condominium
      2503219790                                7.308          1,851.60   Yes              1YP                             36.63   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            13.715            3.875                 639   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      2503219798                               5.9675           4491.86   Yes              3YP                             41.16   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.375            3.000                 715   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503219806                                5.718          2,817.89   Yes              3YP                             44.92   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.000            0.000                 703   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503219811                                5.483          2,689.77   Yes              3YP                             45.30   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.890            3.875                 637   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503219814                                6.443          1,644.00   Yes              3YP                             37.39   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.850            2.750                 756   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219824                               6.9675             923.1   Yes              1YP                             25.61   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.375            3.000                 749   Stated                                  Purchase                     Investor                   SFR
      2503219825                               7.3015           2898.14   Yes              2YP                             44.29   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         4.125                   3.000                   1.000                     6.000            14.599            4.125                 646   Stated                                  Purchase                     Owner Occupied             SFR
      2503219843                                5.918            975.10   Yes              3YP                             41.27   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.325            3.000                 631   Full                                    Cash Out Refinance           Owner Occupied             Condominium
      2503219845                                5.343          1,868.75   Yes              3YP                             44.34   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            11.750            3.875                 652   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219848                                6.583          4,077.50   No               NO                              26.67   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.990            3.000                 704   Stated                                  Rate/Term Refinance          Investor                   2-FAMILY
      2503219850                                6.468          1,250.16   Yes              3YP                             43.95   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 644   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503219851                               6.0925           1360.94   Yes              3YP                             16.97   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 732   Stated                                  Purchase                     Investor                   SFR
      2503219857                                6.593          1,460.94   Yes              3YP                             44.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 649   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219859                                6.893          2,190.00   Yes              3YP                             34.63   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.300            3.000                 776   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      2503219861                               8.3125            976.64   Yes              1YP                             21.71   7/6 LIBOR IO                               60    LIBOR                          6                6                             20140401                        20140501         84         3.875                   3.000                   1.000                     6.000            14.720            3.875                 765   SISA                                    Purchase                     Investor                   SFR
      2503219866                                5.843          4,947.92   No               NO                              32.80   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 776   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219870                                6.323          1,781.35   Yes              3YP                             48.74   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            13.990            3.875                 626   Full                                    Rate/Term Refinance          Investor                   2-FAMILY
      2503219904                                7.293          2,045.31   No               NO                              49.61   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.700            3.000                 685   Stated                                  Rate/Term Refinance          Investor                   2-FAMILY
      2503219907                                7.443          1,148.63   Yes              3YP                             47.56   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.000                   3.000                   1.000                     6.000            15.000            4.000                 628   Stated                                  Cash Out Refinance           Investor                   SFR
      2503219908                                7.293          2,310.00   No               NO                              49.61   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.700            3.000                 685   Stated                                  Rate/Term Refinance          Investor                   2-FAMILY
      2503219914                               10.093            856.20   No               NO                              35.40   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            16.500            3.000                 626   Stated                                  Cash Out Refinance           Investor                   Townhouse
      2503219917                                6.183          2,350.43   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.590            3.000                 676   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503219918                               8.8425           1974.42   No               NO                              26.41   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            15.250            3.875                 669   Stated                                  Purchase                     Investor                   3-FAMILY
      2503219927                               5.9675            1978.8   Yes              2YP                             45.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.375            3.000                 712   Stated                                  Purchase                     Owner Occupied             SFR
      2503219937                                5.468            629.11   Yes              3YP                             38.20   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.875            3.000                 684   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      2503219943                               6.0925           1476.85   Yes              3YP                             42.43   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 687   Stated                                  Purchase                     Owner Occupied             SFR
      2503219952                                6.818          2,486.52   Yes              3YP                             41.45   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.100            0.000                 686   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503219953                                6.618          1,380.00   Yes              3YP                             40.22   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.900            0.000                 660   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503219959                                6.218          2,013.97   Yes              3YP                              0.00   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 647   Express Verified Assets                 Cash Out Refinance           Owner Occupied             Condominium
      2503219969                                5.583          3,114.32   Yes              3YP                             36.29   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.990            3.875                 706   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219990                                5.718          1,531.25   No               NO                              13.96   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.125            3.000                 776   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      2503219997                                6.708          1,435.86   Yes              2YP                             37.27   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.990            0.000                 673   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      2503219999                               6.3825           2418.94   Yes              3YP                             29.18   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.790            3.000                 704   Stated                                  Purchase                     Investor                   Condominium
      2503220005                                5.733          1,243.35   Yes              3YP                             42.39   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.140            3.000                 632   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503220008                                8.583            522.54   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.990            3.000                 727   Express Verified Assets                 Cash Out Refinance           Second Home                D-PUDS
      2503220009                                6.168          1,610.88   Yes              3YP                              0.00   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            12.575            3.000                 689   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503220012                                7.218          1,500.00   Yes              3YP                             35.38   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.500            0.000                 659   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503220029                               6.6325           1712.24   Yes              3YP                             45.74   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         4.875                   3.000                   1.000                     6.000            14.300            4.875                 639   SISA                                    Purchase                     Owner Occupied             SFR
      2503220044                                5.343          1,940.63   Yes              1YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            11.750            3.875                 779   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      2503220045                                6.468          1,642.32   No               NO                              38.20   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 692   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503220048                               9.1425           5708.11   No               NO                              38.01   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         4.125                   3.000                   1.000                     6.000            15.550            4.125                 684   Stated                                  Purchase                     Owner Occupied             SFR
      2503220049                                7.583          1,065.33   Yes              2YP                             34.72   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            13.990            3.875                 727   Stated                                  Cash Out Refinance           Investor                   SFR
      2503220050                                6.403            781.45   Yes              2YP                             38.99   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.810            3.000                 680   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      2503220072                                6.468          3,004.95   Yes              2YP                             44.15   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.875            3.000                 710   Full                                    Rate/Term Refinance          Investor                   SFR
      2503220073                                6.218          1,403.19   Yes              3YP                             33.18   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 682   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503220076                                5.468            964.21   Yes              3YP                             30.39   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.875            3.000                 727   Stated                                  Rate/Term Refinance          Investor                   4-FAMILY
      2503220077                                7.218          1,747.40   Yes              2YP                             43.46   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         3.000                   3.000                   1.000                     6.000            13.625            3.000                 633   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503220094                                6.278          2,159.06   No               NO                              49.60   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            13.875            3.625                 737   Stated                                  Cash Out Refinance           Second Home                SFR
      2503220099                                6.718          1,258.75   Yes              3YP                             39.85   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.125            3.000                 776   Full                                    Cash Out Refinance           Owner Occupied             Condominium
      2503220102                                6.468          2,890.08   Yes              3YP                              0.00   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 695   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      2503220103                                6.343            846.56   Yes              2YP                             42.32   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 622   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503220107                                6.093            947.92   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.500            3.000                 704   Express Verified Assets                 Rate/Term Refinance          Investor                   SFR
      2503220111                                6.343          3,037.50   No               NO                              35.42   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 795   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503220136                                6.083          2,650.08   No               NO                              41.74   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.490            3.000                 642   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503220149                                6.328            856.13   Yes              3YP                             19.91   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.250            0.000                 691   Stated                                  Cash Out Refinance           Investor                   SFR
      2503220154                                6.323          1,402.08   Yes              3YP                             29.84   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.730            3.000                 662   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503220162                                6.093          1,264.14   No               NO                              28.30   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.500            3.875                 728   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503220163                               6.3425              1215   Yes              2YP                             34.64   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.750            3.000                 686   Stated                                  Purchase                     Owner Occupied             SFR
      2503220173                               7.0875           1104.54   Yes              2YP                             32.01   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.370            0.000                 790   Full                                    Purchase                     Investor                   4-FAMILY
      2503220177                                6.343          2,205.00   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.750            3.000                 661   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      2503220199                                8.092          1,329.45   Yes              3YP                             37.17   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.500                   3.000                   1.000                     6.000            14.500            3.500                 629   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503220210                               6.5825            3984.3   Yes              1YP                             44.66   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.990            3.000                 729   SISA                                    Purchase                     Owner Occupied             2-FAMILY
      2503220222                               6.4475            665.12   No               NO                              42.75   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            13.375            3.625                 765   Stated                                  Purchase                     Owner Occupied             SFR
      2503220234                               6.6825           3540.27   Yes              3YP                             42.15   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.090            3.000                 657   Stated                                  Purchase                     Owner Occupied             SFR
      2503220257                                7.093          1,371.87   Yes              3YP                             32.49   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.750                   3.000                   1.000                     6.000            13.500            3.750                 696   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503220268                                5.993          2,906.67   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.400            3.000                 679   Express Non-Verified Assets             Rate/Term Refinance          Owner Occupied             D-PUDS
      2503220271                                5.918          1,581.25   Yes              1YP                             33.70   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.325            3.000                 759   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503220288                                6.093          1,316.25   Yes              3YP                             36.61   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.500            3.875                 710   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503220293                                8.342          5,332.03   No               NO                              44.73   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.750            3.000                 645   Stated                                  Cash Out Refinance           Investor                   SFR
      2503220307                                6.468          1,070.19   Yes              1YP                             42.23   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 721   Stated                                  Cash Out Refinance           Investor                   SFR
      2503220308                               6.0025           1340.76   Yes              2YP                             36.75   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            12.410            3.875                 699   Stated                                  Purchase                     Investor                   SFR
      2503220317                               5.8725           1508.39   Yes              3YP                             42.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.750                   3.000                   1.000                     6.000            12.750            3.750                 745   Full                                    Purchase                     Owner Occupied             SFR
      2503220358                               6.5325           1263.66   Yes              1YP                             42.66   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.940            3.000                 780   Stated                                  Purchase                     Owner Occupied             SFR
      2503220395                                6.343          1,790.13   Yes              3YP                             35.42   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.750            3.875                 621   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503220425                               7.8925           4315.45   No               NO                              47.63   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.300            3.000                 755   Stated                                  Purchase                     Owner Occupied             Condominium
      2503220433                              10.0525           3693.86   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            17.150            3.625                 725   Express Non-Verified Assets             Purchase                     Investor                   D-PUDS
      2503220450                                6.238          2,362.76   Yes              3YP                             48.78   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.990            0.000                 760   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503220474                                6.443            502.33   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.850            3.000                 741   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      2503220476                                6.583          1,759.15   Yes              3YP                             38.17   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.990            3.000                 642   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      2503220486                                5.218          1,195.31   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.625            3.000                 708   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      2503220487                                5.793            418.50   Yes              3YP                             27.14   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.200            3.000                 717   Stated                                  Cash Out Refinance           Investor                   SFR
      2503220497                                5.263            897.75   Yes              3YP                             23.94   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.670            3.000                 717   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503220512                               9.3725           3673.54   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.625                   3.000                   1.000                     6.000            16.400            3.625                 765   Express Non-Verified Assets             Purchase                     Investor                   D-PUDS
      2503220527                               8.4305           2827.79   No               NO                              44.08   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.838            3.000                 758   Stated                                  Purchase                     Investor                   D-PUDS
      2503220547                                5.468            587.50   Yes              1YP                             41.69   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            11.875            3.875                 747   Full                                    Cash Out Refinance           Investor                   SFR
      2503220549                               7.5825           1573.03   No               NO                              28.47   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.990            3.000                 677   Stated                                  Purchase                     Owner Occupied             HI-RISE
      2503220553                               5.7075           1625.84   Yes              3YP                             49.41   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.375                   3.000                   1.000                     6.000            13.325            4.375                 632   Stated                                  Purchase                     Owner Occupied             SFR
      2503220573                                6.468          1,686.36   No               NO                               0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 707   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503220574                                5.583          2,386.77   No               NO                              43.23   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            11.990            3.875                 697   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503220581                                5.593          2,440.00   Yes              1YP                             28.76   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100501                        20100601         37         3.000                   3.000                   1.000                     6.000            12.000            3.000                 721   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503220591                                5.843          3,046.88   Yes              3YP                             49.58   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 734   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503220602                                5.613          1,742.85   Yes              3YP                             40.11   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            12.650            3.875                 662   Stated                                  Cash Out Refinance           Owner Occupied             Condominium
      2503220612                                5.843          2,687.50   Yes              1YP                             23.86   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.250            3.000                 773   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503220613                                5.843            963.67   Yes              3YP                             33.76   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.125            0.000                 757   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503220614                               8.2575            1719.1   No               NO                              31.37   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000            10.100            0.000                 642   Stated                                  Purchase                     Owner Occupied             SFR
      2503220618                                7.318          1,444.00   Yes              1YP                             44.05   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.600            0.000                 680   Stated                                  Cash Out Refinance           Investor                   SFR
      2503220624                               7.0025           1135.58   No               NO                              36.40   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            13.410            3.875                 680   Stated                                  Purchase                     Owner Occupied             Condominium
      2503220636                                7.583          1,910.04   No               NO                               0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.990            3.000                 676   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503220637                                5.483          2,586.69   Yes              1YP                             29.55   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            11.890            3.000                 778   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503220639                                6.113          2,248.33   Yes              3YP                             43.89   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.750                   3.000                   1.000                     6.000            13.100            3.750                 742   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503220640                                5.863          2,847.63   Yes              1YP                             12.84   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.270            3.000                 728   Stated                                  Rate/Term Refinance          Investor                   4-FAMILY
      2503220667                               7.2125            808.36   No               NO                               0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.620            3.000                 688   Express Verified Assets                 Purchase                     Second Home                SFR
      2503220674                              10.7325           2894.53   No               NO                              36.17   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         4.375                   3.000                   1.000                     5.200            18.000            4.375                 633   Stated                                  Purchase                     Investor                   HI-RISE
      2503220677                               7.0725           1692.06   No               NO                              45.90   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.325            0.000                 693   Stated                                  Purchase                     Owner Occupied             SFR
      2503220694                                4.968          2,041.67   Yes              3YP                             43.82   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.500                   3.000                   1.000                     6.000            12.125            3.500                 684   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      2503220707                                5.593          1,500.00   Yes              3YP                             34.74   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.000            3.000                 749   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503220709                               7.7325           3904.78   Yes              1YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            14.780            3.625                 730   Express Verified Assets                 Purchase                     Investor                   SFR
      2503220712                                6.593          1,718.75   No               NO                               9.65   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 769   Stated                                  Cash Out Refinance           Investor                   Condominium
      2503220715                                5.543            857.79   Yes              3YP                             30.03   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            11.950            3.875                 793   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503220726                                6.843          1,141.81   Yes              3YP                             38.24   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.250            3.000                 640   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503220729                              10.2475           2559.38   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            17.375            3.625                 749   Express Non-Verified Assets             Purchase                     Investor                   Condominium
      2503220743                               8.2325           2556.09   No               NO                              33.49   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         4.625                   3.000                   1.000                     6.000            16.250            4.625                 642   SISA                                    Purchase                     Owner Occupied             SFR
      2503220746                               5.8525              1170   Yes              3YP                             45.06   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.125                   3.000                   1.000                     6.000            13.500            4.125                 650   Stated                                  Purchase                     Owner Occupied             SFR
      2503220793                                8.592          1,236.00   Yes              3YP                             32.85   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            15.000            3.000                 651   Stated                                  Cash Out Refinance           Investor                   SFR
      2503220808                                6.763          2,621.53   No               NO                              49.57   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.170            3.000                 702   SISA                                    Cash Out Refinance           Investor                   2-FAMILY
      2503220817                               7.3175           1487.07   Yes              3YP                             38.32   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.600            0.000                 672   Stated                                  Purchase                     Second Home                Condominium
      2503220825                                5.543          2,315.54   No               NO                              28.12   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         2.250                   3.000                   1.000                     5.000            10.950            2.250                 715   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503220831                                9.608          3,324.47   No               NO                              44.26   7/6 LIBOR                                        LIBOR                          6                6                             20140501                        20140601         85         4.625                   3.000                   1.000                     6.000            17.625            4.625                 657   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503220836                               7.8125           4698.72   Yes              2YP                             44.52   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.220            3.000                 774   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503220837                                5.693          1,058.68   Yes              3YP                             25.64   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.100            3.000                 657   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503220855                                5.568          1,195.00   Yes              3YP                             43.68   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         4.000                   3.000                   1.000                     6.000            11.975            4.000                 744   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503220858                                7.583          3,835.20   Yes              3YP                             35.15   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.990            3.000                 725   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503220867                                5.593          1,750.00   Yes              3YP                             27.75   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.000            3.000                 718   Stated                                  Rate/Term Refinance          Owner Occupied             2-FAMILY
      2503220901                               8.1825           1961.03   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.590            3.000                 686   Express No Doc                          Purchase                     Owner Occupied             SFR
      2503220905                                6.868          1,965.43   No               NO                              35.50   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.150            0.000                 649   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503220944                                6.468          1,945.79   Yes              2YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 680   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503220946                                6.583          2,283.40   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.990            3.000                 661   Express Non-Verified Assets             Rate/Term Refinance          Owner Occupied             SFR
      2503220951                                5.833            709.10   Yes              3YP                             48.72   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.750                   3.000                   1.000                     6.000            12.890            3.750                 620   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503220990                                6.343          2,610.00   Yes              1YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            12.750            3.875                 698   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      2503221036                                5.843          3,375.00   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.250            3.000                 682   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503221048                               9.9525           2466.73   Yes              1YP                             36.27   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            17.350            3.625                 668   SISA                                    Purchase                     Investor                   SFR
      2503221054                               7.3355           3405.94   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         4.125                   3.000                   1.000                     6.000            14.963            4.125                 694   Express Non-Verified Assets             Purchase                     Owner Occupied             SFR
      2503221069                                8.583          1,738.07   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            14.990            3.000                 661   Express Non-Verified Assets             Cash Out Refinance           Investor                   SFR
      2503221080                                5.843          2,604.17   Yes              1YP                             42.28   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.250            3.000                 782   Stated                                  Rate/Term Refinance          Owner Occupied             2-FAMILY
      2503221087                                6.875          5,230.90   Yes              1YP                             40.87   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.282            3.000                 651   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503221114                               6.6225           3428.91   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         4.125                   3.000                   1.000                     6.000            14.250            4.125                 690   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      2503221131                                6.803          1,510.88   Yes              3YP                             48.96   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            14.500            3.875                 675   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503221149                                5.843          2,609.38   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.250            3.000                 697   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             2-FAMILY
      2503221167                                5.953          1,852.35   Yes              3YP                             46.12   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            12.990            3.625                 669   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      2503221169                                5.843          2,508.33   Yes              1YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.875                   3.000                   1.000                     6.000            12.250            3.875                 726   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503221190                                6.468          4,864.49   Yes              1YP                             43.82   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 703   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503221204                                6.153            792.67   Yes              3YP                             43.45   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.560            3.000                 649   Stated                                  Cash Out Refinance           Investor                   SFR
      2503221216                               7.3425           2720.25   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.750            3.000                 687   Express No Doc                          Purchase                     Owner Occupied             2-FAMILY
      2503221231                               6.5625           2219.97   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         4.250                   3.000                   1.000                     6.000            14.250            4.250                 667   Express Non-Verified Assets             Purchase                     Owner Occupied             SFR
      2503221234                                6.343          1,482.19   Yes              2YP                             44.06   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.750            3.000                 787   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503221254                               6.7825           2974.69   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         4.125                   3.000                   1.000                     6.000            14.350            4.125                 689   Express Non-Verified Assets             Purchase                     Owner Occupied             SFR
      2503221272                               6.8425           3738.33   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.250            3.000                 706   Express No Doc                          Purchase                     Owner Occupied             2-FAMILY
      2503221291                                6.343          1,792.87   Yes              3YP                             41.32   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.625            0.000                 709   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503221296                               9.9025           1035.94   No               NO                              46.33   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            17.250            3.875                 643   Stated                                  Purchase                     Investor                   SFR
      2503221302                                6.468          2,497.10   Yes              3YP                             45.89   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.750            0.000                 649   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503221339                                6.718            495.83   No               NO                              51.56   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.000            0.000                 658   Stated                                  Cash Out Refinance           Owner Occupied             PUD
      2503221344                               7.2125           1935.74   No               NO                              49.15   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         4.000                   3.000                   1.000                     6.000            14.500            4.000                 707   Stated                                  Purchase                     Owner Occupied             Condominium
      2503221354                                6.843            741.09   Yes              3YP                             38.07   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.125            0.000                 660   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503221384                                7.093          2,650.00   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.500                   3.000                   1.000                     6.000            13.500            3.500                 635   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503221387                               6.7245           2410.34   Yes              1YP                             36.17   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.787            0.000                 701   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503221412                                6.843          2,900.00   Yes              3YP                             43.05   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.250            3.000                 721   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      2503221414                               6.0925           2621.67   Yes              1YP                             47.56   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            12.500            3.875                 635   Stated                                  Purchase                     Owner Occupied             SFR
      2503221429                               6.5875            3572.1   Yes              3YP                             46.41   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.100            0.000                 715   Stated                                  Purchase                     Owner Occupied             SFR
      2503221453                                6.093          2,491.67   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.500            3.000                 633   Express Verified Assets                 Rate/Term Refinance          Investor                   SFR
      2503221468                                6.218            755.25   No               NO                               0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.625            3.000                 687   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             D-PUDS
      2503221489                               7.8425            710.13   Yes              1YP                             42.66   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.250            3.000                 698   SISA                                    Purchase                     Owner Occupied             SFR
      2503221498                                6.618          2,487.43   Yes              3YP                             40.08   40/30 FIXED BAL                                  FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.900            0.000                 646   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503221504                                6.593          1,629.18   Yes              3YP                             41.31   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 715   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503221532                                7.228          2,372.03   Yes              3YP                             27.25   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.990            0.000                 762   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      2503221560                               7.3525           1655.73   Yes              1YP                             32.55   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            14.500            3.875                 657   SISA                                    Purchase                     Owner Occupied             D-PUDS
      2503221565                                6.538            710.42   Yes              3YP                             29.76   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.820            0.000                 784   Stated                                  Rate/Term Refinance          Investor                   D-PUDS
      2503221568                                6.538            716.10   Yes              3YP                             29.81   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.820            0.000                 784   Stated                                  Rate/Term Refinance          Investor                   D-PUDS
      2503221573                               7.8425           2281.39   No               NO                              28.22   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.250            3.000                 691   SISA                                    Purchase                     Owner Occupied             SFR
      2503221575                                7.218          2,456.25   Yes              1YP                             40.44   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.500            0.000                 658   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503221611                                5.343            610.94   Yes              3YP                             34.59   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.750            3.000                 771   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      2503221642                                7.338          2,579.84   Yes              3YP                             44.36   30YR FIXED IO                              60    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.250            0.000                 779   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503221677                                6.943          2,119.25   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.350            3.000                 692   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      2503221680                                6.718            956.67   Yes              1YP                             23.16   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.000            0.000                 751   Full                                    Rate/Term Refinance          Investor                   PUD
      2503221685                                6.593          1,937.94   Yes              2YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.875            0.000                 654   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503221699                                5.543          1,492.46   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            11.950            3.875                 699   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      2503221747                               6.6975           1023.75   Yes              3YP                             47.04   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.500            0.000                 778   Full                                    Purchase                     Investor                   SFR
      2503221776                               6.8425           5781.44   No               NO                              44.07   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.250            3.000                 759   Stated                                  Purchase                     Investor                   SFR
      2503221815                                5.893          1,034.25   Yes              3YP                             41.57   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            12.300            3.875                 648   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503221874                                5.543            986.71   Yes              3YP                             44.27   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.950            3.000                 698   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503221883                                5.293          1,411.70   Yes              3YP                             42.79   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            11.700            3.875                 680   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      2503221898                               7.1375           1272.59   Yes              2YP                             49.92   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            13.545            3.875                 687   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503221899                               6.7175           1144.32   Yes              3YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.000            0.000                 682   Express No Doc                          Purchase                     Owner Occupied             D-PUDS
      2503221911                               10.443          5,425.00   Yes              3YP                             44.92   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            16.850            3.000                 709   SISA                                    Cash Out Refinance           Investor                   4-FAMILY
      2503221940                                6.218          1,833.00   Yes              3YP                             34.83   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 754   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503221942                                6.218          1,801.39   Yes              3YP                             34.89   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 754   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503221944                                7.593          2,726.26   Yes              1YP                              0.00   30YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.875            0.000                 632   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503221952                                6.394          2,563.16   Yes              2YP                              0.00   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.676            0.000                 698   Express Non-Verified Assets             Rate/Term Refinance          Investor                   2-FAMILY
      2503221956                               7.0125           3069.69   Yes              3YP                             40.45   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.750                   3.000                   1.000                     6.000            14.250            3.750                 777   Stated                                  Purchase                     Owner Occupied             SFR
      2503221959                                5.583          1,797.00   Yes              1YP                             33.01   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.990            3.000                 718   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503222017                                7.153          2,450.94   No               NO                              43.94   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             8.525            0.000                 656   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503222029                               9.4325           1838.19   No               NO                              49.21   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         4.375                   3.000                   1.000                     6.000            16.840            4.375                 621   Stated                                  Purchase                     Investor                   2-FAMILY
      2503222044                               6.2175              1690   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 734   Stated                                  Purchase                     Owner Occupied             SFR
      2503222056                               5.4735           2187.65   Yes              3YP                             44.27   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            12.341            3.875                 714   Full                                    Purchase                     Owner Occupied             SFR
      2503222067                                6.268          1,969.68   Yes              3YP                              0.00   15YR FIXED                                       FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.550            0.000                 757   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      2503222095                               9.2525            957.38   No               NO                              23.57   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         4.125                   3.000                   1.000                     6.000            17.100            4.125                 650   SISA                                    Purchase                     Investor                   SFR
      2503222276                               7.5325           3710.15   Yes              1YP                             49.95   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         4.125                   3.000                   1.000                     6.000            15.100            4.125                 694   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      2503222398                                7.443          3,532.50   Yes              3YP                             39.93   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.850            3.000                 630   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503222410                               8.6525           4143.75   No               NO                              37.31   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140501                        20140601         85         3.875                   3.000                   1.000                     6.000            15.750            3.875                 651   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      2503222421                               7.5925           3736.67   No               NO                              42.27   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.000            3.000                 687   Stated                                  Purchase                     Owner Occupied             SFR
      2503222426                                8.092          1,190.00   No               NO                               0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.500                   3.000                   1.000                     6.000            14.500            3.500                 643   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      2503222473                              10.1425           3012.49   No               NO                              45.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            17.990            3.875                 656   SISA                                    Purchase                     Investor                   2-FAMILY
      2503222505                                6.218          1,153.75   Yes              3YP                              0.00   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             6.500            0.000                 689   Express Verified Assets                 Rate/Term Refinance          Second Home                D-PUDS
      2503222536                                6.468          1,736.08   Yes              3YP                             48.68   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.875            3.000                 636   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503222572                               9.5625           1244.76   Yes              1YP                             32.45   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            15.970            3.625                 753   SISA                                    Purchase                     Investor                   SFR
      2503222577                                5.243          2,064.60   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            11.650            3.875                 689   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             SFR
      2503222705                                5.253          2,963.41   Yes              3YP                             43.72   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.750                   3.000                   1.000                     6.000            12.650            3.750                 729   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503222714                               9.9825            1799.1   Yes              1YP                             15.05   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         4.375                   3.000                   1.000                     6.000            18.000            4.375                 633   Stated                                  Purchase                     Investor                   SFR
      2503222737                                6.843          1,947.50   Yes              1YP                             32.33   30YR FIXED IO                             120    FIXED                          0                0                                                                               0         0.000                   0.000                   0.000                     0.000             7.125            0.000                 691   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503222750                               9.6425           4249.89   Yes              3YP                             49.66   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            16.050            3.000                 676   Stated                                  Purchase                     Owner Occupied             D-PUDS
      3903000039                               5.9675           1567.19   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20100301                        20100401         35         2.875                   6.000                   2.000                     6.000            12.375            2.875                 693   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103618137                               6.8425           4006.83   No               NO                               0.00   5/1 LIBOR IO                              120    LIBOR                         12               12                             20110901                        20111001         53         3.250                   5.000                   2.000                     5.000            12.250            3.250                 695   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103642494                                5.718          1,128.02   Yes              3YP                             49.83   5/6 LIBOR IO                              120    LIBOR                          6                6                             20111201                        20120101         56         2.750                   6.000                   2.000                     6.000            12.125            2.750                 628   Full                                    Cash Out Refinance           Owner Occupied             PUD
      1103643476                                6.593          1,871.16   No               NO                              42.32   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            13.000            3.000                 641   Stated                                  Cash Out Refinance           Investor                   SFR
      1103646168                               7.4675           1968.75   No               NO                              39.42   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.750                   3.000                   1.000                     6.000            13.875            2.750                 647   Stated                                  Purchase                     Investor                   SFR
      1103646798                                9.183          2,388.84   No               NO                              47.42   3/6 LIBOR                                        LIBOR                          6                6                             20100201                        20100301         34         5.550                   3.000                   1.000                     6.000            17.550           11.550                 602   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103651163                               6.7175           2731.25   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.125            3.000                 674   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103655024                               5.4675           2957.69   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         3.000                   3.000                   1.000                     6.000            11.875            3.000                 801   Express No Doc                          Purchase                     Owner Occupied             D-PUDS
      1103657475                                5.968          1,264.38   Yes              2YP                             26.70   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.375            6.375                 693   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103658445                                6.583          1,497.03   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.990            3.000                 693   Express No Doc                          Cash Out Refinance           Owner Occupied             D-PUDS
      1103658486                               5.7175              2627   Yes              3YP                             38.61   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.125            3.000                 762   Full                                    Purchase                     Investor                   HI-RISE
      1103659219                                6.293          2,470.63   Yes              3YP                             39.73   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.700            3.000                 759   Full                                    Cash Out Refinance           Owner Occupied             Townhouse
      1103659421                               6.9675           3072.92   Yes              1YP                             45.51   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            13.375            2.750                 681   Stated                                  Purchase                     Owner Occupied             SFR
      1103660532                                5.968          1,700.00   No               NO                              42.42   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.375            3.000                 722   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103660736                                6.218          2,746.62   Yes              3YP                             43.78   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.750                   3.000                   1.000                     6.000            12.625            2.750                 727   Stated                                  Rate/Term Refinance          Investor                   SFR
      1103661798                                7.093          1,300.00   Yes              2YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         5.000                   3.000                   1.000                     5.000            12.500            5.000                 681   Express No Doc Verified Assets          Cash Out Refinance           Owner Occupied             SFR
      1103661802                               7.4675           6398.44   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.875            5.000                 720   Express No Doc Verified Assets          Purchase                     Owner Occupied             SFR
      1103661805                               7.4675            6562.5   No               NO                              30.02   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120101                        20120201         57         5.000                   3.000                   1.000                     5.000            12.875            5.000                 734   SISA                                    Purchase                     Owner Occupied             PUD
      1103661817                                7.593            381.56   No               NO                              35.21   5/6 LIBOR                                        LIBOR                          6                6                             20120201                        20120301         58         5.000                   5.000                   1.000                     5.000            13.000            5.000                 642   SISA                                    Cash Out Refinance           Investor                   SFR
      1103661824                                7.218            540.75   No               NO                              15.32   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.625            5.000                 683   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661840                               7.4675               714   No               NO                               5.78   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         5.000                   3.000                   1.000                     5.000            12.875            5.000                 659   Stated                                  Purchase                     Investor                   SFR
      1103661871                                7.843            907.50   No               NO                              19.51   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.250            5.000                 671   Stated                                  Cash Out Refinance           Investor                   SFR
      1103661875                               7.5925           1060.13   No               NO                              17.26   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120101                        20120201         57         5.000                   3.000                   1.000                     5.000            13.000            5.000                 705   SISA                                    Purchase                     Owner Occupied             SFR
      1103661876                               7.4675           1156.49   No               NO                              36.54   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.875            5.000                 645   Stated                                  Purchase                     Owner Occupied             SFR
      1103661889                               7.0925           1095.63   No               NO                              43.42   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            12.500            5.000                 669   SISA                                    Purchase                     Owner Occupied             PUD
      1103661896                                7.593          1,350.13   No               NO                               0.00   7/6 LIBOR                                        LIBOR                          6                6                             20140301                        20140401         83         5.000                   3.000                   1.000                     5.000            13.000            5.000                 703   Express Verified Assets                 Cash Out Refinance           Investor                   3-FAMILY
      1103661906                                7.343          1,397.00   No               NO                              43.42   5/6 LIBOR                                        LIBOR                          6                6                             20120201                        20120301         58         5.000                   5.000                   1.000                     5.000            12.750            5.000                 642   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      1103661920                               7.3425           1537.08   No               NO                              51.84   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            12.750            5.000                 696   Stated                                  Purchase                     Investor                   SFR
      1103661934                               7.5925           1907.79   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120201                        20120301         58         5.000                   3.000                   1.000                     5.000            13.000            5.000                 789   Express No Doc                          Purchase                     Investor                   SFR
      1103661957                                7.968          2,371.43   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.375            5.000                 684   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      1103661973                                6.343          2,137.50   No               NO                              35.81   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120101                        20120201         57         5.000                   3.000                   1.000                     5.000            11.750            5.000                 784   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103661977                               7.9675           2707.92   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.375            5.000                 639   Express No Doc Verified Assets          Purchase                     Investor                   4-FAMILY
      1103661983                               7.7175           2692.08   Yes              5YP                             31.44   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.125            5.000                 706   SISA                                    Purchase                     Owner Occupied             Condominium
      1103662022                               7.8425           4666.41   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   3.000                   1.000                     5.000            13.250            5.000                 713   Express No Doc                          Purchase                     Owner Occupied             Condominium
      1103662031                                7.843          6,050.00   No               NO                              33.61   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         5.000                   5.000                   1.000                     5.000            13.250            5.000                 655   SISA                                    Cash Out Refinance           Second Home                PUD
      1103662266                                6.718          1,148.95   Yes              1YP                             50.57   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            13.125            7.125                 678   Full                                    Cash Out Refinance           Investor                   SFR
      1103662474                                5.583          2,084.02   Yes              3YP                             39.47   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.990            3.000                 802   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      1103662651                                5.468          2,966.87   Yes              3YP                             34.30   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.875            3.000                 738   Full                                    Rate/Term Refinance          Owner Occupied             PUD
      1103662695                                8.092            772.76   Yes              3YP                             30.75   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.500            3.000                 649   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103662792                                8.092          1,703.54   No               NO                              44.31   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.500            3.000                 643   Stated                                  Cash Out Refinance           Investor                   2-FAMILY
      1103662825                                6.593            984.38   Yes              3YP                             38.60   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.000            3.000                 754   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      1103663149                                6.553          2,070.46   Yes              3YP                             43.34   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            13.750            3.875                 661   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103663310                                7.968          3,098.75   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.375            3.000                 773   Express Non-Verified Assets             Rate/Term Refinance          Owner Occupied             SFR
      1103663444                               8.3625           4361.82   Yes              1YP                             48.00   2/6 LIBOR                                        LIBOR                          6                6                             20090301                        20090401         23         9.200                   1.500                   1.500                     7.000            18.200            9.200                 620   Stated                                  Purchase                     Owner Occupied             HI-RISE
      1103663486                               8.3425           3870.57   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.750            3.000                 653   Express Non-Verified Assets             Purchase                     Investor                   SFR
      1103663552                                6.093          1,637.19   Yes              2YP                              0.00   2/6 LIBOR IO                              120    LIBOR                          6                6                             20090401                        20090501         24         2.875                   3.000                   1.000                     6.000            12.500            2.875                 668   Express Non-Verified Assets             Cash Out Refinance           Investor                   SFR
      1103663555                                6.718          2,826.25   Yes              2YP                              0.00   2/6 LIBOR IO                              120    LIBOR                          6                6                             20090401                        20090501         24         2.875                   3.000                   1.000                     6.000            13.125            2.875                 666   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103663583                                6.593          1,586.67   Yes              3YP                             44.94   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.750                   3.000                   1.000                     6.000            13.000            2.750                 645   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      1103663739                               7.3575           3926.17   No               NO                              45.85   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.750                   3.000                   1.000                     6.000            14.625            3.750                 692   Full                                    Purchase                     Owner Occupied             D-PUDS
      1103663827                               7.9675           3880.42   No               NO                              31.67   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.375            3.000                 742   SISA                                    Purchase                     Owner Occupied             D-PUDS
      1103663993                                8.467          1,921.48   No               NO                               0.00   7/6 LIBOR                                        LIBOR                          6                6                             20140501                        20140601         85         3.000                   3.000                   1.000                     6.000            14.875            3.000                 731   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             SFR
      1103664208                               7.3425           6590.99   Yes              3YP                              0.00   7/6 LIBOR                                        LIBOR                          6                6                             20140401                        20140501         84         3.250                   5.000                   1.000                     5.000            12.750            3.250                 664   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103664215                                6.718          5,462.50   No               NO                              45.43   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.250                   5.000                   1.000                     5.000            12.125            3.250                 688   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103664217                                6.968          2,762.70   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.250                   5.000                   1.000                     5.000            12.375            3.250                 738   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103664235                               6.7425           2052.66   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.500            4.000                 698   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103664238                               6.2025           2251.76   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.170            4.000                 670   Express Verified Assets                 Purchase                     Owner Occupied             D-PUDS
      1103664243                               7.0925           1020.01   Yes              3YP                              0.00   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100401                        20100501         36         2.875                   6.000                   2.000                     6.000            13.500            2.875                 669   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103664269                               5.9675            944.14   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            12.375            2.875                 681   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103664273                               7.5925           1996.43   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         2.875                   6.000                   2.000                     6.000            14.000            2.875                 687   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103664287                                7.468          1,618.84   Yes              1YP                             45.74   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.875            2.875                 666   Stated                                  Cash Out Refinance           Owner Occupied             PUD
      1103664294                               7.3825            3083.9   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.875                   6.000                   2.000                     6.000            14.750            3.875                 704   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103664306                               6.9075           1866.29   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.875            4.000                 670   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103664309                               7.4675           1836.84   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.875            2.875                 674   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103664315                               7.1075           3421.88   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            15.125            4.000                 661   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103664408                               6.8425           3861.83   Yes              1YP                             36.41   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.250            2.875                 763   Stated                                  Purchase                     Owner Occupied             PUD
      1103664409                                7.693          1,146.61   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         3.625                   6.000                   2.000                     6.000            14.750            3.625                 732   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103664410                               7.2475           1048.65   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.625            4.000                 696   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103664412                               7.4025           1507.96   Yes              3YP                              0.00   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100401                        20100501         36         3.750                   6.000                   2.000                     6.000            14.750            3.750                 667   Express No Doc                          Purchase                     Investor                   Condominium
      1103664414                               7.4675           1171.44   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.875            2.875                 665   Express Verified Assets                 Purchase                     Second Home                Condominium
      1103664415                                6.593          2,982.87   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.000            2.875                 663   Express Verified Assets                 Cash Out Refinance           Owner Occupied             PUD
      1103664416                                7.093          3,093.75   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.500            2.875                 709   Express No Doc                          Cash Out Refinance           Owner Occupied             PUD
      1103664418                                7.093            842.33   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.500            2.875                 704   Express No Doc                          Cash Out Refinance           Owner Occupied             Condominium
      1103664420                               6.8725           2227.78   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120301                        20120401         59         3.625                   6.000                   2.000                     6.000            14.000            3.625                 706   Express Verified Assets                 Purchase                     Investor                   PUD
      1103664425                               7.0925           1421.43   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.500            2.875                 727   Express No Doc                          Purchase                     Investor                   PUD
      1103664426                                6.903          1,255.04   Yes              3YP                             49.60   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.625                   6.000                   2.000                     6.000            14.000            3.625                 670   Full                                    Cash Out Refinance           Owner Occupied             PUD
      1103664427                                6.843            701.08   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.250            2.875                 733   Express Verified Assets                 Cash Out Refinance           Investor                   2-FAMILY
      1103664428                                6.968          1,961.52   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.375            2.875                 650   Express Verified Assets                 Cash Out Refinance           Investor                   3-FAMILY
      1103664431                                7.718          1,780.21   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.125            2.875                 764   Express No Doc                          Rate/Term Refinance          Investor                   SFR
      1103664432                                7.718          2,212.64   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.125            2.875                 700   Express No Doc                          Cash Out Refinance           Investor                   2-FAMILY
      1103664434                               6.0125           1897.76   Yes              3YP                             46.90   3/6 LIBOR                                        LIBOR                          6                6                             20100401                        20100501         36         4.000                   6.000                   2.000                     6.000            14.500            4.000                 634   Full                                    Purchase                     Investor                   SFR
      1103664435                               7.8425              4400   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.250            2.875                 664   Express No Doc                          Purchase                     Owner Occupied             Condominium
      1103664436                               6.3475           1070.08   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            13.875            4.000                 625   Express Verified Assets                 Purchase                     Owner Occupied             Condominium
      1103664437                                7.843          1,051.77   Yes              3YP                              0.00   3/6 LIBOR                                        LIBOR                          6                6                             20100401                        20100501         36         2.875                   6.000                   2.000                     6.000            14.250            2.875                 620   Express Verified Assets                 Rate/Term Refinance          Investor                   SFR
      1103664438                               8.0925           3540.96   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.500            2.875                 664   Express Verified Assets                 Purchase                     Investor                   SFR
      1103664439                               6.8425            560.74   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.250            2.875                 671   Express Verified Assets                 Purchase                     Investor                   Condominium
      1103664441                                7.218            792.73   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.625            2.875                 712   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103664442                                7.218            792.73   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.625            2.875                 712   Express No Doc                          Cash Out Refinance           Investor                   SFR
      1103664443                                6.498          1,363.61   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.125            4.000                 632   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103664444                               7.3425             612.9   Yes              3YP                             47.56   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.750            2.875                 633   Stated                                  Purchase                     Owner Occupied             Condominium
      1103664445                               8.0925            2081.6   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.500            2.875                 792   Express No Doc                          Purchase                     Investor                   Condominium
      1103664446                               7.2275           1019.24   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.625            4.000                 666   Express Verified Assets                 Purchase                     Investor                   SFR
      1103664447                               6.5925           1973.48   Yes              3YP                              0.00   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140401                        20140501         84         2.875                   6.000                   2.000                     6.000            13.000            2.875                 651   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103664448                                6.473            870.46   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.250                   6.000                   2.000                     6.000            13.250            3.250                 762   Express No Doc                          Rate/Term Refinance          Owner Occupied             SFR
      1103664449                               7.0925           2000.54   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.500            2.875                 693   Express No Doc                          Purchase                     Second Home                PUD
      1103664450                               7.3475           2172.16   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.625            4.000                 683   Express Verified Assets                 Purchase                     Investor                   2-FAMILY
      1103664451                                6.843          2,533.10   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.250            2.875                 700   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103664458                               7.5925               990   Yes              1YP                              0.00   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140501                        20140601         85         2.875                   6.000                   2.000                     6.000            14.000            2.875                 738   Express No Doc                          Purchase                     Investor                   Condominium
      1103664459                                8.092          6,197.92   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.500            2.875                 692   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103664462                                7.298          1,637.44   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            14.875            4.000                 636   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             PUD
      1103664463                               7.0075           1429.44   Yes              3YP                             49.11   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            15.125            4.000                 649   Full                                    Purchase                     Investor                   PUD
      1103664464                               7.7025           3681.76   No               NO                               0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120401                        20120501         60         3.625                   6.000                   2.000                     6.000            14.750            3.625                 727   Express Verified Assets                 Purchase                     Investor                   4-FAMILY
      1103664466                               6.9525           1408.49   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.250                   6.000                   2.000                     6.000            13.750            3.250                 658   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103664467                               6.5925           2964.52   Yes              3YP                             28.54   3/6 LIBOR                                        LIBOR                          6                6                             20100501                        20100601         37         2.875                   6.000                   2.000                     6.000            13.000            2.875                 766   Stated                                  Purchase                     Owner Occupied             Condominium
      1103664470                                7.343          3,379.72   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.750            2.875                 654   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103664473                               7.8425           4088.56   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            14.250            2.875                 644   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103664477                                6.573          2,283.59   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.750                   6.000                   2.000                     6.000            13.750            3.750                 697   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103664480                                6.593          3,383.33   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.000            2.875                 690   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103664481                                7.218            460.07   Yes              1YP                              0.00   3/6 LIBOR                                        LIBOR                          6                6                             20100401                        20100501         36         2.875                   6.000                   2.000                     6.000            13.625            2.875                 759   Express No Doc                          Cash Out Refinance           Second Home                PUD
      1103664484                               6.7225           1556.65   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         3.500                   6.000                   2.000                     6.000            13.750            3.500                 703   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103664485                               7.2675           1922.72   Yes              1YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         4.000                   6.000                   2.000                     6.000            15.125            4.000                 654   Express Verified Assets                 Purchase                     Owner Occupied             PUD
      1103664488                                6.843          1,785.96   No               NO                               0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.250            2.875                 748   Express No Doc                          Cash Out Refinance           Owner Occupied             SFR
      1103664490                                6.843            972.30   Yes              3YP                              0.00   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.250            2.875                 654   Express Verified Assets                 Rate/Term Refinance          Owner Occupied             Condominium
      1103664491                                6.718          1,045.00   Yes              3YP                             38.97   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120401                        20120501         60         2.875                   6.000                   2.000                     6.000            13.125            2.875                 645   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103664690                               6.3325           1963.33   No               NO                              43.89   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         4.125                   3.000                   1.000                     6.000            13.750            4.125                 689   Stated                                  Purchase                     Owner Occupied             D-PUDS
      1103664824                               8.3275           2102.34   No               NO                              40.50   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            15.375            3.625                 738   Stated                                  Purchase                     Investor                   SFR
      1103664858                               6.7175            1691.9   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.750                   3.000                   1.000                     6.000            13.125            7.125                 720   Express Non-Verified Assets             Purchase                     Owner Occupied             D-PUDS
      1103664892                                8.467          1,479.17   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         2.875                   6.000                   2.000                     6.000            14.875            2.875                 643   Express Verified Assets                 Cash Out Refinance           Investor                   4-FAMILY
      1103664893                                8.467          1,479.17   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         2.875                   6.000                   2.000                     6.000            14.875            2.875                 643   Express Verified Assets                 Cash Out Refinance           Investor                   4-FAMILY
      1103664897                                7.323          3,032.75   Yes              3YP                              0.00   3/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20100501                        20100601         37         4.000                   6.000                   2.000                     6.000            14.750            4.000                 662   Express No Doc                          Cash Out Refinance           Owner Occupied             PUD
      1103664903                                7.358          2,054.42   No               NO                              40.79   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         4.000                   6.000                   2.000                     6.000            15.375            4.000                 620   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103664904                                8.217            920.00   Yes              3YP                              0.00   3/6 LIBOR IO                              120    LIBOR                          6                6                             20100501                        20100601         37         2.875                   6.000                   2.000                     6.000            14.625            2.875                 632   Express Verified Assets                 Cash Out Refinance           Investor                   Condominium
      1103665020                               8.4875           2110.78   Yes              3YP                             48.37   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            15.875            3.875                 700   Stated                                  Purchase                     Owner Occupied             Condominium
      1103665119                               6.0925              1625   Yes              3YP                             42.12   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   6.000                   1.000                     5.000            11.500            2.500                 743   Stated                                  Purchase                     Owner Occupied             SFR
      1103665121                                5.843          2,062.50   Yes              3YP                              0.00   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140301                        20140401         83         2.500                   5.000                   1.000                     5.000            11.250            2.500                 654   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      1103665138                               6.5925           2487.33   Yes              6MP                             29.18   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120301                        20120401         59         2.500                   5.000                   1.000                     5.000            12.000            2.500                 657   Stated                                  Purchase                     Owner Occupied             SFR
      1103665139                                7.218          2,058.75   Yes              3YP                             33.40   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120101                        20120201         57         2.750                   6.000                   1.000                     5.000            12.625            2.750                 672   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      1103665146                               6.4675           2681.25   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120201                        20120301         58         2.500                   5.000                   1.000                     5.000            11.875            2.500                 662   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      1103665338                               9.9675           1190.96   Yes              3YP                             48.85   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         2.500                   3.000                   1.000                     6.000            16.375            2.500                 623   SISA                                    Purchase                     Owner Occupied             SFR
      1103665406                               8.8775            945.63   Yes              1YP                             26.87   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         4.000                   3.000                   1.000                     6.000            15.875            4.000                 721   Stated                                  Purchase                     Investor                   SFR
      2503214663                                6.343          2,508.75   No               NO                              53.28   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.750            3.000                 629   Express Non-Verified Assets             Cash Out Refinance           Owner Occupied             D-PUDS
      2503214703                               9.1475            925.54   Yes              3YP                             41.01   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            16.225            3.625                 708   Stated                                  Purchase                     Investor                   SFR
      2503215275                                5.343          1,760.94   Yes              3YP                             39.65   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.750            3.000                 714   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503215904                               8.5825           2349.01   Yes              3YP                             27.01   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120601                        20120701         62         3.000                   3.000                   1.000                     6.000            14.990            3.000                 640   Stated                                  Purchase                     Second Home                PUD
      2503216874                                6.093          1,191.67   No               NO                              43.19   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.500            3.000                 795   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      2503217430                                5.093          1,567.50   Yes              3YP                             33.01   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            11.500            3.000                 795   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503217555                                5.843            885.42   Yes              1YP                             13.66   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120401                        20120501         60         3.000                   3.000                   1.000                     6.000            12.250            3.000                 730   Stated                                  Cash Out Refinance           Investor                   SFR
      2503218745                               5.7725             980.3   Yes              1YP                             49.99   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.180            3.000                 794   Stated                                  Purchase                     Second Home                Condominium
      2503218746                                6.153          1,012.43   Yes              3YP                             49.30   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.560            3.000                 668   Stated                                  Rate/Term Refinance          Owner Occupied             D-PUDS
      2503219035                                5.843            583.33   Yes              3YP                             50.41   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     5.740            11.990            3.000                 627   Full                                    Cash Out Refinance           Owner Occupied             SFR
      2503219105                                5.843          2,312.50   Yes              1YP                             45.59   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.250            3.000                 638   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503219136                                6.583          1,537.80   Yes              2YP                             38.32   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.990            3.000                 656   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503219467                                6.583          1,869.27   Yes              3YP                             37.65   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.990            3.000                 642   SISA                                    Cash Out Refinance           Owner Occupied             D-PUDS
      2503219561                                5.968          1,482.19   Yes              3YP                             13.04   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.375            3.000                 681   Full                                    Rate/Term Refinance          Investor                   Condominium
      2503219758                                6.343            677.81   Yes              2YP                             12.57   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.750            3.000                 680   Stated                                  Rate/Term Refinance          Owner Occupied             Condominium
      2503219991                               9.5925              1895   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120601                        20120701         62         3.000                   3.000                   1.000                     6.000            16.000            3.000                 710   Express Verified Assets                 Purchase                     Second Home                Condominium
      2503219998                                7.093          2,484.38   Yes              3YP                             44.95   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         2.750                   3.000                   1.000                     6.000            13.500            2.750                 682   Stated                                  Cash Out Refinance           Investor                   SFR
      2503220195                               6.9675           3662.92   Yes              1YP                             42.99   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.375            3.000                 704   Stated                                  Purchase                     Owner Occupied             3-FAMILY
      2503220202                               9.3725             904.7   No               NO                              49.08   5/6 LIBOR                                        LIBOR                          6                6                             20120601                        20120701         62         3.650                   3.000                   1.000                     6.000            16.600            3.650                 719   SISA                                    Purchase                     Investor                   Condominium
      2503220475                                5.718            832.43   Yes              3YP                             33.69   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.125            3.000                 763   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      2503220490                                5.843            978.99   Yes              1YP                              8.53   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.250            3.000                 667   Full                                    Rate/Term Refinance          Investor                   D-PUDS
      2503220495                                5.968          2,260.47   No               NO                              23.94   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.375            3.000                 754   Express Verified Assets                 Rate/Term Refinance          Investor                   SFR
      2503220534                                5.843            843.75   Yes              3YP                             54.13   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.250            3.000                 738   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503220545                                5.968            901.27   Yes              3YP                             54.13   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.375            3.000                 738   Stated                                  Rate/Term Refinance          Investor                   Condominium
      2503220773                                8.313          3,924.00   Yes              1YP                             49.92   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.720            3.000                 700   Stated                                  Cash Out Refinance           Owner Occupied             3-FAMILY
      2503220885                               9.6525           1776.75   No               NO                              36.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120601                        20120701         62         4.125                   3.000                   1.000                     6.000            17.500            4.125                 649   SISA                                    Purchase                     Investor                   PUD
      2503220903                                6.443          1,957.96   No               NO                              44.79   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            12.850            3.875                 671   SISA                                    Rate/Term Refinance          Owner Occupied             SFR
      2503221019                                7.843          1,598.44   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.250            3.000                 772   Express Verified Assets                 Rate/Term Refinance          Second Home                SFR
      2503221022                                5.703          2,140.37   No               NO                              40.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            12.750            3.875                 702   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503221039                                5.843          2,114.58   Yes              1YP                             45.20   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.250            3.000                 660   SISA                                    Rate/Term Refinance          Investor                   2-FAMILY
      2503221100                                6.092          3,367.49   Yes              3YP                             43.48   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.500                   3.000                   1.000                     6.000            12.890            3.500                 766   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503221230                                5.593          1,500.00   Yes              3YP                             36.95   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.000            3.000                 671   Stated                                  Rate/Term Refinance          Investor                   SFR
      2503221374                                6.583            932.00   Yes              3YP                             37.08   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.990            3.000                 676   Stated                                  Cash Out Refinance           Investor                   SFR
      2503221398                                7.583          2,150.64   Yes              3YP                             36.60   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            13.990            3.625                 754   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503221439                                6.943          1,612.19   Yes              1YP                             17.42   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.350            3.000                 660   Stated                                  Cash Out Refinance           Investor                   Condominium
      2503221440                                7.093          1,755.00   Yes              3YP                             46.25   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.500            3.000                 621   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503221519                                6.743            722.69   Yes              1YP                             18.51   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.150            3.000                 660   Stated                                  Cash Out Refinance           Investor                   SFR
      2503221582                                5.513          2,001.42   Yes              3YP                             52.74   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.500                   3.000                   1.000                     6.000            12.580            3.500                 713   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503221638                               7.4425            793.53   Yes              3YP                             36.07   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            13.850            3.875                 679   Stated                                  Purchase                     Owner Occupied             SFR
      2503221639                               9.3025           2982.64   Yes              2YP                             49.19   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            15.710            3.000                 637   Stated                                  Purchase                     Owner Occupied             HI-RISE
      2503221660                                6.143          4,107.40   Yes              2YP                             38.84   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.550            3.000                 756   Full                                    Rate/Term Refinance          Investor                   HI-RISE
      2503221734                                5.363          3,251.07   Yes              3YP                             34.19   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            12.590            3.875                 705   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503222011                                7.093          3,300.00   No               NO                              30.80   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         2.250                   3.000                   1.000                     6.000            13.500            2.250                 732   Stated                                  Cash Out Refinance           Investor                   4-FAMILY
      2503222019                                5.883          2,398.59   Yes              3YP                             38.66   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            12.290            3.875                 648   Full                                    Rate/Term Refinance          Owner Occupied             SFR
      2503222030                                6.583          2,054.37   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.990            3.000                 684   Express Non-Verified Assets             Cash Out Refinance           Second Home                SFR
      2503222113                                7.013          2,003.40   Yes              1YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.420            3.000                 629   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503222136                                5.968          2,291.02   Yes              3YP                             41.38   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140501                        20140601         85         3.875                   3.000                   1.000                     6.000            12.375            3.875                 724   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503222167                               6.1925            2389.2   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.500                   3.000                   1.000                     6.000            12.600            3.500                 707   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      2503222198                                6.218          2,484.38   No               NO                              42.05   7/6 LIBOR IO                              120    LIBOR                          6                6                             20140501                        20140601         85         3.875                   3.000                   1.000                     6.000            12.625            3.875                 786   Stated                                  Cash Out Refinance           Owner Occupied             2-FAMILY
      2503222214                                6.643          1,997.50   Yes              1YP                             48.83   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.050            3.000                 620   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503222225                               8.4425              3245   Yes              2YP                             44.93   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.850            3.000                 701   Stated                                  Purchase                     Owner Occupied             SFR
      2503222244                               9.0475            2570.9   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.750                   3.000                   1.000                     6.000            16.375            3.750                 690   Express Non-Verified Assets             Purchase                     Investor                   SFR
      2503222247                                6.093          2,517.46   Yes              3YP                             39.13   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.500            3.000                 670   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503222346                                7.343          1,326.17   Yes              1YP                             47.92   5/6 LIBOR 40/30 BAL                              LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.750            3.000                 648   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503222413                               8.4625           1089.63   Yes              3YP                             40.00   7/6 LIBOR                                        LIBOR                          6                6                             20140501                        20140601         85         4.125                   3.000                   1.000                     6.000            15.990            4.125                 688   Stated                                  Purchase                     Owner Occupied             SFR
      2503222431                                6.043            720.25   Yes              1YP                             47.60   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.450            3.000                 698   Full                                    Rate/Term Refinance          Owner Occupied             Condominium
      2503222514                                6.343          1,777.50   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.750            3.000                 650   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503222544                               6.7175              2850   Yes              3YP                             43.50   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.125            3.000                 751   Stated                                  Purchase                     Owner Occupied             2-FAMILY
      2503222561                                7.953          3,044.95   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         4.000                   3.000                   1.000                     6.000            15.050            4.000                 683   Express Verified Assets                 Rate/Term Refinance          Investor                   SFR
      2503222626                                8.873          3,334.70   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120601                        20120701         62         3.625                   3.000                   1.000                     6.000            16.150            3.625                 724   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503222675                               6.2025           2728.13   Yes              3YP                             49.26   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            13.500            3.875                 668   Stated                                  Purchase                     Owner Occupied             SFR
      2503222708                                7.583          1,731.17   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            13.990            3.875                 665   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503222752                               7.6175            2806.7   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120601                        20120701         62         3.000                   3.000                   1.000                     6.000            14.025            3.000                 665   Express Non-Verified Assets             Purchase                     Owner Occupied             SFR
      2503222764                                7.843          3,217.50   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120601                        20120701         62         3.000                   3.000                   1.000                     6.000            14.250            3.000                 701   Express Verified Assets                 Cash Out Refinance           Investor                   2-FAMILY
      2503222786                                6.093          3,358.33   Yes              3YP                             33.85   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            12.500            3.875                 777   Stated                                  Rate/Term Refinance          Owner Occupied             2-FAMILY
      2503222813                                6.293          2,596.25   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.700            3.000                 678   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503222819                               9.5125           1975.59   No               NO                              32.98   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.750                   3.000                   1.000                     6.000            16.840            3.750                 696   Stated                                  Purchase                     Investor                   SFR
      2503222841                               6.7575           1571.36   Yes              3YP                             31.88   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         4.125                   3.000                   1.000                     6.000            14.375            4.125                 690   Stated                                  Purchase                     Owner Occupied             Condominium
      2503222932                                5.718            571.67   Yes              1YP                             29.02   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.125            3.000                 741   Full                                    Rate/Term Refinance          Investor                   SFR
      2503222949                                5.843          1,187.50   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            12.250            3.875                 678   Express Verified Assets                 Rate/Term Refinance          Investor                   SFR
      2503222982                               9.6525            3807.2   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         4.000                   3.000                   1.000                     6.000            16.750            4.000                 727   Express Non-Verified Assets             Purchase                     Investor                   D-PUDS
      2503222996                               9.6525           3738.59   Yes              3YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         4.000                   3.000                   1.000                     6.000            16.750            4.000                 732   Express Non-Verified Assets             Purchase                     Investor                   SFR
      2503223013                                5.898          2,233.02   Yes              3YP                             34.13   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.305            3.000                 710   Stated                                  Cash Out Refinance           Investor                   SFR
      2503223027                               7.6325            1447.2   Yes              3YP                             40.89   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         2.250                   3.000                   1.000                     6.000            14.040            2.250                 813   Stated                                  Purchase                     Owner Occupied             D-PUDS
      2503223104                               9.4525            970.05   Yes              1YP                             44.79   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            16.800            3.875                 666   Stated                                  Purchase                     Investor                   SFR
      2503223117                               9.1925           2480.87   No               NO                              40.53   5/6 LIBOR                                        LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            15.600            3.625                 699   Full                                    Purchase                     Owner Occupied             3-FAMILY
      2503223127                                7.193          1,225.75   Yes              2YP                             43.98   5/6 LIBOR                                        LIBOR                          6                6                             20120601                        20120701         62         3.875                   3.000                   1.000                     6.000            13.600            3.875                 757   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503223128                                6.793          2,160.00   No               NO                              42.52   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.200            3.000                 661   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503223197                                5.718          2,439.03   Yes              1YP                             44.65   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.500                   3.000                   1.000                     6.000            12.125            3.500                 717   Full                                    Rate/Term Refinance          Owner Occupied             D-PUDS
      2503223270                                6.218          2,164.17   Yes              3YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.625            3.000                 705   Express Non-Verified Assets             Rate/Term Refinance          Owner Occupied             SFR
      2503223290                                6.693          4,437.50   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.100            3.000                 715   Express Verified Assets                 Cash Out Refinance           Investor                   SFR
      2503223402                                6.702          1,454.10   Yes              3YP                             39.47   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         4.000                   3.000                   1.000                     6.000            14.450            4.000                 643   Stated                                  Cash Out Refinance           Owner Occupied             D-PUDS
      2503223422                               7.2225           3024.76   Yes              1YP                              0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120601                        20120701         62         4.250                   3.000                   1.000                     6.000            14.990            4.250                 666   Express Non-Verified Assets             Purchase                     Owner Occupied             SFR
      2503223427                                6.403          3,696.00   Yes              1YP                             49.92   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.875                   3.000                   1.000                     6.000            13.700            3.875                 668   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503223465                                6.343          2,137.50   No               NO                              26.11   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.750            3.000                 723   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503223532                               7.9325           2774.44   Yes              2YP                             29.15   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            14.340            3.000                 785   SISA                                    Purchase                     Owner Occupied             SFR
      2503223553                                6.118          1,914.00   Yes              3YP                             49.98   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.525            3.000                 705   Full                                    Cash Out Refinance           Owner Occupied             D-PUDS
      2503223558                               7.7225           1549.48   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.500                   3.000                   1.000                     6.000            14.750            3.500                 718   Express Verified Assets                 Purchase                     Investor                   Condominium
      2503223569                                6.693          1,609.33   Yes              1YP                             38.76   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            13.100            3.000                 668   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503223587                                6.343          2,345.63   No               NO                              37.30   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.750            3.000                 639   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503223720                               7.0925              3235   Yes              3YP                             40.22   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120601                        20120701         62         3.000                   3.000                   1.000                     6.000            13.500            3.000                 633   Express Verified Assets                 Purchase                     Investor                   2-FAMILY
      2503223847                                7.153          2,597.66   No               NO                               0.00   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120601                        20120701         62         3.875                   3.000                   1.000                     6.000            14.750            3.875                 736   Express Verified Assets                 Cash Out Refinance           Owner Occupied             SFR
      2503223850                               6.9725           1302.44   Yes              3YP                             18.80   7/6 LIBOR                                        LIBOR                          6                6                             20140601                        20140701         86         4.125                   3.000                   1.000                     6.000            14.570            4.125                 653   Stated                                  Purchase                     Investor                   SFR
      2503223876                                8.843          2,972.03   Yes              3YP                             46.59   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.625                   3.000                   1.000                     6.000            15.990            3.625                 687   Stated                                  Cash Out Refinance           Investor                   SFR
      2503223890                               6.2175           2583.75   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120501                        20120601         61         3.000                   3.000                   1.000                     6.000            12.625            3.000                 802   Express No Doc                          Purchase                     Owner Occupied             Condominium
      2503223894                               8.8225           1532.42   Yes              1YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120601                        20120701         62         3.600                   3.000                   1.000                     6.000            15.850            3.600                 789   Express Non-Verified Assets             Purchase                     Investor                   SFR
      2503223973                               7.4675            861.38   Yes              3YP                             13.44   5/6 LIBOR                                        LIBOR                          6                6                             20120601                        20120701         62         3.650                   3.000                   1.000                     6.000            13.875            3.650                 710   Stated                                  Purchase                     Investor                   Condominium
      2503224073                                9.153          2,190.94   No               NO                              26.03   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120601                        20120701         62         3.500                   3.000                   1.000                     6.000            16.250            3.500                 721   Stated                                  Cash Out Refinance           Investor                   SFR
      2503224074                               8.8525           3708.73   Yes              3YP                             30.43   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120601                        20120701         62         4.000                   3.000                   1.000                     6.000            16.500            4.000                 676   Stated                                  Purchase                     Investor                   HI-RISE
      2503224208                                5.933          3,187.50   Yes              3YP                             48.04   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120601                        20120701         62         4.500                   3.000                   1.000                     6.000            13.500            4.500                 688   Stated                                  Rate/Term Refinance          Owner Occupied             SFR
      2503224250                                7.503          1,680.48   No               NO                              31.92   5/6 LIBOR                                        LIBOR                          6                6                             20120601                        20120701         62         4.200                   3.000                   1.000                     6.000            15.100            4.200                 650   SISA                                    Cash Out Refinance           Owner Occupied             SFR
      2503224264                                6.933          2,691.67   Yes              3YP                             36.19   5/6 LIBOR IO                              120    LIBOR                          6                6                             20120601                        20120701         62         4.050                   3.000                   1.000                     6.000            14.500            4.050                 687   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503224346                                6.618          1,848.93   Yes              3YP                             32.71   5/6 LIBOR                                        LIBOR                          6                6                             20120601                        20120701         62         3.875                   3.000                   1.000                     6.000            13.875            3.875                 626   Stated                                  Cash Out Refinance           Owner Occupied             SFR
      2503224451                               6.0825           2294.98   No               NO                               0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120601                        20120701         62         3.850                   3.000                   1.000                     6.000            13.570            3.850                 703   Express Verified Assets                 Purchase                     Owner Occupied             SFR
      2503224503                                7.508          1,055.33   Yes              3YP                              0.00   5/6 LIBOR IO                               60    LIBOR                          6                6                             20120601                        20120701         62         3.000                   3.000                   1.000                     6.000            13.915            3.000                 729   Express Non-Verified Assets             Rate/Term Refinance          Investor                   SFR
      2503224705                               8.5125           3137.88   Yes              1YP                              0.00   5/6 LIBOR                                        LIBOR                          6                6                             20120601                        20120701         62         3.650                   3.000                   1.000                     6.000            15.690            3.650                 711   Express Non-Verified Assets             Purchase                     Investor                   D-PUDS

      

      

      
        
          
          

        

        
          H-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      SPONSOR
        REPRESENTATIONS AND WARRANTIES

       

      Sponsor’s
        Representations Assigned by Company to Trustee

       

      Representations
        and Warranties. Pursuant to the Mortgage Loan Purchase Agreement, the Sponsor
        has made certain representations and warranties to the Company and the
        Certificate Insurer. The Sponsor shall confirm such representations and
        warranties and shall deliver a Sponsor’s Warranty Certificate and an Officer’s
        Certificate on the Closing Date and the Subsequent Transfer Date (i) reaffirming
        such representations and warranties and (ii) specifically restating and
        reaffirming the following representations and warranties as of such date.
        The
        following representations are, pursuant to the Pooling and Servicing Agreement,
        assigned by the Company to the Trustee for the benefit of the Certificate
        holders and the Certificate Insurer, together with the related repurchase
        rights
        specified in the Mortgage Loan Purchase Agreement. Pursuant to the Mortgage
        Loan
        Purchase Agreement, the Sponsor’s Warranty Certificate and related Officer’s
        Certificate, the Sponsor affirms each such representation and warranty and
        agrees, consents to and acknowledges the assignment thereof to the Trustee.
        All
        capitalized terms herein shall have the meanings assigned in the Pooling
        and
        Servicing Agreement and the Sponsor’s Warranty Certificate, as
        applicable.

