Document:

EX-10.3

ASSIGNMENT OF CONTRACT

THIS ASSIGNMENT OF CONTRACT (the “Assignment”) is made as of the 12th day of

June, 2007 by Triple Net Properties, LLC, a Virginia limited liability company (“Assignor”) to

Apartment REIT Park at North Gate, LP, a Texas limited partnership (“Assignee”).

RECITALS

Assignor and North Spring Park, LLC, a Utah limited liability company entered into that
certain Purchase and Sale Agreement, dated February 21, 2007, as amended (as amended, the
“Contract”) with respect to certain property known as Parks at Northgate Apartments, located in
Harris County, Texas, as more particularly described in the Contract. Assignor desires to assign
all of its rights, title and interest in and to the Contract to Assignee.

AGREEMENT

FOR and in consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Assignor hereby assigns all of its
rights, title and interest in and to the Contract to Assignee.

Assignee by its execution of this Assignment hereby assumes all of Assignor’s obligations
under the Contract.

WITNESS the following signatures:

	 	 	 	 	 
	ASSIGNOR:

	 	Triple Net Properties, LLC,
	 	

	 	 	a Virginia limited liability company
	
 
	 	By: /s/ Jack Maurer
	 	

	 	 	 
	
 
	 	Name:
	 	Jack Maurer
	
 
	 	 
	 	 

Title: Executive Vice President

	 	 	 	 	 	 	 	 	 
	 	 	ASSIGNEE:	 	Apartment REIT Park at North Gate, LP,	 	 
	 	 	 	 	a Texas limited partnership	 	 
	 

	 	

	 	

	 	

	 	

	 	 	 	 	By:	 	Apartment REIT Park at North Gate GP, LLC, 
	 	 	 	 	 	 	a Delaware limited liability company
	
 
	 	 	 	Its:
	 	General Partner
	 	

	
 
	 	 	 	 	 	By:

Its:
	 	NNN Apartment REIT Holdings, L.P., 

a Virginia limited partnership

Manager

By: NNN Apartment REIT, Inc., a Maryland corporation

	 	 	 
	Its:

	 	General Partner
	By:

	 	/s/ Gus G. Remppies
	 

	 	 
	Name:

	 	Gus G. Remppies
	
 
	 	 
	Title:

	 	Executive Vice President
	 

	 	 

#1318078 v1 021255.04907EXHIBIT
      A-1

     

    [FORM
      OF THE CLASS A-1 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    FOR
      SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
      THIS
      CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON
      BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH
      SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN

     

    
      
        
        

      

      
        A-1-1

        
          

        

      

      
        
        

      

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS A-1

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

    

      
        	
                Series
                  2007-CB5, Class A-1

              	 	
                Original
                  Class Certificate Principal Balance of the Class A-1 Certificates
                  as of
                  the Closing Date: $164,951,000

              
	
                Pass-Through
                  Rate: Floating

              	 	 
	 	 	 
	
                Date
                  of Pooling and Servicing Agreement and Cut-off Date: May 1,
                  2007

              	 	
                Initial
                  Certificate Principal Balance: $164,951,000

              
	 	 	 
	
                First
                  Distribution Date: June 25, 2007

              	 	
                Servicer:
                  Litton Loan Servicing LP

              
	 	 	 
	
                No.

              	 	
                Trustee:
                  LaSalle Bank National Association

              
	 	 	 
	
                CUSIP:
                  12464Y AA7

              	 	
                Closing
                  Date: May 31, 2007

              
	 	 	 
	
                ISIN:
                  US12464YAA73

              	 	 

      

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that _______________ is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      A-1
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class A-1 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among
Asset
      Backed Funding Corporation
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the
      “Seller”), the Servicer and 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-1-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class A-1 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class A-1 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of $5,000,000, or by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register, provided that
      the Certificate Registrar may deduct a reasonable wire transfer fee from any
      payment made by wire transfer. Notwithstanding the above, each distribution
      (other than the final distribution) with respect to a Book-Entry Certificate
      shall be paid to the Depository, which shall credit the amount of such
      distribution to the accounts of its Depository Participants in accordance with
      its normal procedures and the final distribution on this Certificate will be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    The
      Class
      A-1 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class A-1
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class A-1 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class A-1 Certificates.

     

    The
      Class
      A-1 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. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        A-1-3

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same 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
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        A-1-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 	 
	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Officer

            
	
            	 	 	
            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

    
      	 	 	 	 
	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Certificate Registrar

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Signatory

            
	
            	 	 	
            
	
              Date
                of authentication:

            	 	 	 

    

     

    
      
        
        

      

      
        A-1-5

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -
                as
                tenants in common

              TEN
                ENT - 
                as
                tenants by the entireties

              JT
                TEN -     
                as
                joint tenants with right

                 
                of survivorship and not as

                 
                tenants in common

            	
              UNIF
                GIFT MIN ACT -  
                Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

            

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        A-1-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      _______________________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) ____________ a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

            

    

     

    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-1-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-2

     

    [FORM
      OF THE CLASS A-2 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    FOR
      SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
      THIS
      CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON
      BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH
      SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN.