       

      The
        Sponsor hereby represents and warrants to the Company, Certificate
        Insurer and Trustee, as to each Mortgage Loan, that as of the Closing Date,
        Subsequent Transfer Date or as of such other date specifically provided
        herein:

       

      (i)
        as of
        the Cut-off date or the Subsequent Cut-off Date, the information set forth
        in the Mortgage Loan Schedule hereto is true and correct in all material
        respects;

       

      (ii)
        as
        of the Cut-off date or the Subsequent Cut-off Date, the Mortgage Loans,
        individually and in the aggregate, conform in all material respects to the
        descriptions thereof in the Prospectus Supplement;

       

      (iii)
        the
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments, (i) if
        required by law in the jurisdiction where the Mortgaged Property is located,
        or
        (ii) to protect the interests of the Trustee on behalf of the
        Certificateholders;

       

      (iv)
        the
        Mortgage File for each Mortgage Loan contains a true and complete copy of
        each
        of the documents contained in such Mortgage File, including all amendments,
        modifications and, if applicable, waivers and assumptions that have been
        executed in connection with such Mortgage Loan;

       

      (v)
        immediately prior to the transfer to the Purchaser, the Seller was the sole
        owner of beneficial title and holder of each Mortgage and Mortgage Note relating
        to the Mortgage Loans and is conveying the same free and clear of any and
        all
        liens, claims, encumbrances, participation interests, equities, pledges,
        charges
        or security interests of any nature and the Seller has full right and authority
        to sell or assign the same pursuant to this Agreement;

       

      (vi)
        each
        Mortgage is a valid and enforceable first lien on the property securing the
        related Mortgage Note and each Mortgaged Property is owned by the Mortgagor
        in
        fee simple (except with respect to common areas in the case of condominiums,
        PUDs and de minimis PUDs) or by leasehold for a term longer than the term
        of the
        related Mortgage by at least five years, subject only to (i) the lien of
        current
        real property taxes and assessments, (ii) covenants, conditions and
        restrictions, rights of way, easements and other matters of public record
        as of
        the date of recording of such Mortgage, such exceptions being acceptable
        to
        mortgage lending institutions generally or specifically reflected in the
        appraisal obtained in connection with the origination of the related Mortgage
        Loan or referred to in the lender’s title insurance policy delivered to the
        originator of the related Mortgage Loan and (iii) other matters to which
        like
        properties are commonly subject which do not materially interfere with the
        benefits of the security intended to be provided by such Mortgage;

       

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

      

       

      (vii)
        as
        of the Cut-off date or the Subsequent Cut-off Date, no payment of principal
        of or interest on or in respect of any Mortgage Loan is 30 or more days
        Delinquent;

       

      (viii)
        there is no mechanics’ lien or claim for work, labor or material affecting the
        premises subject to any Mortgage which is or may be a lien prior to, or equal
        with, the lien of such Mortgage except those which are insured against by
        the
        title insurance policy referred to in (xiii) below;

       

      (ix)
        as
        of the Cut off Date or the Subsequent Cut-off Date, (i) no Mortgage Loan
        had been 30 days or more Delinquent more than once during the preceding 12
        months, (ii) no Mortgage Loan had been Delinquent for 60 days or more during
        the
        preceding 12 months and (iii) to the Seller’s knowledge, there was no delinquent
        tax or assessment lien against the property subject to any Mortgage, except
        where such lien was being contested in good faith and a stay had been granted
        against levying on the property];

       

      (x)
        there
        is no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
        including the obligation of the Mortgagor to pay the unpaid principal and
        interest on such Mortgage Note;

       

      (xi)
        to
        the Seller’s knowledge, except to the extent insurance is in place which will
        over such damage, the physical property subject to any Mortgage is free of
        material damage and is in good repair and there is no proceeding pending
        or
        threatened for the total or partial condemnation of any Mortgaged
        Property;

       

      (xii)
        each Mortgage Loan complies in all material respects with applicable local,
        state and federal laws, including, without limitation, usury, equal credit
        opportunity, real estate settlement procedures, the Federal Truth In Lending
        Act
        and disclosure laws, including, but not limited to, any applicable predatory
        lending laws. The consummation of the transactions contemplated hereby,
        including without limitation, the receipt of interest by the owner of such
        Mortgage Loan or the holders of Certificates secured thereby, will not involve
        the violation of any such laws. Each Mortgage Loan is being serviced in all
        material respects in accordance with applicable local, state and federal
        laws,
        including, without limitation, the Federal Truth In Lending Act and other
        consumer protection laws, real estate settlement procedures, usury, equal
        credit
        opportunity and disclosure laws;

       

      
        
          
          

        

        
          I-2

          
            

          

        

        
          
          

        

      

      

       

      (xiii)
        a
        lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other
        assurance of title customary in the relevant jurisdiction therefor in a form
        acceptable to Fannie Mae or Freddie Mac, was issued on the date that each
        Mortgage Loan was created by a title insurance company which, to the best
        of
        Seller’s knowledge, was qualified to do business in the jurisdiction where the
        related Mortgaged Property is located, insuring the Seller and its successors
        and assigns that the Mortgage is a first priority lien on the related Mortgaged
        Property in the original principal amount of the Mortgage Loan. Seller is
        the
        sole insured under such lender’s title insurance policy, and such policy, binder
        or assurance is valid and remains in full force and effect, and each such
        policy, binder or assurance shall contain all applicable endorsements including
        a negative amortization endorsement, if applicable. With respect to no more
        than
        10% of the Mortgage Loans, a copy of the original title insurance policy
        is
        included in the mortgage file;

       

      (xiv)
        in
        the event the Mortgage constitutes a deed of trust, either a trustee, duly
        qualified under applicable law to serve as such, has been properly designated
        and currently so serves and is named in the Mortgage or if no duly qualified
        trustee has been properly designated and so serves, the Mortgage contains
        satisfactory provisions for the appointment of such trustee by the holder
        of the
        Mortgage at no cost or expense to such holder, and no fees or expenses are
        or
        will become payable by Purchaser to the trustee under the deed of trust,
        except
        in connection with a trustee’s sale after default by the mortgagor;

       

      (xv)
        at
        the time of origination, each Mortgaged Property was the subject of an appraisal
        which conforms to the Seller’s underwriting requirements, and a complete copy of
        such appraisal is contained in the Mortgage File;

       

      (xvi)
        neither the Seller nor any servicer of the related Mortgage Loans has advanced
        funds or knowingly received any advance of funds by a party other than the
        Mortgagor, directly or indirectly, for the payment of any amount required
        by the
        Mortgage, except for (i) interest accruing from the date of the related Mortgage
        Note or date of disbursement of the Mortgage Loan proceeds, whichever is
        later,
        to the date which precedes by 30 days the first Due Date under the related
        Mortgage Note, and (ii) customary advances for insurance and taxes;

       

      (xvii)
        each Mortgage Note, the related Mortgage and other agreements executed in
        connection therewith are genuine, and each is the legal, valid and binding
        obligation of the maker thereof, enforceable in accordance with its terms
        except
        as such enforcement may be limited by bankruptcy, insolvency, reorganization
        or
        other similar laws affecting the enforcement of creditor’s rights generally and
        by general equity principles (regardless of whether such enforcement is
        considered in a proceeding in equity or at law); and, to the best of Seller’s
        knowledge, all parties to each Mortgage Note and the Mortgage had legal capacity
        to execute the Mortgage Note and the Mortgage and each Mortgage Note and
        Mortgage has been duly and properly executed by the Mortgagor;

       

      (xviii)
        to the extent required under applicable law, each conduit seller and subsequent
        mortgagee or servicer of the Mortgage Loans was authorized to transact and
        do
        business in the jurisdiction in which the related Mortgaged Property is located
        at all times when it held or serviced the Mortgage Loan; and any obligations
        of
        the holder of the related Mortgage Note, Mortgage and other loan documents
        have
        been complied with in all material respects; servicing of each Mortgage Loan
        has
        been in accordance with the servicing standard set forth in Section 3.01
        of the
        Pooling and Servicing Agreement and the terms of the Mortgage Notes, the
        Mortgage and other loan documents, whether the creation of such Mortgage
        Loan
        and servicing was done by the Seller, its affiliates, or any third party
        which
        created the Mortgage Loan on behalf of, or sold the Mortgage Loan to, any
        of
        them, or any servicing agent of any of the foregoing;

       

      
        
          
          

        

        
          I-3

          
            

          

        

        
          
          

        

      

      

       

      (xix)
        the
        related Mortgage Note and Mortgage contain customary and enforceable provisions
        such as to render the rights and remedies of the holder adequate for the
        realization against the Mortgaged Property of the benefits of the security,
        including realization by judicial, or, if applicable, non judicial foreclosure,
        and, to the Seller’s knowledge, there is no homestead or other exemption
        available to the Mortgagor which would interfere with such right to
        foreclosure;

       

      (xx)
        except with respect to holdbacks required by certain Mortgage Loans which
        holdbacks create a fund for (i) the repair of Mortgaged Property due to damage
        from adverse weather conditions, or (ii) the completion of new construction,
        or
        both, the proceeds of the Mortgage Loans have been fully disbursed, there
        is no
        requirement for future advances thereunder and any and all requirements as
        to
        completion of any on site or off site improvements and as to disbursements
        of
        any escrow funds therefor have been complied with; and all costs, fees and
        expenses incurred in making, closing or recording the Mortgage Loan have
        been
        paid, except recording fees with respect to Mortgages not recorded as of
        the
        Closing Date;

       

      (xxi)
        as
        of the Closing Date or the Subsequent Transfer Date, the improvements on
        each
        Mortgaged Property securing a Mortgage Loan is insured (by an insurer which
        is
        acceptable to the Seller) against loss by fire and such hazards as are covered
        under a standard extended coverage endorsement in the locale in which the
        Mortgaged Property is located, in an amount which is not less than the lesser
        of
        the maximum insurable value of the improvements securing such Mortgage Loan
        or
        the outstanding principal balance of the Mortgage Loan, but in no event in
        an
        amount less than an amount that is required to prevent the Mortgagor from
        being
        deemed to be a co insurer thereunder; if the improvement on the Mortgaged
        Property is a condominium unit, it is included under the coverage afforded
        by a
        blanket policy for the condominium project; if upon origination of the related
        Mortgage Loan, the improvements on the Mortgaged Property were in an area
        identified as a federally designated flood area, a flood insurance policy
        is in
        effect in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the restorable cost
        of
        improvements located on such Mortgaged Property or (iii) the maximum coverage
        available under federal law; and each Mortgage obligates the Mortgagor
        thereunder to maintain the insurance referred to above at the Mortgagor’s cost
        and expense;

       

      (xxii)
        there is no monetary default existing under any Mortgage or the related Mortgage
        Note and there is no material event which, with the passage of time or with
        notice and the expiration of any grace or cure period, would constitute a
        default, breach or event of acceleration; and neither the Seller, any of
        its
        affiliates nor any servicer of any related Mortgage Loan has taken any action
        to
        waive any default, breach or event of acceleration; no foreclosure action
        is
        threatened or has been commenced with respect to the Mortgage Loan;

       

      
        
          
          

        

        
          I-4

          
            

          

        

        
          
          

        

      

      

       

      (xxiii)
        to the Seller’s knowledge, no Mortgagor, at the time of origination of the
        applicable Mortgage, was a debtor in any state or federal bankruptcy or
        insolvency proceeding;

       

      (xxiv)
        [Reserved];

       

      (xxv)
         all
        inspections, licenses and certificates required to be made or issued with
        respect to all occupied portions of the Mortgaged Property and, with respect
        to
        the use and occupancy of the same, including, but not limited to, certificates
        of occupancy and fire underwriting certificates, have been made or obtained
        from
        the appropriate authorities;

       

      (xxvi)
        to
        the Seller’s knowledge, the Mortgaged Property and all improvements thereon
        comply with all requirements of any applicable zoning and subdivision laws
        and
        ordinances;

       

      (xxvii)
        no instrument of release or waiver has been executed in connection with the
        Mortgage Loans, and no Mortgagor has been released, in whole or in part,
        except
        in connection with an assumption agreement which has been approved by the
        primary mortgage guaranty insurer, if any, and which has been delivered to
        the
        Trustee;

       

      (xxviii)
        [Reserved];

       

      (xxix)
        no
        Mortgage Loan was originated based on an appraisal of the related Mortgaged
        Property made prior to completion of construction of the improvements thereon
        unless a certificate of completion was obtained prior to closing of the Mortgage
        Loan;

       

      (xxx)
        each of the Mortgaged Properties consists of a single parcel of real property
        with a detached single family residence erected thereon, or a two to four
        family
        dwelling, or an individual condominium unit in a condominium project or a
        townhouse, a condohotel, an individual unit in a PUD or an individual unit
        in a
        de minimis PUD;

       

      (xxxi)
        no
        Mortgaged Property consists of a single parcel of real property with a
        cooperative housing development erected thereon. Any condominium unit, PUD
        or de
        minimis PUD conforms with Progressive Loan Series Program requirements regarding
        such dwellings or is covered by a waiver confirming that such condominium
        unit,
        PUD or de minimis PUD is acceptable to the Seller;

       

      (xxxii)
        each Mortgage Loan constitutes a “qualified mortgage” under Section
        860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G
        2(a)(1);

       

      (xxxiii)
        with respect to each Mortgage Loan directly originated by the Seller (and
        not
        through a third party broker or other third party) as of the Closing Date,
        to
        the best of Seller’s knowledge, there has been no fraud, misrepresentation or
        dishonesty with respect to the origination of any Mortgage Loan;

       

      (xxxiv)
        no selection procedure reasonably believed by the Seller to be adverse to
        the
        interests of the Certificateholders or the Certificate Insurer was utilized
        in
        selecting the Mortgage Loans;

       

      
        
          
          

        

        
          I-5

          
            

          

        

        
          
          

        

      

      

       

      (xxxv)
        no
        Mortgage Loan is subject to the Home Ownership and Equity Protection Act
        of 1994
        or any comparable state law;

       

      (xxxvi)
        no proceeds from any Mortgage Loan were used to finance single premium credit
        insurance policies;

       

      (xxxvii)
        no Mortgage Loan provides for payment of a Prepayment Charge on Principal
        Prepayments made more than five years from the date of the first contractual
        Due
        Date of the related Mortgage Loan; 

       

      (xxxviii)
        none of the Mortgage Loans is a “high cost home loan” as defined in the Georgia
        Fair Lending Act, as amended (the “Georgia Act”), the New York Predatory Lending
        Law, codified as N.Y. Banking Law §6 I, N.Y. Gen. Bus. Law §771 a, and N.Y. Real
        Prop. Acts Law §1302 (together, the “New York Act”), the Arkansas Home Loan
        Protection Act, as amended (the “Arkansas Act”), or Kentucky Revised Statutes
§360.100, as amended (the “Kentucky Act”); and all the Mortgage Loans that are
        subject to the Georgia Act, the New York Act, the Arkansas Act and the Kentucky
        Act comply with the requirements of each such act. Each Mortgage Loan for
        which
        the related Mortgaged Property is located in the State of Georgia was originated
        prior to October 1, 2002, or on or after March 7, 2003;

       

      (xxxix)
        no mortgage loan in the trust is a “high cost home,” “covered” (excluding home
        loans defined as “covered home loans” in the New Jersey Home Ownership Security
        Act of 2002 that were originated between November 26, 2003 and July 7, 2004),
        “high risk home” or “predatory” loan under any other applicable state, federal
        or local law (or a similarly classified loan using different terminology
        under a
        law imposing heightened regulatory scrutiny or additional legal liability
        for
        residential mortgage loans having high interest rates, points and/or
        fees);

       

      (xl)
        no
        subprime mortgage loan originated on or after October 1, 2002 underlying
        the
        Security will impose a prepayment premium for a term in excess of three years.
        Any loans originated prior to such date, and any non subprime loans, will
        not
        impose prepayment penalties in excess of five years;

       

      (xli)
        the
        servicer for each mortgage loan underlying the Security has fully furnished
        and
        will fully furnish, in accordance with the Fair Credit Reporting Act and
        its
        implementing regulations, accurate and complete information (i.e., favorable
        and
        unfavorable) on its borrower credit files to Equifax, Experian, and Trans
        Union
        Credit Information Company (three of the credit repositories), on a monthly
        basis;

       

      (xlii)
        with respect to any mortgage loan originated on or after August 1, 2004 and
        underlying the Security, neither the related mortgage nor the related mortgage
        note requires the borrower to submit to arbitration to resolve any dispute
        arising out of or relating in any way to the mortgage loan
        transaction;

       

      (xliii)
        no mortgage loan is a High Cost Loan or Covered Loan, as applicable (as such
        terms are defined in the then current Standard & Poor’s LEVELS® Glossary
        which is now Version 5.7 Revised, Appendix E, attached as Exhibit 3 hereto)
        and
        no mortgage loan originated on or after October 1, 2002 through March 6,
        2003 is
        secured by property located in the State of Georgia;

       

      
        
          
          

        

        
          I-6

          
            

          

        

        
          
          

        

      

      

       

      (xliv)
        information provided to the rating agencies, including the loan level detail,
        is
        true and correct according to the rating agency requirements;

       

      (xlv)
        the
        prepayment penalties included in the transaction are enforceable and were
        originated in compliance with all applicable federal, state and local laws;
        

       

      (xlvi)
        the schedule of Prepayment Charges is true and correct;

       

      (xlvii)
        the information set forth in the prepayment penalty schedule (including the
        prepayment penalty summary attached thereto) is complete, true and correct
        in
        all material respects on the date or dates when such information is furnished
        and each prepayment penalty is permissible and enforceable in accordance
        with
        its terms (except to the extent that the enforceability thereof may be limited
        by bankruptcy, insolvency, moratorium, receivership and other similar laws
        affecting creditor's rights generally or the collectability thereof may be
        limited due to acceleration in connection with a foreclosure) under applicable
        federal, state and local law; and

       

      (xlix)
        the Servicer will not waive any part of any prepayment penalty unless the
        waiver
        relates to a default or a reasonably foreseeable default, the prepayment
        penalty
        would cause an undue hardship to the related borrower, the Mortgaged Property
        is
        sold by the Mortgagor, the collection of any prepayment penalty would violate
        any relevant law or regulation or the waiving of the prepayment penalty would
        otherwise benefit the Trust Fund and it is expected that the waiver would
        maximize recovery of total proceeds taking into account the value of the
        prepayment penalty and related Mortgage Loan and doing so is standard and
        customary in servicing similar Mortgage Loans (including any waiver of a
        prepayment penalty in connection with a refinancing of a Mortgage Loan that
        is
        related to a default or a reasonably foreseeable default). The Servicer will
        not
        waive a prepayment penalty in connection with a refinancing of a Mortgage
        Loan
        that is not related to a default or a reasonably foreseeable
        default.

       

      

      
        
          
          

        

        
          I-7

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

       

      FORM
        FOR
        INFORMATION UNDER SECTION 3.24

       

      April
        30,
        2007                    

       

      Deutsche
        Bank National Trust Company

      1761
        East
        St. Andrew Place

      Santa
        Ana, California 92705-4934

       

      
        	 	
                Re:

              	
                Impac
                  Secured Assets Corp.

              

      

      Mortgage
        Pass-Through Certificates, Series 2007-3

      

      Pursuant
        to Section 3.24 of the Pooling and Servicing Agreement, dated as of April
        1,
        2007 (the “Pooling and Servicing Agreement”), among Impac Funding Corporation,
        as master servicer, Impac Secured Assets Corp., as depositor (the “Depositor”),
        and Deutsche Bank National Trust Company, as trustee, relating to the
        Certificates referenced above, the undersigned does hereby notify you
        that:

       

      (a) The
        prepayment assumption used in pricing the Certificates with respect to the
        Mortgage Loans in Series 2007-3 consisted of a Prepayment Assumption (the
        “Prepayment Assumption”) of ____% per annum.

       

      (b) With
        respect to each Class of Certificates comprising the captioned series, set
        forth
        below is (i) the first price, as a percentage of the Certificate Principal
        Balance or Notional Amount of each Class of Certificates, at which 10% of
        the
        aggregate Certificate Principal Balance or Notional Amount of each such Class
        of
        Certificates was first sold at a single price, if applicable, or (ii) if
        more
        than 10% of a Class of Certificates have been sold but no single price is
        paid
        for at least 10% of the aggregate Certificate Principal Balance or Notional
        Amount of such Class of Certificates, then the weighted average price at
        which
        the Certificates of such Class were sold expressed as a percentage of the
        Certificate Principal Balance or Notional Amount of such Class of Certificates,
        or (iii) if less than 10% of the aggregate Certificate Principal Balance
        or
        Notional Amount of a Class of Certificates has been sold, the purchase price
        for
        each such Class of Certificates paid by [_____________] (the “Underwriter”),
        expressed as a percentage of the Certificate Principal Balance or Notional
        Amount of such Class of Certificates calculated by: (1) estimating the fair
        market value of each such Class of Certificates as of April 30, 2007; (2)
        adding
        such estimated fair market value to the aggregate purchase prices of each
        Class
        of Certificates described in clause (i) or (ii) above; (3) dividing each
        of the
        fair market values determined in clause (1) by the sum obtained in clause
        (2);
        (4) multiplying the quotient obtained for each Class of Certificates in clause
        (3) by the purchase price paid by the Underwriters for all the Certificates
        purchased by it; and (5) for each Class of Certificates, dividing the product
        obtained from such Class of Certificates in clause (4) by the initial
        Certificate Principal Balance or Notional Amount of such Class of Certificates
        or (iv) the fair market value (but not less than zero) as of the Closing
        Date of
        each Certificate of each Class of Certificates retained by the Company or
        an
        affiliate corporation, or delivered to the seller:

       

      
        
          
          

        

        
          J-1

          
            

          

        

        
          
          

        

      

      

       

      Series
        2007-3

       

      
        	 	
                Class
                  A1-A:

              	
                ____%

              

      

       

      
        	 	
                Class
                  A1-B:

              	
                ____%

              

      

       

      
        	 	
                Class
                  A1-C

              	
                ____%

              

      

       

      
        	 	
                Class
                  A-M:

              	
                ____%

              

      

       

      
        	 	
                Class
                  M-1:

              	
                ____%

              

      

       

      
        	 	
                Class
                  M-2:

              	
                ____%

              

      

       

      
        	 	
                Class
                  M-3:

              	
                ____%

              

      

       

      
        	 	
                Class
                  M-4:

              	
                ____%

              

      

       

      
        	 	
                Class
                  M-5:

              	
                ____%

              

      

       

      
        	 	
                Class
                  M-6:

              	
                ____%

              

      

       

      
        	 	
                Class
                  M-7:

              	
                ____%

              

      

       

      
        	 	
                Class
                  M-8:

              	
                ____%

              

      

       

      
        	 	
                Class
                  B:

              	
                ____%

              

      

       

      
        	 	
                Class
                  C:

              	
                ____%

              

      

       

      
        	 	
                Class
                  P:

              	
                ____%

              

      

       

      
        	 	
                Class
                  R:

              	
                ____%

              

      

       

      Capitalized
        terms not defined herein have the meanings assigned to them in the Pooling
        and
        Servicing Agreement.

       

      

      
        
          
          

        

        
          J-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      IMPAC
        SERVICING GUIDE

       

      (Provided
        Upon Request)

       

      

      
        
          
          

        

        
          K-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L-1

       

      FORM
        10-K
        CERTIFICATION

       

      
        	 	
                RE:

              	
                Impac
                  Secured Assets Corp.,

              

      

      Mortgage
        Pass-Through Certificates, Series 2007-3

       

      I,
        [identify the certifying individual], certify that:

      

      1.
        I have
        reviewed this report on Form 10-K and all reports on Form 10-D required to
        be
        filed in respect of the period covered by this report on Form 10-K of [identify
        the issuing entity] (the “Exchange Act periodic reports”); 

      

      2.
        Based
        on my knowledge, the Exchange Act periodic reports, taken as a whole, do
        not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report; 

      

      3.
        Based
        on my knowledge, all of the distribution, servicing and other information
        required to be provided under Form 10-D for the period covered by this report
        is
        included in the Exchange Act periodic reports;

      

      4.
        [I am
        responsible for reviewing the activities performed by the servicer(s) and
        based
        on my knowledge and the compliance review(s) conducted in preparing the servicer
        compliance statement(s) required in this report under Item 1123 of Regulation
        AB, and except as disclosed in the Exchange Act periodic reports, the
        servicer(s) [has/have] fulfilled [its/their] obligations under the servicing
        agreement(s); and] [Based on my knowledge and the servicer compliance
        statement(s) required in this report under Item 1123 of Regulation AB, and
        except as disclosed in the Exchange Act periodic reports, the servicer(s)
        [has/have] fulfilled [its/their] obligations under the servicing agreement(s);
        and]

      

      5.
        All of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K. 

      

      [In
        giving the certifications above, I have reasonably relied on information
        provided to me by the following unaffiliated parties [name of servicer,
        sub-servicer, co-servicer, depositor or trustee].]

      

      Date:

      _______________________

      [Signature]

      [Title]

      

      

      
        
          
          

        

        
          L-1-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L-2

       

      FORM
        10-K
        BACK-UP CERTIFICATION (MASTER SERVICER)

       

       

      
        	 	
                Re:

              	
                Impac
                  Secured Assets Corp.,

              

      

      Mortgage
        Pass-Through Certificates, Series 2007-3

       

      I,
        [Identify the certifying individual], a [______________] of Impac Funding
        Corporation, as Master Servicer, hereby certify to Impac Secured Assets Corp.
        and its officers, directors and affiliates, and with the knowledge and intent
        that they will rely upon this certification, that:

       

      1. Based
        on
        my knowledge, the distribution information required to be provided by the
        Trustee under the Agreement is included in these distribution
        reports.

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Pooling and Servicing Agreement, dated April 1, 2007 (the “Agreement”), among
        Impac Secured Assets Corp., as Depositor, Impac Funding Corporation, as Master
        Servicer and Deutsche Bank National Trust Company, as Trustee.

       

      IMPAC
        FUNDING CORPORATION, as 

      Master
        Servicer

       

      By:__________________________

      Name:

      Title:

       

      Date:

       

      

      
        
          
          

        

        
          L-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L-3

       

      FORM
        10-K
        BACK-UP CERTIFICATION (TRUSTEE)

       

      
        	 	
                Re:

              	
                Impac
                  Secured Assets Corp.,

              

      

      Mortgage
        Pass-Through Certificates, Series 2007-3

       

      I,
        [Identify the certifying individual], a [_________________] of Deutsche Bank
        National Trust Company, as Trustee, hereby certify to Impac Secured Assets
        Corp.
        and its officers, directors and affiliates, and with the knowledge and intent
        that they will rely upon this certification, that:

       

      1. I
        have reviewed the annual report on Form 10-K for the fiscal year [__], and
        all
        reports on Form 10-D containing distribution reports filed in respect of
        periods
        included in the year covered by that annual report, of the Issuer relating
        to
        the above-referenced trust;

       

      2. Based
        on my knowledge, the information in these distribution reports prepared by
        the
        Trustee, taken as a whole, does not contain any untrue statement of a material
        fact or omit to state a material fact necessary to make the statements made,
        in
        light of the circumstances under which such statements were made, not misleading
        as of the last day of the period covered by that annual report; and

       

      3. Based
        on my knowledge, the distribution information required to be provided by
        the
        Trustee under the Agreement is included in these distribution
        reports.

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Pooling and Servicing Agreement, dated April 1, 2007 (the “Agreement”), among
        Impac Secured Assets Corp., as Depositor, Impac Funding Corporation, as Master
        Servicer, and Deutsche Bank National Trust Company, as Trustee.

       

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY, as 

      Trustee

       

      By:__________________________

      Name:

      Title:

       

      Date:

       

      

      
        
          
          

        

        
          L-3-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L-4

       

      FORM
        OF
        BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE

       

      Re: The
        [                     ]
        agreement dated as of
        [                    ],
        200[  ] (the “Agreement”), among [IDENTIFY PARTIES]

       

       

      I,
        ________________________________, the _______________________ of [NAME OF
        COMPANY], certify to [the Purchaser], [the Depositor], and the [Master Servicer]
        [Trustee], and their officers, with the knowledge and intent that they will
        rely
        upon this certification, that:

       

      (1) I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation
        Report”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Company
        during 200[ ] that were delivered by the Company to the [Depositor] [Master
        Servicer] [Trustee] pursuant to the Agreement (collectively, the “Company
        Servicing Information”);

       

      (2) Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (3) Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Trustee];

       

      (4) I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

      
        
          
          

        

        
          L-4-1

          
            

          

        

        
          
          

        

      

       

      (5) The
        Compliance Statement required to be delivered by the Company pursuant to
        the
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer or Subcontractor pursuant
        to the
        Agreement, have been provided to the [Depositor] [Master Servicer]. Any material
        instances of noncompliance described in such reports have been disclosed
        to the
        [Depositor] [Master Servicer]. Any material instance of noncompliance with
        the
        Servicing Criteria has been disclosed in such reports.

       

      

      
        	
                Date:

              	
                _________________________

              

      

      By:

      
        	
                Name:
                  

              	
                ________________________________
                  

              

      

      
        	
                Title:
                  

              	
                ________________________________

              

      

      

      

      
        
          
          

        

        
          L-4-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M

      

      FORM
        OF
        INTEREST RATE SWAP AGREEMENT AND CAP CONTRACTS

      

      

       

      

      
        
          
          

        

        
          M-1

          
            

          

        

        
          
          

        

      

      

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

      383
        MADISON AVENUE

      NEW
        YORK, NEW YORK 10179

      212-272-4009

      

      
        	
                DATE:

              	
                April
                  30, 2007

              
	 	 
	
                TO:

              	
                Deutsche
                  Bank National Trust Company, not in its individual capacity, but
                  solely as
                  supplemental interest trust trustee (the “Supplemental Interest Trust
                  Trustee”) on behalf of the supplemental interest trust with respect to
                  the
                  Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp.,
                  Mortgage
                  Pass-Through Certificates, Series 2007-3 (the “Supplemental Interest
                  Trust”)

              
	
                ATTENTION:

              	
                Marion
                  Hogan

              
	
                TELEPHONE:

              	
                714-247-6282

              
	
                FACSIMILE:

              	
                714-247-6285

              
	 	 
	
                FROM:

              	
                Derivatives
                  Documentation

              
	
                TELEPHONE:

              	
                212-272-2711

              
	
                FACSIMILE: 

              	
                212-272-9857

              
	 	 
	
                SUBJECT:

              	
                Fixed
                  Income Derivatives Confirmation and Agreement

              
	 	 
	
                REFERENCE
                  NUMBER:

              	
                FXNEC9418

              

      

      

      The
        purpose of this long-form confirmation (“Confirmation”)
        is to
        confirm the terms and conditions of the current Transaction entered into
        on the
        Trade Date specified below (the “Transaction”)
        between
        Bear Stearns Financial Products Inc. (“Party
        A”) and
        Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 (“Party
        B”).
        Reference
        is hereby made to the Pooling and Servicing Agreement, dated as of April
        1,
        2007, among Impac Secured Assets Corp., as Depositor, Impac Funding Corporation,
        as master servicer, and Deutsche Bank National Trust Company, as
        trustee
        (the
“Pooling
        and Servicing Agreement”).
        This
        Confirmation evidences a complete and binding agreement between you and us
        to
        enter into the Transaction on the terms set forth below and replaces any
        previous agreement between us with respect to the subject matter hereof.
        This
        Confirmation constitutes a “Confirmation”
        and also
        constitutes a “Schedule”
        as
        referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit Support
        Annex to the Schedule. 

      

      
        	
                1.

              	
                This
                  Confirmation shall supplement, form a part of, and be subject to
                  an
                  agreement in the form of the ISDA Master Agreement (Multicurrency
                  - Cross
                  Border) as published and copyrighted in 1992 by the International
                  Swaps
                  and Derivatives Association, Inc. (the “ISDA
                  Master Agreement”),
                  as if Party A and Party B had executed an agreement in such form
                  on the
                  date hereof, with a Schedule as set forth in Item 3 of this Confirmation,
                  and an ISDA Credit Support Annex (Bilateral Form - ISDA Agreements
                  Subject
                  to New York Law Only version) as published and copyrighted in 1994
                  by the
                  International Swaps and Derivatives Association, Inc., with Paragraph
                  13
                  thereof as set forth in Annex A hereto (the “Credit
                  Support Annex”).
                  For the avoidance of doubt, the Transaction described herein shall
                  be the
                  sole Transaction governed by such ISDA Master Agreement. In the
                  event of
                  any inconsistency among any of the following documents, the relevant
                  document first listed shall govern: (i) this Confirmation, exclusive
                  of
                  the provisions set forth in Item 3 hereof and Annex A hereto; (ii)
                  the
                  provisions set forth in Item 3 hereof, which are incorporated by
                  reference
                  into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
                  and (v) the ISDA Master Agreement.

              

      

      

      Each
        reference herein to a “Section” (unless specifically referencing the Pooling and
        Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
        a reference to a Section of the ISDA Master Agreement; each herein reference
        to
        a “Part” will be construed as a reference to the provisions herein deemed
        incorporated in a Schedule to the ISDA Master Agreement; each reference herein
        to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
        Support Annex.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page
        2 of
        24

      

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

      

      
        	 	
                Type
                  of Transaction:

              	
                Interest
                  Rate Cap

              

      

      

      
        	 	
                Notional
                  Amount:

              	
                With
                  respect to any Calculation Period, the amount set forth for such
                  period on
                  Schedule I attached hereto.

              

      

      

      
        	 	
                Trade
                  Date:

              	
                April
                  13, 2007

              

      

      

      
        	 	
                Effective
                  Date:

              	
                April
                  25, 2012

              

      

      

      
        	 	
                Termination
                  Date:

              	
                July
                  25, 2013, subject to adjustment in accordance with the Business
                  Day
                  Convention.

              

      

      

      Fixed
        Amount (Premium):

      

      
        	 	
                Fixed
                  Rate Payer:

              	
                Counterparty

              

      

      

      Fixed
        Rate Payer

      
        	 	
                Payment
                  Date:

              	
                April
                  30, 2007

              

      

      

      
        	 	
                Fixed
                  Amount:

              	
                USD
                  129,000

              

      

      

      
        	 	
                Floating
                  Amounts:

              	 

      

      

      
        	 	
                Floating
                  Rate Payer:

              	
                Party
                  A

              

      

      

      
        	 	
                Cap
                  Rate:

              	
                7.50000%

              

      

      

      Floating
        Rate Payer 

      
        	 	
                Payment
                  Dates:

              	
                The
                  25th calendar
                  day of each month during
                  the Term
                  of this Transaction, commencing May
                  25, 2012,
                  and ending on the Termination Date, subject to adjustment in accordance
                  with the Business Day Convention.

              

      

      

      Floating
        Rate for initial

      
        	 	
                Calculation
                  Period:

              	
                To
                  be determined.

              

      

      

      
        	 	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA,
                  provided, however, that if the Floating Rate determined from such
                  Floating
                  Rate Option for any Calculation Period is greater than 11.50000%
                  then the
                  Floating Rate for such Calculation Period shall be deemed to be
                  11.50000%.

              

      

      

      
        	 	
                Designated
                  Maturity:

              	
                One
                  month

              

      

      

      Floating
        Rate Day 

      
        	 	
                Count
                  Fraction:

              	
                Actual/360

              

      

      

      
        	 	
                Reset
                  Dates:

              	
                The
                  first day of each Calculation
                  Period.

              

      

      

      
        	 	
                Compounding:

              	
                Inapplicable

              

      

      

      
        	 	
                Business
                  Days:

              	
                New
                  York

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 3
        of 24

       

      Business
        Day 

      
        	 	
                Convention:

              	
                Following

              

      

      

      
        	 	
                Calculation
                  Agent:

              	
                Party
                  A

              

      

      

      

      
        	
                3.

              	
                Provisions
                  Deemed Incorporated in a Schedule to the ISDA Master
                  Agreement:

              

      

      

      
        	
                Part
                  1.

              	
                Termination
                  Provisions.

              

      

      

      For
        the
        purposes of this Agreement:-

      

      
        	
                (a)

              	
                “Specified
                  Entity”
                  will not apply to Party A or Party B for any purpose.
                  

              

      

      

      
        	
                (b)

              	
                “Specified
                  Transaction”
                  will have the meaning specified in Section
                  14.

              

      

      

      
        	
                (c)

              	
                Events
                  of Default.

              

      

      

      The
        statement below that an Event of Default will apply to a specific party means
        that upon the occurrence of such an Event of Default with respect to such
        party,
        the other party shall have the rights of a Non-defaulting Party under Section
        6
        of this Agreement; conversely, the statement below that such event will not
        apply to a specific party means that the other party shall not have such
        rights.

      

      
        	 	
                (i)

              	
                The
                  “Failure
                  to Pay or Deliver”
                  provisions of Section 5(a)(i) will apply to Party A and will apply
                  to
                  Party B; provided, however, that notwithstanding anything to the
                  contrary
                  in Section 5(a)(i) or in Paragraph 7, any failure by Party A to
                  comply
                  with or perform any obligation to be complied with or performed
                  by Party A
                  under the Credit Support Annex shall not constitute an Event of
                  Default
                  under Section 5(a)(i) unless (A) a Required Ratings Downgrade Event
                  has
                  occurred and been continuing for 30 or more Local Business Days
                  and (B)
                  such failure is not remedied on or before the third Local Business
                  Day
                  after notice of such failure is given to Party
                  A.

              

      

      

      
        	 	
                (ii)

              	
                The
                  “Breach
                  of Agreement”
                  provisions of Section 5(a)(ii) will apply to Party A and will not
                  apply to
                  Party B.

              

      

      

      
        	 	
                (iii)

              	
                The
                  “Credit
                  Support Default”
                  provisions of Section 5(a)(iii) will apply to Party A and will
                  not apply
                  to Party B except that Section 5(a)(iii)(1) will apply to Party
                  B solely
                  in respect of Party B’s obligations under Paragraph 3(b); provided,
                  however, that notwithstanding anything to the contrary in Section
                  5(a)(iii)(1), any failure by Party A to comply with or perform
                  any
                  obligation to be complied with or performed by Party A under the
                  Credit
                  Support Annex shall not constitute an Event of Default under Section
                  5(a)(iii) unless (A) a Required Ratings Downgrade Event has occurred
                  and
                  been continuing for 30 or more Local Business Days and (B) such
                  failure is
                  not remedied on or before the third Local Business Day after notice
                  of
                  such failure is given to Party A.

              

      

      

      
        	 	
                (iv)

              	
                The
                  “Misrepresentation”
                  provisions of Section 5(a)(iv) will apply to Party A and will not
                  apply to
                  Party B. 

              

      

      

      
        	 	
                (v)

              	
                The
                  “Default
                  under Specified Transaction”
                  provisions of Section 5(a)(v) will apply to Party A and will not
                  apply to
                  Party B.

              

      

      

      
        	 	
                (vi)

              	
                The
                  “Cross
                  Default”
                  provisions of Section 5(a)(vi) will apply to Party A and will not
                  apply to
                  Party B. For purposes of Section 5(a)(vi), solely with respect
                  to Party
                  A:

              

      

      

      “Specified
        Indebtedness” will have the meaning specified in Section 14.

      

      “Threshold
        Amount” means USD 100,000,000.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 4
        of 24

       

      
        	 	
                (vii)

              	
                The
                  “Bankruptcy”
                  provisions of Section 5(a)(vii) will apply to Party A and will
                  apply to
                  Party B except that the provisions of Section 5(a)(vii)(2), (6)
                  (to the
                  extent that such provisions refer to any appointment contemplated
                  or
                  effected by the Pooling and Servicing Agreement or any appointment
                  to
                  which Party B has not become subject), (7) and (9) will not apply
                  to Party
                  B; provided that, with respect to Party B only, Section 5(a)(vii)(4)
                  is
                  hereby amended by adding after the words “against it” the words
                  “(excluding any proceeding or petition instituted or presented by
                  Party A
                  or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                  deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                  (4) as amended, (5), (6) as amended, or
                  (7)”.

              

      

      

      
        	 	
                (viii)

              	
                The
                  “Merger
                  Without Assumption”
                  provisions of Section 5(a)(viii) will apply to Party A and will
                  apply to
                  Party B.

              

      

      

      
        	
                (d)

              	
                Termination
                  Events.

              

      

      

      The
        statement below that a Termination Event will apply to a specific party means
        that upon the occurrence of such a Termination Event, if such specific party
        is
        the Affected Party with respect to a Tax Event, the Burdened Party with respect
        to a Tax Event Upon Merger (except as noted below) or the non-Affected Party
        with respect to a Credit Event Upon Merger, as the case may be, such specific
        party shall have the right to designate an Early Termination Date in accordance
        with Section 6 of this Agreement; conversely, the statement below that such
        an
        event will not apply to a specific party means that such party shall not
        have
        such right; provided, however, with respect to “Illegality” the statement that
        such event will apply to a specific party means that upon the occurrence
        of such
        a Termination Event with respect to such party, either party shall have the
        right to designate an Early Termination Date in accordance with Section 6
        of
        this Agreement.

      

      
        	 	
                (i)

              	
                The
                  “Illegality”
                  provisions of Section 5(b)(i) will apply to Party A and will apply
                  to
                  Party B.

              

      

      

      
        	 	
                (ii)

              	
                The
                  “Tax
                  Event”
                  provisions of Section 5(b)(ii) will apply to Party A and will apply
                  to
                  Party B. 

              

      

      

      
        	 	
                (iii)

              	
                The
                  “Tax
                  Event Upon Merger”
                  provisions of Section 5(b)(iii) will apply to Party A and will
                  apply to
                  Party B, provided that Party A shall not be entitled to designate
                  an Early
                  Termination Date by reason of a Tax Event upon Merger in respect
                  of which
                  it is the Affected Party.

              

      

      

      
        	 	
                (iv)

              	
                The
                  “Credit
                  Event Upon Merger”
                  provisions of Section 5(b)(iv) will not apply to Party A and will
                  not
                  apply to Party B.

              

      

      

      
        	
                (e)

              	
                The
                  “Automatic
                  Early Termination”
                  provision of Section 6(a) will not apply to Party A and will not
                  apply to
                  Party B.

              

      

      

      
        	
                (f)

              	
                 Payments
                  on Early Termination.
                  For the purpose of Section 6(e) of this
                  Agreement:

              

      

      

      
        	 	
                (i)

              	
                The
                  Second Method will apply.

              

      

      

      
        	 	
                (ii)

              	
                Market
                  Quotation will apply, provided, however, that, if Party A is the
                  Defaulting Party or the sole Affected Party, the following provisions
                  will
                  apply:

              

      

      

      
        	 	
                (A)

              	
                Section
                  6(e) is hereby amended by inserting on the first line thereof the
                  words
                  “or is effectively designated” after “If an Early Termination Date
                  occurs”;

              

      

      

      
        	 	
                (B)
                  

              	
                The
                  definition of Market Quotation in Section 14 shall be deleted in
                  its
                  entirety and replaced with the following:

              

      

      

      “Market
        Quotation” means,
        with respect to one or more Terminated Transactions, and a party making the
        determination, an amount determined on the basis of one or more Firm Offers
        from
        Reference Market-makers that are Eligible Replacements. Each Firm Offer will
        be
        (1) for an amount that would be paid to Party B (expressed as a negative
        number)
        or by Party B (expressed as a positive number) in consideration of an agreement
        between Party B and such Reference Market-maker to enter into a Replacement
        Transaction, and (2) made on the basis that Unpaid Amounts in respect of
        the
        Terminated Transaction or group of Transactions are to be excluded but, without
        limitation, any payment or delivery that would, but for the relevant Early
        Termination Date, have been required (assuming satisfaction of each applicable
        condition precedent) after that Early Termination Date are to be included.
        The
        party making the determination (or its agent) will request each Reference
        Market-maker that is an Eligible Replacement to provide its Firm Offer to
        the
        extent reasonably practicable as of the same day and time (without regard
        to
        different time zones) on or as soon as reasonably practicable after the
        designation or occurrence of the relevant Early Termination Date. The day
        and
        time as of which those Firm Offers are to be provided (the “bid time”) will be
        selected in good faith by the party obliged to make a determination under
        Section 6(e), and, if each party is so obliged, after consultation with the
        other. If at least one Firm Offer from an Approved Replacement (which, if
        accepted, would determine the Market Quotation) is provided at the bid time,
        the
        Market Quotation will be the Firm Offer (among such Firm Offers as specified
        in
        clause (C) below) actually accepted by Party B no later than the Business
        Day
        immediately preceding the Early Termination Date. If no Firm Offer from an
        Approved Replacement (which, if accepted, would determine the Market Quotation)
        is provided at the bid time, it will be deemed that the Market Quotation
        in
        respect of such Terminated Transaction or group of Transactions cannot be
        determined.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        Reference
          Number: FXNEC9418 

        Deutsche
          Bank National Trust Company, not in its individual capacity, but solely
          as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the
          Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
          Pass-Through Certificates, Series 2007-3 

        April
          30,
          2007

        Page 5
          of 24

         

      

      
        	 	
                (C)

              	
                If
                  more than one Firm Offer from an Approved Replacement (which, if
                  accepted,
                  would determine the Market Quotation) is provided at
                  the bid time,
                  Party B shall accept the Firm Offer (among such Firm Offers) which
                  would
                  require either (x) the lowest payment by Party B to the Reference
                  Market-maker, to the extent Party B would be required to make a
                  payment to
                  the Reference Market-maker or (y) the highest payment from the
                  Reference
                  Market-maker to Party B, to the extent the Reference Market-maker
                  would be
                  required to make a payment to Party B. If only one Firm Offer from
                  an
                  Approved Replacement (which, if accepted, would determine the Market
                  Quotation) is provided at the bid time, Party B shall accept such
                  Firm
                  Offer.

              

      

      

      
        	 	
                (D)

              	
                If
                  Party B requests Party A in writing to obtain Market Quotations,
                  Party A
                  shall use its reasonable efforts to do so.

              

      

      

      
        	 	
                (E)

              	
                If
                  the Settlement Amount is a negative number, Section 6(e)(i)(3)
                  shall be
                  deleted in its entirety and replaced with the
                  following:

              

      

      

      “(3)
        Second
        Method and Market Quotation.
        If the
        Second Method and Market Quotation apply, (I) Party B shall pay to Party
        A an
        amount equal to the absolute value of the Settlement Amount in respect of
        the
        Terminated Transactions, (II) Party B shall pay to Party A the Termination
        Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
        A
        shall pay to Party B the Termination Currency Equivalent of the Unpaid Amounts
        owing to Party B; provided, however, that (x) the amounts payable under the
        immediately preceding clauses (II) and (III) shall be subject to netting
        in
        accordance with Section 2(c) of this Agreement and (y) notwithstanding any
        other
        provision of this Agreement, any amount payable by Party A under the immediately
        preceding clause (III) shall not be netted-off against any amount payable
        by
        Party B under the immediately preceding clause (I).”

       

      
        	
                (g)

              	
                “Termination
                  Currency”
                  means USD.

              

      

      

      
        	
                (h)
                  

              	
                Additional
                  Termination Events.
                  Additional Termination Events will apply as provided in Part 5(c).
                  

              

      

      

      Part
        2.  Tax
        Matters.

      

      
        	
                (a)

              	
                Tax
                  Representations. 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 6
        of 24

       

      
        	 	
                (i)

              	
                Payer
                  Representations.
                  For the purpose of Section 3(e) of this Agreement:
                  

              

      

       

      
        	 	
                (A)

              	
                Party
                  A makes the following
                  representation(s):

              

      

      

      It
        is not
        required by any applicable law, as modified by the practice of any relevant
        governmental revenue authority, of any Relevant Jurisdiction to make any
        deduction or withholding for or on account of any Tax from any payment (other
        than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to
        be made
        by it to the other party under this Agreement. 

      

      In
        making
        this representation, it may rely on: 

      

      
        	 	
                (1)

              	
                the
                  accuracy of any representations made by the other party pursuant
                  to
                  Section 3(f) of this Agreement; 

              

      

      

      
        	 	
                (2)

              	
                the
                  satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii)
                  of
                  this Agreement and the accuracy and effectiveness of any document
                  provided
                  by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of
                  this
                  Agreement; and 

              

      

      

      
        	 	
                (3)

              	
                the
                  satisfaction of the agreement of the other party contained in Section
                  4(d)
                  of this Agreement, provided that it shall not be a breach of this
                  representation where reliance is placed on clause (ii) and the
                  other party
                  does not deliver a form or document under Section 4(a)(iii) by
                  reason of
                  material prejudice to its legal or commercial
                  position.

              

      

      
        	 	 	 

      

      
        	 	
                (B)

              	
                Party
                  B makes the following
                  representation(s):

              

      

      

      None.

      

      
        	 	
                (ii)
                  

              	
                Payee
                  Representations.
                  For the purpose of Section 3(f) of this Agreement:
                  

              

      

       

      
        	 	
                (A)

              	
                Party
                  A makes the following
                  representation(s):

              

      

      

      Party
        A
        is a corporation organized under the laws of the State of Delaware and its
        U.S.
        taxpayer identification number is 13-3866307.

      
        	 	 	 

      

      
        	 	
                (B)

              	
                Party
                  B makes the following
                  representation(s):

              

      

      

      None.

      

      
        	
                (b)

              	
                Tax
                  Provisions.

              

      

      

      
        	 	
                (i)

              	
                Gross
                  Up.
                  Section 2(d)(i)(4) shall not apply to Party B as X, such that Party
                  B
                  shall not be required to pay any additional amounts referred to
                  therein.

              

      

      

      
        	 	
                (ii)

              	
                Indemnifiable
                  Tax.
                  Notwithstanding the definition of “Indemnifiable Tax” in Section 14 of
                  this Agreement, all Taxes in relation to payments by Party A shall
                  be
                  Indemnifiable Taxes (including any Tax imposed in relation to a
                  Credit
                  Support Document or in relation to any payment thereunder) unless
                  (i) such
                  Taxes are assessed directly against Party B and not by deduction
                  or
                  withholding by Party A or (ii) arise as a result of a Change in
                  Tax Law
                  (in which case such Tax shall be an Indemnifiable Tax only if such
                  Tax
                  satisfies the definition of Indemnifiable Tax provided in Section
                  14). In
                  relation to payments by Party B, no Tax shall be an Indemnifiable
                  Tax.

              

      

      

      Part
        3.  Agreement
        to Deliver Documents.  

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 7
        of 24

       

      
        	
                (a)

              	
                For
                  the purpose of Section 4(a)(i), tax forms, documents, or certificates
                  to
                  be delivered are:

              

      

       

      
        	
                Party
                  required to 

                deliver
                  document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              
	 	 	 	 	 
	
                Party
                  A

              	 	
                An
                  original completed and executed United States Internal Revenue
                  Service
                  Form W-9 (or any successor thereto) with respect to any payments
                  received
                  or to be received by Party A that eliminates U.S. federal withholding
                  and
                  backup withholding Tax on payments to Party A under this
                  Agreement.

              	 	
                (i)
                  upon execution of this Agreement, (ii) on or before the first payment
                  date
                  under this Agreement, including any Credit Support Document, (iii)
                  promptly upon the reasonable demand by Party B, (iv) prior to the
                  expiration or obsolescence of any previously delivered form, and
                  (v)
                  promptly upon the information on any such previously delivered
                  form
                  becoming inaccurate or incorrect.

              
	 	 	 	 	 
	
                Party
                  B

              	 	
                (i)
                  Upon execution of this Agreement, an original completed and executed
                  United States Internal Revenue Service Form W-9 (or any successor
                  thereto)
                  with respect to any payments received or to be received by the
                  initial
                  beneficial owner of payments to Party B under this Agreement, and
                  (ii)
                  thereafter, the appropriate tax certification form (i.e., IRS Form
                  W-9 or
                  IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or any
                  successor
                  form thereto)) with respect to any payments received or to be received
                  by
                  the beneficial owner of payments to Party B under this Agreement
                  from time
                  to time. 

              	 	
                (i)
                  upon execution of this Agreement, (ii) on or before the first payment
                  date
                  under this Agreement, including any Credit Support Document, (iii)
                  in the
                  case of a tax certification form other than a Form W-9, before
                  December 31
                  of each third succeeding calendar year, (iv) promptly upon the
                  reasonable
                  demand by Party B, (v) prior to the expiration or obsolescence
                  of any
                  previously delivered form, and (vi) promptly upon the information
                  on any
                  such previously delivered form becoming inaccurate or
                  incorrect.

              

      

      

      (b) For
        the
        purpose of Section 4(a)(ii), other documents to be delivered are:

       

      
        	
                Party
                  required 

                to
                  deliver 

                document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              	 	
                Covered
                  by 

                Section
                  3(d) 

                Representation

              
	 	 	 	 	 	 	 
	
                Party
                  A and

                Party
                  B

              	 	
                Any
                  documents required by the receiving party to evidence the authority
                  of the
                  delivering party or its Credit Support Provider, if any, for it
                  to execute
                  and deliver the Agreement, this Confirmation, and any Credit Support
                  Documents to which it is a party, and to evidence the authority
                  of the
                  delivering party or its Credit Support Provider to perform its
                  obligations
                  under the Agreement, this Confirmation and any Credit Support Document,
                  as
                  the case may be

              	 	
                Upon
                  the execution and delivery of this Agreement

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A and

                Party
                  B

              	 	
                A
                  certificate of an authorized officer of the party, as to the incumbency
                  and authority of the respective officers of the party signing the
                  Agreement, this Confirmation, and any relevant Credit Support Document,
                  as
                  the case may be

              	 	
                Upon
                  the execution and delivery of this Agreement

              	 	
                Yes

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

        Reference
          Number: FXNEC9418 

        Deutsche
          Bank National Trust Company, not in its individual capacity, but solely
          as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the
          Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
          Pass-Through Certificates, Series 2007-3 

        April
          30,
          2007

        Page 8
          of 24

         

      

      
        	
                Party
                  required 

                to
                  deliver 

                document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              	 	
                Covered
                  by 

                Section
                  3(d) 

                Representation

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Annual
                  Report of Party A containing consolidated financial statements
                  certified
                  by independent certified public accountants and prepared in accordance
                  with generally accepted accounting principles in the country in
                  which
                  Party A is organized

              	 	
                Upon
                  request by Party B

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Quarterly
                  Financial Statements of Party A containing unaudited, consolidated
                  financial statements of Party A’s fiscal quarter prepared in accordance
                  with generally accepted accounting principles in the country in
                  which
                  Party A is organized

              	 	
                Upon
                  request by Party B

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A and

                Party
                  B

              	 	
                An
                  opinion of counsel of such party regarding the enforceability of
                  this
                  Agreement in a form reasonably satisfactory to the other
                  party.

              	 	
                Upon
                  the execution and delivery of this Agreement

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                An
                  executed copy of the Pooling and Servicing Agreement

              	 	
                Promptly
                  upon filing of such agreement with the U.S. Securities and Exchange
                  Commission

              	 	
                No

              

      

      

      Part
        4. Miscellaneous. 

      

      
        	
                (a)

              	
                Address
                  for Notices:
                  For the purposes of Section 12(a) of this
                  Agreement:

              

      

      

      Address
        for notices or communications to Party A:

      
        	 	
                Address:

              	
                383
                  Madison Avenue, New York, New York
                  10179

              

      

      
        	 	
                Attention:

              	
                DPC
                  Manager 

              

      

      
        	 	
                Facsimile:

              	
                (212)
                  272-5823

              

      

      

      with
        a
        copy to:

      

      
        	 	
                Address:

              	
                One
                  Metrotech Center North, Brooklyn, New York
                  11201

              

      

      
        	 	
                Attention:

              	
                Derivative
                  Operations 7th Floor

              

      

      
        	 	
                Facsimile:

              	
                (212)
                  272-1634

              

      

      

      
        	 	
                Address:

              	
                Ambac
                  Assurance Corporation

              

      

      
        	 	 	
                One
                  State Street Plaza

              

      

      
        	 	 	
                New
                  York, New York 10004

              

      

      
        	 	
                Attention:
                  

              	
                Risk
                  Management, Asset-Backed Securities

              

      

      
        	 	
                Facsmile:

              	
                (212)
                  480-3682

              

      

       

      (For
        all
        purposes)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 9
        of 24

      

      Address
        for notices or communications to Party B:

      

      
        	 	
                Address:

              	
                IMPAC
                  Secured Assets Corp. 2007-3

              

      

      
        	 	 	
                c/o
                  Deutsche Bank National Trust
                  Company

              

      

      
        	 	 	
                1761
                  East St. Andrew Place

              

      

      
        	 	 	
                Santa
                  Ana, CA 92705

              

      

      
        	 	
                Attention:

              	
                Marion
                  Hogan

              

      

      
        	 	
                Facsimile:

              	
                (714)
                  247-6285

              

      

      
        	 	
                Phone:

              	
                (714)
                  247-6282

              

      

      

      with
        a
        copy to:

      

      
        	 	
                Address:

              	
                Ambac
                  Assurance Corporation

              

      

      
        	 	 	
                One
                  State Street Plaza

              

      

      
        	 	 	
                New
                  York, New York 10004

              

      

      
        	 	
                Attention:
                  

              	
                Risk
                  Management, Asset-Backed Securities

              

      

      
        	 	
                Facsmile:

              	
                (212)
                  480-3682

              

      

      

      (For
        all
        purposes)

      

      
        	
                (b)

              	
                Process
                  Agent.
                  For the purpose of Section 13(c):

              

      

      

      Party
        A
        appoints as its Process Agent: Not applicable.

      

      Party
        B
        appoints as its Process Agent: Not applicable.

      

      
        	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) will apply to this Agreement; neither
                  Party A nor Party B has any Offices other than as set forth in
                  the Notices
                  Section.

              

      

      

      
        	
                (d)

              	
                Multibranch
                  Party.
                  For the purpose of Section 10(c) of this
                  Agreement:

              

      

      

      Party
        A
        is not a Multibranch Party.

      

      
        	 	
                Party
                  B is not a Multibranch Party.

              

      

      

      
        	
                (e)

              	
                Calculation
                  Agent.
                  The Calculation Agent is Party A.

              

      

      

      
        	
                (f)

              	
                Credit
                  Support Document. 

              

      

       

      
        	 	
                Party
                  A:

              	
                The
                  Credit Support Annex, and any guarantee in support of Party A’s
                  obligations under this Agreement.

              

      

      

      
        	 	
                Party
                  B:

              	
                The
                  Credit Support Annex.

              

      

      

      
        	
                (g)

              	
                Credit
                  Support Provider.

              

      

      

      
        	 	
                Party
                  A:

              	
                The
                  guarantor under any guarantee in support of Party A’s obligations under
                  this Agreement.

              

      

      

      
        	 	
                Party
                  B:

              	
                None.

              

      

      

      
        	
                (h)

              	
                Governing
                  Law.
                  The parties to this Agreement hereby agree that the law of the
                  State of
                  New York shall govern their rights and duties in whole, without
                  regard to
                  the conflict of law provisions thereof other than New York General
                  Obligations Law Sections 5-1401 and 5-1402.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 10
        of 24

       

      
        	
                (i)

              	
                Netting
                  of Payments.
                  The parties agree that subparagraph (ii) of Section 2(c) will apply
                  to
                  each Transaction hereunder. 

              

      

      

      
        	
                (j)

              	
                Affiliate.
                  Party A and Party B shall be deemed to have no Affiliates for purposes
                  of
                  this Agreement, including for purposes of Section
                  6(b)(ii).

              

      

      Part
        5.  Others
        Provisions.

      

      
        	
                (a)

              	
                Definitions.
                  Unless
                  otherwise specified in a Confirmation, this Agreement and each
                  Transaction
                  under this Agreement are subject to the 2000 ISDA Definitions as
                  published
                  and copyrighted in 2000 by the International Swaps and Derivatives
                  Association, Inc. (the “Definitions”),
                  and will be governed in all relevant respects by the provisions
                  set forth
                  in the Definitions, without regard to any amendment to the Definitions
                  subsequent to the date hereof. The provisions of the Definitions
                  are
                  hereby incorporated by reference in and shall be deemed a part
                  of this
                  Agreement, except that (i) references in the Definitions to a “Swap
                  Transaction” shall be deemed references to a “Transaction” for purposes of
                  this Agreement, and (ii) references to a “Transaction” in this Agreement
                  shall be deemed references to a “Swap Transaction” for purposes of the
                  Definitions. Each term capitalized but not defined in this Agreement
                  shall
                  have the meaning assigned thereto in the Pooling and Servicing
                  Agreement.

              

      

       

      
        	
                (b)

              	
                Amendments
                  to ISDA Master Agreement.

              

      

      

      
        	 	
                (i)

              	
                Single
                  Agreement.
                  Section 1(c) is hereby amended by the adding the words “including, for the
                  avoidance of doubt, the Credit Support Annex” after the words “Master
                  Agreement”. 

              

      

      

      
        	 	
                (ii)

              	
                [Reserved.]
                  

              

      

      

      
        	 	
                (iii)

              	
                [Reserved.]

              

      

      

      
        	 	
                (iv)

              	
                Representations.
                  Section 3 is hereby amended by adding at the end thereof the following
                  subsection (g): 

              

      

      

      
        	 	
                “(g)

              	
                Relationship
                  Between Parties. 