     

    
      
        
        

      

      
        A-2-1

        
          

        

      

      
        
        

      

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS A-2

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class A-2

               

              Pass-Through
                Rate: Floating

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

               

              CUSIP:
                12464Y AB5

               

              ISIN:
                US12464YAB56

            	
              Original
                Class Certificate Principal Balance of the Class A-2 Certificates
                as of
                the Closing 

               

              Date:
                $91,350,000

               

              Initial
                Certificate Principal Balance: $91,350,000 

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that _______________ is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      A-2
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class A-2 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among
Asset
      Backed Funding Corporation
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the
      “Seller”), the Servicer and 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-2-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class A-2 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class A-2 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of $5,000,000, or by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register, provided that
      the Certificate Registrar may deduct a reasonable wire transfer fee from any
      payment made by wire transfer. Notwithstanding the above, each distribution
      (other than the final distribution) with respect to a Book-Entry Certificate
      shall be paid to the Depository, which shall credit the amount of such
      distribution to the accounts of its Depository Participants in accordance with
      its normal procedures and the final distribution on this Certificate will be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    The
      Class
      A-2 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class A-2
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class A-2 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class A-2 Certificates.

     

    The
      Class
      A-2 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. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        A-2-3

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same 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
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        A-2-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	Dated:	 	 	 
	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Certificate Registrar

            
	 	 	 	 
	 	 	 	 
	
            	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Signatory

            
	
            	 	 	
            
	
              Date
                of authentication:

            	 	 	 

    

     

    
      
        
        

      

      
        A-2-5

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -
                as
                tenants in common

              TEN
                ENT -  as
                tenants by the entireties

              JT
                TEN -      as
                joint tenants with right

                  of
                survivorship and not as

                  tenants
                in common

            	
              UNIF
                GIFT MIN ACT -     
                Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

            

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        A-2-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      _______________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) ___________________________ a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

            
	
            	 	 	
            

    

     

    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-2-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-3

     

    [FORM
      OF THE CLASS A-3 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    FOR
      SO LONG AS THE SUPPLEMENTAL INTEREST TRUST IS IN EXISTENCE, NO TRANSFER OF
      THIS
      CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON
      BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH
      SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN.

     

    
      
        
        

      

      
        A-3-1

        
          

        

      

      
        
        

      

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS A-3

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class A-3

               

              Pass-Through
                Rate: Floating

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

               

              CUSIP:
                12464Y AC3

               

              ISIN:
                US12464YAC30

            	
              Original
                Class Certificate Principal Balance of the Class A-3 Certificates
                as of
                the Closing 

               

              Date:
                $22,851,000

               

              Initial
                Certificate Principal Balance: $22,851,000

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that _______________ is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      A-3
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class A-3 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among
Asset
      Backed Funding Corporation
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the
      “Seller”), the Servicer and 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-3-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class A-3 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class A-3 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of $5,000,000, or by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register, provided that
      the Certificate Registrar may deduct a reasonable wire transfer fee from any
      payment made by wire transfer. Notwithstanding the above, each distribution
      (other than the final distribution) with respect to a Book-Entry Certificate
      shall be paid to the Depository, which shall credit the amount of such
      distribution to the accounts of its Depository Participants in accordance with
      its normal procedures and the final distribution on this Certificate will be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    The
      Class
      A-3 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class A-3
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class A-3 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class A-3 Certificates.

     

    The
      Class
      A-3 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. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        A-3-3

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same 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
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        A-3-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 	 
	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Officer

            
	
            	 	 	
            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Certificate Registrar

            
	 	 	 	 
	 	 	 	 
	
            	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Signatory

            
	
            	 	 	
            
	
              Date
                of authentication:

            	 	 	 

    

     

    
      
        
        

      

      
        A-3-5

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -  
                as
                tenants in common

              TEN
                ENT -   
                as
                tenants by the entireties

              JT
                TEN -       
                as
                joint tenants with right

               
                of survivorship and not as

               
                tenants in common

            	
              UNIF
                GIFT MIN ACT -  
                Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

            

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        A-3-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      _____________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) _______________________________ a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

            
	
            	 	 	
            

    

     

    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-3-7

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      B-1

     

    [FORM
      OF CLASS M-1 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
      AS
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    FOR
      SO LONG AS THE SUPPLEMENTAL TRUST IS IN EXISTENCE, NO TRANSFER OF THIS
      CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON
      BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH
      SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN

    

    IN
      THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB-OR ITS
      EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE
      AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL
      BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN.

     

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS M-1

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class M-1

               

              Pass-Through
                Rate: Floating

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

               

              CUSIP:
                12464Y AD1

               

              ISIN:
                US12464YAD13

            	
              Original
                Class Certificate Principal Balance of the Class M-1 Certificates as
                of the Closing 

               

              Date:
                $12,963,000

               

              Initial
                Certificate Principal Balance: $12,963,000

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

               

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that _________________ is the registered owner of a Percentage
      Interest (obtained by dividing the Initial Certificate Principal Balance of
      this
      Certificate by the Original Class Certificate Principal Balance of the
      Class M-1 Certificates) in that certain beneficial ownership interest
      evidenced by all the Class M-1 Certificates in the Trust Fund created
      pursuant to a Pooling and Servicing Agreement, dated as specified above (the
      “Agreement”), among Asset Backed Funding Corporation (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement),
      Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer
      and 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-1-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class M-1 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class M-1 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of $5,000,000, or by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register, provided that
      the Certificate Registrar may deduct a reasonable wire transfer fee from any
      payment made by wire transfer. Notwithstanding the above, each distribution
      (other than the final distribution) with respect to a Book-Entry Certificate
      shall be paid to the Depository, which shall credit the amount of such
      distribution to the accounts of its Depository Participants in accordance with
      its normal procedures and the final distribution on this Certificate will be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    The
      Class
      M-1 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class M-1
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class M-1 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-1 Certificates.