              

      

      

      
        	 	
                (1)

              	
                Nonreliance.
                  (i) It is not relying on any statement or representation of the
                  other
                  party regarding the Transaction (whether written or oral), other
                  than the
                  representations expressly made in this Agreement or the Confirmation
                  in
                  respect of that Transaction, (ii) it has consulted with its own
                  legal,
                  regulatory, tax, business, investment, financial and accounting
                  advisors
                  to the extent it has deemed necessary, and it has made its own
                  investment,
                  hedging and trading decisions based upon its own judgment and upon
                  any
                  advice from such advisors as it has deemed necessary and not upon
                  any view
                  expressed by the other party, (iii) it is not relying on any communication
                  (written or oral) of the other party as investment advice or as
                  a
                  recommendation to enter into this Transaction; it being understood
                  that
                  information and explanations related to the terms and conditions
                  of this
                  Transaction shall not be considered investment advice or a recommendation
                  to enter into this Transaction, and (iv) it has not received from
                  the
                  other party any assurance or guaranty as to the expected results
                  of this
                  Transaction.

              

      

       

      
        	 	
                (2)

              	
                Evaluation
                  and Understanding. (i) It has the capacity to evaluate (internally
                  or
                  through independent professional advice) the Transaction and has
                  made its
                  own decision to enter into the Transaction and (ii) it understands
                  the
                  terms, conditions and risks of the Transaction and is willing and
                  able to
                  accept those terms and conditions and to assume those risks, financially
                  and otherwise. 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        Reference
          Number: FXNEC9418 

        Deutsche
          Bank National Trust Company, not in its individual capacity, but solely
          as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the
          Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
          Pass-Through Certificates, Series 2007-3 

        April
          30,
          2007

        Page 11
          of 24

         

      

      
        	 	
                (3)

              	
                Purpose.
                  It is entering into the Transaction for the purposes of managing
                  its
                  borrowings or investments, hedging its underlying assets or liabilities
                  or
                  in connection with a line of business.

              

      

      

      
        	 	
                (4)

              	
                Status
                  of Parties. The other party is not acting as an agent, fiduciary
                  or
                  advisor for it in respect of the Transaction.

              

      

      

      
        	 	
                (5)

              	
                Eligible
                  Contract Participant. It is an “eligible swap participant” as such term is
                  defined in, Section 35.1(b)(2) of the regulations (17 C.F.R. 35)
                  promulgated under, and an “eligible contract participant” as defined in
                  Section 1(a)(12) of the Commodity Exchange Act, as
                  amended.”

              

      

      

      
        	 	
                (v)

              	
                Transfer
                  to Avoid Termination Event.
                  Section 6(b)(ii) is hereby amended by (i) deleting the words “or if a Tax
                  Event Upon Merger occurs and the Burdened Party is the Affected
                  Party,”
                  and (ii) deleting the last paragraph thereof and inserting the
                  following
                  in lieu thereof:

              

      

      

      “Notwithstanding
        anything to the contrary in Section 7 (as amended herein) and Part 5(f),
        any
        transfer by Party A under this Section 6(b)(ii) shall not require the consent
        of
        Party B for such transfer if the following conditions are
        satisfied:

      

      
        	 	
                (1)

              	
                the
                  transferee (the “Section 6 Transferee”) is an Eligible
                  Replacement;

              

      

      

      
        	 	
                (2)

              	
                if
                  the Section 6 Transferee is domiciled in a different country or
                  political
                  subdivision thereof from both Party A and Party B, such transfer
                  satisfies
                  the Rating Agency Condition;

              

      

      

      
        	 	
                (3)

              	
                the
                  Section 6 Transferee will not, as a result of such transfer, be
                  required
                  on the next succeeding Scheduled Payment Date to withhold or deduct
                  on
                  account of any Tax (except in respect of default interest) amounts
                  in
                  excess of that which Party A would, on the next succeeding Scheduled
                  Payment Date have been required to so withhold or deduct unless
                  the
                  Section 6 Transferee would be required to make additional payments
                  pursuant to Section 2(d)(i)(4) corresponding to such excess;
                  

              

      

      

      
        	 	
                (4)

              	
                a
                  Termination Event or Event of Default does not occur as a result
                  of such
                  transfer; and

              

      

      

      
        	 	
                (5)

              	
                the
                  Section 6 Transferee confirms in writing that it will accept all
                  of the
                  interests and obligations in and under this Agreement which are
                  to be
                  transferred to it in accordance with the terms of this
                  provision.”

              

      

      

      
        	 	
                (vi)

              	
                Jurisdiction.
                  Section
                  13(b) is hereby amended by: (i) deleting in the second line of
                  subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                  end of subparagraph 1 and inserting “.” in lieu thereof, and (iii)
                  deleting the final paragraph
                  thereof.

              

      

      

      
        	 	
                (vii)

              	
                Local
                  Business Day.
                  The definition of Local Business Day in Section 14 is hereby amended
                  by
                  the addition of the words “or any Credit Support Document” after “Section
                  2(a)(i)” and the addition of the words “or Credit Support Document” after
                  “Confirmation”. 

              

      

      

      
        	
                (c)

              	
                Additional
                  Termination Events.
                  The following Additional Termination Events will
                  apply:

              

      

      

      
        	 	
                (i)

              	
                S&P
                  First Level Downgrade.
                  If
                  an S&P Approved Ratings Downgrade Event has occurred and is continuing
                  and Party A fails to take any action described under Part (5)(d)(i)(1),
                  within the time period specified therein, then an Additional Termination
                  Event shall have occurred with respect to Party A, Party A shall
                  be the
                  sole Affected Party with respect to such Additional Termination
                  Event and
                  all Transactions hereunder shall be Affected
                  Transaction.

              

      

      

      
        	 	
                (ii)

              	
                Moody’s
                  First Rating Trigger Collateral.
                  If
                  (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                  occurred and been continuing for 30 or more Local Business Days
                  and (B)
                  Party
                  A has failed to comply with or perform any obligation to be complied
                  with
                  or performed by Party A in accordance with the Credit Support Annex,
                  then
                  an Additional Termination Event shall have occurred with respect
                  to Party
                  A, Party A shall be the sole Affected Party with respect to such
                  Additional Termination Event and all Transactions hereunder shall
                  be
                  Affected Transactions. 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        Reference
          Number: FXNEC9418 

        Deutsche
          Bank National Trust Company, not in its individual capacity, but solely
          as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the
          Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
          Pass-Through Certificates, Series 2007-3 

        April
          30,
          2007

        Page 12
          of 24

         

      

      
        	 	
                (iii)

              	
                S&P
                  Second Level Downgrade.
                  If
                  an S&P Required Ratings Downgrade Event has occurred and is continuing
                  and Party A fails to take any action described under Part (5)(d)(i)(2)
                  within the time period specified therein, then an Additional Termination
                  Event shall have occurred with respect to Party A, Party A shall
                  be the
                  sole Affected Party with respect to such Additional Termination
                  Event and
                  all Transactions hereunder shall be Affected
                  Transaction.

              

      

      

      
        	 	
                (iv)

              	
                Moody’s
                  Second Rating Trigger Replacement.
                  If
                  (A) a Moody’s Second Trigger Ratings Event has occurred and been
                  continuing for 30 or more Local Business Days and (B) (i) at least
                  one
                  Eligible Replacement has made a Firm Offer to be the transferee
                  of all of
                  Party A’s rights and obligations under this Agreement (and such Firm Offer
                  remains an offer that will become legally binding upon such Eligible
                  Replacement upon acceptance by the offeree) and/or (ii) an Eligible
                  Guarantor has made a Firm Offer to provide an Eligible Guarantee
                  (and such
                  Firm Offer remains an offer that will become legally binding upon
                  such
                  Eligible Guarantor immediately upon acceptance by the offeree),
                  then an
                  Additional Termination Event shall have occurred with respect to
                  Party A,
                  Party A shall be the sole Affected Party with respect to such Additional
                  Termination Event and all Transactions hereunder shall be Affected
                  Transactions. 

              

      

       

      
        	 	
                (v)

              	
                Amendment
                  of the Pooling and Servicing Agreement.
                  If, without the prior written consent of Party A, where such
                  consent is required under the Pooling and Servicing Agreement (such
                  consent not to be unreasonably withheld, conditioned or delayed),
                  an
                  amendment or modification is made to the Pooling and Servicing
                  Agreement
                  which amendment or modification could reasonably be expected to
                  have a
                  material adverse effect on the rights and interests of Party
                  A under the Credit Support Annex, an Additional Termination Event
                  shall have occurred with respect to Party B, Party B shall be the
                  sole
                  Affected Party and all Transactions hereunder shall be Affected
                  Transactions..
                  

              

      

      

      

      
        	
                (d)

              	
                Rating
                  Agency Downgrade.  

              

      

      

      
        	 	
                (i)

              	
                S&P
                  Downgrade:

              

      

      

      
        	 	
                (1)

              	
                In
                  the event that an S&P Approved Ratings Downgrade Event occurs and is
                  continuing, then within 30 days after such rating downgrade, Party
                  A
                  shall, subject to the Rating Agency Condition with respect to S&P, at
                  its own expense, either (i) procure a Permitted Transfer, (ii)
                  obtain an
                  Eligible Guarantee or (iii) post collateral in accordance with
                  the Credit
                  Support Annex.

              

      

      

      
        	 	
                (2)

              	
                In
                  the event that an S&P Required Ratings Downgrade Event occurs and is
                  continuing, then within 10 Local Business Days after such rating
                  withdrawal or downgrade, Party A shall, subject to the Rating Agency
                  Condition with respect to S&P, at its own expense, procure either (i)
                  a Permitted Transfer or (ii) an Eligible
                  Guarantee.

              

      

      

      
        	 	
                (ii)
                  

              	
                Moody’s
                  Downgrade.

              

      

      

      
        	 	
                (1)
                  

              	
                In
                  the event that a Moody’s Second Trigger Ratings Event occurs and is
                  continuing, Party A shall, as soon as reasonably practicable thereafter,
                  at its own expense and using commercially reasonable efforts, either
                  (i)
                  procure a Permitted Transfer or (ii) obtain an Eligible Guarantee.
                  

              

      

      

      
        	
                (e)
                  

              	
                Item
                  1115 Agreement.
                  Party A and Party B hereby agree that the terms of the Item 1115
                  Agreement, dated as of February 22, 2007 (the “Item
                  1115 Agreement”)
                  among Impac Funding Corporation (the “Sponsor”), Impac Secured Assets
                  Corp., (the “Depositor”), and Party A (the “Derivative Provider”) shall be
                  incorporated by reference into this Agreement and Party B shall
                  be an
                  express third party beneficiary of the Item 1115 Agreement. A copy
                  of the
                  Item 1115 Agreement is annexed hereto at Annex B. 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 13
        of 24

       

      
        	
                (f)

              	
                Transfers. 

              

      

       

      (i)    Section
        7
        is hereby amended to read in its entirety as follows:

       

      “Except
        with respect to a Permitted Transfer pursuant to Section 6(b)(ii), Part 5(d),
        Part 5(b)(v) or the succeeding sentence, neither Party A nor Party B is
        permitted to assign, novate or transfer (whether by way of security or
        otherwise) as a whole or in part any of its rights, obligations or interests
        under the Agreement or any Transaction unless (a) the prior written consent
        of
        the other party is obtained and (b) the Rating Agency Condition has been
        satisfied with respect to S&P. At any time at which no Relevant Entity has
        credit ratings at least equal to the Approved Ratings Threshold, Party A
        may
        make a Permitted Transfer.” 

       

      
        	 	
                (ii)

              	
                If
                  an Eligible Replacement has made a Firm Offer (which remains an
                  offer that
                  will become legally binding upon acceptance by Party B) to be the
                  transferee pursuant to a Permitted Transfer, Party B shall, at
                  Party A’s
                  written request and at Party A’s expense, execute such documentation
                  provided to it as is reasonably deemed necessary by Party A to
                  effect such
                  transfer. 

              

      

       

      
        	
                (g)

              	
                Non-Recourse.
                  Party A acknowledges and agree that, notwithstanding any provision
                  in this
                  Agreement to the contrary, the obligations of Party B hereunder
                  are
                  limited recourse obligations of Party B, payable solely from
                  theSupplemental Interest Trust and the proceeds thereof, in accordance
                  with the priority of payments and other terms of the Pooling and
                  Servicing
                  Agreement and that Party A will not have any recourse to any of
                  the
                  directors, officers, agents, employees, shareholders or affiliates
                  of
                  Party B with respect to any claims, losses, damages, liabilities,
                  indemnities or other obligations in connection with any transactions
                  contemplated hereby. In the event that the Supplemental Interest
                  Trust and
                  the proceeds thereof, should be insufficient to satisfy all claims
                  outstanding and following the realization of the Supplemental Interest
                  Trust and the proceeds thereof, any claims against or obligations
                  of Party
                  B under this Agreement or any other confirmation thereunder still
                  outstanding shall be extinguished and thereafter not revive. The
                  Supplemental Interest Trust Trustee shall not have liability for
                  any
                  failure or delay in making a payment hereunder to Party A due to
                  any
                  failure or delay in receiving amounts in the Supplemental Interest
                  Trust
                  from the Trust created pursuant to the Pooling and Servicing Agreement.
                  This provision will survive the termination of this
                  Agreement.

              

      

      

      
        	
                (h)

              	
                Timing
                  of Payments
                  by Party B upon Early Termination.
                  Notwithstanding anything to the contrary in Section 6(d)(ii), to
                  the
                  extent that all or a portion (in either case, the “Unfunded Amount”) of
                  any amount that is calculated as being due in respect of any Early
                  Termination Date under Section 6(e) from Party B to Party A will
                  be paid
                  by Party B from amounts other than any upfront payment paid to
                  Party B by
                  an Eligible Replacement that has entered a Replacement Transaction
                  with
                  Party B, then such Unfunded Amount shall be due on the next subsequent
                  Distribution Date following the date on which the payment would
                  have been
                  payable as determined in accordance with Section 6(d)(ii), and
                  on any
                  subsequent Distribution Dates until paid in full (or if such Early
                  Termination Date is the final Distribution Date, on such final
                  Distribution Date); provided, however, that if the date on which
                  the
                  payment would have been payable as determined in accordance with
                  Section
                  6(d)(ii) is a Distribution Date, such payment will be payable on
                  such
                  Distribution Date.

              

      

      

      
        	
                (i)

              	
                Rating
                  Agency Notifications. Notwithstanding
                  any other provision of this Agreement, no Early Termination Date
                  shall be
                  effectively designated hereunder by Party B and no transfer of
                  any rights
                  or obligations under this Agreement shall be made by either party
                  unless
                  each Swap Rating Agency has been given prior written notice of
                  such
                  designation or transfer. 

              

      

      

      
        	
                (j)

              	
                No
                  Set-off.
                  Except as expressly provided for in Section 2(c), Section 6 or
                  Part
                  1(f)(i)(D) hereof, and notwithstanding any other provision of this
                  Agreement or any other existing or future agreement, each party
                  irrevocably waives any and all rights it may have to set off, net,
                  recoup
                  or otherwise withhold or suspend or condition payment or performance
                  of
                  any obligation between it and the other party hereunder against
                  any
                  obligation between it and the other party under any other agreements.
                  Section 6(e) shall be amended by deleting the following sentence:
“The
                  amount, if any, payable in respect of an Early Termination Date
                  and
                  determined pursuant to this Section will be subject to any
                  Set-off.”.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 14
        of 24

       

      
        	
                (k)

              	
                Amendment.
                  Notwithstanding any provision to the contrary in this Agreement,
                  no
                  amendment of either this Agreement or any Transaction under this
                  Agreement
                  shall be permitted by either party unless each of the Swap Rating
                  Agencies
                  has been provided prior written notice of the same and such amendment
                  satisfies the Rating Agency Condition with respect to
                  S&P.

              

      

      

      
        	
                (l)

              	
                Notice
                  of Certain Events or Circumstances.
                  Each Party agrees, upon learning of the occurrence or existence
                  of any
                  event or condition that constitutes (or that with the giving of
                  notice or
                  passage of time or both would constitute) an Event of Default or
                  Termination Event with respect to such party, promptly to give
                  the other
                  Party and to each Swap Rating Agency notice of such event or condition;
                  provided that failure to provide notice of such event or condition
                  pursuant to this Part 5(l) shall not constitute an Event of Default
                  or a
                  Termination Event.

              

      

       

      (m)   Proceedings.
        No
        Relevant Entity shall institute against, or cause any other person to institute
        against, or join any other person in instituting against Party B, the
        Supplemental Interest Trust, or the trust formed pursuant to the Pooling
        and
        Servicing Agreement, in any bankruptcy, reorganization, arrangement, insolvency
        or liquidation proceedings or other proceedings under any federal or state
        bankruptcy or similar law for a period of one year (or, if longer, the
        applicable preference period) and one day following payment in full of the
        Certificates and any Notes. This provision will survive the termination of
        this
        Agreement. 

      

      
        	
                (n)

              	
                Supplemental
                  Interest Trust Trustee Liability Limitations. 
                  It is expressly understood and agreed by the parties hereto that
                  (a) this
                  Agreement is executed and delivered by Deutsche Bank National Trust
                  Company (“Deutsche”) not in its individual capacity, but solely as
                  Supplemental Interest Trust Trustee under the Pooling and Servicing
                  Agreement in the exercise of the powers and authority conferred
                  and
                  invested in it thereunder; (b) Deutsche has been directed pursuant
                  to the
                  Pooling and Servicing Agreement to enter into this Agreement and
                  to
                  perform its obligations hereunder; (c) each of the representations,
                  warranties, covenants, undertakings and agreements herein made
                  on behalf
                  of the Supplemental Interest Trust is made and intended not as
                  personal
                  representations, undertakings and agreements by Deutsche but is
                  made and
                  intended for the purpose of binding only the Supplemental Interest
                  Trust;
                  and (d) nothing herein contained shall be construed as creating
                  any
                  liability on Deutsche Bank National Trust Company, individually
                  or
                  personally, to perform any covenant either expressed or implied
                  contained
                  herein, all such liability, if any, being expressly waived by the
                  parties
                  who are signatories to this Agreement and by any person claiming
                  by,
                  through or under such parties and (e) under no circumstances shall
                  Deutsche Bank National Trust Company be personally liable for the
                  payment
                  of any indemnity, indebtedness, fees or expenses of the Supplemental
                  Interest Trust or be liable for the breach or failure of any obligations,
                  representation, warranty or covenant made or undertaken by the
                  Supplemental Interest Trust under this
                  Agreement.

              

      

       

      

      
        	
                (o)

              	
                Severability.
                  If
                  any term, provision, covenant, or condition of this Agreement,
                  or the
                  application thereof to any party or circumstance, shall be held
                  to be
                  invalid or unenforceable (in whole or in part) in any respect,
                  the
                  remaining terms, provisions, covenants, and conditions hereof shall
                  continue in full force and effect as if this Agreement had been
                  executed
                  with the invalid or unenforceable portion eliminated, so long as
                  this
                  Agreement as so modified continues to express, without material
                  change,
                  the original intentions of the parties as to the subject matter
                  of this
                  Agreement and the deletion of such portion of this Agreement will
                  not
                  substantially impair the respective benefits or expectations of
                  the
                  parties; provided, however, that this severability provision shall
                  not be
                  applicable if any provision of Section 2, 5, 6, or 13 (or any definition
                  or provision in Section 14 to the extent it relates to, or is used
                  in or
                  in connection with any such Section) shall be so held to be invalid
                  or
                  unenforceable. 

              

      

      

      The
        parties shall endeavor to engage in good faith negotiations to replace any
        invalid or unenforceable term, provision, covenant or condition with a valid
        or
        enforceable term, provision, covenant or condition, the economic effect of
        which
        comes as close as possible to that of the invalid or unenforceable term,
        provision, covenant or condition. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        Reference
          Number: FXNEC9418 

        Deutsche
          Bank National Trust Company, not in its individual capacity, but solely
          as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the
          Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
          Pass-Through Certificates, Series 2007-3 

        April
          30,
          2007

        Page 15
          of 24

      

      
        	
                (p)

              	
                Agent
                  for Party B. Party
                  A acknowledges that Party B has appointed the Supplemental Interest
                  Trust
                  Trustee and the Trustee as its agents under the Pooling and Servicing
                  Agreement to carry out certain functions on behalf of Party B,
                  and that
                  the Supplemental Interest Trust Trustee and the Trust shall be
                  entitled to
                  give notices and to perform and satisfy the obligations of Party
                  B
                  hereunder on behalf of Party B.

              

      

       

      
        	
                (q)

              	
                Limitation
                  on Events of Default.
                  Notwithstanding the provisions of Sections 5 and 6, if at any time
                  and so
                  long as Party B has satisfied in full all its payment obligations
                  under
                  Section 2(a)(i) and has at the time no future payment obligations,
                  whether
                  absolute or contingent, under such Section, then unless Party A
                  is
                  required pursuant to appropriate proceedings to return to Party
                  B or
                  otherwise returns to Party B upon demand of Party B any portion
                  of any
                  such payment, (a) the occurrence of an event described in Section
                  5(a)
                  with respect to Party B shall not constitute an Event of Default
                  or
                  Potential Event of Default with respect to Party B as Defaulting
                  Party and
                  (b) Party A shall be entitled to designate an Early Termination
                  Date
                  pursuant to Section 6 only as a result of the occurrence of a Termination
                  Event set forth in either Section 5(b)(i) or 5(b)(ii) with respect
                  to
                  Party A as the Affected Party, or Section 5(b)(iii) with respect
                  to Party
                  A as the Burdened Party. For purposes of the Transaction to which
                  this
                  Agreement relates, Party B’s only obligation under Section 2(a)(i) is to
                  pay the Fixed Amount on the Fixed Amount Payer Payment
                  Date.

              

      

      

      
        	
                (r)

              	
                Consent
                  to Recording.
                  Each party hereto consents to the monitoring or recording, at any
                  time and
                  from time to time, by the other party of any and all communications
                  between trading, marketing, and operations personnel of the parties
                  and
                  their Affiliates, waives any further notice of such monitoring
                  or
                  recording, and agrees to notify such personnel of such monitoring
                  or
                  recording. 

              

      

       

      

      
        	
                (s)

              	
                Waiver
                  of Jury Trial.
                  Each party waives any right it may have to a trial by jury in respect
                  of
                  any suit, action or proceeding relating to this Agreement or any
                  Credit
                  Support Document. 

              

      

      

      
        	
                (t)

              	
                Form
                  of ISDA Master Agreement. Party
                  A and Party B hereby agree that the text of the body of the ISDA
                  Master
                  Agreement is intended to be the printed form of the ISDA Master
                  Agreement
                  (Multicurrency -
                  Crossborder) as published and copyrighted in 1992 by the International
                  Swaps and Derivatives Association,
                  Inc.

              

      

      

      
        	
                (u)

              	
                Payment
                  Instructions.
                  Party A hereby agrees that, unless notified in writing by Party
                  B of other
                  payment instructions, any and all amounts payable by Party A to
                  Party B
                  under this Agreement shall be paid to the account specified in
                  Item 4 of
                  this Confirmation, below. 

              

      

      

      
        	
                (v)

              	
                Capacity.
                  Party A represents to Party B on the date on which Party A enters
                  into
                  this Agreement
                  that it is entering into the Agreement and the Transaction as principal
                  and not as agent of any person. The Supplemental Interest Trust
                  Trustee
                  represents to Party A on the date on which Party
                  B enters
                  into this Agreement that the Supplemental Interest Trust Trustee
                  is
                  executing the Agreement not in its individual capacity, but solely
                  as
                  Supplemental Interest Trust Trustee on behalf of the Supplemental
                  Interest
                  Trust.

              

      

      

      
        	
                (w)

              	
                Substantial
                  financial transactions.
                  Each party hereto is hereby advised and acknowledges as of the
                  date hereof
                  that the other party has engaged in (or refrained from engaging
                  in)
                  substantial financial transactions and has taken (or refrained
                  from
                  taking) other material actions in reliance upon the entry by the
                  parties
                  into the Transaction being entered into on the terms and conditions
                  set
                  forth herein and in the Pooling and Servicing Agreement relating
                  to such
                  Transaction, as applicable. This paragraph shall be deemed repeated
                  on the
                  trade date of each Transaction.

              

      

      

      
        	
                (x)

              	
                Third
                  Party Beneficiary. The parties hereto acknowledge and agree that
                  the
                  Certificate Insurer shall be an express third-party beneficiary
                  of this
                  Agreement

              

      

       

      
        	
                (y)

              	
                Optional
                  Termination.
                  In
                  connection with the optional termination of the trust fund pursuant
                  to
                  Section 9.01 of the Pooling and Servicing Agreement, with effect
                  following
                  all distributions on the final Distribution Date under the Pooling
                  and
                  Servicing Agreement (such date, the “Optional Termination Distribution
                  Date”):

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        Reference
          Number: FXNEC9418 

        Deutsche
          Bank National Trust Company, not in its individual capacity, but solely
          as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the
          Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
          Pass-Through Certificates, Series 2007-3 

        April
          30,
          2007

        Page 16
          of 24

         

      

      
        	 	
                (a)

              	
                (1) (A)
                  Party B hereby assigns all of its rights and delegates all of its
                  liabilities and obligations to Impac Mortgage Holdings, Inc., (“IMHI”) and
                  IMHI hereby assumes all of Party B’s rights, liabilities, and obligations,
                  under the Confirmations arising after the final distributions on
                  the
                  Optional Termination Distribution Date (the “Assigned Transactions”) and
                  (B) Party A hereby consents to such assignment, delegation and
                  assumption;

              

      

       

      (2)
         Party
        A
        and IMHI agree to enter into the Assigned Transactions as evidenced by
        confirmations (the “New Confirmations”) and each such New Confirmation will
        constitute a Confirmation (as that word is defined in the New Agreement,
        defined
        below) that supplements, forms a part of, and is subject to, an agreement
        (the
“New Agreement”) in the form of the 1992 Multicurrency - Cross Border Master
        Agreement in the form published by the International Swaps and Derivatives
        Association, Inc. (the “ISDA Form”), executed by Party A and IMHI, but without
        any Schedule except for the election of the State of New York as the governing
        law and USD as the Termination Currency (as that word is defined in the New
        Agreement). Party A and IMHI further agree that such New Confirmations shall
        have substantially identical terms to the Assigned Transactions and
        Confirmations.

       

      
        	 	
                (b)

              	
                Party
                  A and Party B are each released and discharged from further obligations
                  owed under and in respect of the Assigned Transactions and their
                  respective rights against each other thereunder are
                  cancelled;

              

      

       

      
        	 	
                (c)

              	
                Party
                  A hereby agrees that IMHI may do one of the following with each
                  of the
                  Assigned Transactions and the New
                  Confirmations:

              

      

       

      
        	 	
                (i)

              	
                retain
                  such Assigned Transaction and New
                  Confirmation;

              

      

       

      
        	 	
                (ii)

              	
                assign
                  all of its rights and delegate all of its liabilities and obligations
                  under such Assigned Transaction and New Confirmation to a third
                  party,
                  such assignment and delegation to be effective upon the receipt
                  of written
                  consent thereto from Party A (in its sole and absolute discretion);
                  or

              

      

       

      
        	 	
                (iii)

              	
                terminate
                  such Assigned Transaction by giving three Business Days’ prior written
                  notice to Party A (the “Optional Swap Termination”). In connection with
                  the Optional Swap Termination, if any, a termination payment (if
                  any)
                  shall be payable by IMHI or Party A, as applicable, as determined
                  by the
                  Calculation Agent by the application of Section 6(e)(ii) of the
                  ISDA Form
                  Master Agreement, with Market Quotation and Second Method being
                  the
                  applicable method for determining the termination payment. The
                  exercise of
                  the right to terminate under this provision shall not be an Event
                  of
                  Default under any of the other Transactions between IMHI and Bear
                  Stearns
                  Financial Products Inc. For purposes of the Optional Swap Termination,
                  IMHI shall be the sole Affected
                  Party.

              

      

       

      
        	 	
                (d)

              	
                If
                  IMHI exercises its right to retain an Assigned Transaction and
                  New
                  Confirmation pursuant to Part 5(y)(a)(2) of this Agreement, then
                  Party A
                  has the right to do one of the following with each such Assigned
                  Transaction and New Confirmation:

              

      

       

      (i)
        retain such Assigned Transaction and New Confirmation;

       

      (ii)
        assign all of its rights and delegate all of its liabilities and obligations
        under such Assigned Transaction to a subsidiary of The Bear Stearns Companies,
        Inc. without the consent of IMHI; 

       

      or

       

      (iii)
        assign all of its rights and delegate all of its liabilities and obligations
        under such Assigned Transaction to a third party with the consent of IMHI;
        provided, however, that if Party A exercises its right to assign such Assigned
        Transaction under (ii) or (iii) above the counterparty shall be an entity
        that
        (1) has executed an ISDA Master Agreement with IMHI and (2) agrees to accept
        all
        of the terms and conditions of such Assigned Transaction and New Confirmation
        without amendment or supplement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 17
        of 24

       

      
        	
                (z)

              	
                Additional
                  Definitions. 

              

      

       

      As
        used
        in this Agreement, the following terms shall have the meanings set forth
        below,
        unless the context clearly requires otherwise: 

       

      “Approved
        Ratings Threshold”
        means
        each of the S&P Approved Ratings Threshold and the Moody’s First Trigger
        Ratings Threshold.

      

      “Approved
        Replacement” means,
        with respect to a Market Quotation, an entity making such Market Quotation,
        which entity would satisfy conditions (a), (b), (c) and (d)of the definition
        of
        Permitted Transfer (as determined by Party B in its sole discretion, acting
        in a
        commercially reasonable manner) if such entity were a Transferee, as defined
        in
        the definition of Permitted Transfer.

      

      “Eligible
        Guarantee”
        means an
        unconditional and irrevocable guarantee of all present and future payment
        obligations and obligations to post collateral of Party A or an Eligible
        Replacement to Party B under this Agreement that is provided by an Eligible
        Guarantor as principal debtor rather than surety and that is directly
        enforceable by Party B, the form and substance of which guarantee are subject
        to
        the Rating Agency Condition with respect to S&P.

      

      “Eligible
        Guarantor” means
        an
        entity that (A) has credit ratings from S&P at least equal to the S&P
        Approved Ratings Threshold and (B) has credit ratings from Moody’s at least
        equal to the Moody’s Second Trigger Ratings Threshold, provided, for the
        avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor with
        credit ratings below the Moody’s First Trigger Ratings Threshold will not cause
        a Collateral Event (as defined in the Credit Support Annex) not to occur
        or
        continue with respect to Moody’s.  An Eligible Guarantor shall provide to
        Party B in writing all credit ratings described in this definition, upon
        the
        request of Party B.

      

      “Eligible
        Replacement”
        means an
        entity (A) (i) (a) that has credit ratings from S&P at least equal to the
        S&P Approved Ratings Threshold, and (b) has credit ratings from Moody’s at
        least equal to the Moody’s Second Trigger Ratings Threshold, provided, for the
        avoidance of doubt, that an Eligible Replacement with credit ratings below
        the
        Moody’s First Trigger Ratings Threshold will not cause a Collateral Event (as
        defined in the Credit Support Annex) not to occur or continue with respect
        to
        Moody’s, or (ii) the present and future obligations (for the avoidance of doubt,
        not limited to payment obligations) of which entity to Party B under this
        Agreement are guaranteed pursuant to an Eligible Guarantee. An Eligible
        Replacement shall provide to Party B in writing all credit ratings described
        in
        this definition, upon the request of Party B.

      

      “Estimated
        Swap Termination Payment”
        means,
        with respect to an Early Termination Date, an amount determined by Party
        A in
        good faith and in a commercially reasonable manner as the maximum payment
        that
        could be owed by Party B to Party A in respect of such Early Termination
        Date
        pursuant to Section 6(e), taking into account then current market
        conditions.

      

      “Firm
        Offer”
        means
        (A) with respect to an Eligible Replacement, a quotation from such Eligible
        Replacement (i) in an amount equal to the actual amount payable by or to
        Party B
        in consideration of an agreement between Party B and such Eligible Replacement
        to replace Party A as the counterparty to this Agreement by way of novation
        or,
        if such novation is not possible, an agreement between Party B and such Eligible
        Replacement to enter into a Replacement Transaction (assuming that all
        Transactions hereunder become Terminated Transactions), and (ii) that
        constitutes an offer by such Eligible Replacement to replace Party A as the
        counterparty to this Agreement or enter a Replacement Transaction that will
        become legally binding upon such Eligible Replacement upon acceptance by
        Party
        B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
        Guarantor to provide an Eligible Guarantee that will become legally binding
        upon
        such Eligible Guarantor upon acceptance by the offeree.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        Reference
          Number: FXNEC9418 

        Deutsche
          Bank National Trust Company, not in its individual capacity, but solely
          as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the
          Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
          Pass-Through Certificates, Series 2007-3 

        April
          30,
          2007

        Page 18
          of 24

      

      “Moody’s”
        means
        Moody’s Investors Service, Inc., or any successor thereto. 

      

      “Moody’s
        First Trigger Ratings Event” means
        that no
        Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
        First Trigger Ratings Threshold. 

      

      “Moody’s
        First Trigger Ratings Threshold” means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, (i) if such entity has a short-term unsecured and
        unsubordinated debt rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
        short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
        or (ii) if such entity does not have a short-term unsecured and unsubordinated
        debt rating or counterparty rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

      

      “Moody’s
        Second Trigger Ratings Event” means
        that no
        Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
        Second Trigger Ratings Threshold. 

      

      “Moody’s
        Second Trigger Ratings Threshold” means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, (i) if such entity has a short-term unsecured and
        unsubordinated debt rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
        short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
        or (ii) if such entity does not have a short-term unsecured and unsubordinated
        debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
        or counterparty rating from Moody’s of “A3”.

      

      “Permitted
        Transfer” means
        a
        transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d),
        Part
        5(b)(v), Part 5(e) or the second sentence of Section 7 (as amended herein)
        to a
        transferee (the “Transferee”)
        of all,
        but not less than all, of Party A’s rights, liabilities, duties and obligations
        under this Agreement, with
        respect to which transfer each of the following conditions is
        satisfied:
        (a) the
        Transferee is an Eligible Replacement; (b) Party A and the Transferee are
        both
“dealers in notional principal contracts” within the meaning of Treasury
        regulations section 1.1001-4 (in each case as certified by such entity);
        (c) as
        of the date of such transfer the Transferee would not be required to withhold
        or
        deduct on account of Tax from any payments under this Agreement or would
        be
        required to gross up for such Tax under Section 2(d)(i)(4); (d) an Event
        of
        Default or Termination Event would not occur as a result of such transfer;
        (e)
        pursuant to a written instrument (the “Transfer
        Agreement”),
        the
        Transferee acquires and assumes all rights and obligations of Party A under
        the
        Agreement and the relevant Transaction; (f) Party B shall have determined,
        in
        its sole discretion, acting in a commercially reasonable manner, that such
        Transfer Agreement is effective to transfer to the Transferee all, but not
        less
        than all, of Party A’s rights and obligations under the Agreement and all
        relevant Transactions; (g) Party A will be responsible for any costs or expenses
        incurred in connection with such transfer (including any replacement cost
        of
        entering into a replacement transaction); (h) either (A) Moody’s has been given
        prior written notice of such transfer and the Rating Agency Condition is
        satisfied with respect to S&P or (B) each Swap Rating Agency has been given
        prior written notice of such transfer and such transfer is in connection
        with
        the assignment and assumption of this Agreement without modification of its
        terms, other than party names, dates relevant to the effective date of such
        transfer, tax representations (provided that the representations in Part
        2(a)(i)
        are not modified) and any other representations regarding the status of the
        substitute counterparty of the type included in Part 5(b)(iv), Part 5(v)(i)(2)
        or Part 5(v)(ii), notice information and account details; and (i) such transfer
        otherwise complies with the terms of the Pooling and Servicing
        Agreement.

       

      “Rating
        Agency Condition”
        means,
        with respect to any particular proposed act or omission to act hereunder
        and
        each Swap Rating Agency specified in connection with such proposed act or
        omission, that the party acting or failing to act must consult with each
        of the
        specified Swap Rating Agencies and receive from each such Swap Rating Agency
        a
        prior written confirmation that the proposed action or inaction would not
        cause
        a downgrade or withdrawal of the then-current rating of any Certificates
        or
        Notes.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        Reference
          Number: FXNEC9418 

        Deutsche
          Bank National Trust Company, not in its individual capacity, but solely
          as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the
          Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
          Pass-Through Certificates, Series 2007-3 

        April
          30,
          2007

        Page 19
          of 24

         

      

      “Relevant
        Entity” means
        Party A and, to the extent applicable, a guarantor under an Eligible
        Guarantee.

      

      “Replacement
        Transaction”
        means,
        with respect to any Terminated Transaction or group of Terminated Transactions,
        a transaction or group of transactions that (i) would have the effect of
        preserving for Party B the economic equivalent of any payment or delivery
        (whether the underlying obligation was absolute or contingent and assuming
        the
        satisfaction of each applicable condition precedent) by the parties under
        Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
        Transactions that would, but for the occurrence of the relevant Early
        Termination Date, have been required after that Date, and (ii) has terms
        which
        are substantially the same as this Agreement, including, without limitation,
        rating triggers, Regulation AB compliance, and credit support documentation,
        save for the exclusion of provisions relating to Transactions that are not
        Terminated Transaction.

      

      “Required
        Ratings Downgrade Event”
        means
        that no Relevant Entity has credit ratings at least equal to the Required
        Ratings Threshold. For purposes of determining whether a Required Ratings
        Downgrade Event has occurred, each Relevant Entity shall provide its credit
        ratings to Party B in writing, upon request of Party B.

      

      “Required
        Ratings Threshold” means
        each of the S&P Required Ratings Threshold and the Moody’s Second Trigger
        Ratings Threshold.

      

      “S&P”
        means
        Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
        Inc., or any successor thereto. 

      

      “S&P
        Approved Ratings Downgrade Event”
        means
        that no Relevant Entity has credit ratings at least equal to the S&P
        Approved Ratings Threshold.

      

      “S&P
        Approved Ratings Threshold”
        means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, a short-term unsecured and unsubordinated debt rating
        from
        S&P of “A-1”, or, if such entity does not have a short-term unsecured and
        unsubordinated debt rating from S&P, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from S&P of
“A+”.

      

      “S&P
        Required Ratings Downgrade Event”
        means
        that no Relevant Entity has credit ratings at least equal to the S&P
        Required Ratings Threshold.

      

      “S&P
        Required Ratings Threshold”
        means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, a long-term unsecured and unsubordinated debt rating
        or
        counterparty rating from S&P of “BBB-”.

      

      “Swap
        Rating Agencies”
        means,
        with respect to any date of determination, each of S&P and Moody’s, to the
        extent that each such rating agency is then providing a rating for any of
        the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp. Mortgage
        Pass-Through Certificates, Series 2007-3 (the “Certificates”) or any notes
        backed by the Certificates (the “Notes”).

      

       

      [Remainder
        of this page intentionally left blank.]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 20
        of 24

       

      
        	
                4.

              	
                Account
                  Details and Settlement Information:

              

      

       

      Payments
        to Party A:

      

      Citibank,
        N.A., New York

      ABA
        Number: 021-0000-89, for the account of Bear, Stearns Securities
        Corp.

      Account
        Number: 0925-3186, for further credit to Bear Stearns Financial Products
        Inc.

      Sub-account
        Number: 102-04654-1-3

      Attention:
        Derivatives Department

      

      Payments
        to Party B:

      

      Deutsche
        Bank Trust Company Americas

      ABA:
        021001033

      A/C#
        014-19-663

      AC
        Name:
        NYLTD Funds Control - Stars West

      Ref:
        Impac Secured Assets Corp. 2007-3 Cap Payment

      

      NEITHER
        THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF THE BEAR
        STEARNS COMPANIES INC. OTHER THAN PARTY A IS AN OBLIGOR OR A CREDIT SUPPORT
        PROVIDER ON THIS AGREEMENT.

      

      This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

      

      Party
        B
        hereby agrees to check this Confirmation and to confirm that the foregoing
        correctly sets forth the terms of the Transaction by signing in the space
        provided below and returning to Party A a facsimile of the fully-executed
        Confirmation to 212-272-9857. For inquiries regarding U.S. Transactions,
        please
        contact Derivatives Documentation by telephone at 212-272-2711. For all other
        inquiries please contact Derivatives Documentation by telephone at
        353-1-402-6233. Originals will be provided for your execution upon your
        request.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 21
        of 24

       

      We
        are
        very pleased to have executed this Transaction with you and we look forward
        to
        completing other transactions with you in the near future.

      

      Very
        truly yours,

      

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

       

      

      By: 
        _______________________________
Name:
Title:

      

      

      Party
        B,
        acting through its duly authorized signatory, hereby agrees to, accepts and
        confirms the terms of the foregoing as of the date hereof.

      

      

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
        SUPPLEMENTAL INTEREST TRUST TRUSTEE ON BEHALF OF THE SUPPLEMENTAL INTEREST
        TRUST
        WITH RESPECT TO THE
        IMPAC SECURED ASSETS TRUST 2007-3, IMPAC SECURED ASSETS CORP., MORTGAGE
        PASS-THROUGH CERTIFICATES, SERIES 2007-3 

      

       

      
        By: 
          _______________________________
Name:
Title:

      

      

      am

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        Reference
          Number: FXNEC9418 

        Deutsche
          Bank National Trust Company, not in its individual capacity, but solely
          as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the
          Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
          Pass-Through Certificates, Series 2007-3 

        April
          30,
          2007

        Page 22
          of 24

      SCHEDULE
        I

      (all
        such
        dates subject to adjustment in accordance with the Following Business Day
        Convention)

      

      
        	
                From
                  and including

              	
                To
                  but excluding

              	
                Notional
                  Amount

                (USD)

              
	
                Effective
                  Date

              	
                25-May-12

              	
                161,826,352.67

              
	
                25-May-12

              	
                25-Jun-12

              	
                151,263,754.40

              
	
                25-Jun-12

              	
                25-Jul-12

              	
                141,511,904.07

              
	
                25-Jul-12

              	
                25-Aug-12

              	
                132,504,019.82

              
	
                25-Aug-12

              	
                25-Sep-12

              	
                124,179,097.46

              
	
                25-Sep-12

              	
                25-Oct-12

              	
                116,486,851.73

              
	
                25-Oct-12

              	
                25-Nov-12

              	
                109,380,292.96

              
	
                25-Nov-12

              	
                25-Dec-12

              	
                103,113,625.92

              
	
                25-Dec-12

              	
                25-Jan-13

              	
                98,129,052.74

              
	
                25-Jan-13

              	
                25-Feb-13

              	
                94,098,228.14

              
	
                25-Feb-13

              	
                25-Mar-13

              	
                90,805,942.90

              
	
                25-Mar-13

              	
                25-Apr-13

              	
                87,963,778.14

              
	
                25-Apr-13

              	
                25-May-13

              	
                85,210,648.69

              
	
                25-May-13

              	
                25-Jun-13

              	
                82,545,124.15

              
	
                25-Jun-13

              	
                Termination
                  Date

              	
                79,962,538.10

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 23
        of 24

      

      Annex
        A

      

      Paragraph
        13 of the Credit Support Annex

      

      

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Reference
        Number: FXNEC9418 

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 

      April
        30,
        2007

      Page 24
        of 24

      Annex
        B

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        A

      

      

      ISDA®

      CREDIT
        SUPPORT ANNEX

      to
        the
        Schedule to the

      ISDA
        Master Agreement

      dated
        as
        of April 30, 2007 between

      Bear
        Stearns Financial Products Inc. (hereinafter referred to as “Party
        A”
        or
“Pledgor”)

      and

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        with respect to the Impac Secured Assets Trust 2007-3, Impac Secured Assets
        Corp., Mortgage Pass-Through Certificates, Series 2007-3 (hereinafter referred
        to as “Party
        B”
        or
“Secured
        Party”)

      

      For
        the
        avoidance of doubt, and notwithstanding anything to the contrary that may
        be
        contained in the Agreement, this Credit Support Annex shall relate solely
        to the
        Transaction documented in the Confirmation dated April 30, 2007, between
        Party A
        and Party B, Reference Number FXNEC9418.

      

       

      Paragraph
        13. Elections and Variables.

       

      
        	
                (a)

              	
                Security
                  Interest for “Obligations”.
                  The term “Obligations”
                  as
                  used in this Annex includes the following additional
                  obligations:

              

      

       

      With
        respect to Party A: not applicable.

       

      With
        respect to Party B: not applicable.

       

      
        	
                (b)

              	
                Credit
                  Support Obligations.

              

      

       

      
        	 	
                (i)

              	
                Delivery
                  Amount, Return Amount and Credit Support
                  Amount.

              

      

       

      
        	 	
                (A)

              	
                “Delivery
                  Amount”
                  has the meaning specified in Paragraph 3(a) as amended (I) by deleting
                  the
                  words “upon a demand made by the Secured Party on or promptly following
                  a
                  Valuation Date” and inserting in lieu thereof the words “not later than
                  the close of business on each Valuation Date” and (II) by deleting in its
                  entirety the sentence beginning “Unless otherwise specified in Paragraph
                  13” and ending “(ii) the Value as of that Valuation Date of all Posted
                  Credit Support held by the Secured Party.” and inserting in lieu thereof
                  the following:

              

      

       

      The
        “Delivery
        Amount”
        applicable to the Pledgor for any Valuation Date will equal the greatest
        of

       

      
        	 	
                (1)
                  

              	
                the
                  amount by which (a) the S&P Credit Support Amount for such Valuation
                  Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                  Credit Support held by the Secured Party,

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (2)
                  

              	
                the
                  amount by which (a) the Moody’s First Trigger Credit Support Amount for
                  such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                  Valuation Date of all Posted Credit Support held by the Secured
                  Party,
                  and

              

      

       

      
        	 	
                (3)
                  

              	
                the
                  amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                  such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                  such Valuation Date of all Posted Credit Support held by the Secured
                  Party.

              

      

       

      
        	 	
                (B)

              	
                “Return
                  Amount”
                  has the meaning specified in Paragraph 3(b) as amended by deleting
                  in its
                  entirety the sentence beginning “Unless otherwise specified in Paragraph
                  13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                  thereof the following:

              

      

       

      The
        “Return
        Amount”
        applicable to the Secured Party for any Valuation Date will equal the least
        of

       

      
        	 	
                (1)
                  

              	
                the
                  amount by which (a) the S&P Value as of such Valuation Date of all
                  Posted Credit Support held by the Secured Party exceeds (b) the
                  S&P
                  Credit Support Amount for such Valuation Date,

              

      

       

      
        	 	
                (2)
                  

              	
                the
                  amount by which (a) the Moody’s First Trigger Value as of such Valuation
                  Date of all Posted Credit Support held by the Secured Party exceeds
                  (b)
                  the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                  and

              

      

       

      
        	 	
                (3)
                  

              	
                the
                  amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                  Date of all Posted Credit Support held by the Secured Party exceeds
                  (b)
                  the Moody’s Second Trigger Credit Support Amount for such Valuation
                  Date.

              

      

       

      
        	 	
                (C)

              	
                “Credit
                  Support Amount”
                  shall not apply. For purposes of calculating any Delivery Amount
                  or Return
                  Amount for any Valuation Date, reference shall be made to the S&P
                  Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                  the Moody’s Second Trigger Credit Support Amount, in each case for such
                  Valuation Date, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                  above.

              

      

       

      
        	 	
                (ii)

              	
                Eligible
                  Collateral.
                  

              

      

       

      The
        items
        set forth on the schedule of Eligible Collateral attached as Schedule A hereto
        will qualify as “Eligible
        Collateral”
(for
        the avoidance of doubt, all Eligible Collateral described in (D) and (E)
        of
        column one of the Collateral Schedule to be denominated in USD).

       

      
        	 	
                (iii)

              	
                Other
                  Eligible Support. 

              

      

       

      The
        following items will qualify as “Other
        Eligible Support”
        for the
        party specified: 

       

      Not
        applicable.

      
        
          REFERENCE
            NUMBER: FXNEC9418

          
          

        

        
          Page
            2 of
            13

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (iv)

              	
                Threshold.

              

      

       

      
        	 	
                (A)

              	
                “Independent
                  Amount”
                  means zero with respect to Party A and Party
                  B.

              

      

       

      
        	 	
                (B)

              	
                “Threshold”
                  means, with respect to Party A and any Valuation Date, zero if
                  (i) a
                  Collateral Event has occurred and has been continuing (x) for at
                  least 30
                  days or (y) since this Annex was executed or (ii) a Required Ratings
                  Downgrade Event has occurred and is continuing; otherwise,
                  infinity.

              

      

       

        “Threshold”
        means,
        with respect to Party B and any Valuation Date, infinity.

       

      
        	 	
                (C)

              	
                “Minimum
                  Transfer Amount” means
                  USD 100,000 with respect to Party A and Party B; provided, however,
                  that
                  if the aggregate Certificate Principal Balance of the Certificates
                  and the
                  aggregate principal balance of the Notes rated by S&P is at the time
                  of any transfer less than USD 50,000,000, the “Minimum
                  Transfer Amount”
                  shall be USD 50,000.

              

      

       

      
        	 	
                (D)

              	
                Rounding:
                  The Delivery Amount will be rounded up to the nearest integral
                  multiple of
                  USD 10,000. The Return Amount will be rounded down to the nearest
                  integral
                  multiple of USD 10,000.

              

      

       

      
        	
                (c)

              	
                Valuation
                  and Timing.

              

      

       

      
        	 	
                (i)

              	
                “Valuation
                  Agent”
                  means Party A.

              

      

       

      
        	 	
                (ii)

              	
                “Valuation
                  Date” means
                  each Local Business Day on which any of the S&P Credit Support Amount,
                  the Moody’s First Trigger Credit Support Amount or the Moody’s Second
                  Trigger Credit Support Amount is greater than
                  zero.

              

      

       

      
        	 	
                (iii)

              	
                “Valuation
                  Time” means
                  the close of business in the city of the Valuation Agent on the
                  Local
                  Business Day immediately preceding the Valuation Date or date of
                  calculation, as applicable; provided
                  that the calculations of Value and Exposure will be made as of
                  approximately the same time on the same date. The Valuation Agent
                  will
                  notify each party (or the other party, if the Valuation Agent is
                  a party)
                  of its calculations not later than the Notification Time on the
                  applicable
                  Valuation Date (or in the case of Paragraph 6(d), the Local Business
                  Day
                  following the day on which such relevant calculations are
                  performed).”

              

      

       

      
        	 	
                (iv)

              	
                “Notification
                  Time” means
                  11:00 a.m., New York time, on a Local Business Day.
                  

              

      

       

      
        	 	
                (v)

              	
                External
                  Calculations.
                  At
                  any time at which Party A (or, to the extent applicable, its Credit
                  Support Provider) does not have a long-term unsubordinated and
                  unsecured
                  debt rating of at least “BBB+” from S&P, the Valuation Agent shall (at
                  its own expense) obtain external calculations of Party B’s Exposure from
                  at least two Reference Market-makers on the last Local Business
                  Day of
                  each calendar month. Any determination of the S&P Credit Support
                  Amount shall be based on the greatest of Party B’s Exposure determined by
                  the Valuation Agent and such Reference Market-makers. Such external
                  calculation may not be obtained from the same Reference Market-maker
                  more
                  than four times in any 12-month
                  period.

              

      

       

      
        	 	
                (vi)

              	
                Notice
                  to S&P.
                  At
                  any time at which Party A (or, to the extent applicable, its Credit
                  Support Provider) does not have a long-term unsubordinated and
                  unsecured
                  debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                  provide to S&P not later than the Notification Time on the Local
                  Business Day following each Valuation Date its calculations of
                  Party B’s
                  Exposure and the S&P Value of any Eligible Credit Support or Posted
                  Credit Support for that Valuation Date. The Valuation Agent shall
                  also
                  provide to S&P any external marks of Party B’s
                  Exposure.

              

      

       

      
        
          REFERENCE
            NUMBER: FXNEC9418

          
          

        

        
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                (d)

              	
                Conditions
                  Precedent and Secured Party’s Rights and
                  Remedies.
                  The following Termination Events will be a “Specified
                  Condition”
                  for the party specified (that party being the Affected Party if
                  the
                  Termination Event occurs with respect to that party): With respect
                  to
                  Party A and Party B: None. 

              

      

       

      
        	
                (e)

              	
                Substitution.

              

      

       

      
        	 	
                (i)

              	
                “Substitution
                  Date”
                  has the meaning specified in Paragraph
                  4(d)(ii).

              

      

       

      
        	 	
                (ii)

              	
                Consent.
                  If
                  specified here as applicable, then the Pledgor must obtain the
                  Secured
                  Party’s consent for any substitution pursuant to Paragraph 4(d):
                  Inapplicable.

              

      

       

      
        	
                (f)

              	
                Dispute
                  Resolution.

              

      

       

      
        	 	
                (i)

              	
                “Resolution
                  Time”
                  means 1:00 p.m. New York time on the Local Business Day following
                  the date
                  on which the notice of the dispute is given under Paragraph
                  5.

              

      

       

      
        	 	
                (ii)

              	
                Value.
                  Notwithstanding anything to the contrary in Paragraph 12, for the
                  purpose
                  of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Moody’s First Trigger
                  Value, and Moody’s Second Trigger Value, on any date, of Eligible
                  Collateral other than Cash will be calculated as follows:
                  

              

      

       

      For
        Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
        the
        product of (1)(x) the bid-side quotation at the Valuation Time for such
        securities on the principal national securities exchange on which such
        securities are listed, or (y) if such securities are not listed on a national
        securities exchange, the arithmetic mean of the bid-side quotations for such
        securities quoted at the Valuation Time by any three principal market makers
        for
        such securities selected by the Valuation Agent, provided that if only two
        bid-side quotations are obtained, then the arithmetic mean of such two bid-side
        quotations will be used, and if only one bid-side quotation is obtained,
        such
        quotation shall be used, or (z) if no such bid price is listed or quoted
        for
        such date, the bid price listed or quoted (as the case may be) at the Valuation
        Time for the day next preceding such date on which such prices were available
        and (2) the applicable Valuation Percentage for such Eligible
        Collateral.

       

      
        	 	
                (iii)

              	
                Alternative.
                  The provisions of Paragraph 5 will
                  apply.

              

      

       

      
        	
                (g)

              	
                Holding
                  and Using Posted
                  Collateral.

              

      

       

      
        	 	
                (i)

              	
                Eligibility
                  to Hold Posted Collateral; Custodians. Party
                  B (or its Custodian) will be entitled to hold Posted Collateral
                  pursuant
                  to Paragraph 6(b), provided that the following conditions applicable
                  to it
                  are satisfied:

              

      

       

      
        	 	
                (1)

              	
                it
                  is not a Defaulting Party.

              

      

       

      
        	 	
                (2)

              	
                Posted
                  Collateral consisting of Cash or certificated securities that cannot
                  be
                  paid or delivered by book-entry may be held only in any state of
                  the
                  United States which has adopted the Uniform Commercial
                  Code.

              

      

       

      
        	 	
                (3)

              	
                in
                  the case of any Custodian for Party B, such Custodian (or, to the
                  extent
                  applicable, its parent company or credit support provider) shall
                  then have
                  a short-term unsecured and unsubordinated debt rating from S&P of at
                  least “A-1”.

              

      

       

      
        
          REFERENCE
            NUMBER: FXNEC9418

          
          

        

        
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      Initially,
        the Custodian
        for
        Party B is: The Supplemental Interest Trust Trustee.

       

      
        	 	
                (ii)

              	
                Use
                  of Posted Collateral.
                  The provisions of Paragraph 6(c) will not apply to Party B, and
                  Party B
                  shall not have any right to use Posted Collateral or take any action
                  specified in such Paragraph 6(c).

              

      

       

      
        	
                (h)

              	
                Distributions
                  and Interest Amount.

              

      

       

      
        	 	
                (i)

              	
                Interest
                  Rate.
                  The “Interest
                  Rate”
                  will be the actual interest rate earned on Posted Collateral in
                  the form
                  of Cash that is held by Party B or its Custodian. Posted Collateral
                  in the
                  form of Cash shall be invested in such overnight (or redeemable
                  within two
                  Local Business Days of demand) Permitted Investments rated at least
                  (x)
                  AAAm or AAAm-G by S&P and (y) Prime-1 by Moody’s or Aaa by Moody’s, as
                  directed by Party A. Gains and losses incurred in respect of any
                  investment of Posted Collateral in the form of Cash in Permitted
                  Investments as directed by Party A shall be for the account of
                  Party
                  A.

              

      

       

      
        	 	
                (ii)

              	
                Amendment
                  of Paragraph 6(d)(i) - Distributions.
                  Clause (d)(i) of Paragraph 6 shall be amended and restated to read
                  in its
                  entirety as follows:

              

      

       

      “(i)
        Distributions. Subject to Paragraph 4(a), if Party B receives Distributions
        on a
        Local Business Day, it will Transfer to Party A not later than the following
        Local Business Day any Distributions it receives to the extent that a Delivery
        Amount would not be created or increased by that Transfer, as calculated
        by the
        Valuation Agent (and the date of calculation will be deemed to be a Valuation
        Date for this purpose). ” 

       

      
        	 	
                (iii)

              	
                Amendment
                  of Paragraph 6(d)(ii) - Interest Amount.
                  Clause (d)(ii) of Paragraph 6 shall be amended and restated to
                  read in its
                  entirety as follows:

              

      

       

      “(ii)
        Interest
        Amount.
        In lieu
        of any interest, dividends or other amounts paid with respect to Posted
        Collateral in the form of Cash (all of which may be retained by the Secured
        Party), the Secured Party will Transfer to the Pledgor on the 20th day of
        each
        calendar month (or if such day is not a Local Business Day, the next Local
        Business Day) the Interest Amount. Any Interest Amount or portion thereof
        not
        Transferred pursuant to this Paragraph will constitute Posted Collateral
        in the
        form of Cash and will be subject to the security interest granted under
        Paragraph 2. For purposes of calculating the Interest Amount the amount of
        interest calculated for each day of the interest period shall be compounded
        monthly.” Secured Party shall not be obligated to transfer any Interest Amount
        unless and until it has received such amount.

       

      
        	
                (i)

              	
                Additional
                  Representation(s).
                  There are no additional representations by either
                  party.

              

      

       

      
        	
                (j)

              	
                Other
                  Eligible Support and Other Posted Support.

              

      

       

      
        	 	
                (i)

              	
                “Value”
                  with respect to Other Eligible Support and Other Posted Support
                  means: not
                  applicable. 

              

      

       

      
        	 	
                (ii)

              	
                “Transfer”
                  with respect to Other Eligible Support and Other Posted Support
                  means: not
                  applicable.

              

      

       

      
        	
                (k)

              	
                Demands
                  and Notices.All
                  demands, specifications and notices under this Annex will be made
                  pursuant
                  to the Notices Section of this Agreement, except that any demand,
                  specification or notice shall be given to or made at the following
                  addresses, or at such other address as the relevant party may from
                  time to
                  time designate by giving notice (in accordance with the terms of
                  this
                  paragraph) to the other party:

              

      

       

      
        
          REFERENCE
            NUMBER: FXNEC9418

          
          

        

        
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      If
        to
        Party A, at the address specified pursuant to the Notices Section of this
        Agreement.

       

      If
        to
        Party B, at the address specified pursuant to the Notices Section of this
        Agreement.

       

      If
        to
        Party B’s Custodian: at the address designated in writing from time to
        time.

       

      
        	
                (l)

              	
                Address
                  for Transfers.
                  Each Transfer hereunder shall be made to the address specified
                  below or to
                  an address specified in writing from time to time by the party
                  to which
                  such Transfer will be made.

              

      

       

      Party
        A
        account details for holding collateral:

       

      Citibank,
        N.A., New York

      ABA
        Number: 021-0000-89, for the account of Bear, Stearns Securities
        Corp.

      Account
        Number: 0925-3186, for further credit to Bear Stearns Financial Products
        Inc.

      Sub-account
        Number: 102-04654-1-3

      Attention:
        Derivatives Department

      

      Party
        B’s
        Custodian account details for holding collateral:

       

      Deutsche
        Bank Trust Company Americas

      ABA:
        021001033

      A/C#
        014-19-663

      AC
        Name:
        NYLTD Funds Control - Stars West

      Ref:
        Impac Secured Assets Corp. 2007-3 Collateral Payment

      

      
        	
                (m)

              	
                Other
                  Provisions.

              

      

       

      
        	 	
                (i)

              	
                Collateral
                  Account.
                  Party B shall open and maintain a segregated account, which shall
                  be an
                  Eligible Account, and hold, record and identify all Posted Collateral
                  in
                  such segregated account.

              

      

       

      
        	 	
                (ii)

              	
                Agreement
                  as to Single Secured Party and Single Pledgor.
                  Party A and Party B hereby agree that, notwithstanding anything
                  to the
                  contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                  means only Party B, (b) the term “Pledgor” as used in this Annex means
                  only Party A, (c) only Party A makes the pledge and grant in Paragraph
                  2,
                  the acknowledgement in the final sentence of Paragraph 8(a) and
                  the
                  representations in Paragraph 9.

              

      

       

      
        	 	
                (iii)

              	
                Calculation
                  of Value.
                  Paragraph 4(c) is hereby amended by deleting the word “Value” and
                  inserting in lieu thereof “S&P Value, Moody’s First Trigger Value,
                  Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended by (A)
                  deleting the words “a Value” and inserting in lieu thereof “an S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                  (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                  Paragraph 5 (flush language) is hereby amended by deleting the
                  word
                  “Value” and inserting in lieu thereof “S&P Value, Moody’s First
                  Trigger Value, or Moody’s Second Trigger Value”. Paragraph 5(i) (flush
                  language) is hereby amended by deleting the word “Value” and inserting in
                  lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s
                  Second Trigger Value”. Paragraph 5(i)(C) is hereby amended by deleting the
                  word “the Value, if” and inserting in lieu thereof “any one or more of the
                  S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                  Value, as may be”. Paragraph 5(ii) is hereby amended by (1) deleting the
                  first instance of the words “the Value” and inserting in lieu thereof “any
                  one or more of the S&P Value, Moody’s First Trigger Value, or Moody’s
                  Second Trigger Value” and (2) deleting the second instance of the words
                  “the Value” and inserting in lieu thereof “such disputed S&P Value,
                  Moody’s First Trigger Value, or Moody’s Second Trigger Value”. Each of
                  Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by
                  deleting
                  the word “Value” and inserting in lieu thereof “least of the S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                  

              

      

       

      
        
          REFERENCE
            NUMBER: FXNEC9418

          
          

        

        
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                (iv)

              	
                Form
                  of Annex. Party
                  A and Party B hereby agree that the text of Paragraphs 1 through
                  12,
                  inclusive, of this Annex is intended to be the printed form of
                  ISDA Credit
                  Support Annex (Bilateral Form - ISDA Agreements Subject to New
                  York Law
                  Only version) as
                  published and copyrighted in 1994 by the International Swaps and
                  Derivatives Association, Inc.

              

      

       

      
        	 	
                (v)

              	
                Events
                  of Default.
                  Clause (iii) of Paragraph 7 shall not apply to Party
                  B.

              

      

       

      
        	 	
                (vi)

              	
                Expenses.
                  Notwithstanding anything to the contrary in Paragraph 10, the Pledgor
                  will
                  be responsible for, and will reimburse the Secured Party for, all
                  transfer
                  and other taxes and other costs involved in any Transfer of Eligible
                  Collateral.

              

      

       

      
        	 	
                (vii)

              	
                Withholding.
                  Paragraph 6(d)(ii) is hereby amended by inserting immediately after
“the
                  Interest Amount” in the fourth line thereof the words “less any applicable
                  withholding taxes.”

              

      

       

      (ix) Additional
        Definitions.
        As used
        in this Annex:

       

      “Collateral
        Event” means
        that no Relevant Entity has credit ratings at least equal to the Approved
        Ratings Threshold.

       

      “DV01”
        means,
        with respect to a Transaction and any date of determination, the estimated
        change in the Secured Party’s Transaction Exposure with respect to such
        Transaction that would result from a one basis point change in the relevant
        swap
        curve on such date, as determined by the Valuation Agent in good faith and
        in a
        commercially reasonable manner. The Valuation Agent shall, upon request of
        Party
        B, provide to Party B a statement showing in reasonable detail such
        calculation.

       

      “Exposure”
        has the meaning specified in Paragraph 12, except that after the word
“Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the
        Schedule is deleted)” shall be inserted. 

       

      “Local
        Business Day”
means,
        for purposes of this Annex: any day on which (A) commercial banks are open
        for
        business (including dealings in foreign exchange and foreign currency deposits)
        in New York and the location of Party A, Party B and any Custodian, and (B)
        in
        relation to a Transfer of Eligible Collateral, any day on which the clearance
        system agreed between the parties for the delivery of Eligible Collateral
        is
        open for acceptance and execution of settlement instructions (or in the case
        of
        a Transfer of Cash or other Eligible Collateral for which delivery is
        contemplated by other means a day on which commercial banks are open for
        business (including dealings in foreign exchange and foreign deposits) in
        New
        York and the location of Party A, Party B and any Custodian. 

       

      “Moody’s
        First Trigger Credit Support Amount” means,
        for any Valuation Date, the excess, if any, of

      
        
          REFERENCE
            NUMBER: FXNEC9418

          
          

        

        
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                (I)

              	
                (A)

              	
                for
                  any Valuation Date on which (I) a Moody’s First Trigger Ratings Event has
                  occurred and has been continuing (x) for at least 30 Local Business
                  Days
                  or (y) since this Annex was executed and (II) it is not the case
                  that a
                  Moody’s Second Trigger Ratings Event has occurred and been continuing
                  for
                  at least 30 Local Business Days, an amount equal to the greater
                  of (a)
                  zero and (b) the sum of (i) the Secured Party’s Exposure for such
                  Valuation Date and (ii) the sum, for each Transaction to which
                  this Annex
                  relates, of the lesser of (x) the product of the Moody’s First Trigger
                  DV01 Multiplier and DV01 for such Transaction and such Valuation
                  Date and
                  (y) the product of (i) Moody’s
                  First Trigger Notional Amount Multiplier, (ii) if a Scale Factor
                  is
                  specified in such Transaction, the Scale Factor (as defined in
                  such
                  Transaction) for such Transaction, or, if no Scale Factor is specified
                  in
                  such Transaction, 1 and (iii) the Notional Amount for such Transaction
                  for
                  the Calculation Period for such Transaction (each as defined in
                  the
                  related Confirmation) which includes such Valuation Date,
                  or

              

      

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      (II) the
        Threshold for Party A such Valuation Date.

       

      “Moody’s
        First Trigger DV01 Multiplier”
        means
        15.

       

      “Moody’s
        First Trigger Value”
        means,
        on any date and with respect to any Eligible Collateral other than Cash,
        the bid
        price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
        Valuation Percentage for such Eligible Collateral set forth in Paragraph
        13(b)(ii).

       

      “Moody’s
        First Trigger Notional Amount Multiplier”
        means
        2%.

       

      “Moody’s
        Second Trigger Credit Support Amount”
        means,
        for any Valuation Date, the excess, if any, of

       

      
        	 	
                (I)

              	
                (A)

              	
                for
                  any Valuation Date on which it is the case that a Moody’s Second Trigger
                  Ratings Event has occurred and been continuing for at least 30
                  Local
                  Business Days, an amount equal to the greatest of (a) zero, (b)
                  the
                  aggregate amount of the next payment due to be paid by Party A
                  under each
                  Transaction to which this Annex relates, and (c) the sum of (x)
                  the
                  Secured Party’s Exposure for such Valuation Date and (y) the sum, for each
                  Transaction to which this Annex relates,
                  of:

              

      

       

      
        	 	
                (1)

              	
                if
                  such Transaction is not a Transaction-Specific Hedge, the lesser
                  of (i)
                  the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for
                  such Transaction and such Valuation Date and (ii) the product of
                  (1) the
                  Moody’s Second Trigger Notional Amount Multiplier, (2) if a Scale Factor
                  is specified in such Transaction, the Scale Factor (as defined
                  in such
                  Transaction) for such Transaction, or, if no Scale Factor is specified
                  in
                  such Transaction, 1 and (3) the Notional Amount for such Transaction
                  for
                  the Calculation Period for such Transaction (each as defined in
                  the
                  related Confirmation) which includes such Valuation Date;
                  or

              

      

       

      
        	 	
                (2)

              	
                if
                  such Transaction is a Transaction-Specific Hedge, the lesser of
                  (i) the
                  product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
                  Multiplier and DV01 for such Transaction and such Valuation Date
                  and (ii)
                  the product of (1) the Moody’s Second Trigger Transaction-Specific Hedge
                  Notional Amount Multiplier, (2) if a Scale Factor is specified
                  in such
                  Transaction, the Scale Factor (as defined in such Transaction)
                  for such
                  Transaction, or, if no Scale Factor is specified in such Transaction,
                  1
                  and (3) the Notional Amount for such Transaction for the Calculation
                  Period for such Transaction (each as defined in the related Confirmation)
                  which includes such Valuation Date;
                  or

              

      

       

      
        
          REFERENCE
            NUMBER: FXNEC9418

          
          

        

        
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                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      (II) the
        Threshold for Party A for such Valuation Date.

       

      “Moody’s
        Second Trigger DV01 Multiplier”
        means
        50.

       

      “Moody’s
        Second Trigger Notional Amount Multiplier”
        means
        8%.

       

      “Moody’s
        Second Trigger Transaction-Specific Hedge DV01
        Multiplier”
        means
        65.

       

      “Moody’s
        Second Trigger Transaction-Specific Hedge Notional Amount
        Multiplier”
        means
        10%.

       

      “Moody’s
        Second Trigger Value”
        means,
        on any date and with respect to any Eligible Collateral other than Cash,
        the bid
        price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
        Valuation Percentage for such Eligible Collateral set forth in Paragraph
        13(b)(ii).

       

      “Remaining
        Weighted Average Maturity” means,
        with respect to a Transaction, the expected weighted average maturity for
        such
        Transaction as determined by the Valuation Agent. 

       

      “S&P
        Credit Support Amount”
        means,
        for any Valuation Date, the excess, if any, of

       

      
        	 	
                (I)

              	
                (A)
                  

              	
                for
                  any Valuation Date on which (i) an S&P Approved Ratings Downgrade
                  Event has occurred and been continuing for at least 30 days or
                  (ii) a
                  S&P Required Ratings Downgrade Event has occurred and is continuing,
                  an amount equal to the sum of (1) 100.0% of the Secured Party’s Exposure
                  for such Valuation Date and (2) the sum, for each Transaction to
                  which
                  this Annex relates, of the product of (i) the Volatility Buffer
                  for such
                  Transaction, (ii) if a Scale Factor is specified in such Transaction,
                  the
                  Scale Factor (as defined in such Transaction) for such Transaction,
                  or, if
                  no Scale Factor is specified in such Transaction, 1 and (iii) the
                  Notional
                  Amount of such Transaction for the Calculation Period of such Transaction
                  (each as defined in the related Confirmation) which includes such
                  Valuation Date, or

              

      

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      (II)    the
        Threshold for Party A for such Valuation Date.

      
        
          REFERENCE
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      “S&P
        Value”
        means,
        on any date and with respect to any Eligible Collateral other than Cash,
        the
        product of (A) the bid price obtained by the Valuation Agent for such Eligible
        Collateral and (B) the S&P Valuation Percentage for such Eligible Collateral
        set forth in paragraph 13(b)(ii).

       

      “Transaction
        Exposure”
        means,
        for any Transaction, Exposure determined as if such Transaction were the
        only
        Transaction between the Secured Party and the Pledgor.

       

      “Transaction-Specific
        Hedge” means
        any
        Transaction that is (i) an interest rate swap in respect of which (x) the
        notional amount of the interest rate swap is “balance guaranteed” or (y) the
        notional amount of the interest rate swap for any Calculation Period (as
        defined
        in the related Confirmation) otherwise is not a specific dollar amount that
        is
        fixed at the inception of the Transaction, (ii) an interest rate cap, (iii)
        an
        interest rate floor or (iv) an interest rate swaption.

       

      “Valuation
        Percentage”
        shall
        mean, for purposes of determining the S&P Value, Moody’s First Trigger
        Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
        or Posted Collateral, the applicable S&P Valuation Percentage, Moody’s First
        Trigger Valuation Percentage, or Moody’s Second Trigger Valuation Percentage for
        such Eligible Collateral or Posted Collateral, respectively, in each case
        as set
        forth in Paragraph 13(b)(ii).

       

      “Value”
        shall
        mean, in respect of any date, the related S&P Value, the related Moody’s
        First Trigger Value, and the related Moody’s Second Trigger Value.

       

      “Volatility
        Buffer”
        means,
        for any Transaction, the related percentage set forth in the following table.
        

       

      
        	
                The
                  higher of the S&P credit rating of (i) Party A and (ii) the Credit
                  Support Provider of Party A, if applicable

              	
                Remaining
                  Weighted Average Maturity 

                up
                  to 3 years

              	
                Remaining
                  Weighted Average Maturity

                up
                  to 5 years

              	
                Remaining
                  Weighted Average Maturity

                up
                  to 10 years

              	
                Remaining
                  Weighted Average Maturity

                up
                  to 30 years

              
	
                “A-2”
                  or higher

              	
                2.75%

              	
                3.25%

              	
                4.00%

              	
                4.75%

              
	
                “A-3”

              	
                3.25%

              	
                4.00%

              	
                5.00%

              	
                6.25%

              
	
                “BB+”
                  or
                  lower

              	
                3.50%

              	
                4.50%

              	
                6.75%

              	
                7.50%

              

      

      

       

      

       

      

       

      [Remainder
        of this page intentionally left blank]

       

      
        
          

           

           

           

          

           

          [TPW:
            NYLEGAL:671329.1] 17572-00246 05/04/2007 12:19 PM

           

          REFERENCE
            NUMBER: FXNEC9418

          
          

        

        
          Page
            10 of
            13

          
            

          

        

        
          
          

          Page
            of
            

           

        

      

      IN
        WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
        representatives as of the date of the Agreement.

       

      
        	
                BEAR
                  STEARNS FINANCIAL PRODUCTS INC.

              	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT
                  SOLELY AS
                  SUPPLEMENTAL INTEREST TRUST TRUSTEE ON BEHALF OF THE SUPPLEMENTAL
                  INTEREST
                  TRUST WITH RESPECT TO THE
                  IMPAC SECURED ASSETS TRUST 2007-3, IMPAC SECURED ASSETS CORP.,
                  MORTGAGE
                  PASS-THROUGH CERTIFICATES, SERIES 2007-3 

              
	 	 
	 	 
	 	 
	
                By: 
                  _____________________________
Name
                  
Title:
                  
Date:
                  

              	
                By: 
                  __________________________
Name:
                  
Title:
                  
Date:
                  

              

      

      

       

      

       

      
        
          

           

          REFERENCE
            NUMBER: FXNEC9418

           

          

           

          [TPW:
            NYLEGAL:671329.1] 17572-00246 05/04/2007 12:19 PM

           

          REFERENCE
            NUMBER: FXNEC9418

          
          

        

        
          Page
            11 of
            13

          
            

          

        

        
          
          

          Page
            of
            

           

        

      

      SCHEDULE
        A

       

      ELIGIBLE
        COLLATERAL

       

      

       

      
        	
                 

                ISDA
                  Collateral 

                Asset
                  Definition 

                (ICAD)
                  Code

              	
                Remaining
                  Maturity in Years

              	
                S&P
                  

                Valuation
                  

                Percentage

              	
                Moody’s

                First
                  Trigger 

                Valuation 

                Percentage

              	
                Moody’s

                Second
                  Trigger

                Valuation

                Percentage

              
	
                (A)
                  US-CASH

              	
                N/A

              	
                100%

              	
                100%

              	
                100%

              
	
                (B)
                  EU-CASH

              	
                N/A

              	
                92.5%

              	
                98%

              	
                94%

              
	
                (C)
                  GB-CASH

              	
                N/A

              	
                94.1%

              	
                98%

              	
                95%

              
	
                (D)
                  US-TBILL

                US-TNOTE

                US-TBOND

              	 	 	 	 
	 	
                1
                  or less

              	
                98.9%

              	
                100%

              	
                100%

              
	 	
                More
                  than 1 but not more than 2

              	
                98.0%

              	
                100%

              	
                99%

              
	 	
                More
                  than 2 but not more than 3

              	
                97.4%

              	
                100%

              	
                98%

              
	 	
                More
                  than 3 but not more than 5

              	
                95.5%

              	
                100%

              	
                97%

              
	 	
                More
                  than 5 but not more than 7

              	
                93.7%

              	
                100%

              	
                96%

              
	 	
                More
                  than 7 but not more than 10

              	
                92.5%

              	
                100%

              	
                94%

              
	 	
                More
                  than 10 but not more than 20

              	
                91.1%

              	
                100%

              	
                90%

              
	 	
                More
                  than 20

              	
                88.6%

              	
                100%

              	
                88%

              
	
                (E)
                  US-GNMA

                US-FNMA

                US-FHLMC

              	 	 	 	 
	 	
                1
                  or less

              	
                98.5%

              	
                100%

              	
                99%

              
	 	
                More
                  than 1 but not more than 2

              	
                97.7%

              	
                100%

              	
                99%

              
	 	
                More
                  than 2 but not more than 3

              	
                97.3%

              	
                100%

              	
                98%

              
	 	
                More
                  than 3 but not more than 5

              	
                94.5%

              	
                100%

              	
                96%

              
	 	
                More
                  than 5 but not more than 7

              	
                93.1%

              	
                100%

              	
                93%

              
	 	
                More
                  than 7 but not more than 10

              	
                90.7%

              	
                100%

              	
                93%

              

      

       

      
        
          REFERENCE
            NUMBER: FXNEC9418

          
          

        

        
          Page
            12 of
            13

          
            

          

        

        
          
          

        

      

       

      
        	 	
                More
                  than 10 but not more than 20

              	
                87.7%

              	
                100%

              	
                89%

              
	 	
                More
                  than 20

              	
                84.4%

              	
                100%

              	
                87%

              
	
                (F)
                  Fixed-Rate GA-EUROZONE-GOV

              	 	
                Rated
                  AAA or 

                better
                  by S&P

              	
                Rated
                  Aa3 or 

                better
                  by 

                Moody's

              	
                Rated
                  Aa3 or 

                better
                  by 

                Moody's

              
	 	
                1
                  or less

              	
                98.8%

              	
                98%

              	
                94%

              
	 	
                More
                  than 1 but not more than 2

              	
                97.9%

              	
                98%

              	
                93%

              
	 	
                More
                  than 2 but not more than 3

              	
                97.1%

              	
                98%

              	
                92%

              
	 	
                More
                  than 3 but not more than 5

              	
                91.2%

              	
                98%

              	
                90%

              
	 	
                More
                  than 5 but not more than 7

              	
                87.5%

              	
                98%

              	
                89%

              
	 	
                More
                  than 7 but not more than 10

              	
                83.8%

              	
                98%

              	
                88%

              
	 	
                More
                  than 10 but not more than 20

              	
                75.5%

              	
                98%

              	
                84%

              

      

      

       

      The
        ISDA
        Collateral Asset Definition (ICAD) Codes used in this Schedule A are taken
        from
        the Collateral Asset Definitions (First Edition - June 2003) as published
        and
        copyrighted in 2003 by the International Swaps and Derivatives Association,
        Inc.

       

       

       

      
 

      
        
          REFERENCE
            NUMBER: FXNEC9418

          
          

        

        
          Page
            13 of
            13

          
            

          

        

        
          
          

        

      

      
         
ISDAâ

      

      International
        Swaps and Derivatives Association, Inc.

      

      MASTER
        AGREEMENT

      

      dated
        as
        of April 30, 2007

      

      
        	
                LEHMAN
                  BROTHERS 

                SPECIAL
                  FINANCING INC.

              	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT
                  SOLELY AS
                  SUPPLEMENTAL INTEREST TRUST TRUSTEE (THE “SUPPLEMENTAL INTEREST TRUST
                  TRUSTEE”) WITH RESPECT TO THE SUPPLEMENTAL INTEREST TRUST RELATING TO
                  IMPAC SECURED ASSETS TRUST 2007-3, IMPAC SECURED ASSETS CORP.,
                  MORTGAGE
                  PASS-THROUGH CERTIFICATES, SERIES 2007-3 (THE “TRUST” AND “PARTY
                  B”)

              

      

       

      have
        entered and/or anticipate entering into one or more transactions (each a
        “Transaction”) that are or will be governed by this Master Agreement, which
        includes the schedule (the “Schedule”), and the documents and other confirming
        evidence (each a “Confirmation”) exchanged between the parties confirming those
        Transactions.

       

      Accordingly,
        the parties agree as follows:3⁄4

       

      1. Interpretation

       

      (a) Definitions.
        The
        terms defined in Section 14 and in the Schedule will have the meanings therein
        specified for the purpose of this Master Agreement. 

       

      (b) Inconsistency. 
        In the
        event of any inconsistency between the provisions of the Schedule and the
        other
        provisions of this Master Agreement, the Schedule will prevail. In the event
        of
        any inconsistency between the provisions of any Confirmation and this Master
        Agreement (including the Schedule), such Confirmation will prevail for the
        purposes of the relevant Transaction.

       

      (c) Single
        Agreement.
        All
        Transactions are entered into in reliance on the fact that this Master Agreement
        and all Confirmations form a single agreement between the parties (collectively
        referred to as this “Agreement”), and the parties would not otherwise enter into
        any Transactions.

       

      2. Obligations

       

      (a) General
        Conditions.

       

      (i)
        Each
        party will make each payment or delivery specified in each Confirmation to
        be
        made by it, subject to the other provisions of this Agreement.

       

      (ii)
        Payments under this Agreement will be made on the due date for value on that
        date in the place of the account specified in the relevant Confirmation or
        otherwise pursuant to this Agreement, in freely transferable funds and
        in
        the manner customary for
        payments in the required currency.
        Where settlement is by delivery (that is, other than by payment), such delivery
        will be made for receipt on the due date in the manner customary for the
        relevant obligation unless otherwise specified in the relevant Confirmation
        or
        elsewhere in this Agreement.

       

      (iii)
        Each obligation of each party under Section 2(a)(i) is subject to (1) the
        condition precedent that no Event of Default or Potential Event of Default
        with
        respect to the other party has occurred and is continuing, (2) the condition
        precedent that no Early Termination Date in respect of the relevant Transaction
        has occurred or been effectively designated and (3) each other applicable
        condition precedent specified in this Agreement.

      

        Copyright
          ã
          1992 by
          International Swap and Derivatives Association, Inc.

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      value
        of
        that which was (or would have been) required to be delivered as of the
        originally scheduled date for delivery, in each case together with (to the
        extent permitted under applicable law) interest, in the currency of such
        amounts, from (and including) the date
        such
        amounts or obligations were or
        would
        have been
        required to have been paid or performed to (but excluding) such
        Early Termination Date, at the Applicable Rate. Such amounts of interest
        will be
        calculated on the basis of daily compounding and the actual number of days
        elapsed. The fair market value of any obligation referred to in clause (b)
        above
        shall be reasonably determined by the party obliged to make the determination
        under Section 6(e) or, if each party is so obliged, it shall be the average
        of
        the Termination Currency Equivalents of the fair market values reasonably
        determined by both parties.

       

      IN
        WITNESS WHEREOF the parties have executed this document on the respective
        dates
        specified below with effect from the date specified on the first page of
        this
        document.

       

      
        	
                 

                LEHMAN
                  BROTHERS 

                SPECIAL
                  FINANCING INC.

              	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT
                  SOLELY AS
                  SUPPLEMENTAL INTEREST TRUST TRUSTEE (THE “SUPPLEMENTAL INTEREST TRUST
                  TRUSTEE”) WITH RESPECT TO THE SUPPLEMENTAL INTEREST TRUST RELATING TO
                  IMPAC SECURED ASSETS TRUST 2007-3, IMPAC SECURED ASSETS CORP.,
                  MORTGAGE
                  PASS-THROUGH CERTIFICATES, SERIES 2007-3 (THE “TRUST” AND “PARTY
                  B”)

              
	
                (Name
                  of Party)

              	 	
                (Name
                  of Party)

              
	
                 

                 

                 

              	 	 
	 	 	 
	
                Name:

              	 	
                Name:

              
	
                Title:

              	 	
                Title:

              
	
                Date:

              	 	
                Date:

              
	 	 	 
	 	 	 

      

      

      

      
        
          
            
            

          

          
            19

            
              

            

          

          
            
            

          

        

      

      

      (Multicurrency-Cross
        Border)

      

      SCHEDULE

      to
        the

      Master
        Agreement

      dated
        as
        of April 30, 2007

      between
        

      LEHMAN
        BROTHERS SPECIAL FINANCING INC.
        (“Party
        A”), 

      a
        corporation organized under the laws of 

      the
        State
        of Delaware 

      and

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
        SUPPLEMENTAL INTEREST TRUST TRUSTEE (THE “SUPPLEMENTAL INTEREST TRUST TRUSTEE”)
        WITH RESPECT TO THE SUPPLEMENTAL INTEREST TRUST RELATING TO IMPAC SECURED
        ASSETS
        TRUST 2007-3, IMPAC SECURED ASSETS CORP., MORTGAGE PASS-THROUGH CERTIFICATES,
        SERIES 2007-3 (THE “TRUST” AND “PARTY B”) 

      

      All
        terms used herein and not otherwise defined are given their meaning in the
        Pooling and Servicing Agreement dated as of April 1, 2007 among Impac Secured
        Assets Corp.. as Depositor, Impac Funding Corporation, as master servicer
        and
        Deutsche Bank National Trust Company, as Trustee (the “Pooling and Servicing
        Agreement”).

      

      
        	
                Part
                  1.

              	
                Termination
                  Provisions.

              

      

      

      For
        the
        purposes of this Agreement:-

      

      (a) “Specified
        Entity”
        will not
        apply to Party A or Party B for any purpose. 

      

      
        	
                (b)

              	
                “Specified
                  Transaction”
                  will have the meaning specified in Section
                  14.

              

      

      

      
        	
                (c)

              	
                Events
                  of Default.

              

      

      

      
        	 	
                (i)

              	
                The
                  “Failure
                  to Pay or Deliver”
                  provisions of Section 5(a)(i) will apply to Party A and will apply
                  to
                  Party B; provided, however, that Section 5(a)(i) is hereby amended
                  by
                  replacing the word “third” with the word “first”; provided, further, that
                  notwithstanding anything to the contrary in Section 5(a)(i), any
                  failure
                  by Party A to comply with or perform any obligation to be complied
                  with or
                  performed by Party A under the Credit Support Annex shall not constitute
                  an Event of Default under Section 5(a)(i) unless (A) a Required
                  Ratings
                  Downgrade Event has occurred and been continuing for 30 or more
                  Local
                  Business Days and (B) such failure is not remedied on or before
                  the third
                  Local Business Day after notice of such failure is given to Party
                  A.

              

      

      

      
        	 	
                (ii)

              	
                The
                  “Breach
                  of Agreement”
                  provisions of Section 5(a)(ii) will apply to Party A and will not
                  apply to
                  Party B.

              

      

      

      
        	 	
                (iii)

              	
                The
                  “Credit
                  Support Default”
                  provisions of Section 5(a)(iii) will apply to Party A and will
                  not apply
                  to Party B except that Section 5(a)(iii)(1) will apply to Party
                  B solely
                  in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                  Support Annex; provided, however, that notwithstanding anything
                  to the
                  contrary in Section 5(a)(iii)(1), any failure by Party A to comply
                  with or
                  perform any obligation to be complied with or performed by Party
                  A under
                  the Credit Support Annex shall not constitute an Event of Default
                  under
                  Section 5(a)(iii) unless (A) a Required Ratings Downgrade Event
                  has
                  occurred and been continuing for 30 or more Local Business Days
                  and (B)
                  such failure is not remedied on or before the third Local Business
                  Day
                  after notice of such failure is given to Party
                  A.

              

      

      

      
        	 	
                (iv)

              	
                The
                  “Misrepresentation”
                  provisions of Section 5(a)(iv) will apply to Party A and will not
                  apply to
                  Party B. 

              

      

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (v)

              	
                The
                  “Default
                  under Specified Transaction”
                  provisions of Section 5(a)(v) will apply to Party A and will not
                  apply to
                  Party B.

              

      

      

      
        	 	
                (vi)

              	
                The
                  “Cross
                  Default”
                  provisions of Section 5(a)(vi) will apply to Party A and will not
                  apply to
                  Party B. For purposes of Section 5(a)(vi), solely with respect
                  to Party
                  A:

              

      

      

      “Specified
        Indebtedness” will have the meaning specified in Section 14.

      

      “Threshold
        Amount” means with respect to Party A three percent (3%) of the Stockholders’
Equity of Lehman Brothers Holdings Inc. (“Lehman Brothers Holdings Inc.” or
“Holdings”), (or its equivalent in any other currency) or if applicable, another
        Eligible Guarantor.

      

       “Stockholders’
        Equity” means with respect to an entity, at any time, the sum (as shown in the
        most recent annual audited financial statements of such entity) of (i) its
        capital stock (including preferred stock) outstanding, taken at par value,
        (ii)
        its capital surplus and (iii) its retained earnings, minus (iv) treasury
        stock,
        each to be determined in accordance with generally accepted accounting
        principles.

      

      
        	 	
                (vii)

              	
                The
                  “Bankruptcy”
                  provisions of Section 5(a)(vii) will apply to Party A and will
                  apply to
                  Party B except that the provisions of Section 5(a)(vii)(2), (6)
                  (to the
                  extent that such provisions refer to any appointment contemplated
                  or
                  effected by the Pooling and Servicing Agreement or any appointment
                  to
                  which Party B has not become subject), (7) and (9) will not apply
                  to Party
                  B; provided that, with respect to Party B only, Section 5(a)(vii)(4)
                  is
                  hereby amended by adding after the words “against it” the words
                  “(excluding any proceeding or petition instituted or presented by
                  Party A
                  or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                  deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                  (4) as amended, (5), or (6) as
                  amended”.

              

      

      

      
        	 	
                (viii)

              	
                The
                  “Merger
                  Without Assumption”
                  provisions of Section 5(a)(viii) will apply to Party A and will
                  apply to
                  Party B.

              

      

      

      (d) Termination
        Events.

      

      

      (i) The
        “Illegality”
        provisions of Section 5(b)(i) will apply to Party A and will apply to Party
        B.

      

      
        	 	
                (ii)

              	
                The
                  “Tax
                  Event”
                  provisions of Section 5(b)(ii) will apply to Party A except that,
                  for
                  purposes of the application of Section 5(b)(ii) to Party A, Section
                  5(b)(ii) is hereby amended by deleting the words “(x) any action taken by
                  a taxing authority, or brought in a court of competent jurisdiction,
                  on or
                  after the date on which a Transaction is entered into (regardless
                  of
                  whether such action is taken or brought with respect to a party
                  to this
                  Agreement) or (y)”, and the “Tax
                  Event”
                  provisions of Section 5(b)(ii) will apply to Party B.
                  

              

      

      

      
        	 	
                (iii)

              	
                The
                  “Tax
                  Event Upon Merger”
                  provisions of Section 5(b)(iii) will apply to Party A and will
                  apply to
                  Party B, provided that Party A shall not be entitled to designate
                  an Early
                  Termination Date by reason of a Tax Event upon Merger in respect
                  of which
                  it is the Affected Party.

              

      

      

      
        	 	
                (iv)

              	
                The
                  “Credit
                  Event Upon Merger”
                  provisions of Section 5(b)(iv) will not apply to Party A and will
                  not
                  apply to Party B.

              

      

      

      
        	
                (e)

              	
                The
                  “Automatic
                  Early Termination”
                  provision of Section 6(a) will not apply to Party A and will not
                  apply to
                  Party B.

              

      

      

      (f)  Payments
        on Early Termination.
        For the
        purpose of Section 6(e) of this Agreement:

      

      
        	 	
                (i)

              	
                Market
                  Quotation will apply, provided, however, that, in the event of
                  a
                  Derivative Provider Trigger Event, the following provisions will
                  apply:

              

      

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (A)
                  

              	
                The
                  definition of Market Quotation in Section 14 shall be deleted in
                  its
                  entirety and replaced with the
                  following:

              

      

      

      “Market
        Quotation” means,
        with respect to one or more Terminated Transactions, a Firm Offer which is
        (1)
        made by a Reference Market-maker that is an Eligible Replacement, (2) for
        an
        amount that would be paid to Party B (expressed as a negative number) or
        by
        Party B (expressed as a positive number) in consideration of an agreement
        between Party B and such Reference Market-maker to enter into a Replacement
        Transaction, and (3) made on the basis that Unpaid Amounts in respect of
        the
        Terminated Transaction or group of Transactions are to be excluded but, without
        limitation, any payment or delivery that would, but for the relevant Early
        Termination Date, have been required (assuming satisfaction of each applicable
        condition precedent) after that Early Termination Date is to be
        included.

      

      
        	 	
                (B)

              	
                The
                  definition of Settlement Amount shall be deleted in its entirety
                  and
                  replaced with the following:

              

      

      

      “Settlement
        Amount”
        means,
        with respect to any Early Termination Date, an amount (as determined by Party
        B)
        equal to: 

      

      
        	 	
                (a)

              	
                If
                  a Market Quotation for the relevant Terminated Transaction or group
                  of
                  Terminated Transactions is accepted by Party B so as to become
                  legally
                  binding on or before the day falling ten Local Business Days after
                  the day
                  on which the Early Termination Date is designated, or such later
                  day as
                  Party B may specify in writing to Party A, but in either case no
                  later
                  than one Local Business Day prior to the Early Termination Date
                  (such day,
                  the “Latest Settlement Amount Determination Day”), the Termination
                  Currency Equivalent of the amount (whether positive or negative)
                  of such
                  Market Quotation; 

              

      

      

      
        	 	
                (b)

              	
                If,
                  on the Latest Settlement Amount Determination Day, no Market Quotation
                  for
                  the relevant Terminated Transaction or group of Terminated Transactions
                  has been accepted by Party B so as to become legally binding and
                  one or
                  more Market Quotations from
                  Approved Replacements have
                  been made and remain capable of becoming legally binding upon acceptance,
                  the Settlement Amount shall equal the Termination Currency Equivalent
                  of
                  the amount (whether positive or negative) of the lowest of such
                  Market
                  Quotations (for the avoidance of doubt, the lowest of such Market
                  Quotations shall be the lowest Market Quotation of
                  such Market Quotations
                  expressed as a positive number or, if any of such Market Quotations
                  is
                  expressed as a negative number, the Market Quotation expressed
                  as a
                  negative number with the largest absolute value);
                  or

              

      

      

      
        	 	
                (c)

              	
                If,
                  on the Latest Settlement Amount Determination Day, no Market Quotation
                  for
                  the relevant Terminated Transaction or group of Terminated Transactions
                  is
                  accepted by Party B so as to become legally binding and no Market
                  Quotation from an Approved Replacement has been made and remains
                  capable
                  of becoming legally binding upon acceptance, the Settlement Amount
                  shall
                  equal Party B’s Loss (whether positive or negative and without reference
                  to any Unpaid Amounts) for the relevant Terminated Transaction
                  or group of
                  Terminated Transactions.

              

      

      

      
        	 	
                (C)

              	
                If
                  Party B requests Party A in writing to obtain Market Quotations,
                  Party A
                  shall use its reasonable efforts to do so before the Latest Settlement
                  Amount Determination Day.

              

      

      

      
        	 	
                (D)

              	
                If
                  the Settlement Amount is a negative number, Section 6(e)(i)(3)
                  shall be
                  deleted in its entirety and replaced with the
                  following:

              

      

      

      “(3)
        Second
        Method and Market Quotation.
        If the
        Second Method and Market Quotation apply, (I) Party B shall pay to Party
        A an
        amount equal to the absolute value of the Settlement Amount in respect of
        the
        Terminated Transactions, (II) Party B shall pay to Party A the Termination
        Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
        A
        shall pay to Party B the Termination Currency Equivalent of the Unpaid Amounts
        owing to Party B; provided, however, that (x) the amounts payable under the
        immediately preceding clauses (II) and (III) shall be subject to netting
        in
        accordance with Section 2(c) of this Agreement and (y) notwithstanding any
        other
        provision of this Agreement, any amount payable by Party A under the immediately
        preceding clause (III) shall not be netted-off against any amount payable
        by
        Party B under the immediately preceding clause (I).”

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (E)

              	
                At
                  any time on or before the Latest Settlement Amount Determination
                  Day at
                  which two or more Market Quotations from Approved Replacements
                  remain
                  capable of becoming legally binding upon acceptance, Party B shall
                  be
                  entitled to accept only the lowest of such Market Quotations (for
                  the
                  avoidance of doubt, the lowest of such Market Quotations shall
                  be the
                  lowest Market Quotation of such Market Quotations expressed as
                  a positive
                  number or, if any of such Market Quotations is expressed as a negative
                  number, the Market Quotation expressed as a negative number with
                  the
                  largest absolute value).

              

      

      

      
        	 	
                (ii)

              	
                The
                  Second Method will apply.

              

      

      

      (g) “Termination
        Currency”
        means
        USD.

      

      (h)
         Additional
        Termination Events.
        Additional Termination Events will apply as provided in Part 5(c). 

      

      

      Part
        2.  Tax
        Matters.

      

      (a) Tax
        Representations. 

      

      
        	 	
                (i)

              	
                Payer
                  Representations.
                  For the purpose of Section 3(e) of this Agreement:
                  None.

              

      

       

      (ii)
         Payee
        Representations.
        For the
        purpose of Section 3(f) of this Agreement: 

       

      
        	 	
                (A)

              	
                Party
                  A makes the following representation(s): Party A represents that
                  it is a
                  corporation duly organized and validly existing under the laws
                  of the
                  State of Delaware. 

              

      

      
        	 	 	 

      

      (B) Party
        B
        makes the following representation(s): None. 

      

      
        	
                (b)

              	
                Tax
                  Provisions.

              

      

      

      
        	 	
                (i)

              	
                Gross
                  Up.
                  Section 2(d)(i)(4) shall not apply to Party B as X, and Section
                  2(d)(ii)
                  shall not apply to Party B as Y, in each case such that Party B
                  shall not
                  be required to pay any additional amounts referred to
                  therein.

              

      

      

      
        	 	
                (ii)

              	
                Indemnifiable
                  Tax.
                  The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                  entirety and replaced with the
                  following:

              

      

      

      “Indemnifiable
        Tax”
        means,
        in relation to payments by Party A, any Tax and, in relation to payments
        by
        Party B, no Tax. 

      

      
        	 	
                (iii)

              	
                Tax
                  Representations in Confirmations. For
                  purposes of Sections
                  2(d)(i)(4)
                  and 3(f),
                  any payee tax representation specified in a Confirmation under
                  this
                  Agreement shall be deemed to be specified in this
                  Schedule.

              

      

       

      

      
        
          
            
            

          

          
            22

            
              

            

          

          
            
            

          

        

      

      

      Part
        3.  Agreement
        to Deliver Documents.  

      

      (a) For
        the
        purpose of Section 4(a)(i), tax forms, documents, or certificates to be
        delivered are:

      

      
        	
                Party
                  required to 

                deliver
                  document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              
	 	 	 	 	 
	
                Party
                  A and Party B

              	 	
                Forms
                  and/or documents described in Section
                  4(a)(iii)
                  of
                  the Agreement.

              	 	
                Upon
                  reasonable demand by the other
                  party.

              

      

       

      (b) For
        the
        purpose of Section 4(a)(ii), other documents to be delivered are:

      

      
        	
                Party
                  required 

                to
                  deliver 

                document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              	 	
                Covered
                  by 

                Section
                  3(d) 

                Representation

              
	 	 	 	 	 	 	 
	
                Party
                  A and

                Party
                  B

              	 	
                Any
                  documents required by the receiving party to evidence the authority
                  of the
                  delivering party or its Credit Support Provider, if any, for it
                  to execute
                  and deliver the Agreement, this Confirmation, and any Credit Support
                  Documents to which it is a party, and to evidence the authority
                  of the
                  delivering party or its Credit Support Provider to perform its
                  obligations
                  under the Agreement, this Confirmation and any Credit Support Document,
                  as
                  the case may be.

              	 	
                Upon
                  the execution and delivery of this Agreement.

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A and

                Party
                  B

              	 	
                A
                  certificate of an authorized officer of the party, as to the incumbency
                  and authority of the respective officers of the party signing the
                  Agreement, this Confirmation, and any relevant Credit Support Document,
                  as
                  the case may be.

              	 	
                Upon
                  the execution and delivery of this Agreement.

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Annual
                  Report of Party A’s Credit Support Provider containing consolidated
                  financial statements certified by independent certified public
                  accountants
                  and prepared in accordance with generally accepted accounting principles
                  in the country in which Party A’s Credit Support Provider is
                  organized.

              	 	
                Promptly
                  upon becoming publicly available.

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Quarterly
                  Financial Statements of Party A’s Credit Support Provider containing
                  unaudited, consolidated financial statements of Party A’s fiscal quarter
                  prepared in accordance with generally accepted accounting principles
                  in
                  the country in which Party A’s Credit Support Provider is
                  organized.

              	 	
                Promptly
                  upon becoming publicly available.

              	 	
                Yes

              

      

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

      
        	
                Party
                  required 

                to
                  deliver 

                document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              	 	
                Covered
                  by 

                Section
                  3(d) 

                Representation

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                An
                  opinion of counsel to Party A and Party A’s Credit Support Provider
                  substantially in the form of Exhibit B to this Schedule.

              	 	
                Upon
                  the execution and delivery of this Agreement.

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                Opinion(s)
                  of counsel to Party B related to the Pooling and Servicing Agreement
                  and
                  other deal documents in the form reasonably acceptable to Party
                  A.

              	 	
                Upon
                  the execution and delivery of this Agreement.

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                A
                  guarantee of Lehman Brothers Holding Inc. substantially in the
                  form of
                  Exhibit A to this Schedule.

              	 	
                Upon
                  the execution and delivery of this Agreement.

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                Monthly
                  Report.

              	 	
                At
                  such time as each Monthly Report is delivered to Party B.

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                Copy
                  of any notice delivered to or by Party B under the Pooling and
                  Servicing
                  Agreement.

              	 	
                Promptly
                  upon availability.

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                Pooling
                  and Servicing Agreement.

              	 	
                Promptly
                  upon execution in final form.

              	 	
                No

              

      

      
 

      

      Part
        4. Miscellaneous. 

      

      
        	
                (a)

              	
                Address
                  for Notices:
                  For the purposes of Section 12(a) of this
                  Agreement:

              

      

      

      Address
        for notices or communications to Party A:

      

      
        	 	
                Address:

              	
                Lehman
                  Brothers Special Financing Inc.

              

      

      c/o
        Lehman Brothers Inc. 

      Corporate
        Advisory Division

      Transaction
        Management Group

      745
        Seventh Avenue

      New
        York,
        New York 10019

      

      
        	 	
                Attention:

              	
                Documentation
                  Manager

              

      

      
        	 	
                Telephone
                  No.:

              	
                (212)
                  526-7187

              

      

      
        	 	
                Facsimile
                  No.:

              	
                (212)
                  526-7672

              

      

      

      (For
        all
        purposes)

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

      

      Address
        for notices or communications to Party B:

      

      
        	 	
                Address:

              	
                c/o
                  Wilmington Trust Company

              

      

      Rodney
        Square North

      1100
        North Market Street

      Wilmington,
        Delaware 19890-0001

      

      
        	 	
                Attention:
                  

              	
                Corporate
                  Trust Administration 

              

      

      

      
        	 	
                Telephone
                  No.:

              	
                (302)
                  636-6119

              

      

      

      
        	 	
                Facsimile
                  No.:

              	
                (302)
                  636-4148

              

      

      

       

      With
        a
        copy to:

      

      
        	 	
                Address:

              	
                Deutsche
                  Bank National Trust Company

              

      

      1761
        E.
        Saint Andrew Place

      Santa
        Ana, CA 92705

      

      Attention:
         Trust
        Administration - IM07S3  

      

      
        	 	
                Telephone
                  No.:

              	
                (714)
                  247-6000

              

      

      
        	 	
                Facsimile
                  No.:

              	
                (714)
                  247-6285

              

      

       

      And
        With a copy to:

      

      
        	 	
                Address:

              	
                Ambac
                  Assurance Corporation, One State Street Plaza, New York, NY
                  10004

              

      

      

      Attention:                      Risk
        Management, Asset-Backed Securities 

      

      
        	 	
                Facsimile:

              	
                (212)
                  480-3682

              

      

      

      (For
        all
        purposes)

      

      (b) Process
        Agent.
        For the
        purpose of Section 13(c):

      

      Party
        A
        appoints as its Process Agent: Not applicable.

      

      Party
        B
        appoints as its Process Agent: Not applicable.

      

      
        	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) will apply to this
                  Agreement.

              

      

      

      
        	
                (d)

              	
                Multibranch
                  Party.
                  For the purpose of Section 10(c) of this
                  Agreement:

              

      

      

      Party
        A
        is not a Multibranch Party.

      

      
        	 	
                Party
                  B is not a Multibranch Party.

              

      

      

      
        	
                (e)

              	
                Calculation
                  Agent.
                  The Calculation Agent is Party A; provided, however, that if an
                  Event of
                  Default shall have occurred and is continuing with respect to Party
                  A,
                  Party B shall have the right to appoint a financial institution
                  which
                  shall qualify as Reference Market-maker to act as Calculation Agent
                  until
                  the discontinuance of the Event of Default with respect to Party
                  A or the
                  designation of an Early Termination Date under Section 6(c)(ii),
                  reasonably acceptable to Party A, the cost for which shall be borne
                  by
                  Party A.

              

      

      

      (f) Credit
        Support Document. 

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

       

      
        	 	
                Party
                  A:

              	
                The
                  Credit Support Annex which supplements, forms part of, and is subject
                  to
                  this Agreement, and any guarantee in support of Party A’s obligations
                  under this Agreement.

              

      

      

      Party
        B: The
        Credit Support Annex, solely in respect of Party B’s obligations under Paragraph
        3(b) of the Credit Support Annex.

      

      
        	
                (g)

              	
                Credit
                  Support Provider.

              

      

      

      Party
        A: The
        guarantor under any guarantee in support of Party A’s obligations under this
        Agreement.

      

      Party
        B: None.

      

      
        	
                (h)

              	
                Governing
                  Law.
                  The parties to this Agreement hereby agree that the law of the
                  State of
                  New York shall govern their rights and duties in whole, without
                  regard to
                  the conflict of law provisions thereof other than New York General
                  Obligations Law Sections 5-1401 and 5-1402.

              

      

      

      
        	
                (i)

              	
                Netting
                  of Payments.
                  The parties agree that subparagraph (ii) of Section 2(c) will apply
                  to
                  each Transaction hereunder. 

              

      

      

      
        	
                (j)

              	
                Affiliate.“Affiliate”
                  shall have the meaning assigned thereto in Section 14; provided,
                  however,
                  that Party B shall be deemed to have no Affiliates for purposes
                  of this
                  Agreement, including for purposes of Section 6(b)(ii); and provided
                  further,
                  that (except for the purpose of Part 1(c)(vii)) with respect to
                  Party A,
                  such definition shall be understood to exclude Lehman Brothers
                  Derivative
                  Products Inc. and Lehman Brothers Financial Products
                  Inc.

              

      

      

      Part
        5.  Others
        Provisions.

      

      
        	
                (a)

              	
                Definitions.
                  Unless
                  otherwise specified in a Confirmation, this Agreement and each
                  Transaction
                  under this Agreement are subject to the 2000 ISDA Definitions as
                  published
                  and copyrighted in 2000 by the International Swaps and Derivatives
                  Association, Inc. (the “Definitions”),
                  and will be governed in all relevant respects by the provisions
                  set forth
                  in the Definitions, without regard to any amendment to the Definitions
                  subsequent to the date hereof. The provisions of the Definitions
                  are
                  hereby incorporated by reference in and shall be deemed a part
                  of this
                  Agreement, except that (i) references in the Definitions to a “Swap
                  Transaction” shall be deemed references to a “Transaction” for purposes of
                  this Agreement, and (ii) references to a “Transaction” in this Agreement
                  shall be deemed references to a “Swap Transaction” for purposes of the
                  Definitions. Each term capitalized but not defined in this Agreement
                  shall
                  have the meaning assigned thereto in the Pooling and Servicing
                  Agreement.
                  

              

      

       

      In
        the
        event of any inconsistency among any of the following documents, the relevant
        document first listed shall govern: (i) the Confirmation, (ii) the Credit
        Support Annex; (iii) the Schedule, (iv) the Definitions and (v) the ISDA
        Master
        Agreement.

      

      Each
        reference herein to a “Section” (unless specifically referencing the Pooling and
        Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
        a reference to a Section of the ISDA Master Agreement; each herein reference
        to
        a “Part” will be construed as a reference to the provisions herein deemed
        incorporated in a Schedule to the ISDA Master Agreement; each reference herein
        to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
        Support Annex.

      

      

      (b) Amendments
        to ISDA Master Agreement.

      

      
        	 	
                (i)

              	
                Single
                  Agreement.
                  Section 1(c) is hereby amended by the adding the words “including, for the
                  avoidance of doubt, the Credit Support Annex” after the words “Master
                  Agreement”. 

              

      

      

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (ii)

              	
                Representations.
                  Section 3 is hereby amended by adding at the end thereof the following
                  subsection (g): 

              

      

      

      
        	 	
                “(g)

              	
                Relationship
                  Between Parties. 

              

      

      

      
        	 	
                (1)

              	
                Nonreliance.
                  In connection with the negotiation of, the entering into, and the
                  execution of, this Agreement, any Credit Support Document to which
                  it is a
                  party, and each Transaction hereunder, each party acknowledges
                  and agrees
                  that: (i) It is not relying on any statement or representation
                  of the
                  other party regarding this Agreement, any Credit Support Document
                  to which
                  it is a party and each Transaction hereunder (whether written or
                  oral),
                  other than the representations expressly made in this Agreement,
                  such
                  Credit Support Document or the Confirmation in respect of that
                  Transaction, it being understood that information and explanations
                  related
                  to the terms and conditions of a Transaction shall not be considered
                  investment advice or a recommendation to enter into that Transaction;
                  (ii)
                  it has not received from the other party any assurance or guarantee
                  as to
                  the expected results of any Transaction; and (iii) it has consulted
                  with
                  its own legal, regulatory, tax, business, investment, financial
                  and
                  accounting advisors to the extent it has deemed necessary, and
                  it has made
                  its own investment, hedging and trading decisions based upon its
                  own
                  judgment and upon any advice from such advisors as it has deemed
                  necessary
                  and not upon any view expressed by the other
                  party.

              

      

       

      
        	 	
                (2)

              	
                Evaluation
                  and Understanding. (i) It has the capacity to evaluate (internally
                  or
                  through independent professional advice) the Transaction and has
                  made its
                  own decision to enter into the Transaction and (ii) It understands
                  the
                  terms, conditions and risks of the Transaction and is willing and
                  able to
                  accept those terms and conditions and to assume those risks, financially
                  and otherwise. 

              

      

      

      
        	 	
                (3)

              	
                Purpose.
                  It is entering into the Transaction for the purposes of managing
                  its
                  borrowings or investments, hedging its underlying assets or liabilities
                  or
                  in connection with a line of business.

              

      

      

      
        	 	
                (4)

              	
                Status
                  of Parties. The other party is not acting as an agent, fiduciary
                  or
                  advisor for it in respect of the Transaction.

              

      

      

      
        	 	
                (5)

              	
                Eligible
                  Contract Participant. It is an “eligible swap participant” as such term is
                  defined in, Section 35.1(b)(2) of the regulations (17 C.F.R. 35)
                  promulgated under, and an “eligible contract participant” as defined in
                  Section 1(a)(12) of the Commodity Exchange Act, as
                  amended.

              

      

      

      

      
        	 	
                (iii)

              	
                Transfer
                  to Avoid Termination Event.
                  Section 6(b)(ii) is hereby amended by (i) deleting the words “or if a Tax
                  Event Upon Merger occurs and the Burdened Party is the Affected
                  Party,”
                  and (ii) by deleting the words “to transfer” and inserting the words “to
                  effect a Permitted Transfer” in lieu
                  thereof.

              

      

      

      
        	 	
                (iv)

              	
                Jurisdiction.
                  Section
                  13(b) is hereby amended by: (i) deleting in the second line of
                  subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                  end of subparagraph (i) and inserting “.” in lieu thereof, and (iii)
                  deleting the final paragraph
                  thereof.

              

      

      

      
        	 	
                (v)

              	
                Local
                  Business Day.
                  The definition of Local Business Day in Section 14 is hereby amended
                  by
                  the addition of the words “or any Credit Support Document” after “Section
                  2(a)(i)” and the addition of the words “or Credit Support Document” after
                  “Confirmation”. 

              

      

      

      
        	
                (c)

              	
                Additional
                  Termination Events.
                  The following Additional Termination Events will
                  apply:

              

      

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (i)

              	
                First
                  Rating Trigger Collateral.
                  If
                  (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                  occurred and been continuing for 30 or more Local Business Days
                  and (B)
                  Party
                  A has failed to comply with or perform any obligation to be complied
                  with
                  or performed by Party A in accordance with the Credit Support Annex,
                  then
                  an Additional Termination Event shall have occurred with respect
                  to Party
                  A and Party A shall be the sole Affected Party with respect to
                  such
                  Additional Termination Event. 

              

      

      

      
        	 	
                (ii)

              	
                Second
                  Rating Trigger Replacement.
                  If
                  (A) a Required Ratings Downgrade Event has occurred and been continuing
                  for 30 or more Local Business Days and (B) (i) at least one Eligible
                  Replacement has made a Firm Offer to be the transferee of all of
                  Party A’s
                  rights and obligations under this Agreement (and such Firm Offer
                  remains
                  an offer that will become legally binding upon such Eligible Replacement
                  upon acceptance by the offeree) and/or (ii) an Eligible Guarantor
                  has made
                  a Firm Offer to provide an Eligible Guarantee (and such Firm Offer
                  remains
                  an offer that will become legally binding upon such Eligible Guarantor
                  immediately upon acceptance by the offeree), then an Additional
                  Termination Event shall have occurred with respect to Party A and
                  Party A
                  shall be the sole Affected Party with respect to such Additional
                  Termination Event. 

              

      

      

      
        	 	
                (iii)

              	
                Amendment
                  of Pooling and Servicing Agreement.
                  If, without the prior written consent of Party A , where such consent
                  is
                  required under the Pooling and Servicing Agreement (such consent
                  not to be
                  unreasonably withheld), an amendment is made to the Pooling and
                  Servicing
                  Agreement which amendment could reasonably be expected to have
                  a material
                  adverse effect on the interests of Party A, (excluding, for the
                  avoidance
                  of doubt, any amendment to the Pooling and Servicing Agreement
                  that is
                  entered into solely for the purpose of appointing a successor servicer,
                  master servicer, securities administrator, trustee or other service
                  provider) under this Agreement, an Additional Termination Event
                  shall have
                  occurred with respect to Party B and Party B shall be the sole
                  Affected
                  Party with respect to such Additional Termination Event.
                  

              

      

      

      
        	 	
                (iv)

              	
                Inability
                  to pay Class A Certificates.
                  Solely with respect to the Transaction with Reference Number Risk
                  ID:
                  1505159L / Effort ID: N1348743 / Global Deal ID: 3023486, if the
                  Trustee
                  fails or admits in writing its inability to pay (a) on any Distribution
                  Date, any related Monthly Interest Distributable Amount with respect
                  to
                  its Class A Certificates or (b) on the Distribution Date immediately
                  following the maturity date of the Mortgage Loan with the latest
                  maturity
                  date, the ultimate payment of principal with respect to its Class
                  A
                  Certificates, in either case to the extent required pursuant to
                  the terms
                  of the Pooling and Servicing Agreement to be paid to the Class
                  A
                  Certificates, then an Additional Termination Event shall have occurred
                  with respect to Party B with Party B as the sole Affected Party
                  with
                  respect to such Additional Termination Event.

              

      

       

      

      
        	
                (d)

              	
                Required
                  Ratings Downgrade Event.
                  In
                  the event that no Relevant Entity has credit ratings at least equal
                  to the
                  Required Ratings Threshold, then Party A shall, as soon as reasonably
                  practicable and so long as a Required Ratings Downgrade Event is
                  in
                  effect, at its own expense, using commercially reasonable efforts,
                  procure
                  either (A) a Permitted Transfer or (B) an Eligible Guarantee.
                  

              

      

      

      
        	
                (e)
                  

              	
                Item
                  1115 Agreement.
                  Party A and Party B hereby agree that the terms of the Item 1115
                  Agreement, dated as of April 30, 2007 (the “Item
                  1115 Agreement”),
                  among Impac Funding Corporation (“Sponsor”), Impac Secured Assets Corp.
                  (“Depositor”) and Lehman Brothers Special Financing Inc. (the “Derivative
                  Provider”), shall be incorporated by reference into this Agreement and
                  Party B shall be an express third party beneficiary of the Item
                  1115
                  Agreement. A copy of the Item 1115 Agreement is annexed hereto
                  at Exhibit
                  E. 

              

      

      

      
        	
                (f)

              	
                Transfers. 

              

      

       

      (i) Section
        7
        is hereby amended to read in its entirety as follows:

       

      “Except
        with respect to any Permitted Transfer pursuant to Section 6(b)(ii), Part
        5(d),
        the Item 1115 Agreement, or the succeeding sentence, neither Party A nor
        Party B
        is permitted to assign, novate or transfer (whether by way of security or
        otherwise) as a whole or in part any of its rights, obligations or interests
        under the Agreement or any Transaction unless (a) the prior written consent
        of
        the other party is obtained, and (b) the Rating Agency Condition has been
        satisfied with respect to S&P. At any time at which no Relevant Entity has
        credit ratings at least equal to the Approved Ratings Threshold, Party A
        may
        make a Permitted Transfer.” 

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (ii)

              	
                If
                  an Eligible Replacement has made a Firm Offer (which remains an
                  offer that
                  will become legally binding upon acceptance by Party B) to be the
                  transferee pursuant to a Permitted Transfer, Party B shall, at
                  Party A’s
                  written request and at Party A’s expense, take any reasonable steps
                  required to be taken by Party B to effect such transfer.
                  

              

      

       

      
        	
                (g)

              	
                Non-Recourse.
                  Party A acknowledges and agrees that, notwithstanding any provision
                  in
                  this Agreement to the contrary, the obligations of Party B hereunder
                  are
                  limited recourse obligations of Party B, payable solely from the
                  Supplemental Interest Trust and the proceeds thereof, in accordance
                  with
                  the priority of payments and other terms of the Pooling and Servicing
                  Agreement and that Party A will not have any recourse to any of
                  the
                  directors, officers, employees, agents, shareholders or affiliates
                  of the
                  Party B with respect to any claims, losses, damages, liabilities,
                  indemnities or other obligations in connection with any transactions
                  contemplated hereby. In the event that the Supplemental Interest
                  Trust and
                  the proceeds thereof, should be insufficient to satisfy all claims
                  outstanding and following the realization of the account held by
                  the
                  Supplemental Interest Trust and the proceeds thereof, any claims
                  against
                  or obligations of Party B under the ISDA Master Agreement or any
                  other
                  confirmation thereunder still outstanding shall be extinguished
                  and
                  thereafter not revive. The Supplemental Interest Trust Trustee
                  shall not
                  have liability for any failure or delay in making a payment hereunder
                  to
                  Party A due to any failure or delay in receiving amounts in the
                  account
                  held by the Supplemental Interest Trust from the Trust created
                  pursuant to
                  the Pooling and Servicing Agreement. Nothing in this Part 5(g)
                  shall
                  preclude Party A from declaring an Event of Default or Termination
                  Event
                  as set forth in this Agreement.

              

      

      

      
        	
                (h)

              	
                Timing
                  of Payments
                  by Party B upon Early Termination.
                  Notwithstanding anything to the contrary in Section 6(d)(ii), to
                  the
                  extent that all or a portion (in either case, the “Unfunded Amount”) of
                  any amount that is calculated as being due in respect of any Early
                  Termination Date under Section 6(e) from Party B to Party A will
                  be paid
                  by Party B from amounts other than any upfront payment paid to
                  Party B by
                  an Eligible Replacement that has entered a Replacement Transaction
                  with
                  Party B, then such Unfunded Amount shall be due on the next subsequent
                  Distribution Date following the date on which the payment would
                  have been
                  payable as determined in accordance with Section 6(d)(ii), and
                  on any
                  subsequent Distribution Dates until paid in full (or if such Early
                  Termination Date is the final Distribution Date, on such final
                  Distribution Date); provided, however, that if the date on which
                  the
                  payment would have been payable as determined in accordance with
                  Section
                  6(d)(ii) is a Distribution Date, such payment will be payable on
                  such
                  Distribution Date.

              

      

      

      
        	
                (i)

              	
                Rating
                  Agency Notifications. Notwithstanding
                  any other provision of this Agreement, no Early Termination Date
                  shall be
                  effectively designated hereunder by Party B and no transfer of
                  any rights
                  or obligations under this Agreement shall be made by either party
                  unless
                  each Swap Rating Agency has been given prior written notice of
                  such
                  designation or transfer. 

              

      

      

      
        	
                (j)

              	
                No
                  Set-off.
                  Except as expressly provided for in Section 2(c), Section 6 or
                  Part
                  1(f)(i)(D) hereof and notwithstanding any other provision of this
                  Agreement or any other existing or future agreement, each party
                  irrevocably waives any and all rights it may have to set off, net,
                  recoup
                  or otherwise withhold or suspend or condition payment or performance
                  of
                  any obligation between it and the other party hereunder against
                  any
                  obligation between it and the other party under any other agreements.
                  Section 6(e) shall be amended by deleting the following sentence:
“The
                  amount, if any, payable in respect of an Early Termination Date
                  and
                  determined pursuant to this Section will be subject to any
                  Set-off.”.

              

      

       

      
        	
                (k)

              	
                Amendment.
                  Notwithstanding any provision to the contrary in this Agreement,
                  no
                  amendment of either this Agreement or any Transaction under this
                  Agreement
                  shall be permitted by either party unless each of the Swap Rating
                  Agencies
                  has been provided prior written notice of the same and such amendment
                  satisfies the Rating Agency Condition with respect to S&P.
                  

              

      

      

      
        	
                (l)

              	
                Notice
                  of Certain Events or Circumstances.
                  Each Party agrees, upon learning of the occurrence or existence
                  of any
                  event or condition that constitutes (or that with the giving of
                  notice or
                  passage of time or both would constitute) an Event of Default or
                  Termination Event with respect to such party, promptly to give
                  the other
                  Party and to each Swap Rating Agency notice of such event or condition;
                  provided that failure to provide notice of such event or condition
                  pursuant to this Part 5(l) shall not constitute an Event of Default
                  or a
                  Termination Event.

              

      

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

      (m)   Proceedings.
        No
        Relevant Entity shall institute against, or cause any other person to institute
        against Party B, the Supplemental Interest Trust, or the trust formed pursuant
        to the Pooling and Servicing Agreement, in any bankruptcy, reorganization,
        arrangement, insolvency or liquidation proceedings or other proceedings under
        any federal or state bankruptcy or similar law for a period of one year (or,
        if
        longer, the applicable preference period) and one day following payment in
        full
        of the Certificates and any Notes; provided,
        that
        this provision shall not restrict or prohibit Party A from joining any other
        person, including, without limitation, the Trustee, in any bankruptcy,
        reorganization, arrangement, insolvency, moratorium or liquidation proceedings
        already commenced or other analogous proceedings already commenced under
        applicable law. This provision will survive the termination of this
        Agreement. 

      

      (n)   Supplemental
        Interest Trust Trustee Liability Limitations.
        It is
        expressly understood and agreed by the parties hereto that (a) this Agreement
        is
        executed by Deutsche Bank National Trust Company (“Deutsche”) not in its
        individual capacity, but solely as Supplemental Interest Trust Trustee under
        the
        Pooling and Servicing Agreement in the exercise of the powers and authority
        conferred and invested in it thereunder; (b) Deutsche has been directed pursuant
        to the Pooling and Servicing Agreement to enter into this Agreement and to
        perform its obligations hereunder; (c) each of the representations, undertakings
        and agreements herein made on behalf of the Supplemental Interest Trust is
        made
        and intended not as personal representations of the Supplemental Interest
        Trust
        Trustee but is made and intended for the purpose of binding only the
        Supplemental Interest Trust; and (d) nothing herein contained shall be
        construed as creating any liability on Deutsche Bank National Trust Company,
        individually or personally, to perform any covenant either expressed or implied
        contained herein, all such liability, if any, being expressly waived by the
        parties who are signatories to this Agreement and by any person claiming
        by,
        through or under such parties and (e) under no circumstances shall Deutsche
        Bank National Trust Company be personally liable for the payment of any
        indemnity, indebtedness, fees or expenses of the Trust or be liable for the
        breach or failure of any obligation, representation, warranty or covenant
        made
        or undertaken by the Trust under this Agreement.

      

      

      
        	
                (o)

              	
                Severability.
                  If
                  any term, provision, covenant, or condition of this Agreement,
                  or the
                  application thereof to any party or circumstance, shall be held
                  to be
                  invalid or unenforceable (in whole or in part) in any respect,
                  the
                  remaining terms, provisions, covenants, and conditions hereof shall
                  continue in full force and effect as if this Agreement had been
                  executed
                  with the invalid or unenforceable portion eliminated, so long as
                  this
                  Agreement as so modified continues to express, without material
                  change,
                  the original intentions of the parties as to the subject matter
                  of this
                  Agreement and the deletion of such portion of this Agreement will
                  not
                  substantially impair the respective benefits or expectations of
                  the
                  parties; provided, however, that this severability provision shall
                  not be
                  applicable if any provision of Section 2, 5, 6, or 13 (or any definition
                  or provision in Section 14 to the extent it relates to, or is used
                  in or
                  in connection with any such Section) shall be so held to be invalid
                  or
                  unenforceable. 

              

      

      

      The
        parties shall endeavor to engage in good faith negotiations to replace any
        invalid or unenforceable term, provision, covenant or condition with a valid
        or
        enforceable term, provision, covenant or condition, the economic effect of
        which
        comes as close as possible to that of the invalid or unenforceable term,
        provision, covenant or condition. 

      

      
        	
                (p)

              	
                Agent
                  for Party B. Party
                  A acknowledges that the Depositor has appointed the Supplemental
                  Interest
                  Trust Trustee as agent pursuant to the Pooling and Servicing Agreement,
                  to
                  carry out certain functions on behalf of Party B, and that the
                  Supplemental Interest Trust Trustee shall be entitled to give notices
                  and
                  to perform and satisfy the obligations of Party B hereunder on
                  behalf of
                  Party B.

              

      

       

       

      
        	
                (q)

              	
                Escrow
                  Payments.
                  If
                  (whether by reason of the time difference between the cities in
                  which
                  payments are to be made or otherwise) it is not possible for simultaneous
                  payments to be made on any date on which both parties are required
                  to make
                  payments hereunder, either Party may at its option and in its sole
                  discretion notify the other Party that payments on that date are
                  to be
                  made in escrow. In this case deposit of the payment due earlier
                  on that
                  date shall be made by 2:00 pm (local time at the place for the
                  earlier
                  payment) on that date with an escrow agent selected by the notifying
                  party, accompanied by irrevocable payment instructions (i) to release
                  the
                  deposited payment to the intended recipient upon receipt by the
                  escrow
                  agent of the required deposit of any corresponding payment payable
                  by the
                  other party on the same date accompanied by irrevocable payment
                  instructions to the same effect or (ii) if the required deposit
                  of the
                  corresponding payment is not made on that same date, to return
                  the payment
                  deposited to the party that paid it into escrow. The party that
                  elects to
                  have payments made in escrow shall pay all costs of the escrow
                  arrangements.

              

      

       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

       

      
        	
                (r)

              	
                Consent
                  to Recording.
                  Each party hereto consents to the monitoring or recording, at any
                  time and
                  from time to time, by the other party of any and all communications
                  between trading, marketing, and operations personnel of the parties
                  and
                  their Affiliates, waives any further notice of such monitoring
                  or
                  recording. Promptly
                  upon the request by a party, the other party will provide a copy of such
                  recording to the party making the request.

              

      

      

      
        	
                (s)

              	
                Waiver
                  of Jury Trial.
                  Each party waives any right it may have to a trial by jury in respect
                  of
                  any suit, action or proceeding relating to this Agreement, any
                  Transaction
                  or any Credit Support Document and acknowledges that this waiver
                  is a
                  material inducement to the other party’s entering into this agreement and
                  each transaction hereunder. 