     

    The
      Class M-1 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. As provided in the
      Agreement, withdrawals from the Collection Account and the Distribution Account
      may be made from time to time for purposes other than distributions to
      Certificateholders, such purposes including reimbursement of advances made,
      or
      certain expenses incurred, with respect to the Mortgage Loans.

     

    This
      Certificate is subordinated in right of payment to the Class A Certificates
      as
      described in the Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        B-1-3

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same 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
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-1-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 	 
	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Officer

            
	
            	 	 	
            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Certificate Registrar

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Signatory

            
	
            	 	 	
            
	
              Date
                of authentication:

            	 	 	 

    

     

    
      
        
        

      

      
        B-1-5

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

    
      	
              TEN
                COM -as
                tenants in common

              TEN
                ENT -  as
                tenants by the entireties

              JT
                TEN -      as
                joint tenants with right

                  of
                survivorship and not as

                  tenants
                in common

            	
              UNIF
                GIFT MIN ACT -     
                Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

            

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        B-1-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto ____________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) ______________________________
a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

            

    

     

    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-1-7

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      B-2

     

    [FORM
      OF CLASS M-2 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A AND CLASS M-1
      CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO
      HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    FOR
      SO LONG AS THE SUPPLEMENTAL TRUST IS IN EXISTENCE, NO TRANSFER OF THIS
      CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON
      BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH
      SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN

    

    IN
      THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB-OR ITS
      EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE
      AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL
      BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN.

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS M-2

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class M-2

               

              Pass-Through
                Rate: Floating

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

               

              CUSIP:
                12464Y AE9

               

              ISIN:
                US12464YAE95

            	
              Original
                Class Certificate Principal Balance of the Class M-2 Certificates as
                of the Closing 

               

              Date:
                $12,253,000

               

              Initial
                Certificate Principal Balance: $12,253,000

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that ___________ is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the
      Class M-2 Certificates) in that certain beneficial ownership interest
      evidenced by all the Class M-2 Certificates in the Trust Fund created
      pursuant to a Pooling and Servicing Agreement, dated as specified above (the
      “Agreement”), among Asset Backed Funding Corporation (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement),
      Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer
      and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class M-2 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    
      
        
        

      

      
        B-2-2

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class M-2 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of $5,000,000, or by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register, provided that
      the Certificate Registrar may deduct a reasonable wire transfer fee from any
      payment made by wire transfer. Notwithstanding the above, each distribution
      (other than the final distribution) with respect to a Book-Entry Certificate
      shall be paid to the Depository, which shall credit the amount of such
      distribution to the accounts of its Depository Participants in accordance with
      its normal procedures and the final distribution on this Certificate will be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    The
      Class
      M-2 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class M-2
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class M-2 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-2 Certificates.

     

    The
      Class M-2 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. As provided in the
      Agreement, withdrawals from the Collection Account and the Distribution Account
      may be made from time to time for purposes other than distributions to
      Certificateholders, such purposes including reimbursement of advances made,
      or
      certain expenses incurred, with respect to the Mortgage Loans.

     

    This
      Certificate is subordinated in right of payment to the Class A and Class M-1
      Certificates as described in the Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        B-2-3

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same 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
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-2-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 	 
	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Officer

            
	
            	 	 	
            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Certificate Registrar

            
	 	 	 	 
	 	 	 	 
	
            	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Signatory

            
	
            	 	 	
            
	
              Date
                of authentication:

            	 	 	 

    

     

    
      
        
        

      

      
        B-2-5

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - as
                tenants in common

              TEN
                ENT -
                 as
                tenants by the entireties

              JT
                TEN -     
                as
                joint tenants with right

                 
                of survivorship and not as

                 
                tenants in common

            	
              UNIF
                GIFT MIN ACT -     
                Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

            

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        B-2-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto _____________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) _____________________ a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

            

    

     

    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-2-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-3

     

    [FORM
      OF CLASS M-3 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1 AND
      CLASS M-2 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO
      HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    FOR
      SO LONG AS THE SUPPLEMENTAL TRUST IS IN EXISTENCE, NO TRANSFER OF THIS
      CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON
      BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH
      SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN

    

    IN
      THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB-OR ITS
      EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE
      AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL
      BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN.

     

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS M-3

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class M-3

               

              Pass-Through
                Rate: Floating

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

               

              CUSIP:
                12464Y AF6

               

              ISIN:
                US12464YAF60

            	
              Original
                Class Certificate Principal Balance of the Class M-3 Certificates as
                of the Closing 

               

              Date:
                $6,926,000

               

              Initial
                Certificate Principal Balance: $6,926,000

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

               

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that ___________ is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the
      Class M-3 Certificates) in that certain beneficial ownership interest
      evidenced by all the Class M-3 Certificates in the Trust Fund created
      pursuant to a Pooling and Servicing Agreement, dated as specified above (the
      “Agreement”), among Asset Backed Funding Corporation (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement),
      Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer
      and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class M-3 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    
      
        
        

      

      
        B-3-2

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class M-3 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of $5,000,000, or by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register, provided that
      the Certificate Registrar may deduct a reasonable wire transfer fee from any
      payment made by wire transfer. Notwithstanding the above, each distribution
      (other than the final distribution) with respect to a Book-Entry Certificate
      shall be paid to the Depository, which shall credit the amount of such
      distribution to the accounts of its Depository Participants in accordance with
      its normal procedures and the final distribution on this Certificate will be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    The
      Class
      M-3 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class M-3
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class M-3 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-3 Certificates.