              

      

      

      
        	
                (t)

              	
                Form
                  of ISDA Master Agreement. Party
                  A and Party B hereby agree that the text of the body of the ISDA
                  Master
                  Agreement is intended to be the printed form of the ISDA Master
                  Agreement
                  (Multicurrency -
                  Crossborder) as published and copyrighted in 1992 by the International
                  Swaps and Derivatives Association,
                  Inc.

              

      

      

      
        	
                (u)

              	
                Additional
                  representations. 

              

      

       

      
        	 	
                (i) Party
                  A represents to Party B on the date on which Party A enters into
                  each
                  Transaction and this Agreement that it is entering into the Agreement
                  and
                  each Transaction as principal and not as agent of any person.
                  

              

      

       

      (ii)
        The
        Supplemental Interest Trust Trustee represents to Party A on the date on
        which
        the Supplemental Interest Trust Trustee executes this Agreement that it is
        executing the Agreement in its capacity as Supplemental Interest Trust
        Trustee.

       

      
        	
                (v)

              	
                Acknowledgements.

              

      

      

      
        	 	
                (i)

              	
                Substantial
                  financial transactions.
                  Each party hereto is hereby advised and acknowledges as of the
                  date hereof
                  that the other party has engaged in (or refrained from engaging
                  in)
                  substantial financial transactions and has taken (or refrained
                  from
                  taking) other material actions in reliance upon the entry by the
                  parties
                  into the Transaction being entered into on the terms and conditions
                  set
                  forth herein and in the Pooling and Servicing Agreement relating
                  to such
                  Transaction, as applicable. This paragraph shall be deemed repeated
                  on the
                  trade date of each Transaction.

              

      

       

      
        	 	
                (ii)

              	
                Bankruptcy
                  Code.
                  Subject to Part 5(m), without limiting the applicability if any,
                  of any
                  other provision of the U.S. Bankruptcy Code as amended (the “Bankruptcy
                  Code”) (including without limitation Sections 362, 546, 556, and 560
                  thereof and the applicable definitions in Section 101 thereof),
                  the
                  parties acknowledge and agree that all Transactions entered into
                  hereunder
                  will constitute “forward contracts” or “swap agreements” as defined in
                  Section 101 of the Bankruptcy Code or “commodity contracts” as defined in
                  Section 761 of the Bankruptcy Code, that the rights of the parties
                  under
                  Section 6 of this Agreement will constitute contractual rights
                  to
                  liquidate Transactions, that any margin or collateral provided
                  under any
                  margin, collateral, security, pledge, or similar agreement related
                  hereto
                  will constitute a “margin payment” as defined in Section 101 of the
                  Bankruptcy Code, and that the parties are entities entitled to
                  the rights
                  under, and protections afforded by, Sections 362, 546, 556, and
                  560 of the
                  Bankruptcy Code.

              

      

       

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

       

      
        	
                (w)

              	
                Limitation
                  on Events of Default. Solely
                  with respect to the Transaction with Reference Number Risk ID:
                  1505111L /
                  Effort ID: N1348676 / Global Deal ID: 3023391 (the “Cap Transaction”), and
                  notwithstanding the provisions of Sections 5 and 6, if at any time
                  and so
                  long as Party B has satisfied in full all its payment obligations
                  under
                  Section 2(a)(i) in respect of the Cap Transaction and has at the
                  time no
                  future payment obligations, whether absolute or contingent, under
                  such
                  Section in respect of the Cap Transaction, then unless Party A
                  is required
                  pursuant to appropriate proceedings to return to Party B or otherwise
                  returns to Party B upon demand of Party B any portion of any such
                  payment
                  in respect of the Cap Transaction, (a) the occurrence of an event
                  described in Section 5(a) with respect to Party B shall not constitute
                  an
                  Event of Default or Potential Event of Default with respect to
                  Party B as
                  Defaulting Party in respect of the Cap Transaction and (b) Party
                  A shall
                  be entitled to designate an Early Termination Date pursuant to
                  Section 6
                  in respect of the Cap Transaction only as a result of the occurrence
                  of a
                  Termination Event set forth in either Section 5(b)(i) or 5(b)(ii)
                  with
                  respect to Party A as the Affected Party, or Section 5(b)(iii)
                  with
                  respect to Party A as the Burdened Party. Party A acknowledges
                  and agrees
                  that Party B’s only payment obligation under Section 2(a)(i) in respect of
                  the Cap Transaction is to pay the related Fixed Amount on the related
                  Fixed Amount Payer Payment Date.

              

      

       

      
        	
                (x)

              	
                Optional
                  Termination. Upon
                  the occurrence of a termination of the Trust Fund pursuant to Section
                  9.01
                  (the “Optional Termination”) of the Pooling and Servicing
                  Agreement:

              

      

       

      (a) Party
        B
        hereby assigns all of its rights and delegates all of its liabilities and
        obligations to Impac Mortgage Holdings, Inc., and Impac Mortgage Holdings,
        Inc.
        hereby assumes all of Party B’s rights, liabilities, and obligations, under the
        New Transaction and the New Confirmation arising on or after the final Payment
        Date under the Pooling and Servicing Agreement (such date, the “Optional
        Termination Payment Date”; such transaction and confirmation, collectively, the
“Assigned Transaction”). The Assigned Transaction shall be governed by and form
        part of an agreement in the form of a 1992 ISDA Master Agreement between
        Party A
        and Impac Mortgage Holdings, Inc., dated as of April 26, 2001, as amended
        and
        supplemented from time to time. Party A hereby consents to the assignment
        and
        delegation by Party B of all of its rights, liabilities, and obligations
        under
        the Assigned Transaction to Impac Mortgage Holdings, Inc.;

       

      (b) Party
        A
        and Party B hereby release one another from all liabilities and obligations
        owed
        under and in respect of the Assigned Transaction, and Party B hereby terminates
        its rights under and in respect of the Assigned Transaction;

       

      (c) Party
        A
        hereby agrees that Impac Mortgage Holdings, Inc. may do one of the following
        with the Assigned Transaction:

       

      (i) retain
        such Assigned Transaction;

       

      (ii) further
        assign all of its rights and delegate all of its liabilities and obligations
        under the Assigned Transaction to a third party, such assignment and delegation
        to be effective upon the receipt of written consent thereto from Party A
        (in its
        sole and absolute discretion); or

       

      (iii) terminate
        the Assigned Transaction by giving three Business Days’ prior written notice to
        Party A (the “Optional Termination Date”). On such Optional Termination Date, if
        any, a termination payment (if any) shall be payable by Impac Mortgage Holdings,
        Inc. or Party A, as applicable, as determined by the Calculation Agent by
        the
        application of Section 6(e)(ii) of the Agreement, with Market Quotation and
        Second Method being the applicable method for determining the termination
        payment. The exercise of the right to terminate under this provision shall
        not
        be an Event of Default under any of the other Transactions that are part
        of the
        Old Agreement or the New Agreement. For purposes of the Optional Termination
        Date, Impac Mortgage Holdings, Inc. shall be the sole Affected
        Party.

       

      
        	
                (z)

              	
                Insurer
                  as Third Party Beneficiary. The
                  parties hereto acknowledge and agree that Ambac Assurance Corporation
                  shall be an express third-party beneficiary of this Agreement and
                  shall be
                  entitled to rely on (and enforce) the representations, warranties,
                  covenants and obligations as set forth
                  herein.

              

      

       

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

       

      
        	
                (aa)

              	
                Notices
                  to Insurer.
                  Each of Party A and Party B acknowledges and agrees that a copy
                  of each
                  written default and/or termination notice sent to the other party
                  hereto
                  with respect to this Agreement shall be sent to the Ambac Assurance
                  Corporation at its address as set forth
                  herein.

              

      

       

      
        	
                (bb)

              	
                No
                  Violation or Conflict Representation. Section
                  3(a)(iii)
                  is
                  hereby amended by inserting in the second line thereof after the
                  words
                  “constitutional documents” and before the words “, any order or judgment”
                  the phrase “(including, but not limited to, the Pooling and Servicing
                  Agreement as amended,).”; provided,
                  such amendment shall be applicable only with respect to the
                  Representations of Party B.

              

      

      

      
        	
                (cc)

              	
                Accuracy
                  of Specified Information. Section
                  3(d)
                  is
                  hereby amended by inserting in the third line thereof after the
                  words “in
                  every material respect” and before the period the phrase “or, in the case
                  of audited or unaudited financial statements, a fair presentation,
                  in all
                  material respects, of the financial condition of the relevant
                  person.”

              

      

      

      
        	
                (dd)

              	
                Party
                  A as Third-Party Beneficiary.
                  Party B consents to Party A that Party A shall be an express third-party
                  beneficiary of the Pooling and Servicing
                  Agreement.

              

      

      

      
        	
                (ee)

              	
                Notices.
                  For the purposes of subsections (iii)
                  and (v)
                  of Section
                  12(a),
                  the date of receipt shall be presumed to be the date sent if sent
                  on a
                  Local Business Day or, if not sent on a Local Business Day, the
                  date of
                  receipt shall be presumed to be the first Local Business Day following
                  the
                  date sent.

              

      

      

      
        	
                (ee)

              	
                Service
                  of Process.
                  The third sentence of Section
                  13(c)
                  shall be amended by adding the following language at the end thereof:
                  "if
                  permitted in the jurisdiction where the proceedings are initiated
                  and in
                  the jurisdiction where service is to be
                  made."

              

      

      

      (ff) Additional
        Definitions. 

       

      As
        used
        in this Agreement, the following terms shall have the meanings set forth
        below,
        unless the context clearly requires otherwise: 

       

      “Approved
        Ratings Threshold”
        means
        each of the S&P Approved Ratings Threshold and the Moody’s First Trigger
        Ratings Threshold.

      

      “Approved
        Replacement” means,
        with respect to a Market Quotation, an entity making such Market Quotation,
        which entity would satisfy conditions (a), (b), (c) and (d) of the definition
        of
        Permitted Transfer (as determined by Party B in its sole discretion, acting
        in a
        commercially reasonable manner) if such entity were a Transferee, as defined
        in
        the definition of Permitted Transfer.

      

      “Derivative
        Provider Trigger Event”
        means
        (i) an Event of Default with respect to which Party A is a Defaulting Party,
        (ii) a Termination Event with respect to which Party A is the sole Affected
        Party or (iii) an Additional Termination Event with respect to which Party
        A is
        the sole Affected Party.

      

      “Eligible
        Guarantee”
        means an
        unconditional and irrevocable guarantee of all present and future obligations
        of
        Party A (or an Eligible Replacement) to Party B under this Agreement that
        (a) is
        in a form identical to the attached hereto as Exhibit A, or (b) is provided
        by
        an Eligible Guarantor as principal debtor rather than surety and that is
        directly enforceable by Party B, the form and substance of which guarantee
        is
identical
        to that attached hereto as Exhibit A (except for the name, address and the
        jurisdiction of the guarantor), notice of which has been given to each Swap
        Rating Agency, or that otherwise satisfies
        the Rating Agency Condition with respect to S&P, and either (A) a law firm
        has given a legal opinion confirming that none of the guarantor’s payments to
        Party B under such guarantee will be subject to Tax
        collected by withholding or
        (B)
        such guarantee provides that, in the event that any of such guarantor’s payments
        to Party B are subject to Tax collected by withholding, such guarantor is
        required to pay such additional amount as is necessary to ensure that the
        net
        amount actually received by Party B (free and clear of any Tax collected
        by
        withholding) will equal the full amount Party B would have received had no
        such
        withholding been required.

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

      

      “Eligible
        Guarantor” means
        an
        entity that (A) has credit ratings from S&P at least equal to the S&P
        Approved Ratings Threshold and (B) has credit ratings from Moody’s at least
        equal to the Moody’s Second Trigger Ratings Threshold, including without
        limitation, Holdings for so long as Holdings has such credit ratings. An
        Eligible Guarantor shall provide to Party B in writing all credit ratings
        described in this definition, upon request of Party B.

      

      “Eligible
        Replacement”
        means an
        entity (A) (i) (a) that has credit ratings from S&P at least equal to the
        S&P Approved Ratings Threshold, and (b) has credit ratings from Moody’s at
        least equal to the Moody’s Second Trigger Ratings Threshold, or (ii) the present
        and future obligations (for the avoidance of doubt, not limited to payment
        obligations) of which entity to Party B under this Agreement are guaranteed
        pursuant to an Eligible Guarantee and (B) that has executed an Item 1115
        Agreement with Depositor. An Eligible Replacement shall provide to Party
        B in
        writing all credit ratings described in this definition, upon request of
        Party
        B.

      

      “Estimated
        Swap Termination Payment”
        means,
        with respect to an Early Termination Date, an amount determined by Party
        A in
        good faith and in a commercially reasonable manner as the maximum payment
        that
        could be owed by Party B to Party A in respect of such Early Termination
        Date
        pursuant to Section 6(e) of the ISDA Master Agreement, taking into account
        then
        current market conditions.

      

      “Firm
        Offer”
        means
        (A) with respect to an Eligible Replacement, a quotation from such Eligible
        Replacement (i) in an amount equal to the actual amount payable by or to
        Party B
        in consideration of an agreement between Party B and such Eligible Replacement
        to replace Party A as the counterparty to this Agreement by way of novation
        or,
        if such novation is not possible, an agreement between Party B and such Eligible
        Replacement to enter into a Replacement Transaction (assuming that all
        Transactions hereunder become Terminated Transactions), and (ii) that
        constitutes an offer by such Eligible Replacement to replace Party A as the
        counterparty to this Agreement or enter a Replacement Transaction that will
        become legally binding upon such Eligible Replacement upon acceptance by
        Party
        B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
        Guarantor to provide an Eligible Guarantee that will become legally binding
        upon
        such Eligible Guarantor upon acceptance by the offeree.

      

      “Moody’s”
        means
        Moody’s Investors Service, Inc., or any successor thereto. 

      

      “Moody’s
        First Trigger Ratings Event” means
        that no
        Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
        First Trigger Ratings Threshold.

      

      “Moody’s
        First Trigger Ratings Threshold” means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, (i) if such entity has a short-term unsecured and
        unsubordinated debt rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
        short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
        or (ii) if such entity does not have a short-term unsecured and unsubordinated
        debt rating or counterparty rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

      

      “Moody’s
        Second Trigger Ratings Event” means
        that no
        Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
        Second Trigger Ratings Threshold. 

      

      “Moody’s
        Second Trigger Ratings Threshold” means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, (i) if such entity has a short-term unsecured and
        unsubordinated debt rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
        short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
        or (ii) if such entity does not have a short-term unsecured and unsubordinated
        debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
        or counterparty rating from Moody’s of “A3”.

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

      

      “Permitted
        Transfer” means
        a
        transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d),
        the
        Item 1115 Agreement, or the second sentence of Section 7 (as amended herein)
        to
        a transferee (the “Transferee”)
        of all,
        but not less than all, of Party A’s rights, liabilities, duties and obligations
        under this Agreement, with
        respect to which transfer each of the following conditions is
        satisfied:
        (a) the
        Transferee is an Eligible Replacement; (b) Party A and the Transferee are
        both
“dealers in notional principal contracts” within the meaning of Treasury
        regulations section 1.1001-4; (c) as of the date of such transfer the Transferee
        would not be required to withhold or deduct on account of Tax from any payments
        under this Agreement or would be required to gross up for such Tax under
        Section
        2(d)(i)(4); (d) an Event of Default or Termination Event would not occur
        as a
        result of such transfer; (e) pursuant to a written instrument (the “Transfer
        Agreement”),
        the
        Transferee acquires and assumes all rights and obligations of Party A under
        the
        Agreement and the relevant Transaction; (f) Party B shall have determined
        in its
        sole discretion, such Transfer Agreement relates to all, but not less than
        all,
        of Party A’s rights and obligations under the Agreement and all relevant
        Transactions; (g) Party A will be responsible for any costs or expenses incurred
        in connection with such transfer (including any replacement cost of entering
        into a replacement transaction); (h) each Swap Rating Agency has been given
        prior written notice of such transfer and such transfer is in connection
        with
        the assignment and assumption of this Agreement without modification of its
        terms, other than party names, dates relevant to the effective date of such
        transfer, tax representations (provided that the representations in Part
        2(a)(i)
        are not modified) and any other representations regarding the status of the
        substitute counterparty of the type included in Part 5(b)(iv), Part 5(v)(i)(2)
        or Part 5(v)(ii), notice information and account details, and (i) such transfer
        otherwise complies with the terms of the Pooling and Servicing
        Agreement.

       

      “Rating
        Agency Condition”
        means,
        with respect to any particular proposed act or omission to act hereunder
        and
        each Swap Rating Agency specified in connection with such proposed act or
        omission, that the party acting or failing to act must consult with each
        of the
        specified Swap Rating Agencies and receive from each such Swap Rating Agency
        a
        prior written confirmation that the proposed action or inaction would not
        cause
        a downgrade or withdrawal of the then-current rating of any Certificates
        or
        Notes.

      

      “Relevant
        Entity” means
        Party A and, to the extent applicable, a guarantor under an Eligible
        Guarantee.

      

      “Replacement
        Transaction”
        means,
        with respect to any Terminated Transaction or group of Terminated Transactions,
        a transaction or group of transactions that (i) would have the effect of
        preserving for Party B the economic equivalent of any payment or delivery
        (whether the underlying obligation was absolute or contingent and assuming
        the
        satisfaction of each applicable condition precedent) by the parties under
        Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
        Transactions that would, but for the occurrence of the relevant Early
        Termination Date, have been required after that Date, and (ii) has terms
        which
        are substantially the same as this Agreement, including, without limitation,
        rating triggers, Regulation AB compliance, and credit support documentation,
        save for the exclusion of provisions relating to Transactions that are not
        Terminated Transaction, as determined by Party B in its sole discretion,
        acting
        in a commercially reasonable manner.

      

      “Required
        Ratings Downgrade Event”
        means
        that no Relevant Entity has credit ratings at least equal to the Required
        Ratings Threshold.

      

      “Required
        Ratings Threshold” means
        each of the S&P Required Ratings Threshold and the Moody’s Second Trigger
        Ratings Threshold.

      

      “S&P”
        means
        Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
        Inc., or any successor thereto. 

      

      “S&P
        Approved Ratings Threshold”
        means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, a short-term unsecured and unsubordinated debt rating
        from
        S&P of “A-1”, or, if such entity does not have a short-term unsecured and
        unsubordinated debt rating from S&P, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from S&P of
“A+”.

      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

      

      “S&P
        Required Ratings Threshold”
        means,
        with respect to Party A, the guarantor under an Eligible Guarantee or an
        Eligible Replacement, a long-term unsecured and unsubordinated debt rating
        or
        counterparty rating from S&P of “BBB+”. 

      

      “Swap
        Rating Agencies”
        means,
        with respect to any date of determination, each of S&P and Moody’s, to the
        extent that each such rating agency is then providing a rating for any of
        the
        Impac Trust 2007-3, Mortgage Pass-Through Certificates, Series 2007-3 (the
        “Certificates”) or any notes backed by the Certificates (the
“Notes”).

      

       

      [Remainder
        of this page intentionally left blank.]

       

      

      
        
          
            
            

          

          
            36

            
              

            

          

          
            
            

          

        

      

      

      

       

      
        	
                 

                LEHMAN
                  BROTHERS 

                SPECIAL
                  FINANCING INC.

              	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT
                  SOLELY AS
                  SUPPLEMENTAL INTEREST TRUST TRUSTEE (THE “SUPPLEMENTAL INTEREST TRUST
                  TRUSTEE”) WITH RESPECT TO THE SUPPLEMENTAL INTEREST TRUST RELATING TO
                  IMPAC SECURED ASSETS TRUST 2007-3, IMPAC SECURED ASSETS CORP.,
                  MORTGAGE
                  PASS-THROUGH CERTIFICATES, SERIES 2007-3 (THE “TRUST” AND “PARTY
                  B”)

              
	
                (Name
                  of Party)

              	 	
                (Name
                  of Party)

              
	
                 

                 

                 

              	 	 
	 	 	 
	
                Name:

              	 	
                Name:

              
	
                Title:

              	 	
                Title:

              
	
                Date:

              	 	
                Date:

              
	 
	
                 

                IMPAC
                  MORTGAGE HOLDINGS, INC.

              
	
                (Name
                  of Party)

              
	
                 

                 

                 

              
	 
	
                Name:

              
	
                Title:

              
	
                Date:

              

      

      

      
        
          
            
            

          

          
            37

            
              

            

          

          
            
            

          

        

      

      

      Exhibit
        A

      

      GUARANTEE
        OF LEHMAN BROTHERS HOLDINGS INC.

       

      LEHMAN
        BROTHERS SPECIAL FINANCING INC. (“Party A”) and Deutsche Bank National Trust
        Company, not in its individual capacity, but solely as Supplemental Interest
        Trust Trustee with respect to the Supplemental Interest Trust relating to
        the
        Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2007-3 (“Party B”) have entered into a Master
        Agreement dated as of April 30, 2007, as amended from time to time (the “Master
        Agreement”), pursuant to which Party A and Party B have entered and/or
        anticipate entering into one or more transactions (each a “Transaction”), the
        Confirmation of each of which supplements, forms part of, and will be read
        and
        construed as one with, the Master Agreement (collectively referred to as
        the
“Agreement”). This Guarantee is a Credit Support Document as contemplated in the
        Agreement. For value received, and in consideration of the financial
        accommodation accorded to Party A by Party B under the Agreement, LEHMAN
        BROTHERS HOLDINGS INC., a corporation organized and existing under the laws
        of
        the State of Delaware (“Guarantor”), hereby agrees to the
        following:

       

      (a) Guarantor
        hereby unconditionally guarantees to Party B the due and punctual payment
        of all
        amounts payable by Party A in connection with each Transaction when and as
        Party
        A’s obligations thereunder shall become due and payable in accordance with
        the
        terms of the Agreement (whether at maturity, by acceleration or otherwise).
        Guarantor hereby agrees, upon written demand by Party B, to pay or cause
        to be
        paid any such amounts punctually when and as the same shall become due and
        payable.

       

      (b) Guarantor
        hereby agrees that its obligations under this Guarantee constitute a guarantee
        of payment when due and not of collection.

       

      (c) Guarantor
        hereby agrees that its obligations under this Guarantee shall be unconditional,
        irrespective of the validity, regularity or enforceability of the Agreement
        against Party A (other than as a result of the unenforceability thereof against
        Party B), the absence of any action to enforce Party A’s obligations under the
        Agreement, any waiver or consent by Party B with respect to any provisions
        thereof, the entry by Party A and Party B into any amendments to the Agreement,
        additional Transactions under the Agreement or any other circumstance which
        might otherwise constitute a legal or equitable discharge or defense of a
        guarantor (excluding the defense of payment or statute of limitations, neither
        of which is waived) provided, however, that Guarantor shall be entitled to
        exercise any right that Party A could have exercised under the Agreement
        to cure
        any default in respect of its obligations under the Agreement or to setoff,
        counterclaim or withhold payment in respect of any Event of Default or Potential
        Event of Default in respect of Party B or any Affiliate, but only to the
        extent
        such right is provided to Party A under the Agreement. The Guarantor
        acknowledges that Party A and Party B may from time to time enter into one
        or
        more Transactions pursuant to the Agreement and agrees that the obligations
        of
        the Guarantor under this Guarantee will upon the execution of any such
        Transaction by Party A and Party B extend to all such Transactions without
        the
        taking of further action by the Guarantor.

       

      (d) This
        Guarantee shall remain in full force and effect until the first to occur
        of (i)
        receipt by Party B of a written notice of termination from Guarantor or (ii)
        none of the obligations of Party A remain outstanding. Termination of this
        Guarantee shall not affect Guarantor’s liability hereunder as to obligations
        incurred or arising out of Transactions entered into prior to the termination
        hereof.

       

      (e) Guarantor
        further agrees that this Guarantee shall continue to be effective or be
        reinstated, as the case may be, if at any time, payment, or any part thereof,
        of
        any obligation or interest thereon is rescinded or must otherwise be restored
        by
        Party B upon an Event of Default as set forth in Section
        5(a)(vii)
        of the
        Master Agreement affecting Party A or Guarantor.

       

      (f) Guarantor
        hereby waives (i) promptness, diligence, presentment, demand of payment,
        protest, order and, except as set forth in paragraph (a) hereof, notice of
        any
        kind in connection with the Agreement and this Guarantee, or (ii) any
        requirement that Party B exhaust any right to take any action against Party
        A or
        any other person prior to or contemporaneously with proceeding to exercise
        any
        right against Guarantor under this Guarantee.

      
        
          
          

        

        
          38

          
            

          

        

        
          
          

        

      

       

      This
        Guarantee shall be governed by and construed in accordance with the laws
        of the
        State of New York without regard to conflicts of laws principles. All
        capitalized terms not defined in this Guarantee, but defined in the Agreement,
        shall have the meanings assigned thereto in the Agreement.

       

      IN
        WITNESS WHEREOF, Guarantor has caused this Guarantee to be executed by its
        duly
        authorized officer as of the date of the Agreement.

       

      

       

      
        	 	
                LEHMAN
                  BROTHERS HOLDINGS INC.

              
	 	 
	 	 
	 	
                By:
                  __________________________________

              
	 	
                Name: 

              
	 	
                Title: 

              
	 	
                Date: 

              

      

      

      

      
        
          
            
            

          

          
            39

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        B
        to Schedule

      

      [Form
        of
        Opinion of Counsel for

      Lehman
        Brothers Special Financing Inc. and

      Lehman
        Brothers Holdings Inc.]

      [date]

       

      [COUNTERPARTY
        NAME]

      [COUNTERPARTY
        ADDRESS]

       

      Ladies
        and Gentlemen:

       

      I
        have
        acted as counsel to Lehman Brothers Special Financing Inc., a Delaware
        corporation (“Party A”),
        and
        Lehman Brothers Holdings Inc., a Delaware corporation (“Guarantor”), and am
        familiar with matters pertaining to the execution and delivery of the Master
        Agreement (the “Master Agreement”) dated as of April 30, 2007, between Party
A
        and
        Deutsche Bank National Trust Company, not in its individual capacity, but
        solely
        as Supplemental Interest Trust Trustee with respect to the Supplemental Interest
        Trust relating to the Impac Secured Assets Trust 2007-3, Impac Secured Assets
        Corp., Mortgage Pass-Through Certificates, Series 2007-3, and
        the
        guarantee of Guarantor (the “Guarantee”)
        delivered in connection with the Master Agreement.

       

      In
        connection with this opinion, I have examined, or have had examined on my
        behalf, an executed copy of the Master Agreement and the Guarantee, certificates
        and statements of public officials and officers of Party  A
        and
        Guarantor and such other agreements, instruments, documents and records as
        I
        have deemed necessary or appropriate for the purposes of this
        opinion.

       

      Except
        as
        expressly set forth herein, no independent investigation (including, without
        limitation, conducting any review, search or investigation of any public
        files,
        records or dockets) has been undertaken to determine the existence or absence
        of
        the facts that are material to my opinions, and no inference as to my knowledge
        concerning such facts should be made.

       

      When
        used
        herein the phrase “to my knowledge” means to my actual knowledge without
        independent investigation.

       

      References
        in this letter to “Applicable Laws” are to those laws, rules and regulations of
        the State of New York which, in my experience, are normally applicable to
        transactions of the type contemplated by the Master Agreement and the Guarantee.
        References in this letter to “Governmental Authorities” are to executive,
        legislative, judicial, administrative or regulatory bodies of the State of
        New
        York. References in this letter to “Governmental Approval” are to any consent,
        approval, license, authorization or validation of, or filing, recording or
        registration with, any Governmental Authority pursuant to Applicable
        Laws.

       

      Based
        on
        the foregoing but subject to the assumptions, exceptions, qualifications
        and
        limitations hereinafter expressed, I am of the opinion that:

       

      
        	 	
                1.

              	
                Each
                  of Party A
                  and Guarantor is a corporation duly incorporated, validly existing
                  and in
                  good standing under the laws of the State of
                  Delaware.

              

      

       

      
        	 	
                2.

              	
                The
                  execution, delivery and performance of the Master Agreement, in
                  the case
                  of Party  A,
                  and the Guarantee, in the case of Guarantor, are within its corporate
                  power, have been duly authorized by all necessary corporate action
                  and do
                  not conflict with any provision of its certificate of incorporation
                  or
                  by-laws.

              

      

       

      
        	 	
                3.

              	
                The
                  Master Agreement, in the case of Party A,
                  and the Guarantee, in the case of Guarantor, have been duly executed
                  and
                  delivered and each constitutes
                  a legal, valid and binding obligation under Applicable Laws, enforceable
                  against it under Applicable Laws in accordance with its
                  respective terms.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                4.

              	
                To
                  my knowledge,
                  no Governmental Approval
                  is
                  required in connection with the execution, delivery and performance
                  of the
                  Master Agreement, in the case of Party A,
                  or the Guarantee, in the case of Guarantor,
                  except those that have been obtained and, to my knowledge, are
                  in
                  effect.

              

      

       

      The
        foregoing opinions are subject to the following assumptions, exceptions,
        qualifications and limitations:

       

      A. 
        My
        opinion in paragraph 3 above is subject to:
        (i) bankruptcy,
        insolvency, reorganization, receivership, moratorium or similar laws affecting
        creditors’
        rights
        generally (including, without limitation, the effect of statutory or other
        laws
        regarding fraudulent or other similar transfers or
        conveyances); (ii) general
        principles of equity, regardless of whether enforceability is considered
        in a
        proceeding in equity or at law;
        and
        (iii) laws and considerations of public policy, including where clauses (i)
        through (iii) above may limit the enforceability of provisions (a) regarding
        the
        termination and close-out methodology under the Master Agreement, including
        but
        not limited to Section 6(e) thereof, (b) regarding indemnification and
        contribution rights and obligations, (c) regarding the waiver or limitation
        of rights to trial by jury, oral amendments to written agreements or rights
        of
        setoff, (d) relating to submission to jurisdiction, venue or service of
        process and (e) purporting to prohibit or restrict, or require the consent
        of the “account debtor” (as defined in Section 9-102 of the Uniform Commercial
        Code as in effect in the State of New York (the “NYUCC” )) for, the creation,
        perfection or enforcement of a security interest in “accounts” or “general
        intangibles” (in each case, as defined in Section 9-102 of the
        NYUCC).

       

      B. I
        am a
        member of the Bar of the [State of New York] [Commonwealth of Massachusetts]
        and
        render no opinion on any laws other than the laws of the State of New York
        and
        the General Corporation Law of the State of Delaware.
        Except
        as described, I have not examined, or had examined on my behalf, and I do
        not
        express any opinion with respect to, Delaware law.

       

      C. My
        opinions are limited to the present laws and to the facts as they presently
        exist, and no opinion is to be inferred or implied beyond the matters expressly
        so stated. I assume no obligation to revise or supplement this opinion should
        the present laws of the jurisdictions referred to in paragraph B above be
        changed by legislative action, judicial decision or otherwise.

       

      D. This
        letter is rendered solely to you solely
        for your benefit in
        connection with the Master Agreement and the Guarantee and the transactions
        related thereto and may not be relied upon by any other person, entity or
        agency
        or by you in any other context or for any other purpose. This letter may
        not be
circulated,
        used or quoted
        in
        whole or in part, nor may copies hereof be furnished or delivered to any
        other
        person, without the prior written consent of Lehman Brothers Holdings Inc.,
        except that you may furnish copies hereof (i)  to
        your
        independent auditors and attorneys, (ii)  to
        any
        United States, state or local authority having jurisdiction over you, (iii)
         pursuant
        to the order of any court of competent jurisdiction or any governmental agency
        and (iv)  in
        connection with any legal action arising out of the Master Agreement or the
        Guarantee.

       

      E. I
        have
        assumed with your permission (i)  the
        genuineness of all signatures by each party other than Party  A
        or
        Guarantor, (ii)  the
        authenticity of documents submitted to me as originals and the conformity
        to
        authentic original documents of all documents submitted to me as copies,
        (iii) the
        accuracy of the matters set forth in the documents, agreements and instruments
        I
        reviewed, (iv) that each party other than Party A and Guarantor is duly
        organized, validly existing and in good standing under the laws of its
        jurisdiction of organization, (v)
        the due
        execution and delivery, pursuant to due authorization, of the Master Agreement
        by each party other than Party A
        and (vi) that the Master Agreement is the legal, valid, binding and
        enforceable obligation of each party other than Party A, enforceable
        against each such party in accordance with its terms.

       

      The
        foregoing opinions are given on the express understanding that the undersigned
        is an officer of Lehman Brothers Inc. and shall in no event incur any personal
        or other liability in connection with said opinions. By accepting and relying
        upon this opinion, each addressee hereof (i) acknowledges and agrees that
        the
        undersigned shall have no personal or other liability in connection herewith
        and
        (ii) agrees to not assert or raise any such claim against the undersigned
        in any
        proceeding or in any manner otherwise.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Very
        truly yours,

       

       

       

       

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

 

      Exhibit
        C/D

      

      Forms
        of Opinion of Counsel for Party B

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      

      Exhibit
        E

      

      Item
        1115 Agreement

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      Transaction

       

      
        	
                Date:

              	
                30
                  April, 2007

              

      

       

      
        	
                To:

              	
                Deutsche
                  Bank National Trust Company, not in its individual capacity, but
                  solely as
                  Supplemental Interest Trust Trustee (the “Supplemental Interest Trust
                  Trustee”) with respect to the Supplemental Interest Trust relating to
                  Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp.,
                  Mortgage
                  Pass-Through Certificates, Series
                  2007-3.

              

      

      
        	 	
                Attention:

              	
                Documentation
                  Unit

              

      

      

       

      
        	
                From:

              	
                Lehman
                  Brothers Special Financing Inc.

              

      

      Transaction
        Management Group 

      
        	 	
                Facsimile:

              	
                (+1)
                  646-885-9551 (United States of
                  America)

              

      

      
        	 	
                Telephone:

              	
                212-526-9570
                  (Louis P. Bardos)

              

      

      

      
        	
                Ref.
                  Numbers:

              	
                Risk
                  ID: 1505159L / Effort ID: N1348743 / Global Deal ID:
                  3023486

              

      

       

      
        
          

        

      

      Dear
        Sir
        or Madam:

       

      The
        purpose of this communication (this “Confirmation”) is to confirm the terms and
        conditions of the transaction (the “Transaction”) entered into between Lehman
        Brothers Special Financing Inc. (“Party A”) and Deutsche Bank National Trust
        Company, not in its individual capacity, but solely as Supplemental Interest
        Trust Trustee with respect to the Supplemental Interest Trust relating to
        Impac
        Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage Pass-Through
        Certificates, Series 2007-3 (“Party B”) on the Trade Date specified below. This
        Confirmation constitutes a “Confirmation” as referred to in the Agreement
        specified below.

       

      This
        Confirmation supplements, forms part of, and is subject to, the ISDA Master
        Agreement dated as of 30 April, 2007, as amended and supplemented from time
        to
        time, between Party A and Party B (the “Agreement”). All provisions contained in
        the Agreement shall govern this Confirmation except as expressly modified
        below.

       

      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 the terms of this Confirmation, this Confirmation
        will govern. For the purpose of the Definitions, references herein to a
“Transaction” shall be deemed to be references to a “Swap
        Transaction”.

       

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

       

      
        	
                General
                  Terms:

              	 
	
                Trade
                  Date:

              	
                26
                  April, 2007

              
	
                Effective
                  Date:

              	
                30
                  April, 2007

              
	
                Termination
                  Date:

              	
                25
                  April, 2012, subject to adjustment in accordance with the Following
                  Business Day Convention.

              
	
                Notional
                  Amount:

              	
                USD598,988,120.00
                  - subject to adjustment in accordance with Appendix A attached
                  hereto.

              

      

       

      
        
          Risk
            ID: 1505159L / Effort ID: 1348743 / Global Deal ID: 3023486

          
          

        

        
          Page
            1 of 8

          
            

          

        

        
          
          

        

      

       

      
        	
                Floating
                  Amounts:

              	 
	
                Floating
                  Amount Payer:

              	
                Party
                  A

              
	
                Floating
                  Amount Payer Payment Dates:

              	
                The
                  25th calendar day of each month, from and including 25 May, 2007
                  to and
                  including the Termination Date, subject to adjustment in accordance
                  with
                  the Following Business Day Convention.

              
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              
	
                Designated
                  Maturity:

              	
                1
                  month

              
	
                Spread:

              	
                Inapplicable

              
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

              
	
                Floating
                  Rate for initial Calculation Period:

              	
                5.32%
                  

              
	
                Reset
                  Dates:

              	
                The
                  first day of each Calculation Period

              
	
                Fixed
                  Amounts:

              	 
	
                Fixed
                  Amount Payer:

              	
                Party
                  B

              
	
                Fixed
                  Amount Payer Payment Dates:

              	
                The
                  25th calendar day of each month, from and including 25 May, 2007
                  to and
                  including the Termination Date, subject to adjustment in accordance
                  with
                  the Following Business Day Convention.

              
	
                Fixed
                  Rate:

              	
                As
                  per the Fixed Rate Schedule below:

              

      

      

      
        	
                Fixed
                  Rate Schedule

              
	
                Calculation
                  Period from and including

              	
                Calculation
                  Period up to but excluding

              	
                Fixed
                  Rate (%)

              
	
                30-Apr-2007

              	
                25-May-2007

              	
                5.00765

              
	
                25-May-2007

              	
                25-Jun-2007

              	
                5.00746

              
	
                25-Jun-2007

              	
                25-Jul-2007

              	
                5.007

              
	
                25-Jul-2007

              	
                25-Aug-2007

              	
                5.00624

              
	
                25-Aug-2007

              	
                25-Sep-2007

              	
                5.00517

              
	
                25-Sep-2007

              	
                25-Oct-2007

              	
                5.00375

              
	
                25-Oct-2007

              	
                25-Nov-2007

              	
                5.00195

              
	
                25-Nov-2007

              	
                25-Dec-2007

              	
                4.99972

              
	
                25-Dec-2007

              	
                25-Jan-2008

              	
                4.99701

              
	
                25-Jan-2008

              	
                25-Feb-2008

              	
                4.9938

              
	
                25-Feb-2008

              	
                25-Mar-2008

              	
                4.99017

              
	
                25-Mar-2008

              	
                25-Apr-2008

              	
                4.98602

              
	
                25-Apr-2008

              	
                25-May-2008

              	
                4.98169

              
	
                25-May-2008

              	
                25-Jun-2008

              	
                4.97723

              
	
                25-Jun-2008

              	
                25-Jul-2008

              	
                4.97264

              
	
                25-Jul-2008

              	
                25-Aug-2008

              	
                4.96793

              

      

       

      
        
          Risk
            ID: 1505159L / Effort ID: 1348743 / Global Deal ID: 3023486

          
          

        

        
          Page
            2 of 8

          
            

          

        

        
          
          

        

      

       

      
        	
                25-Aug-2008

              	
                25-Sep-2008

              	
                4.96309

              
	
                25-Sep-2008

              	
                25-Oct-2008

              	
                4.9581

              
	
                25-Oct-2008

              	
                25-Nov-2008

              	
                4.95297

              
	
                25-Nov-2008

              	
                25-Dec-2008

              	
                4.94768

              
	
                25-Dec-2008

              	
                25-Jan-2009

              	
                4.94214

              
	
                25-Jan-2009

              	
                25-Feb-2009

              	
                4.93646

              
	
                25-Feb-2009

              	
                25-Mar-2009

              	
                4.93061

              
	
                25-Mar-2009

              	
                25-Apr-2009

              	
                4.9251

              
	
                25-Apr-2009

              	
                25-May-2009

              	
                4.9251

              
	
                25-May-2009

              	
                25-Jun-2009

              	
                4.9251

              
	
                25-Jun-2009

              	
                25-Jul-2009

              	
                4.9251

              
	
                25-Jul-2009

              	
                25-Aug-2009

              	
                4.9251

              
	
                25-Aug-2009

              	
                25-Sep-2009

              	
                4.9251

              
	
                25-Sep-2009

              	
                25-Oct-2009

              	
                4.9251

              
	
                25-Oct-2009

              	
                25-Nov-2009

              	
                4.9251

              
	
                25-Nov-2009

              	
                25-Dec-2009

              	
                4.9251

              
	
                25-Dec-2009

              	
                25-Jan-2010

              	
                4.9251

              
	
                25-Jan-2010

              	
                25-Feb-2010

              	
                4.9251

              
	
                25-Feb-2010

              	
                25-Mar-2010

              	
                4.9251

              
	
                25-Mar-2010

              	
                25-Apr-2010

              	
                4.9251

              
	
                25-Apr-2010

              	
                25-May-2010

              	
                4.86032

              
	
                25-May-2010

              	
                25-Jun-2010

              	
                4.86032

              
	
                25-Jun-2010

              	
                25-Jul-2010

              	
                4.86032

              
	
                25-Jul-2010

              	
                25-Aug-2010

              	
                4.86032

              
	
                25-Aug-2010

              	
                25-Sep-2010

              	
                4.86032

              
	
                25-Sep-2010

              	
                25-Oct-2010

              	
                4.86032

              
	
                25-Oct-2010

              	
                25-Nov-2010

              	
                4.86032

              
	
                25-Nov-2010

              	
                25-Dec-2010

              	
                4.86032

              
	
                25-Dec-2010

              	
                25-Jan-2011

              	
                4.86032

              
	
                25-Jan-2011

              	
                25-Feb-2011

              	
                4.86032

              
	
                25-Feb-2011

              	
                25-Mar-2011

              	
                4.86032

              
	
                25-Mar-2011

              	
                25-Apr-2011

              	
                4.86032

              
	
                25-Apr-2011

              	
                25-May-2011

              	
                4.86032

              
	
                25-May-2011

              	
                25-Jun-2011

              	
                4.86032

              
	
                25-Jun-2011

              	
                25-Jul-2011

              	
                4.86032

              
	
                25-Jul-2011

              	
                25-Aug-2011

              	
                4.86032

              
	
                25-Aug-2011

              	
                25-Sep-2011

              	
                4.86032

              
	
                25-Sep-2011

              	
                25-Oct-2011

              	
                4.86032

              
	
                25-Oct-2011

              	
                25-Nov-2011

              	
                4.86032

              
	
                25-Nov-2011

              	
                25-Dec-2011

              	
                4.86032

              
	
                25-Dec-2011

              	
                25-Jan-2012

              	
                4.86032

              
	
                25-Jan-2012

              	
                25-Feb-2012

              	
                4.86032

              
	
                25-Feb-2012

              	
                25-Mar-2012

              	
                4.86032

              
	
                25-Mar-2012

              	
                25-Apr-2012

              	
                4.86032

              

      

       

      
        
          Risk
            ID: 1505159L / Effort ID: 1348743 / Global Deal ID: 3023486

          
          

        

        
          Page
            3 of 8

          
            

          

        

        
          
          

        

      

      
 

      
        	
                Fixed
                  Rate Day Count Fraction:

              	
                30/360

              
	
                Business
                  Days:

              	
                New
                  York

              
	
                Miscellaneous:

              	 
	
                Calculation
                  Agent:

              	
                Party
                  A

              
	
                Office:

              	
                For
                  the purposes of this Transaction, Party A is not a Multibranch
                  Party, and
                  the Office of Party B is its Head
                  Office.

              

      

      

       

      
        
          Risk
            ID: 1505159L / Effort ID: 1348743 / Global Deal ID: 3023486

          
          

        

        
          Page
            4 of 8

          
            

          

        

        
          
          

        

      

      

       

      Please
        confirm your agreement with the foregoing by executing this Confirmation
        and
        returning such Confirmation, in its entirety, to us at facsimile number (+1)
        646-885-9551 (United States of America), Attention: Confirmations
        Group.

       

      

       

      
        	
                Yours
                  sincerely,

              	
                Accepted
                  and agreed to:

              
	 	 
	
                Lehman
                  Brothers Special Financing Inc.

              	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT
                  SOLELY AS
                  SUPPLEMENTAL INTEREST TRUST TRUSTEE WITH RESPECT TO THE SUPPLEMENTAL
                  INTEREST TRUST RELATING TO IMPAC SECURED ASSETS TRUST 2007-3, IMPAC
                  SECURED ASSETS CORP., MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
                  2007-3.

              
	 	
                 

                 

                 

                 

                By:
                  ________________________

                Name:

                Title:

              
	 	 

      

      

       

      
        
          Risk
            ID: 1505159L / Effort ID: 1348743 / Global Deal ID: 3023486

          
          

        

        
          Page
            5 of 8

          
            

          

        

        
          
          

        

      

      

       

      
        	
                Appendix
                  A

              
	 	 
	
                *Calculation
                  Periods up to but excluding 

                the
                  Payment Date scheduled to occur:

              	
                Outstanding
                  Notional Amount:

              
	 	 
	
                25
                  May, 2007

              	
                USD
                  598,988,120.00

              
	
                25
                  June, 2007

              	
                USD
                  596,405,111.82

              
	
                25
                  July, 2007

              	
                USD
                  591,619,837.50

              
	
                25
                  August, 2007

              	
                USD
                  584,587,861.54

              
	
                25
                  September, 2007

              	
                USD
                  575,283,707.22

              
	
                25
                  October, 2007

              	
                USD
                  563,702,910.61

              
	
                25
                  November, 2007

              	
                USD
                  549,870,461.28

              
	
                25
                  December, 2007

              	
                USD
                  533,829,808.62

              
	
                25
                  January, 2008

              	
                USD
                  515,663,461.74

              
	
                25
                  February, 2008

              	
                USD
                  495,546,117.64

              
	
                25
                  March, 2008

              	
                USD
                  474,015,031.98

              
	
                25
                  April, 2008

              	
                USD
                  451,087,165.92

              
	
                25
                  May, 2008

              	
                USD
                  427,798,189.42

              
	
                25
                  June, 2008

              	
                USD
                  405,663,515.64

              
	
                25
                  July, 2008

              	
                USD
                  384,626,548.51

              
	
                25
                  August, 2008

              	
                USD
                  364,633,696.32

              
	
                25
                  September, 2008

              	
                USD
                  345,633,699.78

              
	
                25
                  October, 2008

              	
                USD
                  327,577,946.60

              
	
                25
                  November, 2008

              	
                USD
                  310,420,272.41

              
	
                25
                  December, 2008

              	
                USD
                  294,116,577.50

              
	
                25
                  January, 2009

              	
                USD
                  278,518,793.08

              
	
                25
                  February, 2009

              	
                USD
                  263,726,734.27

              
	
                25
                  March, 2009

              	
                USD
                  249,693,207.44

              
	
                25
                  April, 2009

              	
                USD
                  236,843,190.00

              
	
                25
                  May, 2009

              	
                USD
                  229,620,015.00

              
	
                25
                  June, 2009

              	
                USD
                  222,615,135.00

              
	
                25
                  July, 2009

              	
                USD
                  215,822,880.00

              
	
                25
                  August, 2009

              	
                USD
                  209,235,960.00

              
	
                25
                  September, 2009

              	
                USD
                  202,848,705.00

              
	
                25
                  October, 2009

              	
                USD
                  196,655,040.00

              

      

       

      
        
          Risk
            ID: 1505159L / Effort ID: 1348743 / Global Deal ID: 3023486

          
          

        

        
          Page
            6 of 8

          
            

          

        

        
          
          

        

      

       

      
        	
                *Calculation
                  Periods up to but excluding 

                the
                  Payment Date scheduled to occur:

              	
                Outstanding
                  Notional Amount:

              
	 	 
	
                25
                  November, 2009

              	
                USD
                  190,648,890.00

              
	
                25
                  December, 2009

              	
                USD
                  184,824,990.00

              
	
                25
                  January, 2010

              	
                USD
                  179,177,265.00

              
	
                25
                  February, 2010

              	
                USD
                  173,700,855.00

              
	
                25
                  March, 2010

              	
                USD
                  168,390,900.00

              
	
                25
                  April, 2010

              	
                USD
                  163,241,730.00

              
	
                25
                  May, 2010

              	
                USD
                  123,082,155.00

              
	
                25
                  June, 2010

              	
                USD
                  119,316,645.00

              
	
                25
                  July, 2010

              	
                USD
                  115,665,480.00

              
	
                25
                  August, 2010

              	
                USD
                  112,124,880.00

              
	
                25
                  September, 2010

              	
                USD
                  108,692,010.00

              
	
                25
                  October, 2010

              	
                USD
                  105,363,090.00

              
	
                25
                  November, 2010

              	
                USD
                  102,135,600.00

              
	
                25
                  December, 2010

              	
                USD
                  99,006,075.00

              
	
                25
                  January, 2011

              	
                USD
                  95,971,365.00

              
	
                25
                  February, 2011

              	
                USD
                  93,029,265.00

              
	
                25
                  March, 2011

              	
                USD
                  90,176,310.00

              
	
                25
                  April, 2011

              	
                USD
                  87,410,295.00

              
	
                25
                  May, 2011

              	
                USD
                  84,728,070.00

              
	
                25
                  June, 2011

              	
                USD
                  82,127,745.00

              
	
                25
                  July, 2011

              	
                USD
                  79,606,485.00

              
	
                25
                  August, 2011

              	
                USD
                  77,161,770.00

              
	
                25
                  September, 2011

              	
                USD
                  74,791,710.00

              
	
                25
                  October, 2011

              	
                USD
                  72,493,785.00

              
	
                25
                  November, 2011

              	
                USD
                  70,265,790.00

              
	
                25
                  December, 2011

              	
                USD
                  68,105,520.00

              
	
                25
                  January, 2012

              	
                USD
                  66,011,085.00

              
	
                25
                  February, 2012

              	
                USD
                  63,980,595.00

              
	
                25
                  March, 2012

              	
                USD
                  62,011,845.00

              
	
                25
                  April, 2012

              	
                USD
                  60,103,260.00

              

      

      

      *subject
        to adjustment in accordance with
        the Following Business Day Convention.

       

      
        
          Risk
            ID: 1505159L / Effort ID: 1348743 / Global Deal ID: 3023486

          
          

        

        
          Page
            7 of 8

          
            

          

        

        
          
          

        

      

      
 

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
          Risk
            ID: 1505159L / Effort ID: 1348743 / Global Deal ID: 3023486

          
          

        

        
          Page
            8 of 8

          
            

          

        

        
          
          

        

      

      

        

        

          Transaction

           

          
            	
                    Date:

                  	
                    30
                      April, 2007

                  

          

           

          
            	
                    To:

                  	
                    Deutsche
                      Bank National Trust Company, not in its individual capacity,
                      but solely as
                      Supplemental Interest Trust Trustee (the “Supplemental Interest Trust
                      Trustee”) with respect to the Supplemental Interest Trust relating
                      to
                      Impac Secured Assets Trust 2007-3, Impac Secured Assets Corp.,
                      Mortgage
                      Pass-Through Certificates, Series
                      2007-3.

                  

          

          
            	 	
                    Attention:

                  	
                    Documentation
                      Unit

                  

          

           

          
            	
                    From:

                  	
                    Lehman
                      Brothers Special Financing Inc.

                  

          

          Transaction
            Management Group 

          
            	 	
                    Facsimile:

                  	
                    (+1)
                      646-885-9551 (United States of
                      America)

                  

          

          Telephone: 212-526-9570
            (Louis P. Bardos) 

          

          
            	
                    Ref.
                      Numbers:

                  	
                    Risk
                      ID: 1505111L / Effort ID: N1348676 / Global Deal ID:
                      3023391

                  

          

          

          
            

          

          Dear
            Sir
            or Madam:

           

          The
            purpose of this communication (this “Confirmation”) is to confirm the terms and
            conditions of the transaction (the “Transaction”) entered into between Lehman
            Brothers Special Financing Inc. (“Party A”) and Deutsche Bank National Trust
            Company, not in its individual capacity, but solely as Supplemental Interest
            Trust Trustee with respect to the Supplemental Interest Trust relating
            to Impac
            Secured Assets Trust 2007-3, Impac Secured Assets Corp., Mortgage Pass-Through
            Certificates, Series 2007-3 (“Party B”) on the Trade Date specified below. This
            Confirmation constitutes a “Confirmation” as referred to in the Agreement
            specified below.

           

          This
            Confirmation supplements, forms part of, and is subject to, the ISDA
            Master
            Agreement dated as of 30 April, 2007, as amended and supplemented from
            time to
            time, between Party A and Party B (the “Agreement”). All provisions contained in
            the Agreement shall govern this Confirmation except as expressly modified
            below.

           

          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 the terms of this Confirmation, this Confirmation
            will govern. For the purpose of the Definitions, references herein to
            a
“Transaction” shall be deemed to be references to a “Swap
            Transaction”.

           

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

           

          
            	
                    General
                      Terms:

                  	 
	
                    Trade
                      Date:

                  	
                    26
                      April, 2007

                  
	
                    Effective
                      Date:

                  	
                    30
                      April, 2007

                  
	
                    Termination
                      Date:

                  	
                    25
                      April, 2012, subject to adjustment in accordance with the Following
                      Business Day Convention.

                  
	
                    Notional
                      Amount:

                  	
                    USD189,054,880.00
                      - subject to adjustment in accordance with Appendix A attached
                      hereto.

                  

          

           

          
            
              Risk
                ID: 1505111L / Effort ID: 1348676 / Global Deal ID: 3023391

              
              

            

            
              Page
                1 of
                8

              
                

              

            

            
              
              

            

          

           

          
            	
                    Fixed
                      Amounts:

                  	 
	
                    Fixed
                      Amount Payer:

                  	
                    Inapplicable

                  
	
                    Fixed
                      Amount Payer Payment Dates:

                  	
                    Inapplicable

                  
	
                    Fixed
                      Amount:

                  	
                    By
                      its execution hereof and with effect from the Trade Date above
                      Party A and
                      Party B irrevocably acknowledges receipt of all agreed consideration
                      from
                      the other party in respect of this Transaction.

                  
	
                    Floating
                      Amounts:

                  	 
	
                    Floating
                      Amount Payer:

                  	
                    Party
                      A

                  
	
                    Cap
                      Rate:

                  	
                    As
                      per the Cap Rate Schedule below:

                  

          

          

          
            	
                    Cap
                      Rate Schedule

                  
	
                    Calculation
                      Period from and including

                  	
                    Calculation
                      Period up to but excluding

                  	
                    Cap
                      Rate (%)

                  
	
                    30-Apr-2007

                  	
                    25-May-2007

                  	
                    5.06138

                  
	
                    25-May-2007

                  	
                    25-Jun-2007

                  	
                    5.06103

                  
	
                    25-Jun-2007

                  	
                    25-Jul-2007

                  	
                    5.06068

                  
	
                    25-Jul-2007

                  	
                    25-Aug-2007

                  	
                    5.06031

                  
	
                    25-Aug-2007

                  	
                    25-Sep-2007

                  	
                    5.05993

                  
	
                    25-Sep-2007

                  	
                    25-Oct-2007

                  	
                    5.05955

                  
	
                    25-Oct-2007

                  	
                    25-Nov-2007

                  	
                    5.05915

                  
	
                    25-Nov-2007

                  	
                    25-Dec-2007

                  	
                    5.05873

                  
	
                    25-Dec-2007

                  	
                    25-Jan-2008

                  	
                    5.05831

                  
	
                    25-Jan-2008

                  	
                    25-Feb-2008

                  	
                    5.05786

                  
	
                    25-Feb-2008

                  	
                    25-Mar-2008

                  	
                    5.05741

                  
	
                    25-Mar-2008

                  	
                    25-Apr-2008

                  	
                    5.05716

                  
	
                    25-Apr-2008

                  	
                    25-May-2008

                  	
                    5.05715

                  
	
                    25-May-2008

                  	
                    25-Jun-2008

                  	
                    5.05715

                  
	
                    25-Jun-2008

                  	
                    25-Jul-2008

                  	
                    5.05715

                  
	
                    25-Jul-2008

                  	
                    25-Aug-2008

                  	
                    5.05715

                  
	
                    25-Aug-2008

                  	
                    25-Sep-2008

                  	
                    5.05715

                  
	
                    25-Sep-2008

                  	
                    25-Oct-2008

                  	
                    5.05715

                  
	
                    25-Oct-2008

                  	
                    25-Nov-2008

                  	
                    5.05715

                  
	
                    25-Nov-2008

                  	
                    25-Dec-2008

                  	
                    5.05715

                  
	
                    25-Dec-2008

                  	
                    25-Jan-2009

                  	
                    5.05715

                  
	
                    25-Jan-2009

                  	
                    25-Feb-2009

                  	
                    5.05714

                  
	
                    25-Feb-2009

                  	
                    25-Mar-2009

                  	
                    5.05714

                  
	
                    25-Mar-2009

                  	
                    25-Apr-2009

                  	
                    5.05714

                  
	
                    25-Apr-2009

                  	
                    25-May-2009

                  	
                    5.05714

                  

          

           

          
            
              Risk
                ID: 1505111L / Effort ID: 1348676 / Global Deal ID: 3023391

              
              

            

            
              Page
                2 of
                8

              
                

              

            

            
              
              

            

          

           

          
            	
                    25-May-2009

                  	
                    25-Jun-2009

                  	
                    5.05714

                  
	
                    25-Jun-2009

                  	
                    25-Jul-2009

                  	
                    5.05714

                  
	
                    25-Jul-2009

                  	
                    25-Aug-2009

                  	
                    5.05714

                  
	
                    25-Aug-2009

                  	
                    25-Sep-2009

                  	
                    5.05714

                  
	
                    25-Sep-2009

                  	
                    25-Oct-2009

                  	
                    5.05713

                  
	
                    25-Oct-2009

                  	
                    25-Nov-2009

                  	
                    5.05713

                  
	
                    25-Nov-2009

                  	
                    25-Dec-2009

                  	
                    5.05713

                  
	
                    25-Dec-2009

                  	
                    25-Jan-2010

                  	
                    5.05713

                  
	
                    25-Jan-2010

                  	
                    25-Feb-2010

                  	
                    5.05713

                  
	
                    25-Feb-2010

                  	
                    25-Mar-2010

                  	
                    5.03253

                  
	
                    25-Mar-2010

                  	
                    25-Apr-2010

                  	
                    5.01379

                  
	
                    25-Apr-2010

                  	
                    25-May-2010

                  	
                    5.01378

                  
	
                    25-May-2010

                  	
                    25-Jun-2010

                  	
                    5.01378

                  
	
                    25-Jun-2010

                  	
                    25-Jul-2010

                  	
                    5.01378

                  
	
                    25-Jul-2010

                  	
                    25-Aug-2010

                  	
                    5.01378

                  
	
                    25-Aug-2010

                  	
                    25-Sep-2010

                  	
                    5.01378

                  
	
                    25-Sep-2010

                  	
                    25-Oct-2010

                  	
                    5.01378

                  
	
                    25-Oct-2010

                  	
                    25-Nov-2010

                  	
                    5.01378

                  
	
                    25-Nov-2010

                  	
                    25-Dec-2010

                  	
                    5.01377

                  
	
                    25-Dec-2010

                  	
                    25-Jan-2011

                  	
                    5.01377

                  
	
                    25-Jan-2011

                  	
                    25-Feb-2011

                  	
                    5.01377

                  
	
                    25-Feb-2011

                  	
                    25-Mar-2011

                  	
                    5.01377

                  
	
                    25-Mar-2011

                  	
                    25-Apr-2011

                  	
                    5.01377

                  
	
                    25-Apr-2011

                  	
                    25-May-2011

                  	
                    5.01377

                  
	
                    25-May-2011

                  	
                    25-Jun-2011

                  	
                    5.01376

                  
	
                    25-Jun-2011

                  	
                    25-Jul-2011

                  	
                    5.01376

                  
	
                    25-Jul-2011

                  	
                    25-Aug-2011

                  	
                    5.01376

                  
	
                    25-Aug-2011

                  	
                    25-Sep-2011

                  	
                    5.01376

                  
	
                    25-Sep-2011

                  	
                    25-Oct-2011

                  	
                    5.01376

                  
	
                    25-Oct-2011

                  	
                    25-Nov-2011

                  	
                    5.01376

                  
	
                    25-Nov-2011

                  	
                    25-Dec-2011

                  	
                    5.01375

                  
	
                    25-Dec-2011

                  	
                    25-Jan-2012

                  	
                    5.01375

                  
	
                    25-Jan-2012

                  	
                    25-Feb-2012

                  	
                    5.01375

                  
	
                    25-Feb-2012

                  	
                    25-Mar-2012

                  	
                    4.83329

                  
	
                    25-Mar-2012

                  	
                    25-Apr-2012

                  	
                    4.83329

                  

          

          

          
            	
                    Floating
                      Amount Payer Payment Dates:

                  	
                    The
                      25th calendar day of each month, from and including 25 May,
                      2007 to and
                      including the Termination Date, subject to adjustment in accordance
                      with
                      the Following Business Day Convention.

                  
	
                    Floating
                      Rate Option:

                  	
                    USD-LIBOR-BBA

                  

          

           

          
            
              Risk
                ID: 1505111L / Effort ID: 1348676 / Global Deal ID: 3023391

              
              

            

            
              Page
                3 of
                8

              
                

              

            

            
              
              

            

          

           

          
            	
                    Floating
                      Rate for the initial Calculation Period:

                  	
                    5.32%

                  
	
                    Designated
                      Maturity:

                  	
                    1
                      month

                  
	
                    Spread:

                  	
                    Inapplicable

                  
	
                    Floating
                      Rate Day Count Fraction:

                  	
                    Actual/360

                  
	
                    Reset
                      Dates:

                  	
                    The
                      first day of each Calculation Period

                  
	
                    Business
                      Days:

                  	
                    New
                      York

                  
	
                    Miscellaneous:

                  	 
	
                    Calculation
                      Agent:

                  	
                    Party
                      A

                  
	
                    Office:

                  	
                    For
                      the purposes of this Transaction, Party A is not a Multibranch
                      Party, and
                      the Office of Party B is its Head
                      Office.

                  

          

          

           

          
            
              Risk
                ID: 1505111L / Effort ID: 1348676 / Global Deal ID: 3023391

              
              

            

            
              Page
                4 of
                8

              
                

              

            

            
              
              

            

          

          

           

          Please
            confirm your agreement with the foregoing by executing this Confirmation
            and
            returning such Confirmation, in its entirety, to us at facsimile number
            (+1)
            646-885-9551 (United States of America), Attention: Confirmations
            Group.

           

          

           

          
            	
                    Yours
                      sincerely,

                  	
                    Accepted
                      and agreed to:

                  
	 	 
	
                    Lehman
                      Brothers Special Financing Inc.

                  	
                    DEUTSCHE
                      BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY,
                      BUT SOLELY AS
                      SUPPLEMENTAL INTEREST TRUST TRUSTEE WITH RESPECT TO THE SUPPLEMENTAL
                      INTEREST TRUST RELATING TO IMPAC SECURED ASSETS TRUST 2007-3,
                      IMPAC
                      SECURED ASSETS CORP., MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
                      2007-3.

                  
	 	
                     

                     

                     

                    By:
                      ________________________

                    Name:

                    Title:

                  
	 	 

          

          

           

          
            
              Risk
                ID: 1505111L / Effort ID: 1348676 / Global Deal ID: 3023391

              
              

            

            
              Page
                5 of
                8

              
                

              

            

            
              
              

            

          

          

           

          
            	
                    Appendix
                      A

                  
	
                    *Calculation
                      Periods up to but excluding the Period End Date scheduled to
                      occur:

                  	
                    Outstanding
                      Notional Amount:

                  
	
                    25
                      May, 2007

                  	
                    USD
                      189,054,880.00

                  
	
                    25
                      June, 2007

                  	
                    USD
                      187,962,065.00

                  
	
                    25
                      July, 2007

                  	
                    USD
                      186,458,185.00

                  
	
                    25
                      August, 2007

                  	
                    USD
                      184,541,810.00

                  
	
                    25
                      September, 2007

                  	
                    USD
                      182,214,245.00

                  
	
                    25
                      October, 2007

                  	
                    USD
                      179,479,120.00

                  
	
                    25
                      November, 2007

                  	
                    USD
                      176,343,185.00

                  
	
                    25
                      December, 2007

                  	
                    USD
                      172,815,455.00

                  
	
                    25
                      January, 2008

                  	
                    USD
                      168,908,050.00

                  
	
                    25
                      February, 2008

                  	
                    USD
                      164,635,675.00

                  
	
                    25
                      March, 2008

                  	
                    USD
                      160,015,745.00

                  
	
                    25
                      April, 2008

                  	
                    USD
                      155,321,650.00

                  
	
                    25
                      May, 2008

                  	
                    USD
                      150,596,120.00

                  
	
                    25
                      June, 2008

                  	
                    USD
                      146,013,320.00

                  
	
                    25
                      July, 2008

                  	
                    USD
                      141,569,075.00

                  
	
                    25
                      August, 2008

                  	
                    USD
                      137,259,080.00

                  
	
                    25
                      September, 2008

                  	
                    USD
                      133,079,435.00

                  
	
                    25
                      October, 2008

                  	
                    USD
                      129,026,200.00

                  
	
                    25
                      November, 2008

                  	
                    USD
                      125,095,470.00

                  
	
                    25
                      December, 2008

                  	
                    USD
                      121,283,640.00

                  
	
                    25
                      January, 2009

                  	
                    USD
                      117,587,185.00

                  
	
                    25
                      February, 2009

                  	
                    USD
                      114,002,490.00

                  
	
                    25
                      March, 2009

                  	
                    USD
                      110,526,385.00

                  
	
                    25
                      April, 2009

                  	
                    USD
                      107,155,340.00

                  
	
                    25
                      May, 2009

                  	
                    USD
                      103,886,495.00

                  
	
                    25
                      June, 2009

                  	
                    USD
                      100,716,490.00

                  
	
                    25
                      July, 2009

                  	
                    USD
                      97,642,605.00

                  
	
                    25
                      August, 2009

                  	
                    USD
                      94,661,795.00

                  
	
                    25
                      September, 2009

                  	
                    USD
                      91,771,280.00

                  
	
                    25
                      October, 2009

                  	
                    USD
                      88,968,420.00

                  

          

           

          
            
              Risk
                ID: 1505111L / Effort ID: 1348676 / Global Deal ID: 3023391

              
              

            

            
              Page
                6 of
                8

              
                

              

            

            
              
              

            

          

           

          
            	
                    Appendix
                      A

                  
	
                    *Calculation
                      Periods up to but excluding the Period End Date scheduled to
                      occur:

                  	
                    Outstanding
                      Notional Amount:

                  
	
                    25
                      November, 2009

                  	
                    USD
                      86,250,395.00

                  
	
                    25
                      December, 2009

                  	
                    USD
                      83,614,810.00

                  
	
                    25
                      January, 2010

                  	
                    USD
                      81,059,175.00

                  
	
                    25
                      February, 2010

                  	
                    USD
                      78,581,000.00

                  
	
                    25
                      March, 2010

                  	
                    USD
                      62,502,180.00

                  
	
                    25
                      April, 2010

                  	
                    USD
                      54,729,430.00

                  
	
                    25
                      May, 2010

                  	
                    USD
                      53,055,030.00

                  
	
                    25
                      June, 2010

                  	
                    USD
                      51,431,450.00

                  
	
                    25
                      July, 2010

                  	
                    USD
                      49,857,220.00

                  
	
                    25
                      August, 2010

                  	
                    USD
                      48,330,660.00

                  
	
                    25
                      September, 2010

                  	
                    USD
                      46,850,580.00

                  
	
                    25
                      October, 2010

                  	
                    USD
                      45,415,370.00

                  
	
                    25
                      November, 2010

                  	
                    USD
                      44,023,770.00

                  
	
                    25
                      December, 2010

                  	
                    USD
                      42,674,520.00

                  
	
                    25
                      January, 2011

                  	
                    USD
                      41,366,150.00

                  
	
                    25
                      February, 2011

                  	
                    USD
                      40,097,680.00

                  
	
                    25
                      March, 2011

                  	
                    USD
                      38,867,640.00

                  
	
                    25
                      April, 2011

                  	
                    USD
                      37,675,120.00

                  
	
                    25
                      May, 2011

                  	
                    USD
                      36,518,790.00

                  
	
                    25
                      June, 2011

                  	
                    USD
                      35,397,670.00

                  
	
                    25
                      July, 2011

                  	
                    USD
                      34,310,710.00

                  
	
                    25
                      August, 2011

                  	
                    USD
                      33,256,790.00

                  
	
                    25
                      September, 2011

                  	
                    USD
                      32,235,000.00

                  
	
                    25
                      October, 2011

                  	
                    USD
                      31,244,290.00

                  
	
                    25
                      November, 2011

                  	
                    USD
                      30,283,750.00

                  
	
                    25
                      December, 2011

                  	
                    USD
                      29,352,470.00

                  
	
                    25
                      January, 2012

                  	
                    USD
                      28,449,540.00

                  
	
                    25
                      February, 2012

                  	
                    USD
                      27,574,190.00

                  
	
                    25
                      March, 2012

                  	
                    USD
                      13,780,410.00

                  

          

           

          
            
              Risk
                ID: 1505111L / Effort ID: 1348676 / Global Deal ID: 3023391

              
              

            

            
              Page
                7 of
                8

              
                

              

            

            
              
              

            

          

           

          
            	
                    Appendix
                      A

                  
	
                    *Calculation
                      Periods up to but excluding the Period End Date scheduled to
                      occur:

                  	
                    Outstanding
                      Notional Amount:

                  
	
                    25
                      April, 2012

                  	
                    USD
                      13,356,280.00

                  

          

          

          *subject
            to adjustment in accordance with
            the Following Business Day Convention.

           

           

           

           

           

           

           

           

           

           

           

           

          
            
              Risk
                ID: 1505111L / Effort ID: 1348676 / Global Deal ID: 3023391

              
              

            

            
              Page
                8 of
                8

              
                

              

            

            
              
              

            

          

           

          
             

            ISDA®

            CREDIT
              SUPPORT ANNEX

            to
              the
              Schedule to the

            ISDA
              Master Agreement

            dated
              as
              of April 30, 2007 between

            LEHMAN
              BROTHERS SPECIAL FINANCING INC.

            (hereinafter
              referred to as “Party
              A”
              or
“Pledgor”)

            and

            DEUTSCHE
              BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY
              AS
              SUPPLEMENTAL INTEREST TRUST TRUSTEE (THE “SUPPLEMENTAL INTEREST TRUST TRUSTEE”)
              WITH RESPECT TO THE SUPPLEMENTAL INTEREST TRUST RELATING TO IMPAC SECURED
              ASSETS
              TRUST 2007-3, IMPAC SECURED ASSETS CORP., MORTGAGE PASS-THROUGH CERTIFICATES,
              SERIES 2007-3 (hereinafter
              referred to as “Party
              B”
              or
“Secured
              Party”).

             

            Paragraph
              13. Elections and Variables.

             

            
              	
                      (a)

                    	
                      Security
                        Interest for “Obligations”.
                        The term “Obligations”
                        as
                        used in this Annex includes the following additional
                        obligations:

                    

            

             

            With
              respect to Party A: not applicable.

             

            With
              respect to Party B: not applicable.

             

            
              	
                      (b)

                    	
                      Credit
                        Support Obligations.

                    

            

             

            
              	 	
                      (i)

                    	
                      Delivery
                        Amount, Return Amount and Credit Support
                        Amount.

                    

            

             

            
              	 	
                      (A)

                    	
                      “Delivery
                        Amount”
                        has the meaning specified in Paragraph 3(a) as amended (I)
                        by deleting the
                        words “upon a demand made by the Secured Party on or promptly following
                        a
                        Valuation Date” and inserting in lieu thereof the words “not later than
                        the close of business on each Valuation Date” and (II) by deleting in its
                        entirety the sentence beginning “Unless otherwise specified in Paragraph
                        13” and ending “(ii) the Value as of that Valuation Date of all Posted
                        Credit Support held by the Secured Party.” and inserting in lieu thereof
                        the following:

                    

            

             

            
              	 	
                      (B)

                    	
                      The
                        “Delivery
                        Amount”
                        applicable to the Pledgor for any Valuation Date will equal
                        the greatest
                        of 

                    

            

             

            
              	 	
                      (1)
                        

                    	
                      the
                        amount by which (a) the S&P Credit Support Amount for such Valuation
                        Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                        Credit Support held by the Secured Party,

                    

            

             

            
              	 	
                      (2)
                        

                    	
                      the
                        amount by which (a) the Moody’s First Trigger Credit Support Amount for
                        such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                        Valuation Date of all Posted Credit Support held by the Secured
                        Party,
                        and

                    

            

             

            
              	 	
                      (4)
                        

                    	
                      the
                        amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                        such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                        such Valuation Date of all Posted Credit Support held by
                        the Secured
                        Party.

                    

            

             

            
              
                
                

              

              
                11

                
                  

                

              

              
                
                

              

            

             

            
              	 	
                      (C)

                    	
                      “Return
                        Amount”
                        has the meaning specified in Paragraph 3(b) as amended by
                        deleting in its
                        entirety the sentence beginning “Unless otherwise specified in Paragraph
                        13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                        thereof the following:

                    

            

             

            The
              “Return
              Amount”
              applicable to the Secured Party for any Valuation Date will equal the
              least of

             

            
              	 	
                      (1)
                        

                    	
                      the
                        amount by which (a) the S&P Value as of such Valuation Date of all
                        Posted Credit Support held by the Secured Party exceeds (b)
                        the S&P
                        Credit Support Amount for such Valuation Date,

                    

            

             

            
              	 	
                      (2)
                        

                    	
                      the
                        amount by which (a) the Moody’s First Trigger Value as of such Valuation
                        Date of all Posted Credit Support held by the Secured Party
                        exceeds (b)
                        the Moody’s First Trigger Credit Support Amount for such Valuation
                        Date,
                        and

                    

            

             

            
              	 	
                      (4)
                        

                    	
                      the
                        amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                        Date of all Posted Credit Support held by the Secured Party
                        exceeds (b)
                        the Moody’s Second Trigger Credit Support Amount for such Valuation
                        Date.

                    

            

             

            
              	 	
                      (D)

                    	
                      “Credit
                        Support Amount”
                        shall not apply. For purposes of calculating any Delivery
                        Amount or Return
                        Amount for any Valuation Date, reference shall be made to
                        the S&P
                        Credit Support Amount, Moody’s First Trigger Credit Support Amount, or the
                        Moody’s Second Trigger Credit Support Amount, in each case for
                        such
                        Valuation Date, as provided in Paragraphs 13(b)(i)(A) and
                        13(b)(i)(B),
                        above.

                    

            

             

            (ii) Eligible
              Collateral.
              On any
              day, the following items will qualify as “Eligible
              Collateral”(for
              the
              avoidance of doubt, all Eligible Collateral to be denominated in
              USD):

             

            
              	
                       

                      Collateral
                        

                    	
                      S&P
                        

                      Valuation
                        

                      Percentage

                    	
                      Moody’s
                        

                      First
                        Trigger 

                      Valuation 

                      Percentage

                    	
                      Moody’s
                        

                      Second
                        Trigger 

                      Valuation 

                      Percentage

                    
	 	 	 	 
	
                      (A)     
                        Cash

                    	
                      100%

                    	
                      100%

                    	
                      100%

                    
	 	 	 	 
	
                      (B)     
                        Fixed-rate
                        negotiable debt obligations issued by the U.S. Treasury Department
                        having
                        a remaining maturity on such date of not more than one
                        year

                    	
                      98.5%

                    	
                      100%

                    	
                      100%

                    
	 	 	 	 
	
                      (C)     
                        Fixed-rate
                        negotiable debt obligations issued by the U.S. Treasury Department
                        having
                        a remaining maturity on such date of more than one year but
                        not more than
                        ten years

                    	
                      89.9%

                    	
                      100%

                    	
                      94%

                    
	 	 	 	 
	
                      (D)     
                        Fixed-rate
                        negotiable debt obligations issued by the U.S. Treasury Department
                        having
                        a remaining maturity on such date of more than ten years

                    	
                      83.9%

                    	
                      100%

                    	
                      87%

                    

            

            

            
              
                
                

              

              
                12

                
                  

                

              

              
                
                

              

            

             

            
              	 	
                      (ii)

                    	
                      Other
                        Eligible Support. 

                    

            

             

            The
              following items will qualify as “Other
              Eligible Support”
              for the
              party specified: 

             

            Not
              applicable.

             

            
              	 	
                      (iii)

                    	
                      Threshold.

                    

            

             

            
              	 	
                      (A)

                    	
                      “Independent
                        Amount”
                        means zero with respect to Party A and Party
                        B.

                    

            

             

            
              	 	
                      (B)

                    	
                      “Threshold”
                        means, with respect to Party A and any Valuation Date, zero
                        if (i) a
                        Collateral Event has occurred and has been continuing (x)
                        for at least 30
                        days or (y) since this Annex was executed, or (ii) a Required
                        Ratings
                        Downgrade Event has occurred and is continuing; otherwise,
                        infinity.

                    

            

             

              “Threshold”
              means,
              with respect to Party B and any Valuation Date, infinity.

             

            
              	 	
                      (C)

                    	
                      “Minimum
                        Transfer Amount” means
                        USD 100,000 with respect to Party A and Party B; provided,
                        however, that
                        if the aggregate Certificate Principal Balance of the Certificates
                        and any
                        Notes rated by S&P is at the time of any transfer less than USD
                        50,000,000, the “Minimum
                        Transfer Amount”
                        shall be USD 50,000.

                    

            

             

            
              	 	
                      (D)

                    	
                      Rounding:
                        The Delivery Amount will be rounded up to the nearest integral
                        multiple of
                        USD 10,000. The Return Amount will be rounded down to the
                        nearest integral
                        multiple of USD 10,000.

                    

            

            
 

             

            
              	
                      (c)

                    	
                      Valuation
                        and Timing.

                    

            

             

            
              	 	
                      (i)

                    	
                      “Valuation
                        Agent”
                        means Party A. All calculations by the Valuation Agent must
                        be made in
                        accordance with standard market practice, including, in the
                        event of a
                        dispute as to the Value of any Eligible Credit Support or
                        Posted Credit
                        Support, by making reference to quotations received by the Valuation Agent
                        from one or more Pricing Sources.

                    

            

             

            
              	 	
                      (ii)

                    	
                      “Valuation
                        Date” means
                        each Local Business Day on which any of the S&P Credit Support Amount,
                        the Moody’s First Trigger Credit Support Amount or the Moody’s Second
                        Trigger Credit Support Amount is greater than
                        zero.

                    

            

             

            
              	 	
                      (iii)

                    	
                      “Valuation
                        Time” means
                        the close of business in the city of the Valuation Agent
                        on the Local
                        Business Day immediately preceding the Valuation Date or
                        date of
                        calculation, as applicable; provided
                        that the calculations of Value and Exposure will be made
                        as of
                        approximately the same time on the same date. The Valuation
                        Agent will
                        notify each party (or the other party, if the Valuation Agent
                        is a party)
                        of its calculations not later than the Notification Time
                        on the applicable
                        Valuation Date (or in the case of Paragraph 6(d), the Local
                        Business Day
                        following the day on which such relevant calculations are
                        performed).”

                    

            

             

            
              	 	
                      (iv)

                    	
                      “Notification
                        Time” means
                        1:00 p.m., New York time, on a Local Business Day.
                        

                    

            

             

            
              	 	
                      (v)

                    	
                      External
                        Verification.
                        Notwithstanding anything to the contrary in the definitions
                        of Valuation
                        Agent or Valuation Date, at any time at which Party A (or,
                        to the extent
                        applicable, its Credit Support Provider) does not have a
                        long-term
                        unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                        the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                        the S&P Value of Posted Credit Support on each Valuation Date based
                        on
                        internal marks and (B) verify such calculations with external
                        marks
                        monthly by obtaining on the last Local Business Day of each
                        calendar month
                        two external marks for each Transaction to which this Annex
                        relates and
                        for all Posted Credit Support; such verification of the Secured
                        Party’s
                        Exposure shall be based on the higher of the two external
                        marks. Each
                        external mark in respect of a Transaction shall be obtained
                        from an
                        independent Reference Market-maker that would be eligible
                        and willing to
                        enter into such Transaction in the absence of the current
                        derivative
                        provider, provided that an external mark may not be obtained
                        from the same
                        Reference Market-maker more than four times in any 12-month
                        period. The
                        Valuation Agent shall obtain these external marks directly
                        or through an
                        independent third party, in either case at no cost to Party
                        B. The
                        Valuation Agent shall calculate on each Valuation Date (for
                        purposes of
                        this paragraph, the last Local Business Day in each calendar
                        month
                        referred to above shall be considered a Valuation Date) the
                        Secured
                        Party’s Exposure based on the greater of the Valuation Agent’s internal
                        marks and the external marks received. If the S&P Value on any such
                        Valuation Date of all Posted Credit Support then held by
                        the Secured Party
                        is less than the S&P Credit Support Amount on such Valuation Date (in
                        each case as determined pursuant to this paragraph), Party
                        A shall, within
                        three Local Business Days of such Valuation Date, Transfer
                        to the Secured
                        Party Eligible Credit Support having an S&P Value as of the date of
                        Transfer at least equal to such deficiency.

                    

            

             

            
              
                
                

              

              
                13

                
                  

                

              

              
                
                

              

            

             

            
              	 	
                      (vi)

                    	
                      Notice
                        to S&P.
                        At
                        any time at which Party A (or, to the extent applicable,
                        its Credit
                        Support Provider) does not have a long-term unsubordinated
                        and unsecured
                        debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                        provide to S&P not later than the Notification Time on the Local
                        Business Day following each Valuation Date its calculations
                        of the Secured
                        Party’s Exposure and the S&P Value of any Eligible Credit Support or
                        Posted Credit Support for that Valuation Date. The Valuation
                        Agent shall
                        also provide to S&P any external marks received pursuant to the
                        preceding paragraph.

                    

            

             

            
              	
                      (d)

                    	
                      Conditions
                        Precedent and Secured Party’s Rights and
                        Remedies.
                        The following Termination Events will be a “Specified
                        Condition”
                        for the party specified (that party being the Affected Party
                        if the
                        Termination Event occurs with respect to that party):
                        None.

                    

            

             

            
              	
                      (e)

                    	
                      Substitution.

                    

            

             

            
              	 	
                      (i)

                    	
                      “Substitution
                        Date”
                        has the meaning specified in Paragraph
                        4(d)(ii).

                    

            

             

            
              	 	
                      (ii)

                    	
                      Consent.
                        If
                        specified here as applicable, then the Pledgor must obtain
                        the Secured
                        Party’s consent for any substitution pursuant to Paragraph 4(d):
                        Inapplicable.

                    

            

             

            
              	
                      (f)

                    	
                      Dispute
                        Resolution.

                    

            

             

            
              	 	
                      (i)

                    	
                      “Resolution
                        Time”
                        means 1:00 p.m. New York time on the Local Business Day following
                        the date
                        on which the notice of the dispute is given under Paragraph
                        5.

                    

            

             

            
              	 	
                      (ii)

                    	
                      Value.
                        Notwithstanding anything to the contrary in Paragraph 12,
                        for the purpose
                        of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Moody’s First Trigger
                        Value, and Moody’s Second Trigger Value, on any date, of Eligible
                        Collateral other than Cash will be calculated as follows:
                        

                    

            

             

            For
              Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
              the
              sum of (A) the product of (1)(x) the bid price at the Valuation Time
              for such
              securities on the principal national securities exchange on which such
              securities are listed, or (y) if such securities are not listed on
              a national
              securities exchange, the bid price for such securities quoted at the
              Valuation
              Time by any principal market maker for such securities selected by
              the Valuation
              Agent, or (z) if no such bid price is listed or quoted for such date,
              the bid
              price listed or quoted (as the case may be) at the Valuation Time for
              the day
              next preceding such date on which such prices were available and (2)
              the
              applicable Valuation Percentage for such Eligible Collateral, and (B)
              the
              accrued interest on such securities (except to the extent Transferred
              to the
              Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable
              price
              referred to in the immediately preceding clause (A)) as of such
              date.

            
              
                
                

              

              
                14

                
                  

                

              

              
                
                

              

            

             

            
              	 	
                      (iii)

                    	
                      Alternative.
                        The provisions of Paragraph 5 will
                        apply.

                    

            

             

            
              	
                      (g)

                    	
                      Holding
                        and Using Posted
                        Collateral.

                    

            

             

            
              	 	
                      (i)

                    	
                      Eligibility
                        to Hold Posted Collateral; Custodians.  Party
                        B (or any Custodian) will be entitled to hold Posted Collateral
                        pursuant
                        to Paragraph 6(b), provided that the following conditions
                        applicable to it
                        are satisfied: 

                    

            

             

            Party
              B
              may appoint as Custodian (A) the entity then serving as Supplemental
              Interest
              Trust Trustee or (B) any entity other than the entity then serving
              as
              Supplemental Interest Trust Trustee if such other entity (or, to the
              extent
              applicable, its parent company or credit support provider) is a bank
              or a trust
              company located in the United States having and has a short-term unsecured
              and
              unsubordinated debt rating from S&P of at least “A-1.”

             

            Initially,
              the Custodian
              for
              Party B is: The Supplemental Interest Trust Trustee.

             

            
              	 	
                      (ii)

                    	
                      Use
                        of Posted Collateral. The
                        provisions of Paragraph 6(c)(i) will not apply to Party B,
                        but the
                        provisions of Paragraph 6(c)(ii) will apply to Party B.
                        

                    

            

             

            
              	
                      (h)

                    	
                      Distributions
                        and Interest Amount.

                    

            

             

            
              	 	
                      (i)

                    	
                      Interest
                        Rate.
                        The “Interest
                        Rate”
                        will be the actual interest rate earned on Posted Collateral
                        in the form
                        of Cash that is held by Party B or its Custodian. Posted
                        Collateral in the
                        form of Cash shall be invested in such overnight (or redeemable
                        within two
                        Local Business Days of demand) Permitted Investments rated
                        at least (x)
                        AAAm or AAAm-G by S&P and (y) Prime-1 by Moody’s or Aaa by Moody’s, as
                        directed by Party A (unless (x) an Event of Default or an
                        Additional
                        Termination Event has occurred with respect to which Party
                        A is the
                        defaulting or sole Affected Party or (y) an Early Termination
                        Date has
                        been designated, in which case such Posted Collateral shall
                        be held
                        uninvested). Gains and losses incurred in respect of any
                        investment of
                        Posted Collateral in the form of Cash in Permitted Investments
                        as directed
                        by Party A shall be for the account of Party
                        A..

                    

            

             

            
              	 	
                      (ii)

                    	
                      Transfer
                        of Interest Amount.
                        The Transfer of the Interest Amount will be made on the second
                        Local
                        Business Day following the end of each calendar month and
                        on any other
                        Local Business Day on which Posted Collateral in the form
                        of Cash is
                        Transferred to the Pledgor pursuant to Paragraph 3(b), in
                        each case to the
                        extent that a Delivery Amount would not be created or increased
                        by that
                        Transfer; provided, however, that the obligation of Party
                        B to Transfer
                        any Interest Amount to Party A shall be limited to the extent
                        that Party B
                        has earned and received such funds and such funds are available
                        to Party
                        B. 

                    

            

             

            
              	 	
                      (iii)

                    	
                      Alternative
                        to Interest Amount.
                        The provisions of Paragraph 6(d)(ii) will
                        apply.

                    

            

             

            
              	
                      (i)

                    	
                      Additional
                        Representation(s).
                        There are no additional representations by either
                        party.

                    

            

             

            
              	
                      (j)

                    	
                      Other
                        Eligible Support and Other Posted Support.

                    

            

             

            
              	 	
                      (i)

                    	
                      “Value”
                        with respect to Other Eligible Support and Other Posted Support
                        means: not
                        applicable. 

                    

            

             

            
              	 	
                      (ii)

                    	
                      “Transfer”
                        with respect to Other Eligible Support and Other Posted Support
                        means: not
                        applicable.

                    

            

             

            
              
                
                

              

              
                15

                
                  

                

              

              
                
                

              

            

             

            
              	
                      (k)

                    	
                      Demands
                        and Notices.All
                        demands, specifications and notices under this Annex will
                        be made pursuant
                        to the Notices Section of this Agreement, except that any
                        demand,
                        specification or notice shall be given to or made at the
                        following
                        addresses, or at such other address as the relevant party
                        may from time to
                        time designate by giving notice (in accordance with the terms
                        of this
                        paragraph) to the other party:

                    

            

             

            If
              to
              Party A, at the address specified pursuant to the Notices Section of
              this
              Agreement.

             

            If
              to
              Party B, at the address specified pursuant to the Notices Section of
              this
              Agreement.

             

            
              	 	
                      If
                        to Party B’s Custodian:  

                    	
                      Deutsche
                        Bank National Trust Company 

                    

            

            1761
              E.
              Saint Andrew Place 

            Santa
              Ana, CA 92705 

            Trust
              Administration - IM07S3

             

            
              	
                      (l)

                    	
                      Address
                        for Transfers.
                        Each Transfer hereunder shall be made to the address specified
                        below or to
                        an address specified in writing from time to time by the
                        party to which
                        such Transfer will be made.

                    

            

             

            Party
              A
              account details for holding collateral - to be provided from time to
              time.

             

            Party
              B’s
              Custodian account details for holding collateral: 

             

            Deutsche
              Bank Trust Company Americas 

            ABA:
              021001033 

            A/C#
              014-19-663 

            AC
              Name:
              NYLTD Funds Control - Stars West 

            Ref:
              IM07S3

             

            
              	
                      (m)

                    	
                      Other
                        Provisions.

                    

            

             

            
              	 	
                      (i)

                    	
                      Collateral
                        Account.
                        Party B shall open and maintain a segregated account, which
                        shall be an
                        Eligible Account segregated from the Swap Account and the
                        Interest Rate
                        Cap Account, as defined in the related Pooling and Servicing
                        Agreement,
                        and hold, record and identify all Posted Collateral in such
                        segregated
                        account.

                    

            

             

            
              	 	
                      (ii)

                    	
                      Agreement
                        as to Single Secured Party and Single Pledgor.
                        Notwithstanding anything to the contrary in the recital of
                        this Annex,
                        Paragraph 1(b), Paragraph 2 or the definitions in Paragraph
                        12, Party A
                        and Party B hereby agree that, notwithstanding anything to
                        the contrary in
                        this Annex, (a) the term “Secured Party” as used in this Annex means only
                        Party B, (b) the term “Pledgor” as used in this Annex means only Party A,
                        (c) only Party A makes the pledge and grant in Paragraph
                        2, the
                        acknowledgement in the final sentence of Paragraph 8(a) and
                        the
                        representations in Paragraph 9.

                    

            

             

            
              	 	
                      (iii)

                    	
                      Calculation
                        of Value.
                        Paragraph 4(c) is hereby amended by deleting the word “Value” and
                        inserting in lieu thereof “S&P Value, Moody’s First Trigger Value,
                        Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended by (A)
                        deleting the words “a Value” and inserting in lieu thereof “an S&P
                        Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                        (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                        Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                        Paragraph 5 (flush language) is hereby amended by deleting
                        the word
                        “Value” and inserting in lieu thereof “S&P Value, Moody’s First
                        Trigger Value, or Moody’s Second Trigger Value”. Paragraph 5(i) (flush
                        language) is hereby amended by deleting the word “Value” and inserting in
                        lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s
                        Second Trigger Value”. Paragraph 5(i)(C) is hereby amended by deleting the
                        word “the Value, if” and inserting in lieu thereof “any one or more of the
                        S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                        Value, as the case may be”. Paragraph 5(ii) is hereby amended by (1)
                        deleting the first instance of the words “the Value” and inserting in lieu
                        thereof “any one or more of the S&P Value, Moody’s First Trigger
                        Value, or Moody’s Second Trigger Value” and (2) deleting the second
                        instance of the words “the Value” and inserting in lieu thereof “such
                        disputed S&P Value, Moody’s First Trigger Value, or Moody’s Second
                        Trigger Value”. Each of Paragraph 8(b)(iv)(B) and Paragraph 11(a) is
                        hereby amended by deleting the word “Value” and inserting in lieu thereof
                        “least of the S&P Value, Moody’s First Trigger Value, and Moody’s
                        Second Trigger Value”. 

                    

            

             

            
              
                
                

              

              
                16

                
                  

                

              

              
                
                

              

            

             

            
              	 	
                      (iv)

                    	
                      Form
                        of Annex. Party
                        A and Party B hereby agree that the text of Paragraphs 1
                        through 12,
                        inclusive, of this Annex is intended to be the printed form
                        of ISDA Credit
                        Support Annex (Bilateral Form - ISDA Agreements Subject to
                        New York Law
                        Only version) as published and copyrighted in 1994 by the
                        International
                        Swaps and Derivatives Association,
                        Inc.

                    

            

             

            
              	 	
                      (v)

                    	
                      Events
                        of Default.
                        Paragraph 7 will not apply to cause any Event of Default
                        to exist with
                        respect to Party B except that Paragraph 7(i) will apply
                        to Party B solely
                        in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                        Support Annex. Notwithstanding anything to the contrary in
                        Paragraph 7,
                        any failure by Party A to comply with or perform any obligation
                        to be
                        complied with or performed by Party A under the Credit Support
                        Annex shall
                        only be an Event of Default if (A) a
                        Required Ratings Downgrade Event has occurred and been continuing
                        for 30
                        or more Local Business Days, and (B) such failure is not
                        remedied on or
                        before the third Local Business Day after notice of such
                        failure is given
                        to Party A.

                    

            

             

            
              	 	
                      (vi)

                    	
                      Expenses.
                        Notwithstanding anything to the contrary in Paragraph 10,
                        the Pledgor will
                        be responsible for, and will reimburse the Secured Party
                        for, all transfer
                        and other taxes and other costs involved in any Transfer
                        of Eligible
                        Collateral.

                    

            

             

            
              	 	
                      (vii)

                    	
                      Withholding.
                        Paragraph 6(d)(ii) is hereby amended by inserting immediately
                        after “the
                        Interest Amount” in the fourth line thereof the words “less any applicable
                        withholding taxes.”

                    

            

             

            
              	 	
                      (viii)

                    	
                      Additional
                        Definitions.
                        As used in this Annex:

                    

            

             

            “Collateral
              Event” means
              that no Relevant Entity has credit ratings at least equal to the Approved
              Ratings Threshold.

             

            “DV01”
              means,
              with respect to a Transaction and any date of determination, the estimated
              change in the Secured Party’s Transaction Exposure with respect to such
              Transaction that would result from a one basis point change in the
              relevant swap
              curve on such date, as determined by the Valuation Agent in good faith
              and in a
              commercially reasonable manner. The Valuation Agent shall, upon request
              of Party
              B, provide to Party B a statement showing in reasonable detail such
              calculation.

             

            “Exposure”
              has the meaning specified in Paragraph 12, except that after the word
              “Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the
              Schedule is deleted)” shall be inserted
              and (2)
              at the end of such definition, the words “with terms substantially the same as
              those of this Agreement.” shall be inserted.
              

             

             “Local
              Business Day”
means,
              for purposes of this Annex: any day on which (A) commercial banks are
              open for
              business (including dealings in foreign exchange and foreign currency
              deposits)
              in New York and the location of Party A, Party B and any Custodian,
              and (B) in
              relation to a Transfer of Eligible Collateral, any day on which the
              clearance
              system agreed between the parties for the delivery of Eligible Collateral
              is
              open for acceptance and execution of settlement instructions (or in
              the case of
              a Transfer of Cash or other Eligible Collateral for which delivery
              is
              contemplated by other means a day on which commercial banks are open
              for
              business (including dealings in foreign exchange and foreign deposits)
              in New
              York and the location of Party A, Party B and any Custodian. 

            
              
                
                

              

              
                17

                
                  

                

              

              
                
                

              

            

             

            “Moody’s
              First Trigger Credit Support Amount” means,
              for any Valuation Date, the excess, if any, of

             

            
              	 	
                      (I)

                    	
                      (A)

                    	
                      for
                        any Valuation Date on which (I) a Moody’s First Trigger Ratings Event has
                        occurred and has been continuing (x) for at least 30 Local
                        Business Days
                        or (y) since this Annex was executed and (II) it is not the
                        case that a
                        Moody’s Second Trigger Ratings Event has occurred and been continuing
                        for
                        at least 30 Local Business Days, an amount equal to the greater
                        of (a)
                        zero and (b) the sum of (i) the Secured Party’s Exposure for such
                        Valuation Date and (ii) the sum, for each Transaction to
                        which this Annex
                        relates, of 

                    

            

             

            
              	 	 	 	
                      the
                        least of (x) the product of the Moody’s First Trigger DV01 Multiplier and
                        DV01 for such Transaction and such Valuation Date, (y) the
                        product of (i)
                        Moody’s First Trigger Notional Amount Multiplier and (ii) the Notional
                        Amount for such Transaction for the Calculation Period for
                        such
                        Transaction (each as defined in the related Confirmation)
                        which includes
                        such Valuation Date and (z) the product of (i) the applicable
                        Moody’s
                        First Trigger Factor set forth in Table 1 and (ii) the Notional
                        Amount for
                        such Transaction for the Calculation Period for such Transaction
                        (each as
                        defined in the related Confirmation) which includes such
                        Valuation Date;
                        or 

                    

            

             

            
              	 	
                      (B)

                    	
                      for
                        any other Valuation Date, zero,
                        over

                    

            

             

            (II) the
              Threshold for Party A such Valuation Date.

             

            “Moody’s
              First Trigger DV01 Multiplier”
              means
              15.

             

            “Moody’s
              First Trigger Value”
              means,
              on any date and with respect to any Eligible Collateral other than
              Cash, the bid
              price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
              Valuation Percentage for such Eligible Collateral set forth in Paragraph
              13(b)(ii).

             

            “Moody’s
              First Trigger Notional Amount Multiplier”
              means
              2%.

             

            “Moody’s
              Second Trigger Credit Support Amount”
              means,
              for any Valuation Date, the excess, if any, of

             

            
              	 	
                      (I)

                    	
                      (A)

                    	
                      for
                        any Valuation Date on which it is the case that a Moody’s Second Trigger
                        Ratings Event has occurred and been continuing for at least
                        30 Local
                        Business Days, an amount equal to the greatest of (a) zero,
                        (b) the
                        aggregate amount of the next payment due to be paid by Party
                        A under each
                        Transaction to which this Annex relates, and (c) the sum
                        of (x) the
                        Secured Party’s Exposure for such Valuation Date and (y) the sum, for each
                        Transaction to which this Annex relates, of

                    

            

             

            (1)
              if
              such Transaction is not a Transaction-Specific Hedge,:

             

            the
              least
              of (i) the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for
              such Transaction and such Valuation Date, (ii) the product of (1) the
              Moody’s
              Second Trigger Notional Amount Multiplier and (2) the Notional Amount
              for such
              Transaction for the Calculation Period of such Transaction (each as
              defined in
              the related Confirmation) which includes such Valuation Date; and (iii)
              the
              product of (1) the applicable Moody’s Second Trigger Factor set forth in Table 2
              and (2) the Notional Amount for such Transaction for the Calculation
              Period for
              such Transaction (each as defined in the related Confirmation) which
              includes
              such Valuation Date;
              or

            
              
                
                

              

              
                18

                
                  

                

              

              
                
                

              

            

             

            (2)
              if
              such Transaction is a Transaction-Specific Hedge, 

             

            the
              least
              of (i) the product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
              Multiplier and DV01 for such Transaction and such Valuation Date, (ii)
              the
              product of (1) the Moody’s Second Trigger Transaction-Specific Hedge Notional
              Amount Multiplier and (2) the Notional Amount for such Transaction
              for the
              Calculation Period for such Transaction (each as defined in the related
              Confirmation) which includes such Valuation Date; and (iii) the product
              of (1)
              the applicable Moody’s Second Trigger Factor set forth in Table 3 and (2) the
              Notional Amount for such Transaction for the Calculation Period for
              such
              Transaction (each as defined in the related Confirmation) which includes
              such
              Valuation Date; or 

             

            
              	 	
                      (B)

                    	
                      for
                        any other Valuation Date, zero,
                        over

                    

            

             

            (II) the
              Threshold for Party A for such Valuation Date.

             

            “Moody’s
              Second Trigger DV01 Multiplier”
              means
              50.

             

            “Moody’s
              Second Trigger Notional Amount Multiplier”
              means
              8%.

             

            “Moody’s
              Second Trigger Transaction-Specific Hedge DV01
              Multiplier”
              means
              65.

             

            “Moody’s
              Second Trigger Transaction-Specific Hedge Notional Amount
              Multiplier”
              means
              10%.

             

            “Moody’s
              Second Trigger Value”
              means,
              on any date and with respect to any Eligible Collateral other than
              Cash, the bid
              price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
              Valuation Percentage for such Eligible Collateral set forth in Paragraph
              13(b)(ii).

             

            “Pricing
              Sources”
              means
              the sources of financial information commonly known as Bloomberg, Bridge
              Information Services, Data Resources Inc., Interactive Data Services,
              International Securities Market Association, Merrill Lynch Securities
              Pricing
              Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing,
              JJ Kenny,
              and S&P. 

             

            “Remaining
              Weighted Average Maturity” means,
              with respect to a Transaction, the expected weighted average maturity
              for such
              Transaction as determined by the Valuation Agent. 

             

            “S&P
              Approved Ratings Downgrade Event”
              means
              that no Relevant Entity has credit ratings at least equal to the S&P
              Approved Ratings Threshold.

             

            “S&P
              Credit Support Amount”
              means,
              for any Valuation Date, the excess, if any, of

             

            
              	 	
                      (I)

                    	
                      (A)
                        

                    	
                      for
                        any Valuation Date on which (i) a S&P Approved Ratings Downgrade Event
                        has occurred and been continuing for at least 30 days, or
                        (ii) a S&P
                        Required Ratings Downgrade Event has occurred and is continuing,
                        an amount
                        equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                        Valuation Date and (2) the sum, for each Transaction to which
                        this Annex
                        relates, of the product of (i) the S&P Volatility Buffer for such
                        Transaction and (ii) the Notional Amount of such Transaction
                        for the
                        Calculation Period of such Transaction (each as defined in
                        the related
                        Confirmation) which includes such Valuation Date, or
                        

                    

            

             

            
              
                
                

              

              
                19

                
                  

                

              

              
                
                

              

            

             

            
              	 	
                      (B)

                    	
                      for
                        any other Valuation Date, zero,
                        over

                    

            

             

            (II) the
              Threshold for Party A for such Valuation Date.

             

            “S&P
              Required Ratings Downgrade Event”
              means
              that no Relevant Entity has credit ratings at least equal to the S&P
              Required Ratings Threshold.

             

            “S&P
              Value”
              means,
              on any date and with respect to any Eligible Collateral other than
              Cash, the
              product of (A) the bid price obtained by the Valuation Agent for such
              Eligible
              Collateral and (B) the S&P Valuation Percentage for such Eligible Collateral
              set forth in paragraph 13(b)(ii).

             

            “S&P
              Volatility Buffer”
              means, for any Transaction, the related percentage set forth in the
              following
              tables for S&P. 

             

            
              	
                      The
                        higher of the S&P credit rating of (i) Party A and (ii) the Credit
                        Support Provider of Party A, if applicable

                    	
                      Remaining
                        Weighted Average Maturity of such Transaction

                      up
                        to 3 years

                    	
                      Remaining
                        Weighted Average Maturity of such Transaction

                      up
                        to 5 years

                    	
                      Remaining
                        Weighted Average Maturity of such Transaction

                      Up
                        to 10 years

                    	
                      Remaining
                        Weighted Average Maturity of such Transaction

                      up
                        to 30 years

                    
	
                      “A-2”
                        or higher

                    	
                      2.75%

                    	
                      3.25%

                    	
                      4.00%

                    	
                      4.75%

                    
	
                      “A-3”

                    	
                      3.25%

                    	
                      4.00%

                    	
                      5.00%

                    	
                      6.25%

                    
	
                      “BB+”
                        or lower

                    	
                      3.50%

                    	
                      4.50%

                    	
                      6.75%

                    	
                      7.50%

                    

            

             

            “Transaction
              Exposure”
              means,
              for any Transaction, Exposure determined as if such Transaction were
              the only
              Transaction between the Secured Party and the Pledgor.

             

            “Transaction-Specific
              Hedge” means
              any
              Transaction that is (i) an interest rate swap in respect of which (x)
              the
              notional amount of the interest rate swap is “balance guaranteed” or (y) the
              notional amount of the interest rate swap for any Calculation Period
              (as defined
              in the related Confirmation) otherwise is not a specific dollar amount
              that is
              fixed at the inception of the Transaction, (ii) an interest rate cap,
              (iii) an
              interest rate floor or (iv) an interest rate swaption.

             

            “Valuation
              Percentage”
              shall
              mean, for purposes of determining the S&P Value, Moody’s First Trigger
              Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
              or Posted Collateral, the applicable S&P Valuation Percentage, Moody’s First
              Trigger Valuation Percentage, or Moody’s Second Trigger Valuation Percentage for
              such Eligible Collateral or Posted Collateral, respectively, in each
              case as set
              forth in Paragraph 13(b)(ii).

             

            “Value”
              shall
              mean, in respect of any date, the related S&P Value, the related Moody’s
              First Trigger Value, and the related Moody’s Second Trigger Value.

            
              
                
                

              

              
                20

                
                  

                

              

              
                
                

              

            

             

            “Volatility
              Buffer”
              means,
              for any Transaction, the related percentage set forth in the following
              table
              (other than a Transaction identified in the related Confirmation as
              a Timing
              Hedge).

             

             

            [Remainder
              of this page intentionally left blank]

             

             

            IN
              WITNESS WHEREOF, the parties have executed this Annex by their duly
              authorized
              representatives as of the date of the Agreement.

             

            

             

            
              	
                       

                      LEHMAN
                        BROTHERS 

                      SPECIAL
                        FINANCING INC.

                    	 	
                      DEUTSCHE
                        BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY,
                        BUT SOLELY AS
                        SUPPLEMENTAL INTEREST TRUST TRUSTEE (THE “SUPPLEMENTAL INTEREST TRUST
                        TRUSTEE”) WITH RESPECT TO THE SUPPLEMENTAL INTEREST TRUST RELATING
                        TO
                        IMPAC SECURED ASSETS TRUST 2007-3, IMPAC SECURED ASSETS CORP.,
                        MORTGAGE
                        PASS-THROUGH CERTIFICATES, SERIES 2007-3 (THE “TRUST” AND “PARTY
                        B”)

                    
	 	 	 
	
                      (Party
                        A)

                    	 	
                      (Party
                        B)

                    
	
                       

                       

                       

                    	 	 
	 	 	 
	
                      Name:

                    	 	
                      Name:

                    
	
                      Title:

                    	 	
                      Title:

                    
	
                      Date:

                    	 	
                      Date:

                    

            

            

             

            
              
                
                

              

              
                21

                
                  

                

              

              
                
                

              

            

            Table
              1

             

            Moody’s
              First Trigger Factor

             

             

            
              	
                      Remaining

                      Weighted
                        Average Life 

                      of
                        Hedge in Years

                    	
                      Daily

                      Collateral

                      Posting

                    
	
                      1
                        or less

                    	
                      0.15%

                    
	
                      More
                        than 1 but not more than 2

                    	
                      0.30%

                    
	
                      More
                        than 2 but not more than 3

                    	
                      0.40%

                    
	
                      More
                        than 3 but not more than 4

                    	
                      0.60%

                    
	
                      More
                        than 4 but not more than 5

                    	
                      0.70%

                    
	
                      More
                        than 5 but not more than 6

                    	
                      0.80%

                    
	
                      More
                        than 6 but not more than 7

                    	
                      1.00%

                    
	
                      More
                        than 7 but not more than 8

                    	
                      1.10%

                    
	
                      More
                        than 8 but not more than 9

                    	
                      1.20%

                    
	
                      More
                        than 9 but not more than 10

                    	
                      1.30%

                    
	
                      More
                        than 10 but not more than 11

                    	
                      1.40%

                    
	
                      More
                        than 11 but not more than 12

                    	
                      1.50%

                    
	
                      More
                        than 12 but not more than 13

                    	
                      1.60%

                    
	
                      More
                        than 13 but not more than 14

                    	
                      1.70%

                    
	
                      More
                        than 14 but not more than 15

                    	
                      1.80%

                    
	
                      More
                        than 15 but not more than 16

                    	
                      1.90%

                    
	
                      More
                        than 16 but not more than 17

                    	
                      2.00%

                    
	
                      More
                        than 17 but not more than 18

                    	
                      2.00%

                    
	
                      More
                        than 18 but not more than 19

                    	
                      2.00%

                    
	
                      More
                        than 19 but not more than 20

                    	
                      2.00%

                    
	
                      More
                        than 20 but not more than 21

                    	
                      2.00%

                    
	
                      More
                        than 21 but not more than 22

                    	
                      2.00%

                    
	
                      More
                        than 22 but not more than 23

                    	
                      2.00%

                    
	
                      More
                        than 23 but not more than 24

                    	
                      2.00%

                    
	
                      More
                        than 24 but not more than 25

                    	
                      2.00%

                    
	
                      More
                        than 25 but not more than 26

                    	
                      2.00%

                    
	
                      More
                        than 26 but not more than 27

                    	
                      2.00%

                    
	
                      More
                        than 27 but not more than 28

                    	
                      2.00%

                    
	
                      More
                        than 28 but not more than 29

                    	
                      2.00%

                    
	
                      More
                        than 29

                    	
                      2.00%

                    

            

            

             

            
              
                
                

              

              
                1

                
                  

                

              

              
                
                

              

            

            Table
              2

             

            Moody’s
              Second Trigger Factor for Interest Rate Swaps with Fixed Notional
              Amounts

             

             

            
              	
                      Remaining

                      Weighted
                        Average Life 

                      of
                        Hedge in Years

                    	
                      Daily

                      Collateral

                      Posting

                    
	
                      1
                        or less

                    	
                      0.50%

                    
	
                      More
                        than 1 but not more than 2

                    	
                      1.00%

                    
	
                      More
                        than 2 but not more than 3

                    	
                      1.50%

                    
	
                      More
                        than 3 but not more than 4

                    	
                      1.90%

                    
	
                      More
                        than 4 but not more than 5

                    	
                      2.40%

                    
	
                      More
                        than 5 but not more than 6

                    	
                      2.80%

                    
	
                      More
                        than 6 but not more than 7

                    	
                      3.20%

                    
	
                      More
                        than 7 but not more than 8

                    	
                      3.60%

                    
	
                      More
                        than 8 but not more than 9

                    	
                      4.00%

                    
	
                      More
                        than 9 but not more than 10

                    	
                      4.40%

                    
	
                      More
                        than 10 but not more than 11

                    	
                      4.70%

                    
	
                      More
                        than 11 but not more than 12

                    	
                      5.00%

                    
	
                      More
                        than 12 but not more than 13

                    	
                      5.40%

                    
	
                      More
                        than 13 but not more than 14

                    	
                      5.70%

                    
	
                      More
                        than 14 but not more than 15

                    	
                      6.00%

                    
	
                      More
                        than 15 but not more than 16

                    	
                      6.30%

                    
	
                      More
                        than 16 but not more than 17

                    	
                      6.60%

                    
	
                      More
                        than 17 but not more than 18

                    	
                      6.90%

                    
	
                      More
                        than 18 but not more than 19

                    	
                      7.20%

                    
	
                      More
                        than 19 but not more than 20

                    	
                      7.50%

                    
	
                      More
                        than 20 but not more than 21

                    	
                      7.80%

                    
	
                      More
                        than 21 but not more than 22

                    	
                      8.00%

                    
	
                      More
                        than 22 but not more than 23

                    	
                      8.00%

                    
	
                      More
                        than 23 but not more than 24

                    	
                      8.00%

                    
	
                      More
                        than 24 but not more than 25

                    	
                      8.00%

                    
	
                      More
                        than 25 but not more than 26

                    	
                      8.00%

                    
	
                      More
                        than 26 but not more than 27

                    	
                      8.00%

                    
	
                      More
                        than 27 but not more than 28

                    	
                      8.00%

                    
	
                      More
                        than 28 but not more than 29

                    	
                      8.00%

                    
	
                      More
                        than 29

                    	
                      8.00%

                    

            

            

             

            

            
              
                
                

              

              
                2

                
                  

                

              

              
                
                

              

            

             

            

             

            Table
              3

             

            Moody’s
              Second Trigger Factor for Transaction-Specific Hedges

             

            

            
              	
                      Remaining

                      Weighted
                        Average Life 

                      of
                        Hedge in Years

                    	
                      Daily

                      Collateral

                      Posting

                    
	
                      1
                        or less

                    	
                      0.65%

                    
	
                      More
                        than 1 but not more than 2

                    	
                      1.30%

                    
	
                      More
                        than 2 but not more than 3

                    	
                      1.90%

                    
	
                      More
                        than 3 but not more than 4

                    	
                      2.50%

                    
	
                      More
                        than 4 but not more than 5

                    	
                      3.10%

                    
	
                      More
                        than 5 but not more than 6

                    	
                      3.60%

                    
	
                      More
                        than 6 but not more than 7

                    	
                      4.20%

                    
	
                      More
                        than 7 but not more than 8

                    	
                      4.70%

                    
	
                      More
                        than 8 but not more than 9

                    	
                      5.20%

                    
	
                      More
                        than 9 but not more than 10

                    	
                      5.70%

                    
	
                      More
                        than 10 but not more than 11

                    	
                      6.10%

                    
	
                      More
                        than 11 but not more than 12

                    	
                      6.50%

                    
	
                      More
                        than 12 but not more than 13

                    	
                      7.00%

                    
	
                      More
                        than 13 but not more than 14

                    	
                      7.40%

                    
	
                      More
                        than 14 but not more than 15

                    	
                      7.80%

                    
	
                      More
                        than 15 but not more than 16

                    	
                      8.20%

                    
	
                      More
                        than 16 but not more than 17

                    	
                      8.60%

                    
	
                      More
                        than 17 but not more than 18

                    	
                      9.00%

                    
	
                      More
                        than 18 but not more than 19

                    	
                      9.40%

                    
	
                      More
                        than 19 but not more than 20

                    	
                      9.70%

                    
	
                      More
                        than 20 but not more than 21

                    	
                      10.00%

                    
	
                      More
                        than 21 but not more than 22

                    	
                      10.00%

                    
	
                      More
                        than 22 but not more than 23

                    	
                      10.00%

                    
	
                      More
                        than 23 but not more than 24

                    	
                      10.00%

                    
	
                      More
                        than 24 but not more than 25

                    	
                      10.00%

                    
	
                      More
                        than 25 but not more than 26

                    	
                      10.00%

                    
	
                      More
                        than 26 but not more than 27

                    	
                      10.00%

                    
	
                      More
                        than 27 but not more than 28

                    	
                      10.00%

                    
	
                      More
                        than 28 but not more than 29

                    	
                      10.00%

                    
	
                      More
                        than 29

                    	
                      10.00%

                    

            

            

             

             

            
              
                
                

              

              
                3

                
                  

                

              

              
                
                

              

            

          

        

      

      EXHIBIT
        N

      

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      

      (RMBS
        unless otherwise noted)

       

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key: X
        - obligation

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Sub-Servicer

              	
                Master
                  Servicer

              	
                Trustee

              
	 	
                General
                  Servicing Considerations

              	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                To
                  the extent applicable

              	
                X

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained. 

              	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              	
                X

              	 
	 	
                Cash
                  Collection and Administration

              	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	
                X

              	
                X

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              

      

      
        
          
          

        

        
          N-1

          
            

          

        

        
          
          

        

      

      

      
        	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                If
                  applicable

              	 	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Sub-Servicer.
                  

              	 	
                X

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	 	
                X

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Sub-Servicer’s investor records, or such other number of days specified in
                  the transaction agreements. 

              	 	
                X

              	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	 	
                X

              	
                X

              
	 	
                Pool
                  Asset Administration

              	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	 	
                X

              	
                X

              

      

       

      
        
          
          

        

        
          N-2

          
            

          

        

        
          
          

        

      

       

      
        	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	 	
                X

              	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Sub-Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 
	
                1122(d)(4)(v)

              	
                The
                  Sub-Servicer’s records regarding the pool assets agree with the
                  Sub-Servicer’s records with respect to an obligor’s unpaid principal
                  balance. 

              	
                X

              	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 

      

       

      
        
          
          

        

        
          N-3

          
            

          

        

        
          
          

        

      

       

      
        	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the Sub-Servicer at least 30 calendar days
                  prior to
                  these dates, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Sub-Servicer’s funds and not charged to
                  the obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the Sub-Servicer, or such other number
                  of
                  days specified in the transaction agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	
                X

              	
                X

              

      

      

      
        
          
          

        

        
          N-4

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O

      

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

       

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the Trustee pursuant
        to Section 3.25. If the Trustee is indicated below as to any item, then the
        Trustee is primarily responsible for obtaining that information.

      

      Under
        Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
        included in the periodic Distribution Date statement under Section 4.02,
        provided by the Trustee based on information received from the Master Servicer;
        and b) items marked “Form 10-D report” are required to be in the Form 10-D
        report but not the 4.02 statement, provided by the party indicated. Information
        under all other Items of Form 10-D is to be included in the Form 10-D
        report.

      

      
        	
                Form

              	
                Item

              	
                Description

              	
                Responsible
                  Party

              
	
                10-D

              	
                Must
                  be filed within 15 days of the Distribution Date.

              
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 
	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

              	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	
                4.02
                  statement

              
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	
                4.02
                  statement

              
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	
                4.02
                  statement

              
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	
                4.02
                  statement

              
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	
                4.02
                  statement

              
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	
                4.02
                  statement

              
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	
                4.02
                  statement

              
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	
                4.02
                  statement

              
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	
                4.02
                  statement

              
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	
                4.02
                  statement

              
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	
                4.02
                  statement

              
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average life, weighted average remaining term,
                  pool
                  factors and prepayment amounts.

              	
                4.02
                  statement

                 

                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              
	
                (9)
                  Delinquency and loss information for the period. 

                 

                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool
                  assets.

              	
                4.02
                  statement.

                 

                 

                Form
                  10-D report: Depositor

              
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                4.02
                  statement

              
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                Form
                  10-D report; Sub-Servicer

              
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                Form
                  10-D report: Sub-Servicer

              
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	
                4.02
                  statement

              
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

                [information
                  regarding] any pool asset changes (other than in connection with
                  a pool
                  asset converting into cash in accordance with its terms), such
                  as
                  additions or removals in connection with a prefunding or revolving
                  period
                  and pool asset substitutions and repurchases (and purchase rates,
                  if
                  applicable), and cash flows available for future purchases, such
                  as the
                  balances of any prefunding or revolving accounts, if
                  applicable.

                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	
                Form
                  10-D report: Depositor

                 

                Form
                  10-D report: Depositor

                 

                 

                 

                 

                Form
                  10-D report: Depositor

              
	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                Updated
                  pool information as required under Item 1121(b).

              	
                Depositor

              

      

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

      

      
        	 	
                2

              	
                Legal
                  Proceedings

              	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                Seller

                Depositor

                Trustee

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

              	
                 

                Seller

                Depositor

                Trustee

                Trustee

                Depositor

                Master
                  Servicer

                Originator

                 

                 

              
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	 
	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	
                 

                 

                 

                Depositor

              
	
                4

              	
                Defaults
                  Upon Senior Securities

              	 
	
                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                 

                 

                 

                N/A

              
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Trustee

              
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                N/A

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                N/A

                N/A

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information*

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                8

              	
                Other
                  Information

              	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  below

              
	
                9

              	
                Exhibits

              	 
	
                Distribution
                  report

              	
                Trustee

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              
	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                Examples:
                  servicing agreement, custodial agreement.

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                Depositor

              

      

      
        
          
          

        

        
          O-2

          
            

          

        

        
          
          

        

      

      

      
        	 	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party.

                Examples:
                  servicing agreement, custodial agreement.

              	
                Depositor

              
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Depositor, Sub-Servicer or Trustee, with respect to any of the
                  following:
                  

                Sponsor
                  (Seller), Depositor, Sub-Servicer, Trustee, Swap Provider,
                  Custodian

              	
                Depositor/Sub-Servicer

              
	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

              	 
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the 4.02 statement

              	
                N/A

              
	
                3.03

              	
                Material
                  Modification to Rights of Security Holders

              	 
	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	
                Party
                  requesting material modification

              
	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	
                Depositor

              
	
                5.06

              	
                Change
                  in Shell Company Status

              	 
	
                [Not
                  applicable to ABS issuers]

              	
                Depositor

              
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 
	
                [Not
                  included in reports to be filed under Section 3.25]

              	
                Depositor

              
	
                6.02

              	
                Change
                  of Master Servicer or Trustee

              	 
	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers, certificate
                  administrator or trustee. Reg AB disclosure about any new servicer
                  or
                  trustee is also required.

              	
                Trustee
                  or Master Servicer

              
	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support

              	 
	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  Reg AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor

              
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	
                Trustee

              
	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	 
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                Depositor

              
	
                8.01

              	
                Other
                  Events

              	 
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

              	
                Depositor

              
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              
	
                9B

              	
                Other
                  Information

              	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  above

              
	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	
                N/A

              
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                N/A

                 

                N/A

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information

                Determining
                  current maximum
                  probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                Depositor

              
	
                Item
                  1117
                  -
                  Legal proceedings pending against the following entities, or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

              	 
	
                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

              	
                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

              
	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

                Seller

                Depositor

                Trustee

                 

                 

                 

                 

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Credit
                  Enhancer/Support Provider, if any

                Significant
                  Obligor, if any

              	
                 

                 

                Seller

                Depositor

                Trustee
                  (only with respect to affiliations with the sponsor, depositor
                  or issuing
                  entity)

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Depositor

                Depositor

              
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                Each
                  Party participating in the servicing function

              
	
                Item
                  1123 -Servicer Compliance Statement

              	
                Master
                  Servicer

              

      

      

       

      
        
          
          

        

        
          O-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P

       

      [RESERVED]

       

      

      
        
          
          

        

        
          P-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q

       

      FORM
        OF
        COUNTRYWIDE SERVICING AGREEMENT

       

      (Provided
        Upon Request)

       

      

      
        
          
          

        

        
          Q-1

          
            

          

        

        
          
          

        

      

      EXECUTION
        COPY

      EXHIBIT
        R

      

      FORM
        OF
        ITEM 1115 AGREEMENT

       

      Item
        1115
        Agreement (this “Agreement”), dated as of April 30, 2007, among Impac Funding
        Corporation (“Sponsor”), Impac Secured Assets Corp. (“Depositor”) and Lehman
        Brothers Special Financing Inc. (the “Derivative Provider”).

       

      RECITALS

       

      WHEREAS,
        Depositor has filed a registration statement on Form S-3 (each, a “Registration
        Statement”) with the U.S. Securities and Exchange Commission (the “Commission”)
        for purposes of offering mortgage-backed or asset-backed notes and/or
        certificates (the “Securities”) through one or more special purpose vehicles
        (each, an “Issuing Entity”);

       

      WHEREAS,
        from time to time, on or prior to the closing date of a securitization (the
        “Closing Date”) pursuant to which Securities are offered and for which the
        Derivative Provider has provided a letter in the form of Exhibit One to Addendum
        A (each, a “Securitization”), the Derivative Provider enters into certain
        derivative agreements with the Issuing Entity (or a trustee or securities
        or
        swap administrator or other person acting in a similar capacity in connection
        with such Securitization (each, an “Administrator”)), or the Derivative Provider
        enters into certain derivative agreements with the Sponsor or an affiliate
        of
        the Sponsor and such derivative agreements are assigned to the Issuing Entity
        or
        an Administrator (each such agreement entered into from and after the date
        hereof, in either case, a “Derivative Agreement”);

       

      WHEREAS,
        the Derivative Provider agrees and acknowledges that the Sponsor and the
        Depositor are required under Regulation AB (as defined herein) to disclose
        certain financial data and/or financial statements with respect to the
        Derivative Provider, depending on the applicable “significance percentage” for
        each Derivative Agreement as calculated from time to time in accordance with
        Item 1115 of Regulation AB;

       

      WHEREAS,
        the Sponsor, on behalf of itself and each Issuing Entity through which it
        effects Securitizations, the Depositor and the Derivative Provider, desire
        to
        set forth certain rights and obligations with regard to financial data and/or
        financial statements which the Sponsor and the Depositor are required to
        disclose in accordance with Regulation AB (as defined herein) and certain
        related matters.

       

      NOW,
        THEREFORE, in consideration of the mutual agreements set forth herein and
        for
        other good and valuable consideration the receipt and adequacy of which is
        hereby acknowledged, the parties hereby agree as follows:

       

      Section
        1.    Definitions.

       

      Additional
        Termination Event: With respect to any Derivative Agreement, as defined in
        the
        related Master Agreement. 

       

      
        
          
          

        

        
          R-1

          
            

          

        

        
          
          

        

      

      

       

      Affected
        Party: With respect to any Derivative Agreement, as defined in the related
        Master Agreement. 

       

      Business
        Day: Any day other than a Saturday, a Sunday or any day on which banking
        institutions in the states where the parties are located are authorized or
        obligated by law, executive order or governmental decree to be closed.

       

      Company
        Information: As defined in Addendum A.

       

      Company
        Financial Information: With respect to each Securitization, the financial
        data
        described in Item 1115(b)(1) of Regulation AB or the financial statements
        described in Item 1115(b)(2) of Regulation AB, in either case with respect
        to
        the Derivative Provider and any affiliated entities providing derivative
        instruments to the related Issuing Entity and/or Administrator; provided
        that
        the Derivative Provider shall not be required to calculate the “significance
        percentage” for purposes of this Agreement.

       

      GAAP:
        As
        defined in Section 3(c).

       

      Exchange
        Act: The Securities Exchange Act of 1934, as amended, and the rules and
        regulations promulgated thereunder.

       

      Exchange
        Act Reports: With respect to an Issuing Entity, all Distribution Reports
        on Form
        10-D, Current Reports on Form 8-K and Annual Reports on Form 10-K and any
        amendments thereto, required to be filed with respect to such Issuing Entity
        pursuant to the Exchange Act.

       

      Free
        Writing Prospectus: With respect to each Securitization, the free writing
        prospectus or prospectuses prepared in connection with the public offering
        and
        sale of the related Securities and used to price such Securities and referenced
        in Exhibit One to Addendum A.

       

      Master
        Agreement: With respect to any Derivative Agreement, the ISDA Master Agreement
        referenced in such Derivative Agreement, together with any Schedule, Credit
        Support Annex and Confirmations forming a part thereof or incorporated therein
        by reference, or, if no such ISDA Master Agreement exists, the ISDA Master
        Agreement deemed to apply to such Derivative Agreement pursuant to its terms,
        together with any Schedule, Credit Support Annex and Confirmations deemed
        to
        form a part thereof or to be incorporated therein by reference.

       

      Prospectus
        Supplement: With respect to each Securitization, the prospectus supplement
        prepared in connection with the public offering and sale of the related
        Securities and referenced in Exhibit One to Addendum A.

       

      Regulation
        AB: Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
        §§229.1100-229.1123, as such may be amended from time to time, and subject
        to
        such clarification and interpretation as have been provided by the Commission
        in
        the adopting release (Asset-Backed Securities, Securities Act Release No.
        33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
        Commission, or as may be provided by the Commission or its staff from time
        to
        time.

       

      Securities
        Act: The Securities Act of 1933, as amended, and the rules and regulations
        promulgated thereunder.

       

      
        
          
          

        

        
          R-2

          
            

          

        

        
          
          

        

      

      

       

      
        	
                Section
                  2.

              	
                Information
                  to be Provided by the Derivative
                  Provider.

              

      

       

      
        	 	
                (a)

              	
                Prior
                  to printing the Free Writing Prospectus and/or Prospectus Supplement
                  relating to each Securitization, the Derivative Provider, at its
                  own
                  expense, shall: 

              

      

       

      
        	 	
                (i)

              	
                provide
                  to the Depositor such information as is reasonably requested in
                  writing
                  (via fax or in electronic form or such other format as agreed upon
                  by the
                  Depositor and the Derivative Provider) by the Depositor for the
                  purpose of
                  compliance with Item 1115(a)(1) of Regulation AB or the Securities
                  Act in
                  respect of such Securitization, which information shall include,
                  at a
                  minimum:

              

      

       

      
        	 	
                (A)

              	
                the
                  Derivative Provider’s legal name (and any
                  d/b/a),

              

      

       

      
        	 	
                (B)

              	
                the
                  organizational form of the Derivative Provider,

              

      

       

      
        	 	
                (C)

              	
                a
                  description of the general character of the business of the Derivative
                  Provider,

              

      

       

      
        	 	
                (D)

              	
                a
                  description of any affiliation (as set forth in Item 1119(a)) between
                  the
                  Derivative Provider and any of the following
                  parties:

              

      

       

      the
        Sponsor (or any other sponsor identified to the Derivative Provider by the
        Sponsor or the Depositor),

       

      the
        Depositor,

       

      the
        Issuing Entity,

       

      any
        servicer (or other person acting in a similar capacity) identified to the
        Derivative Provider by the Sponsor or the Depositor,

       

      any
        trustee (or other person acting in a similar capacity) identified to the
        Derivative Provider by the Sponsor or the Depositor,

       

      any
        originator identified to the Derivative Provider by the Sponsor or the
        Depositor,

       

      any
        enhancement or support provider identified to the Derivative Provider by
        the
        Sponsor or the Depositor, and

       

      any
        other
        material
        Securitization party identified to the Derivative Provider by the Sponsor;
        

       

      
        	 	
                (E)

              	
                information
                  relating to any legal or governmental proceedings;
                  and

              

      

       

      
        	 	
                (F)

              	
                any
                  other information reasonably identified in writing (via fax or
                  in
                  electronic form or such other format as agreed upon by the Depositor
                  and
                  the Derivative Provider) to the Derivative Provider that is material
                  or
                  otherwise required for the purpose of compliance (as determined
                  by the
                  Depositor in its sole discretion) with the Securities Act;
                  and

              

      

       

      
        
          
          

        

        
          R-3

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                (ii)

              	
                if
                  reasonably requested by the Depositor for the purpose of compliance
                  with
                  Item 1115(b) of Regulation AB with respect to such Securitization,
                  provide
                  to the Depositor the Company Financial Information described in
                  Item
                  1115(b)(1) of Regulation AB or Item 1115(b)(2) of Regulation AB
                  (as
                  specified by the Depositor).