     

    The
      Class M-3 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. As provided in the
      Agreement, withdrawals from the Collection Account and the Distribution Account
      may be made from time to time for purposes other than distributions to
      Certificateholders, such purposes including reimbursement of advances made,
      or
      certain expenses incurred, with respect to the Mortgage Loans.

     

    This
      Certificate is subordinated in right of payment to the Class A, Class M-1 and
      Class M-2 Certificates as described in the Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        B-3-3

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same 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
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-3-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 	 
	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Officer

            
	
            	 	 	
            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Certificate Registrar

            
	
            	 	 	
            
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Signatory

            
	
            	 	 	
            
	
              Date
                of authentication:

            	 	 	 

    

     

    
      
        
        

      

      
        B-3-5

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

    
      	
              TEN
                COM -
                as
                tenants in common

              TEN
                ENT -
                 as
                tenants by the entireties

              JT
                TEN -     
                as
                joint tenants with right

                 
                of survivorship and not as

                 
                tenants in common

            	
              UNIF
                GIFT MIN ACT -     
                Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

            

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        B-3-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto _________________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) ___________________________ a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

            

    

     

    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-3-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-4

     

    [FORM
      OF CLASS M-4 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1,
      CLASS
      M-2 AND CLASS M-3 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO
      HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    FOR
      SO LONG AS THE SUPPLEMENTAL TRUST IS IN EXISTENCE, NO TRANSFER OF THIS
      CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON
      BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH
      SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN

    

    IN
      THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB-OR ITS
      EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE
      AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL
      BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN

     

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS M-4

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class M-4

               

              Pass-Through
                Rate: Floating

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

               

              CUSIP:
                12464Y AG4

               

              ISIN:
                US12464YAG44

            	
              Original
                Class Certificate Principal Balance of the Class M-4 Certificates as
                of the Closing 

               

              Date:
                $6,215,000

               

              Initial
                Certificate Principal Balance: $6,215,000

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that _________________ is the registered owner of a Percentage
      Interest (obtained by dividing the Initial Certificate Principal Balance of
      this
      Certificate by the Original Class Certificate Principal Balance of the
      Class M-4 Certificates) in that certain beneficial ownership interest
      evidenced by all the Class M-4 Certificates in the Trust Fund created
      pursuant to a Pooling and Servicing Agreement, dated as specified above (the
      “Agreement”), among Asset Backed Funding Corporation (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement),
      Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer
      and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class M-4 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    
      
        
        

      

      
        B-4-2

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class M-4 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of $5,000,000, or by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register, provided that
      the Certificate Registrar may deduct a reasonable wire transfer fee from any
      payment made by wire transfer. Notwithstanding the above, each distribution
      (other than the final distribution) with respect to a Book-Entry Certificate
      shall be paid to the Depository, which shall credit the amount of such
      distribution to the accounts of its Depository Participants in accordance with
      its normal procedures and the final distribution on this Certificate will be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    The
      Class
      M-4 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class M-4
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class M-4 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-4 Certificates.

     

    The
      Class M-4 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. As provided in the
      Agreement, withdrawals from the Collection Account and the Distribution Account
      may be made from time to time for purposes other than distributions to
      Certificateholders, such purposes including reimbursement of advances made,
      or
      certain expenses incurred, with respect to the Mortgage Loans.

     

    This
      Certificate is subordinated in right of payment to the Class A, Class M-1,
      Class
      M-2 and Class M-3 Certificates as described in the Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        B-4-3

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same 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
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-4-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 	 
	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Certificate Registrar

            
	 	 	 	 
	 	 	 	 
	
            	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Signatory

            
	
            	 	 	
            
	
              Date
                of authentication:

            	 	 	 

    

     

    
      
        
        

      

      
        B-4-5

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - as
                tenants in common

              TEN
                ENT -
                 as
                tenants by the entireties

              JT
                TEN -     
                as
                joint tenants with right

                 
                of survivorship and not as

                 
                tenants in common

            	
              UNIF
                GIFT MIN ACT -  
                Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

            

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        B-4-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto _____________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)
      _____________________________ a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

            

    

     

    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-4-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-5

     

    [FORM
      OF CLASS M-5 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1, CLASS
      M-2, CLASS M-3 AND CLASS M-4 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED
      TO HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    FOR
      SO LONG AS THE SUPPLEMENTAL TRUST IS IN EXISTENCE, NO TRANSFER OF THIS
      CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON
      BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH
      SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN

    

    IN
      THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB-OR ITS
      EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE
      AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL
      BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN.