              

      

       

      
        	 	
                (b)

              	
                Following
                  the Closing Date with respect to each Securitization and only for
                  so long
                  as the Depositor is required to file Exchange Act Reports in respect
                  of
                  the related Issuing Entity:

              

      

       

      
        	 	
                (i)

              	
                the
                  Derivative Provider, at its own expense, shall no later than the
                  25th
                  calendar day of each month, notify the Depositor in writing of
                  any
                  affiliations that develop following the Closing Date between the
                  Derivative Provider and any of the parties specified in Section
                  2(a)(i)(D)
                  (and any other parties identified in writing by the Depositor),
                  and
                  provide to the Depositor a description of such
                  affiliations;

              

      

       

      
        	 	
                (ii)

              	
                if,
                  on any Business Day the Depositor provides written notice to the
                  Derivative Provider that the “significance percentage” for any Derivative
                  Agreement relating to such Securitization (calculated separately
                  or in the
                  aggregate with other Derivative Agreements for such Securitization,
                  such
                  aggregation as determined by the Depositor in its sole discretion),
                  is (x)
                  10% or more (but less than 20%) or (y) 20% or more, in each case
                  based on
                  a reasonable good-faith determination by the Depositor of the
                  “significance percentage” in accordance with Item 1115 of Regulation AB
                  (the providing of such notice, a “Derivative Disclosure Event”), the
                  Derivative Provider, at its own expense, shall within ten (10)
                  calendar
                  days following receipt of such notice:

              

      

       

      
        	 	
                (A)

              	
                provide
                  to the Depositor the Company Financial Information described in
                  (x) Item
                  1115(b)(1) of Regulation AB or (y) Item 1115(b)(2) of Regulation
                  AB,
                  respectively, 

              

      

       

      
        	 	
                (B)

              	
                with
                  respect to each Derivative Agreement entered into in connection
                  with such
                  Securitization, cause another entity to replace the Derivative
                  Provider as
                  a party to such Derivative Agreement by way of a Permitted Transfer
                  (as
                  defined in such Derivative Agreement) or, if such replacement cannot
                  be
                  effected, to enter into a replacement derivative agreement on terms
                  substantially identical to such Derivative Agreement (as determined
                  by the
                  Depositor in its sole discretion), which entity (1) meets or exceeds
                  (or a
                  guarantor, as applicable, for such entity meets or exceeds) any
                  rating
                  agency criteria set forth in, or otherwise applicable to, such
                  Derivative
                  Agreement (as determined by the Depositor in its sole discretion),
                  (2) has
                  entered into an agreement with Sponsor and Depositor substantially
                  in the
                  form of this Agreement, (3) has agreed to comply with the immediately
                  preceding clause (A) and Section 2(b)(iii), and (4) has been approved
                  by
                  the Depositor (which approval shall not be unreasonably
                  withheld),

              

      

       

      
        
          
          

        

        
          R-4

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                (C)

              	
                only
                  if sufficient to satisfy the requirements of Item 1115 of Regulation
                  AB
                  that are applicable to the Derivative Provider by the Depositor
                  in its
                  sole discretion, obtain a guaranty of the Derivative Provider’s
                  obligations under each Derivative Agreement entered into in connection
                  with such Securitization from an affiliate of the Derivative Provider,
                  which affiliate (1) meets or exceeds any rating agency criteria
                  set forth
                  in, or otherwise applicable to, such Derivative Agreement (as determined
                  by the Depositor in its sole discretion), (2) has entered into
                  an
                  agreement with the Sponsor and Depositor substantially in the form
                  of this
                  Agreement, (3) has agreed to comply with the immediately preceding
                  clause
                  (A) and Section 2(b)(iii), and (4) has been approved by the Depositor
                  (which approval shall not be unreasonably withheld),
                  or

              

      

       

      
        	 	
                (D)

              	
                only
                  if sufficient to satisfy the requirements of Item 1115 of Regulation
                  AB
                  that are applicable to the Derivative Provider as determined by
                  the
                  Depositor in its sole discretion, post collateral in an amount
                  sufficient
                  to reduce the “significance percentage” for purposes of Item 1115 of
                  Regulation AB with respect to any Derivative Agreement relating
                  to such
                  Securitization, calculated separately or in the aggregate with
                  other
                  Derivative Agreements for such Securitization (1) to 9.50% if the
                  Depositor has notified the Derivative Provider that the “significance
                  percentage” is 10% or more (but less than 20%) or (2) to 19.50% if the
                  Depositor has notified the Derivative Provider that the “significance
                  percentage” is 20% or more; and

              

      

       

      
        	 	
                (iii)

              	
                for
                  so long (A) as the Depositor is required to file Exchange Act Reports
                  in
                  respect of the related Issuing Entity and (B) the “significance
                  percentage” for any Derivative Agreement relating to such Securitization
                  (calculated separately or in the aggregate with other Derivative
                  Agreements for such Securitization) is (x) 10% or more (but less
                  than 20%)
                  or (y) 20% or more, in each case based on a reasonable good-faith
                  determination by the Depositor of the significance percentage in
                  accordance with Item 1115 of Regulation AB, if the Derivative Provider
                  has
                  provided Company Financial Information to the Depositor pursuant
                  to
                  Section 2(a)(ii) or Section 2(b)(ii), the Derivative Provider,
                  at its own
                  expense, shall within five (5) days of the release of any updated
                  Company
                  Financial Information, provide to the Depositor such updated Company
                  Financial Information.

              

      

       

      
        
          
          

        

        
          R-5

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                (c)

              	
                The
                  Derivative Provider shall provide all Company Financial Information
                  provided pursuant to this Section 2 in Microsoft Word® format, Microsoft
                  Excel® format or another format suitable for conversion to the format
                  required for filing by the Depositor with the Commission via the
                  Electronic Data Gathering and Retrieval System (EDGAR) (for avoidance
                  of
                  doubt, Company Financial Information shall not be provided in .pdf
                  format); alternatively, if permitted by Regulation AB (as determined
                  by
                  the Sponsor in its sole discretion), the Derivative Provider may
                  provide
                  such Company Financial Information by providing to the Depositor
                  written
                  consent to incorporate by reference in Exchange Act Reports of
                  the
                  Depositor such Company Financial Information from reports filed
                  by the
                  Derivative Provider pursuant to the Exchange Act. In addition,
                  the
                  Derivative Provider shall also provide Company Financial Information
                  provided pursuant to Section 2(a)(ii) in a format appropriate for
                  use in
                  the related Free Writing Prospectus and Prospectus Supplement.
                  If any
                  Company Financial Information provided pursuant to this Section
                  2 has been
                  audited, the Derivative Provider shall cause its outside accounting
                  firm
                  to provide to the Depositor such accounting firm’s written consent to the
                  filing or incorporation by reference in the Exchange Act Reports
                  of the
                  Depositor of such accounting firm’s report relating to its audits of such
                  Company Financial Information. If any Company Financial Information
                  provided pursuant to this Section 2 has not been audited, the Derivative
                  Provider shall provide to the Depositor an appropriate agreed-upon
                  procedures letter from the Derivative Provider’s outside accounting firm
                  in respect of such Company Financial Information.
                  

              

      

       

      
        	
                Section
                  3.

              	
                Representations
                  and Warranties of the Derivative
                  Provider.

              

      

       

      The
        Derivative Provider represents and warrants to the Depositor, as of the date
        on
        which the Derivative Provider first provides Company Financial Information
        to
        the Depositor under Section 2(a)(ii), Section 2(b)(ii) or Section 2(b)(iii),
        that, except as disclosed in writing to the Depositor prior to such date:
        

       

      
        	 	
                (a)

              	
                the
                  outside accounting firm that certifies the financial statements
                  and
                  supporting schedules included in Company Financial Information,
                  or which
                  provides a procedures letter with respect to such Company Financial
                  Information, (as applicable) is an independent registered public
                  accounting firm as required by the Securities
                  Act;

              

      

       

      
        	 	
                (b)

              	
                the
                  selected financial data and summary financial information included
                  in the
                  Company Financial Information present fairly the information shown
                  therein
                  and have been compiled on a basis consistent with that of the audited
                  financial statements of the Derivative
                  Provider;

              

      

       

      
        	 	
                (c)

              	
                the
                  financial statements included in the Company Financial Information
                  present
                  fairly the consolidated financial position of the Derivative Provider
                  (or
                  the entity that consolidates the Derivative Provider) and its consolidated
                  subsidiaries as of the dates indicated and the consolidated results
                  of
                  their operations and cash flows for the periods specified; except
                  as
                  otherwise stated in the Company Financial Information, such financial
                  statements have been prepared in conformity with United States
                  generally
                  accepted accounting principles (“GAAP”)
                  applied on a consistent basis; and the supporting schedules included
                  in
                  the Company Financial Information present fairly in accordance
                  with GAAP
                  the information required to be stated therein; and
                  

              

      

       

      
        
          
          

        

        
          R-6

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                (d)

              	
                the
                  Company Financial Information and other Company Information included
                  in
                  any Free Writing Prospectus or Prospectus Supplement or referenced
                  via a
                  website link or incorporated by reference in the Registration Statement
                  (including through filing on an Exchange Act Report), at the time
                  they
                  were or hereafter are filed with the Commission, complied in all
                  material
                  respects with the requirements of Item 1115(b) of Regulation AB
                  (in the
                  case of the Company Financial Information), and did not and will
                  not
                  contain an untrue statement of a material fact or omit to state
                  a material
                  fact required to be stated therein or necessary in order to make
                  the
                  statements therein, in the light of the circumstances under which
                  they
                  were made, not misleading.

              

      

       

      
        	
                Section
                  4.

              	
                Third
                  Party Beneficiaries.

              

      

       

      
        	 	
                (a)

              	
                The
                  Derivative Provider agrees that the terms of this Agreement shall
                  be
                  incorporated by reference into any Derivative Agreement as it relates
                  to
                  such Derivative Agreement so that each Issuing Entity or Administrator
                  that is a party to a Derivative Agreement shall be an express third
                  party
                  beneficiary of this Agreement to the extent that it relates to
                  such
                  Derivative Agreement. 

              

      

       

      
        	
                Section
                  5.

              	
                Indemnification.

              

      

       

      
        	 	
                (a)

              	
                The
                  Derivative Provider indemnification set forth in Addendum A hereto
                  is
                  incorporated by reference herein.

              

      

       

      
        	 	
                (b)

              	
                In
                  connection with each Securitization that the Derivative Provider
                  participates in, on or prior to the Closing Date of such Securitization,
                  the Derivative Provider shall provide to the Depositor a letter
                  signed by
                  an authorized representative of the Derivative Provider, substantially
                  in
                  the form attached hereto as Exhibit One to Addendum A, incorporating
                  into
                  this Agreement and making a part of the indemnification provisions
                  of this
                  Agreement the Company Information provided by it for inclusion
                  in the Free
                  Writing Prospectus and the Prospectus Supplement relating to such
                  Securitization, as of the date of such Free Writing Prospectus
                  or
                  Prospectus Supplement, as applicable.

              

      

       

      
        	
                Section
                  6.

              	
                Additional
                  Termination Events.

              

      

       

      
        	 	
                (a)

              	
                (i)
                  Any breach by the Derivative Provider of a representation or warranty
                  set
                  forth in Section 3 to the extent made as of a date prior to a Closing
                  Date, which is not cured by such Closing Date (or, in the case
                  of
                  information required under Section 2(a), the date of printing of
                  the Free
                  Writing Prospectus or Prospectus Supplement, as applicable), or
                  (ii) any
                  breach by the Derivative Provider of a representation or warranty
                  pursuant
                  to Section 3 to the extent made as of a date subsequent to such
                  Closing
                  Date, or (iii) any failure by the Derivative Provider to comply
                  with the
                  requirements of Section 2(a), Section 2(b)(ii) or so much of Section
                  2(b)(iii) as relates to Section 2(a) or 2(b)(ii), in each case
                  with
                  respect to any Securitization, shall immediately and automatically,
                  without notice, constitute an Additional Termination Event under
                  each
                  Derivative Agreement entered into in connection with such Securitization,
                  with respect to which the Derivative Provider shall be the sole
                  Affected
                  Party. 

              

      

       

      
        
          
          

        

        
          R-7

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                (b)

              	
                In
                  the event that a replacement entity or replacement derivative agreement
                  has been secured in accordance with Section 2(b)(ii)(B), or a guarantor
                  has been secured in accordance with Section 2(b)(ii)(C), the Derivative
                  Provider shall promptly reimburse the Issuing Entity for all reasonable
                  incidental expenses incurred by the Issuing Entity in connection
                  with the
                  replacement of the Derivative Provider or Derivative Agreement
                  or addition
                  of such guarantor. The provisions of this paragraph shall not limit
                  whatever rights the Issuing Entity may have under other provisions
                  of this
                  Agreement or otherwise, whether in equity or at law, such as an
                  action for
                  damages, specific performance or injunctive
                  relief.

              

      

       

      
        	
                Section
                  7.

              	
                Miscellaneous.

              

      

       

      
        	 	
                (a)

              	
                Construction.
                  Throughout this Agreement, as the context requires, (i) the singular
                  tense
                  and number includes the plural, and the plural tense and number
                  includes
                  the singular, (ii) the past tense includes the present, and the
                  present
                  tense includes the past, and (iii) references to parties, sections,
                  schedules, and exhibits mean the parties, sections, schedules,
                  and
                  exhibits of and to this Agreement. The section headings in this
                  Agreement
                  are inserted only as a matter of convenience, and in no way define,
                  limit,
                  extend, or interpret the scope of this Agreement or of any particular
                  section. 

              

      

       

      
        	 	
                (b)

              	
                Assignment.
                  No party to this Agreement may assign its rights under this Agreement
                  without the prior written consent of the other parties hereto.
                  Subject to
                  the foregoing, this Agreement shall be binding on and inure to
                  the benefit
                  of the parties and their respective successors and permitted assigns.
                  

              

      

       

      
        	 	
                (c)

              	
                Notices.
                  All notices and other communications hereunder will be in writing
                  (including by facsimile) and effective only upon receipt, and,
                  if sent to
                  the Derivative Provider will be mailed or delivered to Lehman Brothers
                  Inc., 745 Seventh Ave., 19th floor, New York, New York 10019, Fax:
                  (646)
                  758-3689, Attn: Renilde Zug, if sent to the Sponsor will be mailed
                  or
                  delivered to Impac Funding Corporation, 19500 Jamboree Road, Irvine,
                  California 92612, Fax: (949) 221-4856, Attn: Nancy Pollard, and
                  if sent to
                  the Depositor will be mailed or delivered to Impac Secured Assets
                  Corp.,
                  19500 Jamboree Road, Irvine, California 92612, Fax: (949) 475-3950,
                  Attn:
                  Gretchen Verdugo. 

              

      

       

      
        	 	
                (d)

              	
                Governing
                  Law. This Agreement shall be governed by and construed in accordance
                  with
                  the internal laws of the State of New York without regard to the
                  conflict
                  of laws principles thereof (other than Sections 5-1401 and 5-1402
                  of the
                  New York General Obligations Law).

              

      

       

      
        
          
          

        

        
          R-8

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                (e)

              	
                Additional
                  Documents. Each party hereto agrees to execute any and all further
                  documents and writings and to perform such other actions which
                  may be or
                  become necessary or expedient to effectuate and carry out this
                  Agreement.

              

      

       

      
        	 	
                (f)

              	
                Suspension
                  of Obligations. The Derivative Provider’s obligations under this Agreement
                  with respect to any Securitization, including, without limitation,
                  its
                  obligations to provide Company Information, Company Financial Information
                  or any other information required by Regulation AB, obtain a guaranty
                  of
                  it’s obligations, post collateral and secure another entity to replace
                  the
                  Derivative Provider as a party under the applicable Derivative
                  Agreement,
                  shall be terminated beginning in any such year in which the Derivative
                  Provider receives notification from the Administrator that the
                  trust
                  fund’s obligation to file periodic reports under the Exchange Act with
                  respect to such Securitization has been terminated; provided however,
                  the
                  indemnification obligations of the Derivative Provider set forth
                  in this
                  Agreement shall survive the suspension of the Derivative Provider’s other
                  obligations under this Agreement only to the extent of any failure
                  of the
                  Derivative Provider to comply with this Agreement that occurred
                  prior to
                  such suspension of the Exchange Act reporting. This obligation
                  with
                  respect to any Securitization shall continue to be terminated unless
                  the
                  Administrator or the Depositor notify the Derivative Provider that
                  the
                  trust fund’s obligations to file reports under the Exchange Act with
                  respect to such Securitization has
                  resumed.

              

      

       

      
        	 	
                (g)

              	
                Amendment
                  and Waiver. This Agreement may not be modified or amended except
                  by an
                  instrument in writing signed by the parties hereto. No waiver of
                  any
                  provision of this Agreement or of any rights or obligations of
                  any party
                  under this Agreement shall be effective unless in writing and signed
                  by
                  the party or parties waiving compliance, and shall be effective
                  only in
                  the specific instance and for the specific purpose stated in that
                  writing.

              

      

       

      
        	 	
                (h)

              	
                Counterparts.
                  This Agreement may be executed in one or more counterparts, each
                  of which
                  shall be deemed an original, all of which together shall constitute
                  one
                  and the same instrument.

              

      

       

      
        	 	
                (i)

              	
                Severability.
                  Any provision hereof which is prohibited or unenforceable shall
                  be
                  ineffective only to the extent of such prohibition or unenforceability
                  without invalidating the remaining provisions
                  hereof.

              

      

       

      
        	 	
                (j)

              	
                Integration.
                  This Agreement contains the entire understanding of the parties
                  with
                  respect to the subject matter hereof. There are no restrictions,
                  agreements, promises, representations, warranties, covenants or
                  undertakings with respect to the subject matter hereof other than
                  those
                  expressly set forth or referred to herein. This Agreement supersedes
                  all
                  prior agreements and understandings between the parties with respect
                  to
                  its subject matter.

              

      

       

      
        
          
          

        

        
          R-9

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective officers thereunto duly authorized as of the day and
        year
        first above written.

       

      IMPAC
        FUNDING CORPORATION

       

       

      By: 
Name:
Title:  

       

      IMPAC
        SECURED ASSETS CORP.

      
         

        By: 
Name:
Title:  

      

       

      LEHMAN
        BROTHERS SPECIAL FINANCING INC.

      
         

        By: 
Name:
Title:  

      

       

      
        
          
          

        

        
          R-10

          
            

          

        

        
          
          

        

      

      Addendum
        A

       

      (a)
        The
        Derivative Provider agrees to indemnify and hold harmless the Depositor and
        the
        Sponsor and each of its directors and officers and affiliates and each person,
        if any, who controls the Depositor within the meaning of Section 15 of the
        Securities Act or Section 20 of the Exchange Act, against (I) any and all
        actual
        losses, claims, expenses (including the reasonable fees and expenses of legal
        counsel), damages or liabilities to which the Depositor or the Sponsor or
        any
        such director, officer or controlling person may become subject, under the
        Securities Act or otherwise, insofar as such losses, claims, expenses, damages
        or liabilities (or actions in respect thereof) arise out of or are based
        upon
        any untrue statement or alleged untrue statement of a material fact or omission
        of a material fact necessary in order to make the statements made, in light
        of
        the circumstances under which they were made, not misleading in the information
        provided pursuant to Section 2(a) of this Agreement by or on behalf of the
        Derivative Provider that is included in a Free Writing Prospectus and/or
        Prospectus Supplement related to the Securitization and identified in Exhibit
        One hereto (collectively, the “Company Information”) (as of the respective dates
        of such Free Writing Prospectus and Prospectus Supplement) or any Company
        Financial Information or any other information required to be provided by
        the
        Derivative Provider pursuant to Section 2 of this Agreement, or (II) for
        any and
        all actual losses, claims, expenses, damages or liabilities incurred by the
        Depositor or the Sponsor or any such director, officer or controlling person
        in
        connection with the failure of the Derivative Provider to comply with this
        Agreement; and will reimburse any such reasonable legal or other expenses
        actually incurred by the Depositor or the Sponsor or any such director, officer
        or controlling person in connection with investigating or defending any such
        loss, claim, damage, liability or action. This indemnity agreement will be
        in
        addition to any liability which the Derivative Provider may otherwise
        have.

       

      (b) The
        Depositor agrees to indemnify and hold harmless the Derivative Provider,
        each of
        its directors, each of its officers and each person, if any, who controls
        the
        Derivative Provider within the meaning of Section 15 of the Securities Act
        or
        Section 20 of the Exchange Act, against any and all actual losses, claims,
        expenses, damages or liabilities to which the Derivative Provider or any
        such
        director, officer or controlling person may become subject, under the Securities
        Act or otherwise, insofar as such losses, claims, expenses, damages or
        liabilities (or actions in respect thereof) arise out of or are based upon
        any
        untrue statement or alleged untrue statement of any material fact contained
        in
        the Free Writing Prospectus and/or Prospectus Supplement related to the
        Securitization other than with respect to the Company Information, or omission
        to state therein a material fact required to be stated therein or necessary
        to
        make the statements made therein not misleading; and will reimburse such
        reasonable legal or other expenses actually incurred by the Derivative Provider
        or any such director, officer or controlling person in connection with
        investigating or defending any such loss, claim, damage, liability or action.
        This indemnity agreement will be in addition to any liability which the
        Depositor may otherwise have.

       

      (c) Promptly
        after receipt by an indemnified party under this Agreement of notice of the
        commencement of any action described therein, such indemnified party will,
        if a
        claim in respect thereof is to be made against the indemnifying party under
        this
        Agreement, notify the indemnifying party of the commencement thereof, but
        the
        omission so to notify the indemnifying party will not relieve the indemnifying
        party from any liability that it may have to any indemnified party (a) under
        this Agreement except to the extent that the omission to notify the indemnifying
        party with respect to this Agreement materially adversely affects the
        indemnifying party's ability to perform under this Agreement or (b) otherwise
        than under this Agreement. In case any such action is brought against any
        indemnified party, and it notifies the indemnifying party of the commencement
        thereof, the indemnifying party will be entitled to participate therein,
        and, to
        the extent that it may wish to do so, jointly with any other indemnifying
        party
        similarly notified, to assume the defense thereof, with counsel reasonably
        satisfactory to such indemnified party (who shall not, except with the consent
        of the indemnified party, be counsel to the indemnifying party), and, after
        notice from the indemnifying party to such indemnified party under this
        Agreement, such indemnifying party shall not be liable for any legal or other
        expenses subsequently incurred by such indemnified party in connection with
        the
        defense thereof other than reasonable costs of investigation.

       

      
        
          
          

        

        
          R-11

          
            

          

        

        
          
          

        

      

      

       

      Any
        indemnified party shall have the right to employ separate counsel in any
        such
        action and to participate in the defense thereof, but the fees and expenses
        of
        such counsel shall be at the expense of such indemnified party unless: (i)
        the
        employment thereof has been specifically authorized by the indemnifying party
        in
        writing; (ii) such indemnified party shall have been advised by such counsel
        that there may be one or more legal defenses available to it which are different
        from or additional to those available to the indemnifying party and in the
        reasonable judgment of such counsel it is advisable for such indemnified
        party
        to employ separate counsel; (iii) a conflict or potential conflict exists
        (based
        on advice of counsel to the indemnified party) between the indemnified party
        and
        the indemnifying party (in which case the indemnifying party will not have
        the
        right to direct the defense of such action on behalf of the indemnified party)
        or (iv) the indemnifying party has failed to assume the defense of such action
        and employ counsel reasonably satisfactory to the indemnified party, in which
        case, if such indemnified party notifies the indemnifying party in writing
        that
        it elects to employ separate counsel at the expense of the indemnifying party,
        the indemnifying party shall not have the right to assume the defense of
        such
        action on behalf of such indemnified party, it being understood, however,
        the
        indemnifying party shall not, in connection with any one such action or separate
        but substantially similar or related actions in the same jurisdiction arising
        out of the same general allegations or circumstances, be liable for the
        reasonable fees and expenses of more than one separate firm of attorneys
        (in
        addition to local counsel) at any time for all such indemnified parties,
        which
        firm shall be designated in writing by the indemnified party.

       

      Each
        indemnified party, as a condition of the indemnity agreements contained in
        clause (a) and clause (b), shall use its best efforts to cooperate with the
        indemnifying party in the defense of any such action or claim. No indemnifying
        party shall be liable for any settlement of any such action or claim effected
        without its written consent (which consent shall not be unreasonably withheld),
        but if settled with its written consent or if there be a final judgment for
        the
        plaintiff in any such action, the indemnifying party agrees to indemnify
        and
        hold harmless any indemnified party from and against any loss or liability
        (to
        the extent set forth in clause (a) or clause (b) as applicable) by reason
        of
        such settlement or judgment.

       

      
        
          
          

        

        
          R-12

          
            

          

        

        
          
          

        

      

      

       

      (d) If
        the
        indemnification provided for in clause (a) or clause (b) is unavailable or
        insufficient to hold harmless an indemnified party under clause (a) or (b)
        above, then each indemnifying party shall contribute to the amount paid or
        payable by such indemnified party as a result of the losses, claims, expenses,
        damages or liabilities referred to in clause (a) or (b) above (i) in such
        proportion as is appropriate to reflect the relative benefits received by
        the
        Depositor on the one hand and the Derivative Provider on the other from the
        offering of the Offered Certificates and the Private Certificates or (ii)
        if the
        allocation provided by clause (i) above is not permitted by applicable law,
        in
        such proportion as is appropriate to reflect not only the relative benefits
        referred to in clause (i) above but also the relative fault of the Depositor
        on
        the one hand and the Derivative Provider on the other in connection with
        the
        statements or omissions which resulted in such losses, claims, expenses,
        damages
        or liabilities as well as any other relevant equitable considerations. The
        relative benefits received by the Depositor on the one hand and the Derivative
        Provider on the other shall be deemed to be in the same proportion as the
        total
        net proceeds from the offering (before deducting expenses) received by the
        Depositor bear to the total fees received by the Derivative Provider. The
        relative fault shall be determined by reference to, among other things, whether
        the untrue or alleged untrue statement of a material fact or the omission
        to
        state a material fact relates to information supplied by the Depositor or
        by the
        Derivative Provider and the parties' relative intent, knowledge, access to
        information and opportunity to correct or prevent such untrue statement or
        omission. The amount paid by an indemnified party as a result of the losses,
        claims, expenses, damages or liabilities referred to above in the first sentence
        of this clause (d) shall be deemed to include any legal or other expenses
        reasonably incurred by such indemnified party in connection with investigating
        or defending any action or claim, except where the indemnified party is required
        to bear such expenses, which is the subject of this clause (d). No person
        guilty
        of fraudulent misrepresentation (within the meaning of Section 11(f) of the
        Securities Act) shall be entitled to contribution from any person who was
        not
        guilty of such fraudulent misrepresentation. 

       

      

      
        
          
          

        

        
          R-13

          
            

          

        

        
          
          

        

      

       

      EXECUTION
        COPY

      Exhibit
        One to Addendum A

       

      IMPAC
        SECURED ASSETS CORP.

       

      IMPAC
        SECURED ASSETS CORP., MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
        2007-3

       

      Letter
        to the Depositor relating to the Company Information

      Pursuant
        to Item 1115 Agreement

       

      April
        30,
        2007                                

       

      Impac
        Secured Assets Corp.

      19500
        Jamboree Road

      Irvine,
        CA 92612

       

      Ladies
        and Gentleman: 

       

      In
        accordance with Section 5(b) of the Item 1115 Agreement (the “Agreement”) dated
        as of April 30, 2007 IMPAC FUNDING CORPORATION as sponsor, IMPAC SECURED
        ASSETS
        CORP. the “Depositor”), and LEHMAN BROTHERS SPECIAL FINANCING INC., (the
“Derivative Provider”), the information provided by the Derivative Provider
        contained in the Prospectus Supplement, dated April 27, 2007, including any
        supplement or amendment thereto, under the captions “The Interest Rate Swap
        Agreement and Cap Contracts - The Swap Provider”, attached hereto as Exhibit A
        (the “Company Information”) in connection with IMPAC SECURED ASSETS CORP.,
        MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-3 is hereby incorporated
        into
        the Agreement and made a part of the indemnification provisions of the Agreement
        as of the date of the related Prospectus Supplement. The Company Information
        is
        the only information furnished by the Derivative Provider to the Depositor
        for
        inclusion in the Prospectus Supplement. The indemnification provisions of
        the
        Agreement shall be in full force and effect as it relates to the Company
        Information as they relate to any other information provided by the Derivative
        Provider pursuant to the Agreement. 

       

      [SIGNATURE
        PAGE FOLLOWS]

       

      
        
          
          

        

        
          R-14

          
            

          

        

        
          
          

        

      

      Very
        truly yours,

       

      LEHMAN
        BROTHERS SPECIAL FINANCING INC.

       

      

       

      By:
        ________________________

       

      Name:

       

      Title:

       

      

       

      
        
          
          

        

        
          R-15

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

       

       

       

       

       

       

       

       

       

      
        
          
          

        

        
          R-16

          
            

          

        

        
          
          

        

      

    

     

    

      EXHIBIT
        S

       

      FORM
        OF
        SUBSEQUENT TRANSFER INSTRUMENT

       

      Pursuant
        to this Subsequent Transfer Instrument, dated [_________] (the “Instrument”),
        between Impac Secured Assets Corp. as seller (the “Company”), and Deutsche Bank
        National Trust Company as Trustee and purchaser (the “Trustee”), and pursuant to
        the Pooling and Servicing Agreement, dated as of [_________] (the “Agreement”),
        among Impac Secured Assets Corp., Impac Funding Corporation and the Trustee,
        the
        Company and the Trustee agree to the sale by the Company and the purchase
        by the
        Trustee of the Subsequent Mortgage Loans on the attached Schedule 1 of Mortgage
        Loans (the “Subsequent Mortgage Loans”).

       

      Capitalized
        terms used but not otherwise defined herein shall have the meanings set forth
        in
        the Agreement.

       

      Section
        1. Conveyance
        of Subsequent Mortgage Loans; Acceptance of Mortgage Loans by the
        Trustee.
        

       

      (a) The
        Company does hereby sell, transfer, assign, set over and convey to the Trustee
        without recourse, all of its right, title and interest in and to the Subsequent
        Mortgage Loans, including all amounts due on the Subsequent Mortgage Loans
        after
        the related Subsequent Cut-off Date, and all items with respect to the
        Subsequent Mortgage Loans to be delivered pursuant to Section 2.07 of the
        Agreement; provided, however that the Company reserves and retains all right,
        title and interest in and to amounts due on the Subsequent Mortgage Loans
        on or
        prior to the related Subsequent Cut-off Date. The Company, contemporaneously
        with the delivery of this Instrument, has delivered or caused to be delivered
        to
        the Trustee each item set forth in Section 2.02 of the Agreement. The transfer
        to the Trustee by the Company of the Subsequent Mortgage Loans identified
        on the
        Mortgage Loan Schedule shall be absolute and is intended by the Company,
        the
        Master Servicer, the Trustee, the Certificateholders and the Certificate
        Insurer
        to constitute and to be treated as a sale by the Company to the Trust
        Fund.

       

      (b) The
        Company, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey to the Trustee without recourse
        for the benefit of the Certificate holders and the Certificate Insurer all
        the
        right, title and interest of the Company, in, to and under the Subsequent
        Mortgage Loan Purchase Agreement, dated May 18, 2007, between the Company,
        as
        purchaser and Impac Funding Corporation, as seller (the “Subsequent Mortgage
        Loan Purchase Agreement”).

       

      (c) The
        Trustee acknowledges receipt of, subject to the exceptions the applicable
        Custodian notes pursuant to the procedures described in Section 2.02 of the
        Agreement, the documents (or certified copies thereof) referred to in Section
        2.1(b) of the Subsequent Mortgage Loan Purchase Agreement, and declares that
        it
        holds and will continue to hold those documents and any amendments, replacements
        or supplements thereto and all other assets as Trustee in trust for the use
        and
        benefit of all present and future Holders of the Certificates and the
        Certificate Insurer.

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

      

       

      (d) Additional
        terms of the sale are set forth on Attachment A hereto.

       

      Section
        2. Representations
        and Warranties; Conditions Precedent.
        

       

      (a) The
        Company hereby confirms that each of the conditions and the representations
        and
        warranties set forth in Section 2.07 of the Agreement are satisfied as of
        the
        date hereof.

       

      (b) All
        terms
        and conditions of the Agreement are hereby ratified and confirmed; provided,
        however, that in the event of any conflict, the provisions of this Instrument
        shall control over the conflicting provisions of the Agreement.

       

      Section
        3. Recordation
        of Instrument.

       

      To
        the
        extent permitted by applicable law, this Instrument, or a memorandum thereof
        if
        permitted under applicable law, is subject to recordation in all appropriate
        public offices for real property records in all of the counties or other
        comparable jurisdictions in which any or all of the properties subject to
        the
        Mortgages are situated, and in any other appropriate public recording office
        or
        elsewhere, such recordation to be effected by the Master Servicer at the
        Certificateholders’ expense on direction of the related Certificateholders, but
        only when accompanied by an Opinion of Counsel to the effect that such
        recordation materially and beneficially affects the interests of the
        Certificateholders or is necessary for the administration or servicing of
        the
        Subsequent Mortgage Loans.

       

      Section
        4. Governing
        Law.

       

      This
        Instrument shall be construed in accordance with the laws of the State of
        New
        York and the obligations, rights and remedies of the parties hereunder shall
        be
        determined in accordance with such laws, without giving effect to principles
        of
        conflicts of law.

       

      Section
        5. Counterparts.

       

      This
        Instrument may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same instrument.

       

      Section
        6. Successors
        and Assigns.

       

      This
        Instrument shall inure to the benefit of and be binding upon the Company
        and the
        Trustee and their respective successors and assigns.

       

      
        
          
          

        

        
          S-2

          
            

          

        

        
          
          

        

      

      IMPAC
        SECURED ASSETS CORP.,

       
as
        Seller

      

      

      By:
        __________________________

      Name:
        Gretchen Verdugo

      Title: EVP,
        CFO

       

       

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY, 

        
        as trustee under the Pooling and Servicing Agreement relating to Impac Secured
        Assets Corp. Mortgage Pass-Through Certificates, Series 2007-3

      

      By:
        ___________________________

      Name:
        

      Title: 

       

      

      
        
          
          

        

        
          S-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        T

       

      FORM
        OF
        ADDITION NOTICE

       

      [___________]                

      Deutsche
        Bank National Trust Company

      1761
        East
        St. Andrew Place

      Santa
        Ana, California 92705-4934

       

      
        	 	
                RE:

              	
                Pooling
                  and Servicing Agreement, dated as of
                  [____________]

              

      

      
        	 	 	
                among
                  Impac Secured Assets Corp., Impac Funding Corporation
                  and

              

      

      
        	 	 	
                Deutsche
                  Bank National Trust Company, 

              

      

      
        	 	 	
                Mortgage
                  Pass-Through Certificates, Series 2007-3, Subsequent
                  Transfer

              

      

      

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 2.07 of the Pooling and Servicing Agreement, the Company has
        designated Subsequent Mortgage Loans to be transferred to the Trustee on
        [__________], with an approximate aggregate principal balance of $[______].
        Capitalized terms not otherwise defined herein have the meaning set forth
        in the
        Pooling and Servicing Agreement.

       

      Please
        acknowledge your receipt of this notice by countersigning the enclosed copy
        in
        the space indicated below and returning it to the attention of the
        undersigned.

       

      
        
          
          

        

        
          T-1

          
            

          

        

        
          
          

        

      

      Very
        truly yours,

       

      IMPAC
        SECURED ASSETS CORP.,

       

      By:
        ___________________________________

      Name: Gretchen
        Verdugo

      Title: EVP,
        CFO

      
        
          
          

        

        
          T-2

          
            

          

        

        
          
          

        

      

      ACKNOWLEDGED
        AND AGREED:

       

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY, 

      as
        Trustee under the Pooling and Servicing Agreement

      relating
        to Impac Secured Assets Corp. Mortgage

      Pass-Through
        Certificates, Series 2007-3

      

      

      By:
        __________________________________

      
        	
                Name:

              	 

      

      Title:

       

       

       

       

       

      
        
          
          

        

        
          T-3Unassociated Document

    
       

      Exhibit
        10.1

    

     

    
      	  	
              EXECUTION
                COPY

            

    

     

    MERRILL
      LYNCH CAPITAL, A DIVISION OF 

    MERRILL
      LYNCH BUSINESS FINANCIAL SERVICES INC.

     

    
      
        

      

    

    

    CREDIT
      AND SECURITY AGREEMENT

    

    THIS
      CREDIT AND SECURITY AGREEMENT (the “Agreement”) is made as of the 21st
      day of
      May, 2007 (the “Closing Date”), by and among MERRILL LYNCH CAPITAL, A DIVISION
      OF MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC., its successors and assigns
      (“Lender”), and DISCOVERY
      LABORATORIES, INC.,
      a
      Delaware corporation (“Principal Borrower”), and any additional borrower that
      may hereafter be added to this Agreement (together with Principal Borrower,
      each
      individually as a “Borrower” and collectively as “Borrowers”).

    

    Borrowers
      are desirous of obtaining a loan from Lender and Lender is willing to make
      the
      loan to Borrowers upon the terms and conditions set forth herein.

    

    NOW,
      THEREFORE, in consideration of the sum of Ten Dollars ($10.00) in hand paid
      and
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the parties do hereby agree as follows:

    

    1.    Advance
      of Loan.

    

     (a)     Availability.
      Subject
      to the terms and conditions of this Agreement, during the Draw Period, Lender
      shall make advances (each, an “Equipment Advance” and, collectively, “Equipment
      Advances”) not exceeding the Equipment Line (such Equipment Advances,
      individually and collectively, the “Loan”). Equipment Advances may only be used
      to finance Eligible Equipment purchased within one hundred twenty (120) days
      (determined based upon the applicable invoice date of such Eligible Equipment)
      before the date of each Equipment Advance; provided, however, that the initial
      advance under the Loan shall be used to pay in full all indebtedness owed by
      Borrowers to General Electric Capital Corporation up to Four Million Five
      Hundred Thousand Dollars ($4,500,000) (the “GECC Debt”). All Eligible Equipment
      must have been new when purchased by Borrower, except for such Eligible
      Equipment that is disclosed in writing to Lender by Borrowers, and that Lender
      in its sole discretion has agreed to finance, prior to being financed by Lender.
      No Equipment Advance may exceed one hundred percent (100%) of the total invoice
      for Eligible Equipment (excluding taxes, shipping, warranty charges, freight
      discounts and installation expenses relating to such Eligible Equipment, except
      to the extent that any of the foregoing are allowed to be financed pursuant
      hereto as Other Equipment). The proceeds of the Loan used to finance Hard Costs
      shall not exceed an amount equal to (A) the Equipment Line, minus (B) the GECC
      Debt paid off from proceeds of the initial Equipment Advance, and minus the
      principal amount of all Other Equipment Advances made under this Agreement.
      The
      proceeds of the Loan used to finance Other Equipment shall not exceed an amount
      equal to (i) One Million Five Hundred Thousand Dollars ($1,500,000) plus the
      lesser of (X) the prepayment penalty incurred by Borrowers in connection with
      the prepayment of the GECC Debt or (Y) Two Hundred Thousand Dollars ($200,000).
      In addition, not more than Four Million Five Hundred Thousand Dollars
      ($4,500,000) of the proceeds of the Loan shall be used to pay off the GECC
      Debt.
      Each Equipment Advance must be in an amount equal to or greater than the lesser
      of One Hundred Thousand Dollars ($100,000) or the amount that has not yet been
      drawn under the Loan. After repayment, no Equipment Advance may be reborrowed.
      Each Equipment Advance shall be advanced on or before the second Business Day
      following Lender’s receipt of Borrower’s written request for such Equipment
      Advance (provided that all conditions precedent set forth in Section 4 below
      have been satisfied as of the funding date of such Equipment
      Advance).

    

     (b)    Repayment.

    

       
      (1)     Each
      Hard
      Cost Equipment Advance shall amortize from and after the Advance Date (as
      defined in Section 4(b) below) of the Hard Cost Equipment Advance and be payable
      in thirty-six (36) equal monthly payments of principal and interest beginning
      on
      the first day of the second month following such Equipment Advance and
      continuing on the first day of each month thereafter.

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

      
        Exhibit
          10.1

         

        
          	  	
                  EXECUTION
                    COPY

                

        

      

       

    

    (2) Each
      Other Equipment Advance shall amortize from and after the Advance Date of the
      Other Equipment Advance and be payable in twenty-four (24) equal monthly
      payments of principal and interest beginning on the first day of the second
      month following such Equipment Advance and continuing on the first day of each
      month thereafter.

    

    (3) The
      GECC
      Payoff Equipment Advance shall amortize from and after the Advance Date of
      the
      GECC Payoff Equipment Advance and be payable in twenty-seven (27) equal monthly
      payments of principal and interest beginning on the first day of the second
      month following such Equipment Advance and continuing on the first day of each
      month thereafter.

    

    (4) In
      addition to the scheduled payments set forth in Sections 1(b)(1), (2) and (3)
      above, on the first day of the month following the Advance Date for each
      Equipment Advance, Borrowers shall pay to Lender the accrued interest on such
      Equipment Advance, at the rate set forth in Section 1(c)(1) below.

    

    (5) Borrowers
      may prepay any Equipment Advance at any time, in whole or in part, for any
      reason; provided, however, that no prepayment of a Hard Cost Equipment Advance
      shall be permitted at any time that Other Equipment Advances made
      in
      conjunction with such Hard Cost Equipment Advance are
      outstanding unless such Other Equipment Advances are prepaid simultaneously.
      In
      the event of any prepayment (whether such prepayment is voluntary or mandatory
      by reason of the occurrence of a Default (as defined in Section 7 below) or
      the
      acceleration of the Loan, or otherwise), or if the Loan shall be accelerated
      and
      become due and payable in full, Borrowers shall pay to Lender, as compensation
      for the costs of Lender making funds available to Borrowers under this
      Agreement, a prepayment fee (the “Prepayment Fee”) calculated in accordance with
      this subsection; provided that no Prepayment Fee shall be owed in the event
      that
      the prepayment occurs in connection with a refinancing of the Obligations (as
      defined in Section 3(a) below) with Lender. If such prepayment occurs prior
      to
      the first anniversary date of the Closing Date, the Prepayment Fee shall be
      equal to the principal amount prepaid (or accelerated) multiplied
      by
      four
      percent (4.0%), if such prepayment occurs on or after the first anniversary
      date
      of the Closing Date, but prior to the second anniversary date of the Closing
      Date, the Prepayment Fee shall be equal to the principal amount prepaid (or
      accelerated) multiplied
      by
      two
      percent (2.0%) and if such prepayment occurs on or after the second anniversary
      date of the Closing Date, the Prepayment Fee shall be equal to the principal
      amount prepaid (or accelerated) multiplied
      by
      one
      percent (1.0%). All fees payable pursuant to this paragraph shall be deemed
      fully earned and non-refundable as of the Closing Date. 

    

    (6) Payments
      of principal and interest shall be made by Automated Clearing House debit of
      immediately available funds from the account designated by Borrowers in the
      Automated Clearing House debit authorization executed by Borrowers in connection
      with the Agreement, or by wire transfer of immediately available funds to
      LaSalle Bank, 135 S. LaSalle St., Chicago, IL 60603, ABA 071000505, Account
      name: MLBFS Healthcare Finance, Account #5800395088, Reference:
      Discovery Laboratories,
      or such
      other address as Lender shall have designated to the Borrowers in writing;
      and
      shall be effective upon receipt.

    

     (c)    Interest.

    

    (1) Subject
      to Section 1(c)(2),
      the
      principal amount outstanding under each Equipment Advance shall accrue interest
      (payable monthly in arrears) at a fixed per annum rate equal to the sum of
      the
      LIBOR Rate plus six hundred twenty five basis points (6.25%), determined on
      the
      date of each Equipment Advance. For purposes of calculating interest, all funds
      received by Lender for application to the Loan shall be subject to a two (2)
      Business Day clearance period.

    

    (2) At
      the
      election of Lender, after the occurrence of a Default and for so long as it
      continues, (a) the Equipment Advances and other Obligations (as defined in
      Section 3(a) below) shall bear interest at rates that are two percent (2.0%)
      per
      annum in excess of the rates otherwise payable under this Agreement (the
“Default Rate”); provided that, notwithstanding anything to the contrary
      contained in the foregoing or otherwise in this Agreement, the increased rates
      of default interest provided for in this section shall be applicable
      automatically and immediately upon the occurrence and during the continuance
      of
      any Default occurring under Section 6(e) below without the necessity of any
      further affirmative action by any party.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

    

     

    (3) All
      interest and fees under each Financing
      Document
      (as defined below) shall be calculated on the basis of a 360-day year for the
      actual number of days elapsed. The date of funding of an Equipment Advance
      shall
      be included in the calculation of interest. The date of payment of an Equipment
      Advance shall be excluded from the calculation of interest. If an Equipment
      Advance is repaid on the same day that it is made, one (1) day’s interest shall
      be charged.

    

     (d)     Commitment
      Fee.
      Contemporaneous with Borrowers’ execution of this Agreement, Borrowers shall pay
      Lender a commitment fee in an amount equal to Thirty-One Thousand Two Hundred
      Fifty Dollars ($31,250). This fee shall be deemed fully earned and
      non-refundable as of the Closing Date.

    

     (e)     Promissory
      Notes.
      The
      obligation to repay the Loan hereunder shall be evidenced by one or more
      promissory notes payable by Borrowers to the order of Lender in substantially
      the form attached hereto as Exhibit 1 (hereinafter collectively referred to
      as
      the “Promissory Note”). “Financing Documents” as used herein shall mean the
      Promissory Note, this Agreement and all other documents executed in connection
      with the Loan.

    

    2.    [Reserved.]

    

    3.    Security.
      

    

     (a)     As
      security for the payment as and when due of the indebtedness of Borrowers to
      Lender hereunder and under the Promissory Note (and any renewals, extensions
      and
      modifications thereof), both now in existence and hereafter created (as the
      same
      may be renewed, extended or modified), and the performance as and when due
      of
      all other obligations of Borrowers to Lender, both now in existence and
      hereafter created (as the same may be renewed, extended or modified) (the
“Obligations”), Borrowers hereby assign and grant to Lender, a Lien on and
      security interest in, upon, and to the Collateral. As set forth in the
      definition of “Collateral” in Section 12 below, the Collateral shall change on
      the Collateral Modification Date (provided that no Default has occurred and
      is
      continuing at such time). Lender hereby agrees to file, at Borrowers’ cost,
      promptly following the Collateral Modification Date (provided that no Default
      has occurred and is continuing as of the Collateral Modification Date), an
      amendment to its UCC Financing Statement to reflect the change to the Collateral
      and to provide such other termination documents and releases as Borrower may
      reasonably request to reflect the change to the Collateral.

    

     (b)     Borrowers
      agree that with respect to the Collateral Lender shall have all of the rights
      and remedies of a secured party under the UCC. Borrowers hereby authorize Lender
      to file UCC statements describing the Collateral. Without Lender’s prior written
      consent, Borrowers agree not to file any corrective or termination statements
      or
      partial releases with respect to any UCC statements filed by Lender pursuant
      to
      this Agreement. 

    

     (c)     Promptly
      after any Financed Equipment ceases to be Collateral in accordance with either
      Schedule 1-A or Schedule 1-B attached hereto, Lender agrees to file partial
      releases and termination statements, as appropriate, with respect to such
      Financed Equipment.

    

    4 Conditions.

    

     (a)     Conditions
      Precedent to Lender’s Obligation.
      The
      obligation of Lender to make the Loan as set forth in Section 1 hereof is
      expressly conditioned upon compliance by Borrowers, to the reasonable
      satisfaction of Lender and its counsel, of the conditions precedent that
      concurrently with the execution hereof, or on or prior to the date on which
      Lender is to advance the Loan hereunder, Borrowers shall cause to be provided
      to
      Lender the following:

    

    (1) Resolutions
      of the Board of Directors or validly authorized Executive Committee of
      Borrowers, certified by the Secretary or an Assistant Secretary of each
      Borrower, duly authorizing the borrowing of funds hereunder and the execution,
      delivery and performance of this Agreement, Financing Documents, and all related
      instruments and documents.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

      
        Exhibit
          10.1

         

        
          	  	
                  EXECUTION
                    COPY

                

        

      

       

    

    (2) An
      opinion of counsel for Borrowers satisfactory as to form and substance to
      Lender.

    

    (3) The
      payment of all fees, expenses and other amounts that under the Financing
      Documents are due and payable on the Closing Date.

    

    (4) A
      landlord’s agreement or mortgagee agreement, as applicable, from the lessor of
      each leased property or mortgagee of owned property with respect to any business
      location where any portion of the Collateral, or the records relating to such
      Collateral and/or software and collateral relating to such records or
      Collateral, is stored or located, which agreement or letter shall be reasonably
      satisfactory in form and substance to Lender.

    

    (5) An
      Intercreditor Agreement in a form acceptable to Lender and executed by Borrowers
      and PharmaBio Development Inc. d/b/a NovaQuest (“NovaQuest”).

    

    (6) A
      payoff
      letter, acceptable to Lender, signed by General Electric Capital Corporation
      with regard to the payoff of the GECC Debt and the release of all Liens securing
      the GECC Debt upon such payoff.

    

     (b)     Conditions
      Precedent to Advance of Funds.
      The
      obligation of Lender to make the Loan as set forth in Section 1 hereof is
      expressly conditioned upon compliance by Borrowers, to the reasonable
      satisfaction of Lender and its counsel, of the conditions precedent that on
      each
      date (“Advance Date”) on which Lender is to advance funds
      hereunder:

    

    (1)     Borrowers
      shall cause to be provided to Lender no less than one (1) Business Day prior
      to
      the Advance Date (electronically in .pdf format or by facsimile, with originals
      to follow via overnight delivery) the following:

    
 

        
      a.     A
      certificate executed by the Secretary, Assistant Secretary or other officer
      of
      Borrower, certifying that the representations and warranties of Borrowers
      contained herein remain true and correct as of the Advance Date, and that no
      Default has then occurred and is continuing and Borrower is not aware of any
      event which, with the giving of notice or the lapse of time, or both, would
      become a Default under this Agreement.

    

        
      b.     Evidence
      satisfactory to Lender as to due compliance with the insurance provisions of
      Section 5(d) hereof.

    

        
      c.     A
      Promissory Note in the amount of the Loan to be advanced on such date, duly
      executed on behalf of Borrowers, pursuant to Section 1 hereof.

    

        
      d.     Photocopies
      of the invoice(s) or other evidence reasonably satisfactory to Lender and its
      counsel, related to the acquisition cost of the Financed Equipment to which
      such
      advance of the Loan relates.

    

        
      e.     A
      Collateral Schedule describing the Financed Equipment to which such advance
      of
      the Loan relates (upon Lender’s receipt of a Collateral Schedule such Collateral
      Schedule shall be deemed to be annexed to and made a part of this
      Agreement).

    

      
      (2)     The
      absence, since the date of the financial statements last delivered by Borrowers
      to Lender, of any Material Adverse Effect, or any event or condition which
      could
      reasonably be expected to result in such a Material Adverse Effect.

    

    (3)     Borrowers
      shall have executed such documents and taken such actions as reasonably may
      be
      required by Lender and its counsel to perfect a valid, first priority purchase
      money security interest granted by Borrowers to Lender with respect to the
      Financed Equipment.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

       

    

    (4)     No
      Default or event which, with the giving of notice or lapse of time, or both,
      would become a Default hereunder, shall have occurred.

    

    5.    Representations
      and Warranties.
      Except
      as set forth in the schedules prepared by Borrowers and attached to and made
      a
      part of this Agreement (the “Borrower Schedules”), each Borrower hereby
      represents and warrants that:

    

     (a)     Due
      Organization.
      Each
      Borrower’s exact legal name is indicated on the signature page of this Agreement
      and Borrower has the form of business organization, and is and will remain
      duly
      organized and validly existing in good standing under the laws of the
      jurisdiction, specified below the signature of each Borrower; and each Borrower
      is duly qualified and authorized to transact business and is in good standing
      wherever necessary to perform its obligations under the Financing Documents,
      including each jurisdiction in which the Collateral is to be
      located.

    

     (b)     Power
      and Authority.
      Each
      Borrower has the requisite power and authority to own or hold under lease its
      properties and to enter into and perform its obligations hereunder; and the
      borrowing hereunder by such Borrower from Lender, the execution, delivery and
      performance of the Financing Documents, (1) have been duly authorized by all
      necessary action consistent with such Borrower’s form of organization; (2) do
      not require any approval or consent of any stockholder, member, partner,
      trustee, holders of any indebtedness or obligations of such Borrower or any
      other party except such as have been duly obtained; and (3) do not and will
      not
      contravene (A) any law, governmental rule, regulation or order now binding
      on
      such Borrower, except such law, governmental rule, regulation or order where
      contravention thereof could not reasonably be expected to have a Material
      Adverse Effect or a material adverse effect on the validity or enforceability
      of
      the Financing Documents, (B) the organizational documents of such Borrower,
      or
      (C) the provisions of, or constitute a default under, or result in the creation
      of any Lien upon the Collateral under any agreement to which such Borrower
      is a
      party or by which it or its property is bound.

     

     (c)     Consents
      and Approvals.
      Neither
      the execution and delivery by such Borrower of the Financing Documents, nor
      the
      consummation of any of the transactions by such Borrower contemplated hereby
      or
      thereby, requires the consent or approval of, the giving of notice to, the
      registration with, or the taking of any other action in respect of, any Federal,
      state or foreign governmental authority or agency, except as provided
      herein.

    

     (d)     Legal,
      Valid and Binding Obligations.
      This
      Agreement constitutes, and all other Financing Documents when entered into
      will
      constitute, the legal, valid and binding obligation of such Borrower enforceable
      against such Borrower in accordance with the terms hereof and thereof, except
      as
      limited by applicable bankruptcy, insolvency, reorganization, moratorium or
      similar laws or equitable principles relating to or affecting the enforcement
      of
      creditors’ rights generally, and by Applicable Laws (including any applicable
      common law and equity) and judicial decisions which may affect the remedies
      provided herein and therein.

    

    (e)    
 Actions
      and Proceedings.
      Except
      as set forth in Schedule 5(e) attached hereto, there are no pending or
      threatened actions or proceedings to which such Borrower is a party, and there
      are no other pending or threatened actions or proceedings of which such Borrower
      has knowledge, before any court, arbitrator or administrative agency, which,
      either individually or in the aggregate, would have a Material Adverse Effect.
      Further, such Borrower is not in default under any material obligation for
      the
      payment of borrowed money, for the deferred purchase price of property or for
      the payment of any rent which, either individually or in the aggregate, would
      have a Material Adverse Effect.

    

     (f)    
 Fixtures.
      With
      the exception of certain tenant improvements and soft costs included in Other
      Equipment, under the laws of the state(s) in which the Collateral is to be
      located, the Collateral consists solely of personal property and not
      fixtures.

    

     (g)     Title
      to Financed Equipment; Lien on Financed Equipment.
      Upon
      payment in full of the acquisition cost of the Financed Equipment, the
      applicable Borrower will have good and marketable title to the Financed
      Equipment, free and clear of all Liens (excepting only the Lien of Lender).
      Upon
      the last to occur of: (1) delivery of an item of Financed Equipment, (2) payment
      to the vendor of the acquisition cost of such item of the Financed Equipment,
      (3) advance by Lender to Borrowers of the Loan relating to such item of the
      Financed Equipment, and (4) filing in the appropriate public offices of Uniform
      Commercial Code financing statements or statements of amendment naming each
      Borrower as debtor and Lender as secured party, and accurately describing such
      item of the Financed Equipment, all as provided in the UCC, Lender will have
      a
      valid, perfected, first priority purchase money security interest in such item
      of the Financed Equipment, subject only to Permitted Liens, and, in each case,
      to the extent that a security interest in such item of Financed Equipment can
      be
      perfected by the filing of UCC financing statements.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

    

     

     (h)     Financial
      Statements.
      The
      financial statements of such Borrower (copies of which have been furnished
      to
      Lender) have been prepared in accordance with generally accepted accounting
      principles consistently applied (“GAAP”), and fairly present such Borrower’s
      financial condition and the results of such Borrower’s operations as of the date
      of and for the period covered by such statements, and since the date of such
      statements there has been no material adverse change in such conditions or
      operations.

    

     (i)    
 Taxes.
      Such
      Borrower has filed or has caused to have been filed all federal, state and
      local
      tax returns which, to the knowledge of such Borrower, are required to be filed,
      and has paid or caused to have been paid all taxes as shown on such returns
      or
      on any assessment received by it, to the extent that such taxes have become
      due,
      unless and to the extent only that such taxes, assessments and governmental
      charges are currently contested in good faith and by appropriate proceedings
      by
      such Borrower and adequate reserves therefor have been established as required
      under GAAP. To the extent Borrower believes it advisable to do so, such Borrower
      has set up reserves which are believed by such Borrower to be adequate for
      the
      payment of additional taxes for years which have not been audited by the
      respective tax authorities.

    

     (j)    
 Use
      of
      Proceeds.
      None of
      the proceeds of the Loan will be used, directly or indirectly, by such Borrower
      for the purpose of purchasing or carrying, or for the purpose of reducing or
      retiring any indebtedness which was originally incurred to purchase or carry,
      any “margin security” within the meaning of Regulation G (12 CFR Part 207), or
“margin stock” within the meaning of Regulation U (12 CFR Part 221), of the
      Board of Governors of the Federal Reserve System (herein called “margin
      security” and “margin stock”) or for any other purpose which might make the
      transactions contemplated herein a “purpose credit” within the meaning of
      Regulation G or Regulation U, or cause this Agreement to violate any other
      regulation of the Board of Governors of the Federal Reserve System or the
      Securities Exchange Act of 1934 or the Small Business Investment Act of 1958,
      as
      amended, or any rules or regulations promulgated under any of such
      statutes.

    

     (k)    
Name
      Changes.
      As of
      the Closing Date, the legal name, jurisdiction of organization, Federal Employer
      Identification Number and Organizational Number of such Borrower, specified
      on
      the signature page hereof, are true and correct. Within the previous six (6)
      years, such Borrower has not changed its name, done business under any other
      name, or merged or been the surviving entity of any merger, except as disclosed
      to Lender in writing.

    

     (l)    
 Compliance
      with Laws.
      Such
      Borrower is in compliance with the requirements of all Applicable Laws
      (including Environmental Laws), except for such Laws the noncompliance with
      which could not reasonably be expected to have a Material Adverse Effect and
      such Borrower has obtained any and all material licenses, permits, franchises
      or
      other governmental authorizations necessary for the ownership of its properties
      and the conduct of its business. Except as set forth in Schedule 5(l) attached
      hereto and as otherwise previously disclosed in writing by Borrowers to Lender,
      there are no Hazardous Substances generated, treated, handled, stored,
      transported, discharged, emitted, released or otherwise disposed of in
      connection with Borrowers’ use of the Collateral that could reasonably be
      expected to result in any material liability or obligations. Borrowers have
      in
      full force and effect all material Federal, state and local licenses, permits,
      orders and approvals required to operate the Collateral in compliance with
      all
      Environmental Laws in all material respects. Neither such Borrower nor, to
      the
      knowledge of any Borrower, its Affiliates or any of its or their respective
      agents acting or benefiting in any capacity in connection with the transactions
      contemplated by this Agreement is (i) in violation of any Anti-Terrorism
      Law, (ii) engages in or conspires to engage in any transaction that evades
      or avoids, or has the purpose of evading or avoiding, or attempts to violate,
      any of the prohibitions set forth in any Anti-Terrorism Law, or (iii) is a
      Blocked Person. Neither such Borrower nor, to the knowledge of such Borrower,
      any of its Affiliates or its or their agents acting or benefiting in any
      capacity in connection with the transactions contemplated by this Agreement,
      (x) conducts any business or engages in making or receiving any
      contribution of funds, goods or services to or for the benefit of any Blocked
      Person, or (y) deals in, or otherwise engages in any transaction relating
      to, any property or interest in property blocked pursuant to Executive Order
      No. 13224, any similar executive order or other Anti-Terrorism
      Law.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

    

     

     (m)    Bailees.
      The
      Collateral consisting of Financed Equipment is not in the possession of any
      third party bailee (such as a warehouse) except for Collateral which has been
      sent out for service, and as otherwise disclosed to Lender in
      writing.

    

    6.    Covenants
      of Borrowers.
      Each
      Borrower covenants and agrees as follows:

    

     (a)     Compliance
      with Laws.
      Each
      Borrower shall maintain its legal existence and good standing in its
      jurisdiction of formation and maintain qualification in each jurisdiction in
      which the failure to so qualify would reasonably be expected to have a Material
      Adverse Effect. Each Borrower shall comply with the requirements of all
      Applicable Laws (including Environmental Laws), except for such Applicable
      Laws
      the noncompliance with which could not reasonably be expected to have a Material
      Adverse Effect. Each Borrower shall obtain and maintain any and all material
      licenses, permits, franchises or other governmental authorizations necessary
      for
      the ownership of its properties and the conduct of its business in compliance
      with all Applicable Laws (including, without limitation, Environmental Laws)
      in
      all material respects.

    

     (b)    Use
      of
      Proceeds.
      The
      proceeds of the Loan will be used exclusively to pay off in full the GECC Debt
      and to finance the purchase by Borrowers of Financed Equipment.

    

     (c)    Use
      and Location of Financed Equipment.
      Each
      Borrower shall use the Financed Equipment solely in the Continental United
      States and in the conduct of its business, in a careful and proper manner in
      accordance with Applicable Law; shall not permanently discontinue use of the
      Financed Equipment; and shall provide written notice to Lender not more than
      thirty (30) days after any change of the location of any item of the Financed
      Equipment (or the location of the principal garage of any item of the
      Collateral, to the extent that such item is mobile collateral) as specified
      on
      the applicable Collateral Schedule. 

    

     (d)    Insurance.

    

    (1)     Each
      Borrower
      agrees to keep the Collateral insured against loss or damage by fire and
      extended coverage perils, theft, burglary, and if requested by Lender, against
      such other risks as Lender may reasonably require. The insurance coverage shall
      be in an amount no less than the full replacement value of the Collateral,
      and
      deductible amounts, insurers and policies shall be acceptable to Lender. All
      such insurance shall be provided by insurers having an A.M. Best policyholders
      rating reasonably acceptable to Lender.