     

    
      
        
        

      

      
        B-5-1

        
          

        

      

      
        
        

      

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS M-5

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class M-5

               

              Pass-Through
                Rate: Floating

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

               

              CUSIP:
                12464Y AH2

               

              ISIN:
                US12464YAH27

            	
              Original
                Class Certificate Principal Balance of the Class M-5 Certificates as
                of the Closing 

               

              Date:
                $5,860,000

               

              Initial
                Certificate Principal Balance: $5,860,000

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that _________________ is the registered owner of a Percentage
      Interest (obtained by dividing the Initial Certificate Principal Balance of
      this
      Certificate by the Original Class Certificate Principal Balance of the
      Class M-5 Certificates) in that certain beneficial ownership interest
      evidenced by all the Class M-5 Certificates in the Trust Fund created
      pursuant to a Pooling and Servicing Agreement, dated as specified above (the
      “Agreement”), among Asset Backed Funding Corporation (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement),
      Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer
      and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class M-5 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    
      
        
        

      

      
        B-5-2

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class M-5 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of $5,000,000, or by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register, provided that
      the Certificate Registrar may deduct a reasonable wire transfer fee from any
      payment made by wire transfer. Notwithstanding the above, each distribution
      (other than the final distribution) with respect to a Book-Entry Certificate
      shall be paid to the Depository, which shall credit the amount of such
      distribution to the accounts of its Depository Participants in accordance with
      its normal procedures and the final distribution on this Certificate will be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    The
      Class
      M-5 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class M-5
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class M-5 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-5 Certificates.

     

    The
      Class M-5 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. As provided in the
      Agreement, withdrawals from the Collection Account and the Distribution Account
      may be made from time to time for purposes other than distributions to
      Certificateholders, such purposes including reimbursement of advances made,
      or
      certain expenses incurred, with respect to the Mortgage Loans.

     

    This
      Certificate is subordinated in right of payment to the Class A, Class M-1,
      Class
      M-2, Class M-3 and Class M-4 Certificates as described in the
      Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        B-5-3

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same 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
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-5-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 	 
	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Certificate Registrar

            
	
            	 	 	
            
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Signatory

            
	
            	 	 	
            
	
              Date
                of authentication:

            	 	 	 

    

     

    
      
        
        

      

      
        B-5-5

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -
                as
                tenants in common

              TEN
                ENT -
                 as
                tenants by the entireties

              JT
                TEN -     
                as
                joint tenants with right

                 
                of survivorship and not as

                 
                tenants in common

            	
              UNIF
                GIFT MIN ACT -  
                Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

            

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        B-5-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto _______________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) ___________________ a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

            

    

     

    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-5-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-6

     

    [FORM
      OF CLASS M-6 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1,
      CLASS
      M-2, CLASS M-3, CLASS M-4 AND CLASS M-5 CERTIFICATES AS DESCRIBED IN THE
      AGREEMENT REFERRED TO HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    FOR
      SO LONG AS THE SUPPLEMENTAL TRUST IS IN EXISTENCE, NO TRANSFER OF THIS
      CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON
      BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH
      SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN

    

    IN
      THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB-OR ITS
      EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE
      AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL
      BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN.

     

    
      
        
        

      

      
        B-6-1

        
          

        

      

      
        
        

      

    

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS M-6

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class M-6

               

              Pass-Through
                Rate: Floating

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

               

              CUSIP:
                12464Y AJ8 

               

              ISIN:
                US12464YAJ82

            	
              Original
                Class Certificate Principal Balance of the Class M-6 Certificates as
                of the Closing 

               

              Date:
                $5,505,000

               

              Initial
                Certificate Principal Balance: $5,505,000

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that _________________ is the registered owner of a Percentage
      Interest (obtained by dividing the Initial Certificate Principal Balance of
      this
      Certificate by the Original Class Certificate Principal Balance of the
      Class M-6 Certificates) in that certain beneficial ownership interest
      evidenced by all the Class M-6 Certificates in the Trust Fund created
      pursuant to a Pooling and Servicing Agreement, dated as specified above (the
      “Agreement”), among Asset Backed Funding Corporation (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement),
      Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer
      and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class M-6 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    
      
        
        

      

      
        B-6-2

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class M-6 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of $5,000,000, or by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register, provided that
      the Certificate Registrar may deduct a reasonable wire transfer fee from any
      payment made by wire transfer. Notwithstanding the above, each distribution
      (other than the final distribution) with respect to a Book-Entry Certificate
      shall be paid to the Depository, which shall credit the amount of such
      distribution to the accounts of its Depository Participants in accordance with
      its normal procedures and the final distribution on this Certificate will be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    The
      Class
      M-6 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class M-6
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class M-6 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-6 Certificates.

     

    The
      Class M-6 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. As provided in the
      Agreement, withdrawals from the Collection Account and the Distribution Account
      may be made from time to time for purposes other than distributions to
      Certificateholders, such purposes including reimbursement of advances made,
      or
      certain expenses incurred, with respect to the Mortgage Loans.

     

    This
      Certificate is subordinated in right of payment to the Class A, Class M-1,
      Class
      M-2, Class M-3, Class M-4 and Class M-5 Certificates as described in the
      Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        B-6-3

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same 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
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-6-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 	 
	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

    
      	 	 	 	 
	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Certificate Registrar

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Signatory

            
	
            	 	 	
            
	
              Date
                of authentication:

            	 	 	 

    

     

    
      
        
        

      

      
        B-6-5

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

    
      	
              TEN
                COM -
                as
                tenants in common

              TEN
                ENT -
                 as
                tenants by the entireties

              JT
                TEN -     
                as
                joint tenants with right

                 
                of survivorship and not as

                 
                tenants in common

            	
              UNIF
                GIFT MIN ACT -  
                Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

            

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        B-6-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto __________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) ___________________________ a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

            

    

     

    
      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-6-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-7

     

    [FORM
      OF CLASS M-7 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1,
      CLASS
      M-2, CLASS M-3, CLASS M-4, CLASS M-5 AND CLASS M-6 CERTIFICATES AS DESCRIBED
      IN
      THE AGREEMENT REFERRED TO HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    FOR
      SO LONG AS THE SUPPLEMENTAL TRUST IS IN EXISTENCE, NO TRANSFER OF THIS
      CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON
      BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH
      SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN

    

    IN
      THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB-OR ITS
      EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE
      AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL
      BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN. 

     

    
      
        
        

      

      
        B-7-1

        
          

        

      

      
        
        

      

    

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED
      CERTIFICATES

    SERIES
      2007-CB5, CLASS M-7 

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      
        	
                Series
                  2007-CB5, Class M-7

              	 	Original
                Class
                Certificate Principal Balance of the Class M-7 Certificates as of the
                Closing 
	 	 	 
	Pass-Through
                Rate:
                Floating	 	Date:
                $5,327,000
	 	 	 
	Date of
                Pooling and
                Servicing Agreement and Cut-off Date: May 1, 2007	 	Initial
                Certificate
                Principal Balance: $5,327,000 
	 	 	 
	First Distribution
                Date: June 25, 2007	 	Servicer:
                Litton Loan
                Servicing LP
	 	 	 
	No.	 	Trustee:
                LaSalle Bank
                National Association
	 	 	 
	CUSIP: 12464Y
                AK5	 	
                Closing
                  Date: May 31, 2007

              
	 	 	 
	
                
                  ISIN:
                    US12464YAK55

                

              	 	 

      

       

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that _________________ is the registered owner of a Percentage
      Interest (obtained by dividing the Initial Certificate Principal Balance of
      this
      Certificate by the Original Class Certificate Principal Balance of the
      Class M-7 Certificates) in that certain beneficial ownership interest
      evidenced by all the Class M-7 Certificates in the Trust Fund created
      pursuant to a Pooling and Servicing Agreement, dated as specified above (the
      “Agreement”), among Asset Backed Funding Corporation (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement),
      Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer
      and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class M-7 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    
      
        
        

      

      
        B-7-2

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class M-7 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of $5,000,000, or by check
      mailed by first class mail to the address of the Person entitled thereto, as
      such name and address shall appear on the Certificate Register, provided that
      the Certificate Registrar may deduct a reasonable wire transfer fee from any
      payment made by wire transfer. Notwithstanding the above, each distribution
      (other than the final distribution) with respect to a Book-Entry Certificate
      shall be paid to the Depository, which shall credit the amount of such
      distribution to the accounts of its Depository Participants in accordance with
      its normal procedures and the final distribution on this Certificate will be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    The
      Class
      M-7 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class M-7
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class M-7 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-7 Certificates.

     

    The
      Class M-7 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. As provided in the
      Agreement, withdrawals from the Collection Account and the Distribution Account
      may be made from time to time for purposes other than distributions to
      Certificateholders, such purposes including reimbursement of advances made,
      or
      certain expenses incurred, with respect to the Mortgage Loans.

     

    This
      Certificate is subordinated in right of payment to the Class A, Class M-1,
      Class
      M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Certificates as described
      in
      the Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        B-7-3

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same 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
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-7-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Authorized
              Officer
	 	 

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Certificate Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Authorized
                Signatory

            
	 	 

    

    Date
      of
      authentication:

     

    
      
        
        

      

      
        B-7-5

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM  

               

              TEN
                ENT   

               

              JT
                TEN   

            	
            	
              -

               

              -

               

              -

            	
            	
              as tenants in common

               

              as tenants by the entireties

               

              as joint tenants with right of
                survivorship and not as tenants
                in common

            	
            	
              UNIF
                GIFT MIN ACT  

            	
            	
              -

            	
            	
              Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

                          
                (State)

            

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        B-7-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto __________________________________________________________________(Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)
      ___________________________________________________ a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

    

     

    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-7-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-8

     

    [FORM
      OF CLASS M-8 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M-1,
      CLASS
      M-2, CLASS M-3, CLASS M-4, CLASS M-5, CLASS M-6 AND CLASS M-7 CERTIFICATES
      AS
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    FOR
      SO LONG AS THE SUPPLEMENTAL TRUST IS IN EXISTENCE, NO TRANSFER OF THIS
      CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON
      BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH
      SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN

    

    IN
      THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB-OR ITS
      EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE
      AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL
      BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN. 