    

    (2)    On
      or
      prior to the Closing Date, and at all times thereafter, each Borrower will
      cause
      Lender to be named as an additional insured, assignee and loss payee (which
      shall include, as applicable, identification as mortgagee), as applicable,
      on
      each insurance policy required to be maintained pursuant to this Section 5(d)
      pursuant
      to endorsements in form and content reasonably acceptable to Lender.
      Borrowers will deliver to Lender (A) on the Closing Date, a certificate
      from Borrowers’ insurance broker dated such date showing the amount of coverage
      as of such date, and that such policies will include effective waivers (whether
      under the terms of any such policy or otherwise) by the insurer of all claims
      for insurance premiums against all loss payees and additional insureds and
      all
      rights of subrogation against all loss payees and additional insureds, and
      that
      if all or any part of such policy is canceled, terminated or expires, the
      insurer will forthwith give notice thereof to each additional insured, assignee
      and loss payee and that no cancellation, reduction in amount or material change
      in coverage thereof shall be effective until at least thirty (30) days after
      receipt by each additional insured, assignee and loss payee of written notice
      thereof, (B) upon the request of Lender from time to time full information
      as to the insurance carried, (C) within five (5) days of receipt of notice
      from any insurer, a copy of any notice of cancellation, nonrenewal or material
      change in coverage from that existing on the date of this Agreement, and
      (D) forthwith, notice of any cancellation or nonrenewal of coverage by any
      Borrower.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

    

     

    (3)    So
      long
      as Borrowers are not in default under this Agreement, proceeds of insurance
      less
      than One Hundred Thousand Dollars ($100,000) shall be applied at the Borrowers’
option, to repair or replace the Collateral or to reduce any of the Obligations,
      otherwise insurance proceeds shall be applied, at the option of Lender, to
      repair or replace the Collateral or to reduce any of the
      Obligations.

    

     (e)    Notice
      of Certain Events.
      Each
      Borrower shall provide written notice to Lender: (1) not less than thirty (30)
      days prior to any contemplated change in the name, the jurisdiction of
      organization, or address of the chief executive office, of such Borrower or
      of
      such Borrower’s organizational structure such that a filed financing statement
      would become seriously misleading (within the meaning of the UCC); and (2)
      promptly upon the occurrence of any event which constitutes a Default (as
      hereinafter defined) hereunder or which, with the giving of notice, lapse of
      time or both, would constitute a Default hereunder; (3) promptly of any
      litigation or governmental proceedings pending or threatened (in writing)
      against such Borrower which, if adversely determined, could result in a Material
      Adverse Effect or a material adverse effect upon, any of (i) the rights and
      remedies of Lender under any Financing Document, or (ii) the legality,
      validity or enforceability of any Financing Document, (iii) the existence,
      perfection or priority of any security interest granted in any Financing
      Document, or (iv) the value of any material Collateral; and (4) promptly of
      the
      commencement of proceedings under the Federal bankruptcy laws or other
      insolvency laws (as now or hereafter in effect) involving such Borrower as
      a
      debtor.

    

     (f)     Financial
      Statements.
      Each
      Borrower shall furnish Lender (1) within one hundred twenty (120) days after
      the
      end of each fiscal year of such Borrower, its balance sheet as at the end of
      such year, and the related statement of income and statement of changes in
      financial position for such fiscal year, prepared in accordance with GAAP,
      all
      in reasonable detail and certified by independent certified public accountants
      of recognized standing selected by such Borrower and reasonably acceptable
      to
      Lender; and (2) within sixty (60) days after the end of each quarter of such
      Borrower’s fiscal year, its balance sheet as at the end of such quarter and the
      related statement of income and statement of changes in financial position
      for
      such quarter, prepared in accordance with GAAP.

    

     (g)    Collateral.
      Each
      Borrower, at its own expense, will pay or cause to be paid all taxes and fees
      relating to the ownership and use of the Collateral and will keep and maintain,
      or cause to be kept and maintained, the Financed Equipment in accordance with
      the manufacturer’s recommended specifications, and in good operating condition,
      ordinary wear and tear resulting from proper use thereof excepted, and will
      provide all maintenance and service and make all repairs necessary for such
      purpose. All accessories, parts and replacements for or which are added to
      or
      become attached to the Collateral shall immediately be deemed incorporated
      in
      the Collateral and subject to the security interest granted by such Borrower
      herein. Upon at least five (5) Business Days’ advance notice and at all times
      subject to and in accordance with and subject to Borrower’s policies and
      operating procedures with regard to access to any manufacturing and laboratory
      areas, Lender shall have the right to inspect the Collateral and all maintenance
      and other records with respect thereto, if any, at any reasonable
      time.

    

     (h)    Landlord
      Waivers.
      The
      parties intend that the Collateral shall remain personal property,
      notwithstanding the manner in which it may be affixed to any real property.
      Each
      Borrower shall obtain and deliver to Lender (to be recorded at Borrower’s
      expense) from each person having a Lien on the property (the “Premises”) where
      the Collateral is to be located, waivers of any Lien or other interest which
      such person might have or hereafter obtain or claim with respect to the
      Collateral. 

    

     (i)    
 Bailee
      Agreements.
      None of
      the components of the Collateral shall be maintained at locations other than
      as
      provided in writing to Lender or as Borrowers have given Lender notice. In
      the
      event that any Borrower, after the date hereof, intends to store or otherwise
      deliver any portion of the Collateral to a bailee, then such Borrower will
      first
      receive the written consent of Lender and such bailee must execute and deliver
      a
      bailee agreement in form and substance satisfactory to Lender in its sole
      discretion.

    

     (j)    
 Dispositions.
      No
      Borrower will, without
      the prior written consent of Lender, which consent is in Lender’s sole and
      absolute discretion, convey, sell, lease, transfer or otherwise dispose of
      (collectively, “Transfer”) all or any part of the Collateral, except for
      Transfers (1)
      in
      connection with Permitted Liens; and (2) in
      the case of Collateral other than Financed Equipment, in connection with the
      formation and operation of strategic alliances, partnerships and collaborative
      arrangements related to the development, marketing, sales and distribution
      of
      any Borrower’s product candidates, and of non-exclusive licenses for the use of
      the property of Borrower in the ordinary course of business.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

       

    

     (k)    
[Reserved].

    

     (l)    
 Liens.
      Each
      Borrower shall maintain the Collateral free from all claims, Liens and legal
      processes of creditors of such Borrower other than the security interest granted
      to Lender under this Agreement and (1) Liens for fees, taxes, or other
      governmental charges of any kind which are not yet delinquent or are being
      contested in good faith by appropriate proceedings which suspend the collection
      thereof (provided, however, that such proceedings do not involve any substantial
      danger of the sale, forfeiture or loss of the Collateral or any interest
      therein); (2) inchoate Liens of landlords, mechanics, materialmen, laborers,
      employees or suppliers and similar Liens arising by operation of law incurred
      by
      such Borrower in the ordinary course of business for sums that are not yet
      delinquent or are being contested in good faith by negotiations or by
      appropriate proceedings which suspend the collection thereof (provided, however,
      that such contest does not involve any substantial danger of the sale,
      forfeiture or loss of the Collateral or any interest therein); (3) Liens arising
      out of any judgments or awards against such Borrower which have been adequately
      bonded to protect Lender’s interests or with respect to which a stay of
      execution has been obtained pending an appeal or a proceeding for review; and
      (4) Liens existing on the date hereof and described in Schedule 6(l). Each
      Borrower shall notify Lender immediately upon receipt of notice of any Lien,
      attachment or judicial proceeding affecting the Collateral in whole or in
      part.

    

     (m)    [Reserved].

    

     (n)     Anti-Terrorism
      Laws.
      Lender
      hereby notifies each Borrower that pursuant to the requirements of
      Anti-Terrorism Laws, and Lender’s policies and practices, Lender is required to
      obtain, verify and record certain information and documentation that identifies
      such Borrower, and its principals, which information includes the name and
      address of such Borrower and its principals and such other information that
      will
      allow Lender to identify such party in accordance with Anti-Terrorism Laws.
      No
      Borrower will, or will permit any of its subsidiaries to, directly or
      indirectly, knowingly enter into any operative documents or material contracts
      with any Blocked Person or any Person listed on the OFAC Lists. Each Borrower
      shall immediately notify Lender if such Borrower has knowledge that such
      Borrower becomes a Blocked Person or becomes listed on the OFAC Lists or
      (a) is convicted on, (b) pleads nolo
      contendere
      to,
      (c) is indicted on, or (d) is arraigned and held over on charges
      involving money laundering or predicate crimes to money laundering. No Borrower
      will, or will permit any subsidiaries to, directly or indirectly,
      (i) conduct any business or engage in any transaction or dealing with any
      Blocked Person, including, without limitation, the making or receiving of any
      contribution of funds, goods or services to or for the benefit of any Blocked
      Person, (ii) deal in, or otherwise engage in any transaction relating to,
      any property or interests in property blocked pursuant to Executive Order
      No. 13224, any similar executive order or other Anti-Terrorism Law, or
      (iii) engage in or conspire to engage in any transaction that evades or
      avoids, or has the purpose of evading or avoiding, or attempts to violate,
      any
      of the prohibitions set forth in Executive Order No. 13224 or other
      Anti-Terrorism Law.

    

     (o)     Further
      Assurances.
      Each
      Borrower shall promptly and duly execute and deliver to Lender such further
      documents, instruments and assurances and take such further action as Lender
      may
      from time to time reasonably request in order to carry out the intent and
      purpose of this Agreement and to establish and protect the rights and remedies
      created or intended to be created in favor of Lender hereunder; including,
      without limitation, the execution and delivery of any document reasonably
      required, and payment of all necessary costs to record such documents (including
      payment of any documentary or stamp tax), to perfect and maintain perfected
      the
      security interest granted under this Agreement.

    

    7.    Default.
      A
      default
      shall be deemed to have occurred hereunder (“Default”) upon the occurrence of
      any of the following:  

    

     (a)     Payment
      Default.
      (1)
      Non-payment of an
      installment of principal and/or interest due under the Promissory Note on the
      applicable payment date; or (2) non-payment of any other Obligation within
      five (5) days after it is due; provided that any non-payment caused by a failure
      of Lender to process an ACH payment under an ACH Agreement shall not constitute
      a Payment Default until five (5) days after Borrower shall receive from Lender
      a
      request in writing to initiate such payment;

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

       

    

     (b)     Covenant
      Default.
      (1)
      Breach by any Borrower of any covenant, condition or agreement set forth in
      Section 5 above; or (2) breach by any Borrower of any other covenant, condition
      or agreement under this Agreement or any of the other Financing Documents that
      continues for thirty (30) days after Lender’s written notice to such Borrower
      (but such notice and cure period will not be applicable unless such breach
      is
      curable by practical means within such notice period);

    

     (c)     Other
      Agreements.
      A
      payment or other default by any Borrower under any loan, lease, guaranty or
      other financial obligation to Lender or its Affiliates which default entitles
      Lender or its Affiliates to exercise remedies; or a payment or other default
      by
      any Borrower under the Pharmabio Indebtedness or any other material loan, lease,
      guaranty or other financial obligation to any third party if
      the
      effect of the default is to give such third party a right, whether or not
      exercised, to accelerate the maturity of any Indebtedness in an amount in excess
      of Five Hundred Thousand Dollars ($500,000) or that could have a Material
      Adverse Effect; 

    

     (d)     Misrepresentations.
      An
      inaccuracy in any representation or breach of warranty by any Borrower
      (including any false or misleading representation or warranty) in any financial
      statement or Financing Document, including any omission
      of any material contingent or unliquidated liability or claim against such
      Borrower;
      

    

     (e)     Insolvency.
      The
      failure by any Borrower generally to pay its debts as they become due or its
      admission in writing of its inability to pay the same, or the commencement
      of
      any bankruptcy, insolvency, receivership or similar proceeding by or against
      such Borrower or any of its properties or business (unless, if involuntary,
      the
      proceeding is dismissed within forty-five (45) days of the filing thereof)
      or
      the rejection of this Agreement or any other Financing Document in any such
      proceeding; 

    

     (f)     Attachment.
      (1) Any
      Collateral is attached seized, levied on, or comes into possession of a trustee
      or receiver; (2) any Borrower is enjoined, restrained, or prevented by court
      order from conducting any substantial part of its business; or (3) a notice
      of
      Lien, levy, or assessment is filed against any Collateral by any government
      agency;

    

     (g)    Judgments.
      One or
      more judgments or orders for the payment of money (not paid or in amounts
      exceeding insurance coverage maintained in accordance with the requirements
      of
      this Agreement and as to which the relevant insurance company has acknowledged
      coverage) aggregating in excess of $300,000 shall be rendered against any
      Borrower and either (1) enforcement proceedings shall have been commenced
      by any creditor upon any such judgments or orders, or (2) there shall be
      any period of thirty (30) consecutive days during which a stay of enforcement
      of
      any such judgments or orders, by reason of a pending appeal, bond or otherwise,
      shall not be in effect; 

    

     (h)     Dissolution.
      Any
      Borrower shall cease to do business as a going concern, liquidate, or dissolve;
      or sell, transfer, or otherwise dispose of all or substantially all of its
      assets or property; 

    

     (i)      Material
      Adverse Change.
      Any
      fact,
      event or circumstance that has or that could reasonably be expected to result
      in
      a Material Adverse Effect occurs;

    

     (j)     
Guaranty.
      Any
      guaranty of any Obligations terminates or ceases for any reason to be in full
      force and effect; any guarantor of the Obligations (“Guarantor”) does not
      perform any obligation or covenant under any guaranty of the Obligations; there
      occurs a default or anticipatory repudiation under any guaranty executed in
      connection with this Agreement; any circumstance described in Sections 6(c)
      through (i) occurs with respect to any Guarantor; or the death, liquidation,
      winding up, or termination of existence of any Guarantor;

    

     (k)     PharmaBio
      Indebtedness.
      Principal Borrower pays any portion of the Pharmbio Indebtedness prior to the
      due date thereof, without Lender’s prior written consent, unless Principal
      Borrower has cash (immediately following such repayment) sufficient to cover
      Principal Borrower’s publicly disclosed cash burn rate for the immediately
      following twelve (12) months; or

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

       

    

     (l)     
      Surfaxin
      License.
      The
      License Agreement shall have been terminated or expired, or cease to be in
      full
      force and effect for the benefit of Principal Borrower.

    

    8.    Remedies.
      

    

     (a)     Upon
      the
      occurrence of a Default hereunder, Lender may, at its option, declare this
      Agreement to be in default with respect to any or all of the Promissory Notes,
      and at any time thereafter may do any one or more of the following, all of
      which
      are hereby authorized by Borrowers:

    

    (1)         increase
      the Interest Rate under the Note to the Default Rate, declare all Obligations
      due under the Promissory Note and Financing Documents to be immediately due
      and
      payable including all accrued but unpaid interest, prepayment fees, and any
      other amounts due under the Financing Documents, exercise any and all rights
      and
      remedies of a secured party under the UCC in effect in the State of New York
      at
      the date of this Agreement and in addition to those rights, at its sole
      discretion, may require Borrowers (at Borrowers’ sole expense) to forward
      promptly any or all of the Collateral to Lender at such location as shall
      reasonably be required by Lender, or enter upon the premises where any such
      Collateral is located (without obligation for rent) and take immediate
      possession of and remove the Collateral by summary proceedings or otherwise,
      all
      without liability from Lender to Borrowers for or by reason of such entry or
      taking of possession, whether for the restoration of damage to property caused
      by such taking or otherwise;

    

    (2)    subject
      to any right of Borrowers to redeem the Collateral, sell, lease or otherwise
      dispose of any or all of the Collateral in a commercially reasonable manner
      at
      public or private sale with notice to Borrowers (the parties agreeing that
      ten
      (10) days’ prior written notice shall constitute adequate notice of such sale)
      at such price as it may deem best, for cash, credit, or otherwise, with the
      right of Lender to purchase and apply the proceeds:

    

    First,
      to the
      payment of all expenses and charges, including the expenses of any sale, lease
      or other disposition, the expenses of any taking, reasonable attorneys’ fees,
      court costs and any other expenses incurred or advances made by Lender in the
      protection of its rights or the pursuance of its remedies, and to provide
      adequate indemnity to Lender against all taxes and Liens which by law have,
      or
      may have, priority over the rights of Lender to the monies so received by Lender
      (provided that amounts held by Lender as indemnity against taxes are applied
      to
      the payment of such taxes);

    

    Second,
      to the
      payment of all fees, costs, indemnities, liabilities, obligations and expenses
      incurred by or owing to Lender with respect to this Agreement, the other
      Financing Documents or the Collateral;

    

    Third,
      to the
      payment of the Obligations; and

    

    Fourth,
      to the
      payment of any surplus thereafter remaining to Borrower or to whosoever may
      be
      entitled thereto;

    

    and
      in
      the event that the proceeds are insufficient to pay the amounts specified in
      clauses “First”, “Second”, and “Third” above, Lender may collect such deficiency
      from Borrowers; and

    

    (3)     Lender
      may exercise any other right or remedy available to it under this Agreement,
      the
      Promissory Note, any guaranty hereof or Applicable Law, or proceed by
      appropriate court action to enforce the terms hereof or to recover damages
      for
      the breach hereof or to rescind this Agreement in whole or in part.

    

     (b)    Borrowers
      shall be liable for any and all unpaid additional sums due hereunder or under
      the Promissory Note, before, after or during the exercise of any of the
      foregoing remedies; for all reasonable legal fees and other reasonable costs
      and
      expenses incurred in connection with the enforcement, assertion, default or
      preservation of Lender’s rights and remedies under this Agreement or the other
      Financing Documents. No remedy referred to in this Section is intended to be
      exclusive, but each shall be cumulative, and shall be in addition to any other
      remedy referred to above or otherwise available at law or in equity, and may
      be
      exercised concurrently or separately from time to time. Borrowers hereby waive
      any and all existing or future claims to any offset against the sums due
      hereunder or under the Promissory Note and agree to make the payments regardless
      of any offset or claim which may be asserted by Borrowers or on their behalf
      in
      connection with this Agreement. The failure of Lender to
      exercise, or delay in the exercise of, the rights granted hereunder upon any
      Default by Borrowers shall not constitute a waiver of any such right upon the
      continuation or recurrence of any such Default. Lender may take or release
      other
      security; may release any party primarily or secondarily liable for the
      Obligations; may grant extensions, renewals or indulgences with respect to
      the
      Obligations and may apply any other security therefor held by it to the
      satisfaction of the Obligations without prejudice to any of its rights
      hereunder.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

       

    

     (c)    The
      occurrence of a Default with respect to any Promissory Note shall, at the sole
      discretion of Lender (as set forth in a written declaration to Borrowers),
      constitute a Default with respect to any or all of the other Promissory Notes.
      Notwithstanding anything to the contrary set forth herein, Lender or its
      assignee(s) (as applicable) may exercise all rights and remedies hereunder
      or
      under a Promissory Note independently with respect to each Promissory Note
      and/or with respect to the Collateral collateralizing such Promissory
      Note.

    

    (d) Lender
      is
      hereby granted an irrevocable, non-exclusive, royalty-free license or other
      right to use, without charge, Borrowers’ labels, mask works, rights of use of
      any name, any other Intellectual Property and advertising matter, and any
      similar property as it pertains to the Collateral, in completing production
      of,
      advertising for sale, and selling any Collateral and, in connection with
      Lender’s exercise of its rights under this Agreement, Borrowers’ rights under
      all licenses and all franchise agreements inure to Lender’s
      benefit.

    

    9.    Lender’s
      Right to Perform for Borrowers.
      If
      Borrowers fail to perform or comply with any of its agreements contained herein,
      Borrowers and Lender agree that Lender shall have the right, but shall not
      be
      obligated, to effect such performance or compliance, and the amount of any
      out-of-pocket expenses and other reasonable expenses of Lender thereby incurred,
      together with interest thereon (calculated from the date Lender makes demand
      for
      payment thereof from Borrower) at the Default Rate, shall be due and payable
      by
      Borrowers upon demand. Borrowers hereby irrevocably, authorize Lender to file
      UCC statements in connection with the Collateral, and further appoint Lender
      as
      Borrowers’ attorney-in-fact (which power shall be deemed coupled with an
      interest) to execute, endorse and deliver any deed, conveyance, assignment
      or
      other instrument in writing as may be required to vest in Lender any right,
      title or power which by the terms hereof are expressed to be conveyed to or
      conferred upon Lender, including, documents and checks or drafts relating to
      or
      received in payment for any loss or damage under the policies of insurance
      required by the provisions of Section 5(d) hereof, but only to the extent that
      the same relates to the Collateral. If Borrowers fail to perform any obligation
      hereunder or under any other Financing Document, Lender itself may, but shall
      not be obligated to, cause such obligation to be performed at Borrowers’
expense. Lender is further authorized by Borrowers to make expenditures from
      time to time which Lender, in its reasonable business judgment, deems necessary
      or desirable to (a) preserve or protect the Collateral, or any portion
      thereof, and/or (b) enhance the likelihood of, or maximize the amount of,
      repayment of the Loan and other Obligations. Borrowers hereby agree to reimburse
      Lender on demand for any and all costs, liabilities and obligations incurred
      by
      Lender pursuant to this Section 9. Lender hereby agrees to indemnify Lender
      upon
      demand for any and all costs, liabilities and obligations incurred by Lender
      pursuant to this Section 9. 

    

    10.           
      Miscellaneous.

     

     (a)    Entire
      Agreement; Captions.
      This
      Agreement and the other Financing Documents constitute the entire agreement
      between the parties with respect to the subject matter hereof and shall not
      be
      amended or altered in any manner except pursuant to Section 10(n) below. All
      representations, warranties, and covenants of Borrowers contained herein or
      made
      pursuant hereto shall survive closing and continue throughout the term hereof
      and until the Obligations are satisfied in full. The provisions of Sections
      7,
      9, and 10 shall survive the payment of the Obligations and any termination
      of
      this Agreement and
      any
      judgment with respect to any Obligations, including any final foreclosure
      judgment with respect to any Security Document, and no unpaid or unperformed,
      current or future, Obligations will merge into any such judgment. Any provision
      of this Agreement or of any instrument or document executed pursuant hereto
      which is prohibited or unenforceable in any jurisdiction shall, as to such
      jurisdiction, be ineffective to the extent of such prohibition or
      unenforceability without invalidating the remaining provisions hereof or
      thereof, and any such prohibition or unenforceability in any jurisdiction shall
      not invalidate or render unenforceable such provision in any other jurisdiction.
      To the extent permitted by applicable law, Borrowers hereby waive any provision
      of law which renders any provision hereof or thereof prohibited or unenforceable
      in any respect. The captions in this Agreement are for convenience of reference
      only and shall not define or limit any of the terms or provisions hereof.
The
      Usury
      Savings Provisions set forth in the Note are incorporated herein and in all
      Financing Documents for all purposes. 

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

       

    

     (b)    Counterparts;
      Facsimile Signatures; Other Electronic Transmissions.
      This
      Agreement and all other Financing Documents may be executed in multiple
      counterparts which together shall constitute one agreement, and any notices
      to
      be given pursuant to this Agreement, may be executed and delivered by facsimile
      or other electronic transmission (i.e. PDF format) all with the same force
      and
      effect as if the same was a fully executed and delivered original counterpart.
      The original counterparts of this Agreement and all Financing Documents shall
      be
      delivered by Borrowers, promptly after execution and failure to so deliver,
      at
      Lender’s option, shall be a Default, but failure to deliver shall in no way
      limit or negate enforceability of any Financing Document.

    

     (c)    Notices.
      All
      notices (excluding billings and communications in the ordinary course of
      business) hereunder shall be in writing, personally delivered, sent by overnight
      courier service, sent by facsimile telecopier, or sent by certified mail, return
      receipt requested, addressed to the other party at its respective address stated
      below the signature of such parties or at such other addresses as such parties
      shall from time to time designate in writing to the other parties; and shall
      be
      effective from the date of receipt.

    

     (d)    Assignments;
      Participations; Replacement of Lender.
      This
      Agreement shall inure to the benefit of Lender, its successors and assigns,
      and
      shall be binding upon the successors of Borrowers. The rights and obligations
      of
      Borrowers under this Agreement may not be assigned or delegated. Lender reserves
      the right to sell, assign, transfer, negotiate or grant participations (the
      foregoing, collectively “Assign”) in all or any part of, or any interest in,
      Lender’s rights and obligations hereunder, in the Promissory Notes, in the
      Collateral and/or the Obligations held by it to others at any time and from
      time
      to time; and Lender may, subject to Section 10(j) below, disclose to any such
      purchaser, assignee, transferee or participant (the “Participant”), or potential
      Participant, this Agreement and all information, reports, financial statements
      and documents executed or obtained in connection with this Agreement which
      Lender now or hereafter may have relating to the Loan, Borrowers, or the
      business of Borrowers. Notwithstanding anything to the contrary in this Section
      9(d), so long as no Default shall have occurred and be continuing, (i)
      Borrowers’ obligations under this Agreement shall be solely with respect to
      Lender and Borrowers shall not be required to make payment or deliver notices,
      reports or financial statements to, communicate with or otherwise perform its
      obligations hereunder with reference to, any Participants of Lender, (ii) Lender
      shall be solely responsible for the administration of Participants’ records and
      any and all payments and communications to which Participants may be entitled
      as
      a result of any Assignment by Lender, and (iii) if Lender shall Assign all
      of
      its rights and interest under this Agreement, Lender shall designate a
      successor, which shall assume Lender’s obligations to any Participants and, so
      long as no Default shall have occurred and be continuing, Borrowers shall be
      obligated solely with respect to such successor, which shall act as agent for
      and on behalf of any other Participants

    

     (e)    NEW
      YORK LAW GOVERNS; WAIVER OF JURY TRIAL.
      THIS
      AGREEMENT AND ALL OTHER RELATED INSTRUMENTS AND DOCUMENTS AND THE RIGHTS AND
      OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL, IN ALL RESPECTS,
      BE
      GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE
      OF
      NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH STATE),
      INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS
      OF
      THE LOCATION OF THE COLLATERAL.

    

     The
      parties agree that any action or proceeding arising out of or relating to this
      Agreement may be commenced in any state or Federal court of competent
      jurisdiction in the Borough of Manhattan, New York County, New York and each
      party submits to the jurisdiction of such court and agrees that a summons and
      complaint commencing an action or proceeding in any such court shall be properly
      served and shall confer personal jurisdiction if served personally or by
      certified mail to it at its address designated pursuant hereto, or as otherwise
      provided under the laws of the State of New York.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

    

     

     BORROWERS
      HEREBY WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH ANY BORROWER
      OR
      LENDER MAY BE PARTIES, ARISING OUT OF OR IN ANY WAY PERTAINING TO THIS AGREEMENT
      OR THE PROMISSORY NOTE. BORROWERS AUTHORIZE LENDER TO FILE THIS PROVISION WITH
      THE CLERK OR JUDGE OF ANY COURT HEARING SUCH CLAIM. THIS WAIVER IS KNOWINGLY,
      WILLINGLY AND VOLUNTARILY MADE BY BORROWER AND BORROWERS HEREBY ACKNOWLEDGE
      THAT
      NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE
      THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT.
      BORROWERS FURTHER ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED IN THE SIGNING
      OF
      THIS AGREEMENT AND THE PROMISSORY NOTE AND IN THE MAKING OF THIS WAIVER BY
      LEGAL
      COUNSEL, SELECTED OF THEIR OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY
      TO
      DISCUSS THIS WAIVER WITH COUNSEL.

    

     (f)    
Lender
      Expenses.
      Borrower agrees to reimburse Lender for all reasonable legal, audit and
      appraisal fees and all other reasonable out-of-pocket charges and expenses
      incurred by Lender (including the fees and expenses of Lender’s counsel,
      advisors and consultants) in connection with the negotiation, preparation,
      legal
      review and execution of each of the Financing Documents, provided that the
      aggregate amount of such reimbursements for fees and expenses through the
      Closing Date shall not exceed, in the aggregate, Fifty Thousand Dollars
      ($50,000). In addition, Borrowers shall pay all such fees and expenses
      associated with any amendments, modifications and terminations to the Financing
      Documents following closing. 

     

     (g)     Indemnification.
      Borrowers hereby indemnify and agree to defend (with counsel reasonably
      acceptable to Lender) and hold harmless Lender and its shareholders, directors,
      partners, officers, agents and employees (collectively in the singular,
“Indemnitee”) from and against any liability, loss, cost, expense (including
      reasonable attorneys’ fees and expenses of counsel), claim, damage, suit, action
      or proceeding ever suffered or incurred by any Indemnitee or in which an
      Indemnitee may ever be or become involved (whether as a party, witness or
      otherwise) (1) arising from any Borrower’s failure to observe, perform or
      discharge any of its covenants, obligations, agreements or duties under the
      Financing Documents, (2) arising from the breach of any of the
      representations or warranties contained in any Financing Document,
      (3) arising by reason of this Agreement, the other Financing Documents or
      the transactions (other than between or among Lender and any Participant)
      contemplated hereby or thereby, or (4) relating to claims of any Person (other
      than Lender and any Participants) with respect to the Collateral; provided,
      however, Borrower shall not be liable under this Section 10(g) to the extent
      such loss is solely related to an Indemnitee’s gross negligence or willful
      misconduct. Notwithstanding any contrary provision in this Agreement, the
      obligations of Borrowers under this Section 10(g) shall survive the payment
      in full of the Obligations and the termination of this Agreement.

    

     (h)     Waiver
      of Consequential and Other Damages.
      To the
      fullest extent permitted by applicable law, Borrower shall not assert, and
      Borrower hereby waives, any claim against any Indemnitee on any theory of
      liability, for special, indirect, consequential or punitive damages (as opposed
      to direct or actual damages) arising out of, in connection with, or as a result
      of this Agreement, any other Financing Document or any agreement or instrument
      contemplated hereby or thereby, the transactions contemplated hereby or thereby,
      the Loan or the use of the proceeds thereof.

    

     (i)    
 Joint
      and Several Liability.
      Borrowers are defined collectively to include all Persons named as one of the
      Borrowers herein; provided, however, that any references herein to “any
      Borrower”, “each Borrower” or similar references, shall be construed as a
      reference to each individual Person named as one of the Borrowers herein. Each
      Person so named shall be jointly and severally liable for all of the obligations
      of Borrowers under this Agreement. Each Borrower, individually, expressly
      understands, agrees and acknowledges, that the credit facilities would not
      be
      made available on the terms herein in the absence of the collective credit
      of
      all of the Persons named as the Borrowers herein, the joint and several
      liability of all such Persons, and the cross-collateralization of the collateral
      of all such Persons. Accordingly, each Borrower, individually acknowledges
      that
      the benefit to each of the Persons named as one of the Borrowers as a whole
      constitutes reasonably equivalent value, regardless of the amount of the credit
      facilities actually borrowed by, advanced to, or the amount of collateral
      provided by, any individual Borrower. In addition, each entity named as one
      of
      the Borrowers herein hereby acknowledges and agrees that all of the
      representations, warranties, covenants, obligations, conditions, agreements
      and
      other terms contained in this Agreement shall be applicable to and shall be
      binding upon and measured and enforceable individually against each Person
      named
      as one of the Borrowers herein as well as all such Persons when taken
      together.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

    

     

     (j)    
 Confidentiality.
      Lender
      shall hold all non-public information regarding the Borrower and its business
      identified as such by Borrower and obtained by Lender pursuant to the
      requirements hereof (“Confidential Information”) in accordance with Lender’s
      customary procedures for handling information of such nature, except that
      disclosure of such information may be made (1) to its agents, employees,
      subsidiaries, affiliates, attorneys, auditors, professional consultants, rating
      agencies, insurance industry associations and portfolio management services,
      (2) to prospective transferees or purchasers of any interest in the Loan,
provided,
      however,
      that
      any such Persons shall have entered into a confidentiality and non-disclosure
      agreement with Lender, (3) as required by Law, subpoena, judicial order or
      similar order and in connection with any litigation, (4) to an examiner,
      auditor or investigator as may be required in connection with the examination,
      audit or similar investigation of such Person, and (5) to a Person that is
      a trustee, investment advisor, collateral manager, servicer, noteholder or
      secured party in a Securitization (as hereinafter defined) in connection with
      the administration, servicing and reporting on the assets serving as collateral
      for such Securitization. For the purposes of this Section, “Securitization”
shall mean a public or private offering by Lender or any Affiliate of Lender
      or
      their respective successors and assigns, of securities which represent an
      interest in, or which are collateralized, in whole or in part, by the Loan.
      Confidential information shall include only such information identified as
      such
      at the time provided Lender shall not include information that either:
      (A) is in the public domain, or becomes part of the public domain after
      disclosure to such Person through no fault of such Person, or (B) is
      disclosed to such Person by a Person other than Borrower, provided,
      however,
      such
      discloser does not have actual knowledge that such Person is prohibited from
      disclosing such information. The obligations of Lender under this
      Section 10(j) shall supersede and replace the obligations of Lender under
      any confidentiality agreement in respect of this financing executed and
      delivered by Lender prior to the date hereof.

    

     (k)    Customer
      Identification- USA Patriot Act Notice; OFAC and Bank Secrecy
      Act.
      Lender
      hereby notifies Borrowers and Guarantor that pursuant to the requirements of
      the
      USA Patriot Act (Title III of Pub. L. 107-56, signed into law October 26, 2001)
      (the “Act”), and Lender’s policies and practices, Lender is required to obtain,
      verify and record certain information and documentation that identifies each
      Borrower, which information includes the name and address of each Borrower
      and
      such other information that will allow Lender to identify each Borrower and
      Guarantor in accordance with the Act. In addition, each Borrower shall (1)
      ensure that no Person who owns a controlling interest in or otherwise controls
      any Borrower or any subsidiary of any Borrower is or shall be listed on the
      Specially Designated Nationals and Blocked Person List or other similar lists
      maintained by the Office of Foreign Assets Control (“OFAC”), the Department of
      the Treasury or included in any Executive Orders, (2) not use or permit the
      use
      of the proceeds of the Loan to violate any of the foreign asset control
      regulations of OFAC or any enabling statute or Executive Order relating thereto,
      and (3) comply, and cause any of its subsidiaries to comply, with all applicable
      Bank Secrecy Act (“BSA”) laws and regulations, as amended.

    

     (l)     No
      Use
      of Merrill Lynch Name.
      No
      Borrower will directly or indirectly publish, disclose or otherwise use in
      any
      advertising or promotional material, or press release or interview, the name,
      logo or any trademark of Lender, Merrill Lynch & Co., Inc., or any of its or
      their affiliates. Notwithstanding the foregoing, Lender understands and
      acknowledges that Borrower intends to issue a press release announcing the
      execution of this Agreement, in such form as is reasonably acceptable to Lender,
      will file a Form 8-K with the Securities and Exchange Commission, to which
      will
      be attached the press release and copies of the material Financing Documents,
      and will take such other actions, including discussing the closing of the Loan
      in stockholder conference calls, as Borrower shall deem necessary or appropriate
      to comply with Borrower’s disclosure obligations under the federal securities
      laws.

    

     (m)
         Time. Time
      is
      of the essence in each Borrower’s performance under this Agreement and all other
      Financing Documents. 

    

     (n)     Amendments
      and Waivers.
      No
      provision of this Agreement or any other Financing Document may be amended,
      waived or otherwise modified unless such amendment, waiver or other modification
      is in writing and is signed or otherwise approved by Borrowers, and
      Lender.

    

    11.    Reserved.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

    

     

    12.    Definitions
      and Rules of Construction.
      The
      following terms when used in this Agreement or in the other Financing Documents
      have the following meanings: 

    

     “Accounts”
means
      collectively (a) any right to payment of a monetary obligation, whether or
      not earned by performance, (b) without duplication, any “account” (as
      defined in the UCC), any accounts receivable (whether in the form of payments
      for services rendered or goods sold, rents, license fees or otherwise), any
      “health-care-insurance receivables” (as defined in the UCC), any “payment
      intangibles” (as defined in the UCC) and all other rights to payment and/or
      reimbursement of every kind and description, whether or not earned by
      performance, (c) all accounts, “general intangibles” (as defined in the
      UCC), Intellectual Property, rights, remedies, guarantees, “supporting
      obligations” (as defined in the UCC), “letter-of-credit rights” (as defined in
      the UCC) and security interests in respect of the foregoing, all rights of
      enforcement and collection relating to the foregoing, all books and records
      evidencing or related to the foregoing, and all rights under the Financing
      Documents in respect of the foregoing, (d) all information and data
      compiled or derived by any Borrower or to which any Borrower is entitled in
      respect of or related to the foregoing, and (e) all proceeds of any of the
      foregoing.

    

     “Affiliate”
      means,
      with respect to any Person (a) any Person that directly or indirectly
      controls such Person, (b) any Person which is controlled by or is under
      common control with such controlling Person, and (c) each of such Person’s
      (other than, with respect to Lender, Lender’s) officers or directors (or Persons
      functioning in substantially similar roles) and the spouses, parents,
      descendants and siblings of such officers, directors or other Persons. As used
      in this definition, the term “control” of a Person means the possession,
      directly or indirectly, of the power to vote five percent (5%) or more of any
      class of voting securities of such Person or to direct or cause the direction
      of
      the management or policies of a Person, whether through the ownership of voting
      securities, by contract or otherwise.

    

     “Applicable
      Law”
or
      “Law”:
      any
      law, rule, regulation, ordinance, order, code, common law, interpretation,
      judgment, directive, decree, treaty, injunction, writ, determination, award,
      permit or similar norm or decision of any Governmental Authority and
      “Anti-Terrorism
      Laws”
means
      any Laws relating to terrorism or money laundering, including Executive Order
      No. 13224 (effective September 24, 2001), the USA PATRIOT Act, the
      Laws comprising or implementing the Bank Secrecy Act, and the Laws administered
      by OFAC.

    
 

     “Blocked
      Person”
means
      any Person: (a) listed in the annex to, or is otherwise subject to the
      provisions of Change of Control, Executive Order No. 13224, (b)  owned
      or controlled by, or acting for or on behalf of, any Person that is listed
      in
      the annex to, or is otherwise subject to the provisions of, Executive Order
      No. 13224, (c)  with which Lender is prohibited from dealing or
      otherwise engaging in any transaction by any Anti-Terrorism Law, (d)  that
      commits, threatens or conspires to commit or supports “terrorism” as defined in
      Executive Order No. 13224, or (v) that is named a “specially
      designated national” or “blocked person” on the most current list published by
      OFAC or other similar list or is named as a “listed person” or “listed entity”
on other lists made under any Anti-Terrorism Law.

    

     “Business
      Day”
      shall
      mean any day other than a Saturday, a Sunday, and any day on which the New
      York
      Stock Exchange is authorized by law or other governmental action to
      close.

    

     “Collateral”
      means
      (a)
      at all times prior to the Collateral Modification Date, the property listed
      on
      Schedule 1-A attached hereto (provided, however, that the property listed on
      Annex A attached hereto shall not be deemed a part of the Collateral until
      Lender funds the initial advance under the Loan), and (b) commencing on the
      Collateral Modification Date (provided that no Default has occurred and is
      continuing at such time) and at all times thereafter, the property listed on
      Schedule 1-B attached hereto.

    

     “Collateral
      Modification Date”
      means of
      the earlier to occur of (a) the receipt by the Principal Borrower of the FDA
      Approval or (b) the Principal Borrower has maintained, over a continuous
      twelve-month period ending on or after March 31, 2008, measured at the end
      of
      each calendar quarter, a minimum cash balance equal to the Principal Borrower’s
      projected cash requirements for the following twelve-month period.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

       

    

    “Collateral
      Schedule”,
      with
      respect to each Equipment Advance, means a schedule, in substantially the form
      attached to this Agreement as Exhibit 2, describing the Financed Equipment
      acquired with the proceeds of the Loan, now or hereafter executed in connection
      with such Equipment Advance and the Promissory Note.

    

    “Debt”
of
      a
      Person means at any date, without duplication, (a) all obligations of such
      Person for borrowed money, (b) all obligations of such Person evidenced by
      bonds, debentures, notes or other similar instruments, (c) all obligations
      of such Person to pay the deferred purchase price of property or services,
      except trade accounts payable arising and paid on a timely basis and in the
      ordinary course of business, (d) all capital leases of such Person,
      (e) all non-contingent obligations of such Person to reimburse any bank or
      other Person in respect of amounts paid under a letter of credit, banker’s
      acceptance or similar instrument, (f) all equity securities of such Person
      subject to repurchase or redemption otherwise than at the sole option of such
      Person, (g) all obligations secured by a Lien on any asset of such Person,
      whether or not such obligation is otherwise an obligation of such Person,
      (h) ”earnouts”, purchase price adjustments, profit sharing arrangements,
      deferred purchase money amounts and similar payment obligations or continuing
      obligations of any nature of such Person arising out of purchase and sale
      contracts, (i) all Debt of others guaranteed by such Person, (j) off-balance
      sheet liabilities and/or pension plan liabilities of such Person, (k)
      obligations arising under non-compete agreements, and (l) obligations arising
      under bonus, deferred compensation, incentive compensation or similar
      arrangements, other than those arising in the ordinary course of business.
      Without duplication of any of the foregoing, Debt of Borrowers shall include
      any
      and all Loans.

    

    “Draw
      Period”
is
      the
      period of time from the date hereof through the earlier to occur of (a) May
      31, 2008, or (b) a Default; provided, however, that if a Default has not
      occurred and is not continuing as of May 31, 2008 and the full amount of the
      Loan has not been advanced prior to such date then Lender shall consider, on
      a
      best efforts basis, extending the Draw Period by an additional six months.
      The
      Draw Period shall not be deemed to be extended beyond May 31, 2008 unless Lender
      provides written notice of such extension to Borrowers.

     

    “Eligible
      Equipment”
is
      the
      following to the extent it complies with all of Borrower’s representations and
      warranties to Lender, is acceptable to Lender in all respects, is located at
      a
      location of Borrower listed in Borrower’s Schedule and identified on the
      applicable Collateral Schedule, or such other location of which Lender has
      approved in writing, and is subject to a first priority Lien in favor of Lender:
      (a) equipment financed in connection with the GECC Debt, (b) new laboratory
      and
      manufacturing equipment and (c) Other Equipment.

    

    “Eligible
      Market”
      means
      any national securities exchange, the NASDAQ Global Select Market, the NASDAQ
      Global Market or the NASDAQ Capital Market.

    

    “Environmental
      Law”
      shall
      mean any present or future federal, foreign, state or local law, ordinance,
      order, rule or regulation and all judicial, administrative and regulatory
      decrees, judgments and orders, pertaining to health, industrial hygiene, the
      use, disposal or transportation of Hazardous Substances, environmental
      contamination, or pertaining to the protection of the environment, including,
      but not limited to, the Comprehensive Environmental Response, Compensation,
      and
      Liability Act (“CERCLA”) (42 U.S.C. §9601 et seq.),
      the
      Hazardous Material Transportation Act (49 U.S.C. §1801 et seq.),
      the
      Federal Water Pollution Control Act (33 U.S.C. Section 1251 et seq.),
      the
      Resource Conservation and Recovery Act (42 U.S.C. §6901 et seq.),
      the
      Clean Air Act (42 U.S.C. §7401 et seq.),
      the
      Toxic Substances Control Act (15 U.S.C. § 2601 et seq.),
      the
      Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. §1361 et seq.),
      the
      Occupational Safety and Health Act (19 U.S.C. §651 et seq.),
      the
      Hazardous and Solid Waste Amendments (42 U.S.C. §2601 et seq.),
      as
      these laws have been or may be amended or supplemented, and any successor
      thereto, and any analogous foreign, state or local statutes, and the rules,
      regulations and orders promulgated pursuant thereto.

    

    “Equipment
      Line”
      means
      the lesser of (a) Twelve Million Five Hundred Thousand Dollars ($12,500,000)
      or
      (b) an amount equal to (i) Five Million Dollars ($5,000,000), plus (ii) the
      proceeds of the Loan used to pay off the GECC Debt , plus (iii) the applicable
      New Capital Availability Increase Amount.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

    

     

    “ERISA”
means
      the Employee Retirement Income Security Act of 1974, as the same may be amended,
      modified or supplemented from time to time, and any successor statute thereto,
      and any and all rules or regulations promulgated from time to time
      thereunder.

    

    “Exchange
      Act”
      means
      the Securities Exchange Act of 1934, as amended.

    

    “FDA
      Approval”
      means
      approval from the United States Food and Drug Administration of Principal
      Borrower’s New Drug Application to market Surfaxin® for the prevention of
      respiratory distress syndrome in premature infants.

    

    “Financing
      Documents”
      has the
      meaning set forth in Section 1(c) of this Agreement.

    

    “Financed
      Equipment” means,
      with respect to an Equipment Advance, each and every item of Eligible
      Equipment
      financed
      by such Equipment Advance.

    

    “GECC
      Payoff Equipment Advance”
      means
      the Equipment Advance for which the proceeds are used to repay the GECC
      Debt.

    

    “Governmental
      Authority”
      means
      any federal, state, county, municipal, regional or other governmental authority,
      agency, board, body, instrumentality or court, in each case, whether domestic
      or
      foreign.

    

    “Hard
      Costs” means
      the
      costs of all Eligible Equipment other than Other Equipment.

    

    “Hard
      Cost Equipment Advance”
      means an
      Equipment Advance the proceeds of which are used to finance the purchase of
      Hard
      Costs.

    

    “Hazardous
      Substances”
      shall
      mean and include hazardous substances as defined in CERCLA; oil of any kind,
      petroleum products and their by-products, including, but not limited to, sludge
      or residue; asbestos containing materials; polychlorinated biphenyls; any and
      all other hazardous or toxic substances; hazardous waste, as defined in CERCLA;
      medical waste; infectious waste; those substances listed in the United States
      Department of Transportation Table (49 C.F.R. §172.101); explosives; radioactive
      materials; and all other pollutants, contaminants and other substances regulated
      or controlled by the Environmental Laws and any other substance that requires
      special handling in its collection, storage, treatment or disposal under the
      Environmental Laws.

    

    “Intellectual
      Property”
means,
      with respect to any Person, (a) all patents, patent applications and like
      protections, including improvements divisions, continuation, renewals, reissues,
      extensions and continuations in part of the same, trademarks, trade names,
      trade
      styles, trade dress, service marks, logos and other business identifiers and,
      to
      the extent permitted under applicable law, any applications therefore, whether
      registered or not, and the goodwill of the business of such Person connected
      with and symbolized thereby, copyright rights, copyright applications, copyright
      registrations and like protections in each work of authorship and derivative
      works, whether published or unpublished, technology, know-how and processes,
      operating manuals, trade secrets, rights to unpatented inventions and all
      applications therefore and (b) all licenses therefore of any of the foregoing,
      used in or necessary for the conduct of business by such Person and all claims
      for damages by way of any past, present or future infringement of any of the
      foregoing, including without limitation the license of Surfaxin.

    

    “LIBOR
      Rate”
means
      a
      rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%)
      equal
      to (a) the rate of interest which is identified and normally published by
      Bloomberg Professional Service Page BBAM 1 as the offered rate for loans in
      United States dollars for the period of one (1) month under the caption British
      Bankers Association LIBOR Rates as of 11:00 a.m. (London time) as adjusted
      on a daily basis and effective on the second full Business Day after each such
      day (unless such date is not a Business Day, in which event the next succeeding
      Business Day will be used); divided
      by
      (b) the sum of one minus
      the
      daily average during the preceding month of the aggregate maximum reserve
      requirement (expressed as a decimal) then imposed under Regulation D of the
      Board of Governors of the Federal Reserve System (or any successor thereto)
      for
“Eurocurrency Liabilities” (as defined therein). If Bloomberg Professional
      Service (or another nationally-recognized rate reporting source acceptable
      to
      Lender) no longer reports the LIBOR or Lender determines in good faith that
      the
      rate so reported no longer accurately reflects the rate available to Lender
      in
      the London Interbank Market or if such index no longer exists or if
      Page BBAM 1 no longer exists or accurately reflects the rate available to
      Lender in the London Interbank Market, Lender may select a comparable
      replacement index or replacement page, as the case may be.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

    

     

    “License
      Agreement” means
      the
      Sublicense Agreement dated October 28, 1996 among Johnson & Johnson and
      Ortho Pharmaceuticals Corporation, as licensors, and the Principal Borrower
      (as
      successor to Acute Therapeutics, Inc.), as licensee.

    

    “Lien”
means,
      with
      respect to any asset, any mortgage, lien, pledge, charge, security interest
      or
      encumbrance of any kind, or any other type of preferential arrangement that
      has
      the practical effect of creating a security interest, in respect of such
      asset.

    

    “Material
      Adverse Effect” shall
      mean (1) a materially adverse effect on the business, condition (financial
      or
      otherwise), operations, performance or properties of any Borrower, or (2) any
      impairment of the ability of any Borrower to perform its obligations under
      or to
      remain in compliance with the Financing Documents.

    

    “Merrill
      Lynch”
means
      Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services
      Inc., and its successors.

    

    “New
      Capital Availability Increase Amount” means
      an
      amount equal to One Million Dollars ($1,000,000) for each Ten Million Dollars
      ($10,000,000) of new capital raised by the Principal Borrower from and after
      the
      date of this Agreement in connection with a stock offering, business development
      partnerships or similar financings. 

    

    “Other
      Equipment”
is
      leasehold improvements, intangible property such as computer software and
      software licenses, equipment specifically designed or manufactured for
      Borrowers, other intangible property, limited use property and other similar
      property and soft costs approved by Lender, including taxes, shipping, warranty
      charges, freight discounts and installation expenses which are incurred by
      a
      Borrower in connection with the purchase of Eligible Equipment financed by
      a
      Hard Cost Equipment Advance.

    

    “Other
      Equipment Advance”
means
      an Equipment Advance the proceeds of which are used to finance Other
      Equipment.

    

    “Participant”
      has the
      meaning set forth in Section 10(d)(iii).

    

    “Person”
means
      any individual, corporation, partnership, joint venture, or other legal entity
      or a governmental authority, whether employed, hired, affiliated, owned,
      contracted with, or otherwise related or unrelated to Lender
      or
      Borrowers.

    

    “Pharmabio
      Indebtedness” is
      all
      Indebtedness owed by Borrower to Pharmabio Development, Inc.

    

    “Security
      Document”
means
      this Agreement and any other agreement, document or instrument executed
      concurrently herewith or at any time hereafter pursuant to which one or more
      Credit Parties or any other Person either (a) guarantees payment or performance
      of all or any portion of the Obligations, and/or (b) provides, as security
      for
      all or any portion of the Obligations, a Lien on any of its assets in favor
      of
      Lender, as any or all of the same may be amended, supplemented, restated or
      otherwise modified from time to time.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

       

      
        Exhibit
          10.1

         

        
          	  	
                  EXECUTION
                    COPY

                

        

      

       

    

    “Term
      of the Equipment Advance”
      shall
      mean, with respect to each Hard Cost Equipment Advance, thirty-six (36) months;
      with respect to each Other Equipment Advance, twenty-four (24) months; and
      with
      respect to the GECC Payoff Equipment Advance, twenty-seven (27) months.

    

    “UCC”
or
      “Uniform
      Commercial Code”:
      the
      Uniform Commercial Code as in effect in the State of New York or in any other
      applicable jurisdiction; and any reference to an article or section thereof
      shall mean the corresponding article or section (however termed) of any such
      applicable version of the Uniform Commercial Code.

    

    The
      following terms when used herein or in any of the Financing Documents shall
      be
      construed as follows: (a) “herein,”
      “hereof,”
      “hereunder,”
etc.:
      in, of, under, etc. this Agreement or such other Financing Document in which
      such term appears (and not merely in, of, under, etc. the section or provision
      where the reference occurs); (b) “including”:
      means
      including without limitation unless such term is followed by the words “and
      limited to,” or similar words; and (c) “or”:
      at
      least one, but not necessarily only one, of the alternatives enumerated. Any
      defined term used in the singular preceded by “any” indicates any number of the
      members of the relevant class. Any Financing Document or other agreement or
      instrument referred to herein means such agreement or instrument as supplemented
      and amended from time to time. Any reference to Lender,
      a
Lender
      or
      Borrower shall include their successors and permitted assigns. Any reference
      to
      an Applicable Law shall also mean such Law as amended, superseded or replaced
      from time to time.

    

    [REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
        10.1

       

      
        	  	
                EXECUTION
                  COPY

              

      

       

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Credit and Security
      Agreement to be duly executed as of the day and year first above
      written.

    

    
      	
              LENDER:

            	
              BORROWER:

            
	
              MERRILL
                LYNCH CAPITAL, A DIVISION

              OF
                MERRILL LYNCH BUSINESS

              FINANCIAL
                SERVICES INC.

               

            	
              DISCOVERY
                LABORATORIES, INC.

               

               

               

            
	
              By:   
                       

              
                Name:      

                Title:        

              

            	
              By:   
                       

              Name:      

              Title: 
                      

            
	 	 
	
              Address:

               

              222
                North LaSalle Street, 16th
                Floor

              Chicago,
                Illinois 60601

              Attn:
                Account Manager for MLC-HCF

              Discovery
                Laboratories transaction

              Facsimile:1-866-231-8408

              Email:
                MLC_HCF-ABL1@ml.com

               

            	
              Address:

               

              2600
                Kelly Road, Suite 100

              Warrington,
                Pennsylvania 18976-3622

              Facsimile:
                ______________________________

              Form
                of Organization: corporation

              Jurisdiction
                of 

              Organization:
                Delaware

              Organizational
                No.:2315242

              Federal
                Employer Identification No.:94-3171943

               

            
	
              With
                copies to:

               

              Merrill
                Lynch Capital

              222
                N. LaSalle Street, 16th
                Floor

              Chicago,
                Illinois 60601

              Attn:
                Group Senior Transaction Attorney, Healthcare Finance

              Facsimile
                Number: (312) 499-3245

               

              Merrill
                Lynch Capital

              7700
                Wisconsin Ave., Suite 400

              Bethesda,
                Maryland 20814

              Attn:
                Group Senior Transaction Attorney, Healthcare Finance

              Facsimile
                Number: (866) 341-9053

               

            	
              Discovery
                Laboratories, Inc.

              2600
                Kelly Road, Suite 100

              Warrington,
                Pennsylvania 18976-3622

              Attention:
                General Counsel

              Facsimile:
                (215) 448-9557

            

    

    

      [Signature
        Page to Credit Agreement]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	      Exhibit
              1 (Form of Promissory Note)

    

    

    [see
      attached]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	      Schedule
              1-A (Collateral)

    

     

    [see
      attached]

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	      Schedule
              1-A (Collateral)

    

    

    SCHEDULE
      1-A

    

    COLLATERAL

    

    The
      Collateral consists of all of each Borrower’s right,
      title and interest in and to the following, whether now owned or hereafter
      created, acquired or arising:

    

    All
      property listed on any collateral schedule now or in the future annexed to
      or
      made a part of this Agreement;

    

    All
      property listed on Annex 1 attached hereto;
      provided, however, that Lender’s Lien on and security interest in, upon and to
      the property
      listed on Annex 1 attached hereto shall
      not
      arise until the funding of the GECC Payoff Equipment Advance;

    

    All
      Intellectual Property and all Proceeds, including Cash Proceeds and Noncash
      Proceeds, of such Intellectual Property; provided,
      however,
      for the
      purposes hereof, the term “Collateral” shall not include any license, Contract
      or agreement to which any Borrower is a party or any of its rights or interests
      thereunder to the extent, but only to the extent, that such a grant would,
      under
      the terms of such license, Contract or agreement or otherwise, result in a
      breach of the terms of, or constitute a default under any license, Contract
      or
      agreement to which any Borrower is a party (other than to the extent that any
      such term would be rendered ineffective pursuant to the UCC or any other
      applicable law (including the Bankruptcy Code, 11 U.S.C. Sec. 362(a)) or
      principles of equity; provided, that immediately upon the ineffectiveness,
      lapse
      or termination of any such provision, the Collateral shall include, and
      Borrowers shall be deemed to have granted a security interest in, all such
      rights and interests as if such provision had never been in effect;
      and

    

    All
      of
      each Borrower’s claims, rights and interests in any of the above and all
      substitutions and exchanges for, additions, attachments, accessories, accessions
      and improvements to and replacements, products and insurance and other Proceeds
      of any and all of the foregoing.

    

    Notwithstanding
      the foregoing, upon the payment in full of (a) all principal, accrued interest
      and other amounts due in connection with any Hard Cost Equipment Advance,
      including, without limitation, any applicable prepayment fee, and (b) all
      principal, accrued interest and other amounts due in connection with any Other
      Equipment Advances made in conjunction with such Hard Cost Equipment Advance,
      including, without limitation, any applicable prepayment fee, and provided
      that
      no Default has occurred and is continuing, all Financed Equipment financed
      by
      such Hard Cost Equipment Advance shall no longer be included in the
      Collateral.

    

    Definitions:

    

    “Cash
      Proceeds”; “Noncash Proceeds”; Software”; shall each have the meaning set forth
      in the UCC.

    

    “Contracts”
      shall mean contracts, agreements, commitments, understandings and arrangements
      creating or related to Intellectual Property between any Borrower and one or
      more other parties, or under or with respect to which any Borrower has
      rights.

    

    “Copyrights”
      shall mean, collectively, all copyrights (whether such copyrights are statutory
      or common law, whether established or registered in the United States or any
      other country or any political subdivision thereof, whether registered or
      unregistered and whether published or unpublished) and all copyright
      registrations and applications, and in each case, whether now owned or hereafter
      created or acquired, together with any and all (i) rights and privileges
      arising under applicable law with respect to the use of such copyrights,
      (ii) reissues, renewals, continuations and extensions thereof, (iii)
      income, fees, royalties, damages, claims and payments now or hereafter due
      or
      payable with respect thereto, including, without limitation, damages and
      payments for past, present or future infringements thereof, (iv) rights
      corresponding thereto throughout the world and (v) rights to sue for past,
      present or future infringements thereof.

    

    “Credit
      Agreement” means that certain Credit and Security Agreement dated as of May 21,
      2007 among Borrowers and Lender.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

      	      Schedule
              1-A (Collateral)

    

    

    “Financed
      Equipment” has the meaning set forth in the Credit Agreement.

    

    “Hard
      Cost Equipment Advance” has the meaning set forth in the Credit
      Agreement.

    

    “Intellectual
      Property” means, with respect to any Person, all Patents, Patent applications
      and like protections, including improvements divisions, continuation, renewals,
      reissues, extensions and continuations in part of the same, Trademarks, to
      the
      extent permitted under applicable law, any applications therefore, whether
      registered or not, and the goodwill of the business of such Person connected
      with and symbolized thereby, Copyrights and like protections in each work of
      authorship and derivative works, whether published or unpublished, technology,
      Know-How and processes, operating manuals, trade secrets, rights to unpatented
      inventions and all applications and licenses therefore, used in or necessary
      for
      the conduct of business by such Person and all claims for damages by way of
      any
      past, present or future infringement of any of the foregoing.

    

    “Know-How”
      shall mean all know-how and other information, including, without limitation,
      ideas, discoveries, inventions, data, techniques, specifications, processes,
      procedures, manufacturing and technical information, results from experiments
      and tests, instructions, methods, formulae, designs, plans, sketches, records,
      confidential analyses, interpretations of information, and trade secrets, or
      any
      similar items, in any media form, whether or not tangible, including, without
      limitation, any paper or electronic form.

    

    “Other
      Equipment Advance” has the meaning set forth in the Credit
      Agreement.

    

    “Patents”
      shall mean all of the following whether now owned or hereafter acquired:
      (a) all patents of the United States or any other country, all
      registrations and recordings thereof, and all applications for patents of the
      United States or any other country, including registrations, recordings and
      pending applications in the United States Patent and Trademark Office or any
      other country, (b) all reissues, continuations, divisions,
      continuations-in-part, renewals or extensions thereof, and the inventions
      disclosed or claimed therein, including the right to make, use or sell the
      inventions disclosed or claimed therein and (c) all income, fees, royalties,
      damages, claims and payments now or hereafter due or payable with respect
      thereto, including, without limitation, damages and payments for past, present
      or future infringements thereof.

    

    “Person”
      means any individual, corporation, partnership, joint venture, or other legal
      entity or a governmental authority, whether employed, hired, affiliated, owned,
      contracted with, or otherwise related or unrelated to Lender or any
      Borrower.

    

    “Proceeds”
      shall mean, collectively, all “proceeds,” as such term is defined in the UCC,
      and in any event shall include, without limitation, any consideration received
      from the sale, exchange, license, lease or other disposition of any asset or
      property that constitutes Collateral, any value received as a consequence of
      the
      possession of any Collateral and any payment received from any insurer or other
      person or entity as a result of the destruction, loss, theft, damage or other
      involuntary conversion of whatever nature of any asset or property that
      constitutes Collateral, and shall include (a) any claim against any third
      party for (and the right to sue and recover for and the rights to damages or
      profits due or accrued arising out of or in connection with) (i) past,
      present or future infringement of any Patent now or hereafter owned,
      (ii) past, present or future infringement or dilution of any Trademark now
      or hereafter owned or injury to the goodwill associated with or symbolized
      by
      any Trademark now or hereafter owned, (iii) past, present or future infringement
      of any Copyright now or hereafter owned and (b) any and all other amounts
      from time to time paid or payable under or in connection with any of the
      Collateral.

    

    “Trademarks”
      shall mean all of the following whether now owned or hereafter acquired:
      (a) all trademarks, service marks, trade names, corporate names, company
      names, business names, fictitious business names, trade styles, trade dress,
      logos, other source or business identifiers, designs and general intangibles
      of
      like nature, all registrations and recordings thereof, and all registration
      and
      recording applications filed in connection therewith, including registrations
      and registration applications in the United States Patent and Trademark Office,
      any State of the United States or any similar offices in any other country
      or
      any political subdivision thereof, and all extensions or renewals thereof,
      (b)
      all income, fees, royalties, damages, claims and payments now or hereafter
      due
      or payable with respect thereto, including, without limitation, damages and
      payments for past, present or future infringements thereof, (c) all
      goodwill associated therewith or symbolized thereby, and (d) all other
      assets, rights and interests that uniquely reflect or embody such
      goodwill.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	      Schedule
              1-A (Collateral)

    

     

    “UCC”
      means the Uniform Commercial Code as in effect in the State of New York or
      in
      any other applicable jurisdiction; and any reference to an article or section
      thereof shall mean the corresponding article or section (however termed) of
      any
      such applicable version of the Uniform Commercial Code.

     

    References
      to capitalized terms that are not defined herein, but are defined in the UCC,
      shall have the meanings given them in the UCC.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	      Schedule
              1-B (Collateral)

    

    

    SCHEDULE
      1-B

    

    COLLATERAL

    

    The
      Collateral consists of all of each Borrower’s right,
      title and interest in and to the following, whether now owned or hereafter
      created, acquired or arising:

    

    All
      property listed on any collateral schedule now or in the future annexed to
      or
      made a part of this Agreement;

    

    All
      property listed on Annex 1 attached hereto; and

    

    All
      of
      each Borrower’s claims, rights and interests in any of the above and all
      substitutions and exchanges for, additions, attachments, accessories, accessions
      and improvements to and replacements, products and insurance and other Proceeds
      of any and all of the foregoing.

    

    Notwithstanding
      the foregoing, upon the payment in full of (a) all principal, accrued interest
      and other amounts due in connection with any Hard Cost Equipment Advance,
      including, without limitation, any applicable prepayment fee, and (b) all
      principal, accrued interest and other amounts due in connection with any Other
      Equipment Advances made in conjunction with such Hard Cost Equipment Advance,
      including, without limitation, any applicable prepayment fee, and provided
      that
      no Default has occurred and is continuing, all Financed Equipment financed
      by
      such Hard Cost Equipment Advance shall no longer be included in the
      Collateral.

    

    Definitions:

    

    “Credit
      Agreement” means that certain Credit and Security Agreement dated as of May 21,
      2007 among Borrowers and Lender.

    

    “Financed
      Equipment” has the meaning set forth in the Credit Agreement.

    

    “Hard
      Cost Equipment Advance” has the meaning set forth in the Credit
      Agreement.

    

    “Other
      Equipment Advance” has the meaning set forth in the Credit
      Agreement.

    

    “Proceeds”
      shall mean, collectively, all “proceeds,” as such term is defined in the UCC,
      and in any event shall include, without limitation, any consideration received
      from the sale, exchange, license, lease or other disposition of any asset or
      property that constitutes Collateral, any value received as a consequence of
      the
      possession of any Collateral and any payment received from any insurer or other
      person or entity as a result of the destruction, loss, theft, damage or other
      involuntary conversion of whatever nature of any asset or property that
      constitutes Collateral, and shall include any and all other amounts from time
      to
      time paid or payable under or in connection with any of the
      Collateral.

    

    “UCC”
      means the Uniform Commercial Code as in effect in the State of New York or
      in
      any other applicable jurisdiction; and any reference to an article or section
      thereof shall mean the corresponding article or section (however termed) of
      any
      such applicable version of the Uniform Commercial Code.

     

    References
      to capitalized terms that are not defined herein, but are defined in the UCC,
      shall have the meanings given them in the UCC.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	      Annex
              1 (Collateral)

    

    

    ANNEX
      1

    

    [see
      attached]

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