     

    
      
        
        

      

      
        B-8-1

        
          

        

      

      
        
        

      

    

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED
      CERTIFICATES

    SERIES
      2007-CB5, CLASS M-8

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class M-8

            	 	
              Original
                Class Certificate Principal Balance of the Class M-8 Certificates as
                of the Closing 

            
	 	 	 
	Pass-Through
              Rate:
              Floating	 	Date:
              $3,729,000
	 	 	 
	Date of Pooling
              and
              Servicing Agreement and Cut-off Date: May 1, 2007	 	Initial Certificate
              Principal Balance: $3,729,000
	 	 	 
	
              First
                Distribution Date: June 25, 2007

            	 	Servicer:
              Litton Loan
              Servicing LP
	 	 	 
	No.	 	Trustee: LaSalle
              Bank
              National Association
	 	 	 
	CUSIP: 12464Y
              AL3	 	
              Closing
                Date: May 31, 2007

            
	 	 	 
	
              ISIN:
                US12464YAL39

            	 	 

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that _________________ is the registered owner of a Percentage
      Interest (obtained by dividing the Initial Certificate Principal Balance of
      this
      Certificate by the Original Class Certificate Principal Balance of the
      Class M-8 Certificates) in that certain beneficial ownership interest
      evidenced by all the Class M-8 Certificates in the Trust Fund created
      pursuant to a Pooling and Servicing Agreement, dated as specified above (the
      “Agreement”), among Asset Backed Funding Corporation (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement),
      Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer
      and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class M-8 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    
      
        
        

      

      
        B-8-2

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by check mailed by first
      class mail to the address of the Person entitled thereto, as such name and
      address shall appear on the Certificate Register, provided that the Certificate
      Registrar may deduct a reasonable wire transfer fee from any payment made by
      wire transfer. Notwithstanding the above, each distribution (other than the
      final distribution) with respect to a Book-Entry Certificate shall be paid
      to
      the Depository, which shall credit the amount of such distribution to the
      accounts of its Depository Participants in accordance with its normal procedures
      and the final distribution on this Certificate will be made after due notice
      by
      the Trustee 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 as provided in the Agreement.

     

    The
      Class
      M-8 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class M-8
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class M-8 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-8 Certificates.

     

    The
      Class M-8 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. As provided in the
      Agreement, withdrawals from the Collection Account and the Distribution Account
      may be made from time to time for purposes other than distributions to
      Certificateholders, such purposes including reimbursement of advances made,
      or
      certain expenses incurred, with respect to the Mortgage Loans.

     

    This
      Certificate is subordinated in right of payment to the Class A, Class M-1,
      Class
      M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates
      as
      described in the Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        B-8-3

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same 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
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-8-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Authorized
              Officer
	 	 

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Certificate Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Authorized
                Signatory

            
	 	 

    

    Date
      of
      authentication:

     

    
      
        
        

      

      
        B-8-5

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM  

                 

                TEN
                  ENT   

                 

                JT
                  TEN   

              	
              	
                -

                 

                -

                 

                -

              	
              	
                as tenants in common

                 

                as tenants by the entireties

                 

                as joint tenants with right of
                  survivorship and not as tenants
                  in common

              	
              	
                UNIF
                  GIFT MIN ACT  

              	
              	
                -

              	
              	
                Custodian

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                ________________

                            
                  (State)

              

      

       

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        B-8-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto __________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) ______________________________a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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
	 	 

    

     

    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-8-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-9

     

    [FORM
      OF CLASS M-9 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, 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 AS DESCRIBED IN THE AGREEMENT REFERRED TO
      HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    FOR
      SO LONG AS THE SUPPLEMENTAL TRUST IS IN EXISTENCE, NO TRANSFER OF THIS
      CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY PERSON ACTING ON
      BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT IN ACCORDANCE WITH
      SECTION 5.02 OF THE AGREEMENT REFERENCED HEREIN

    

    IN
      THE EVENT THAT THIS CERTIFICATE IS NO LONGER RATED AT LEAST BBB-OR ITS
      EQUIVALENT, NO TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE
      AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL
      BE MADE EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN. 

     

    
      
        
        

      

      
        B-9-1

        
          

        

      

      
        
        

      

    

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED
      CERTIFICATES

    SERIES
      2007-CB5, CLASS M-9

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      
        
          	
                  Series
                    2007-CB5, Class M-9

                	 	Original
                  Class
                  Certificate Principal Balance of the Class M-9 Certificates as of the
                  Closing 
	 	 	 
	Pass-Through
                  Rate:
                  Floating	 	Date:
                  $4,084,000
	 	 	 
	Date of
                  Pooling and
                  Servicing Agreement and Cut-off Date: May 1, 2007	 	Initial
                  Certificate
                  Principal Balance: $4,084,000
	 	 	 
	First
                  Distribution
                  Date: June 25, 2007	 	Servicer:
                  Litton Loan
                  Servicing LP
	 	 	 
	
                  No.

                	 	Trustee:
                  LaSalle Bank
                  National Association
	 	 	 
	CUSIP:
                  12464Y
                  AM1	 	
                  Closing
                    Date: May 31, 2007

                
	 	 	 
	
                  
                    ISIN:
                      US12464YAM12

                  

                	 	 

        

      

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that _________________ is the registered owner of a Percentage
      Interest (obtained by dividing the Initial Certificate Principal Balance of
      this
      Certificate by the Original Class Certificate Principal Balance of the
      Class M-9 Certificates) in that certain beneficial ownership interest
      evidenced by all the Class M-9 Certificates in the Trust Fund created
      pursuant to a Pooling and Servicing Agreement, dated as specified above (the
      “Agreement”), among Asset Backed Funding Corporation (hereinafter called the
“Depositor,” which term includes any successor entity under the Agreement),
      Credit-Based Asset Servicing and Securitization LLC (the “Seller”), the Servicer
      and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class M-9 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    
      
        
        

      

      
        B-9-2

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by check mailed by first
      class mail to the address of the Person entitled thereto, as such name and
      address shall appear on the Certificate Register, provided that the Certificate
      Registrar may deduct a reasonable wire transfer fee from any payment made by
      wire transfer. Notwithstanding the above, each distribution (other than the
      final distribution) with respect to a Book-Entry Certificate shall be paid
      to
      the Depository, which shall credit the amount of such distribution to the
      accounts of its Depository Participants in accordance with its normal procedures
      and the final distribution on this Certificate will be made after due notice
      by
      the Trustee 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 as provided in the Agreement.

     

    The
      Class
      M-9 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class M-9
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class M-9 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class M-9 Certificates.

     

    The
      Class M-9 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. As provided in the
      Agreement, withdrawals from the Collection Account and the Distribution Account
      may be made from time to time for purposes other than distributions to
      Certificateholders, such purposes including reimbursement of advances made,
      or
      certain expenses incurred, with respect to the Mortgage Loans.

     

    This
      Certificate is subordinated in right of payment to the Class A, 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 as described in the Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        B-9-3

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same 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
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-9-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Certificate Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Authorized
              Signatory
	 	 

    

    Date
      of
      authentication:

     

    
      
        
        

      

      
        B-9-5

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        
          	
                  TEN
                    COM  

                   

                  TEN
                    ENT   

                   

                  JT
                    TEN   

                	
                	
                  -

                   

                  -

                   

                  -

                	
                	
                  as tenants in common

                   

                  as tenants by the entireties

                   

                  as joint tenants with right of
                    survivorship and not as tenants
                    in common

                	
                	
                  UNIF
                    GIFT MIN ACT  

                	
                	
                  -

                	
                	
                  Custodian

                  (Cust)
                    (Minor)

                  under
                    Uniform Gifts

                  to
                    Minors Act

                  ________________

                              
                    (State)

                

        

      

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        B-9-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto ________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) _____________________________________
a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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
	 	 

    

    
       

    

    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-9-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-10

     

    [FORM
      OF CLASS B-1 CERTIFICATE]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A AND CLASS M
      CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR
      OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION MAY BE MADE
      ONLY
      IN A TRANSACTION THAT DOES NOT REQUIRE SUCH REGISTRATION AND IN ACCORDANCE
      WITH
      THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    THE
      INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS
      CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED
      TO
      HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE
      AGREEMENT REFERRED TO HEREIN.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS BENEFICIAL
      OWNERSHIP OF 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”) AND CERTAIN OTHER
      PROPERTY.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY
      PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT
      IN
      ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN.

     

    
      
        
        

      

      
        B-9-8

        
          

        

      

      
        
        

      

    

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS B-1

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
       

      
        
          
            	Series
                    2007-CB5, Class
                    B-1	 	Original
                    Class
                    Certificate Principal Balance of the Class B-1 Certificates as
                    of the
                    Closing 
	 	 	 
	Pass-Through
                    Rate:
                    Floating	 	Date:
                    $3,552,000
	 	 	 
	Date
                    of Pooling and
                    Servicing Agreement and Cut-off Date: May 1, 2007	 	Initial
                    Certificate
                    Principal Balance: $3,552,000
	 	 	 
	First
                    Distribution
                    Date: June 25, 2007	 	Servicer:
                    Litton Loan
                    Servicing LP
	 	 	 
	
                    No.

                  	 	Trustee:
                    LaSalle Bank
                    National Association
	 	 	 
	CUSIP:
	 	
                    Closing
                      Date: May 31, 2007

                  
	 	 	 
	
                    
                      ISIN:

                    

                  	 

          

        

      

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
      ABOVE.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that ______________ is the registered owner of a Percentage Interest
      (obtained by dividing the Initial Certificate Principal Balance of this
      Certificate by the Original Class Certificate Principal Balance of the Class
      B-1
      Certificates) in that certain beneficial ownership interest evidenced by all
      the
      Class B-1 Certificates in the Trust Fund created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among Asset
      Backed Funding Corporation (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), Credit-Based Asset Servicing
      and Securitization LLC (the “Seller”), the Servicer and 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-9-9

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class B-1 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by check mailed by first
      class mail to the address of the Person entitled thereto, as such name and
      address shall appear on the Certificate Register, provided that the Certificate
      Registrar may deduct a reasonable wire transfer fee from any payment made by
      wire transfer. Notwithstanding the above, each distribution (other than the
      final distribution) with respect to a Book-Entry Certificate shall be paid
      to
      the Depository, which shall credit the amount of such distribution to the
      accounts of its Depository Participants in accordance with its normal procedures
      and the final distribution on this Certificate will be made after due notice
      by
      the Trustee 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 as provided in the Agreement.

     

    The
      Class
      B-1 Pass-Through Rate on each Distribution Date will be as determined in
      accordance with the Agreement. Interest will accrue on the Class B-1
      Certificates during each Interest Accrual Period at a rate equal to the lesser
      of: (i) the Class B-1 Pass-Through Rate and (ii) the Rate Cap for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing a Percentage
      Interest in the Class B-1 Certificates.

     

    The
      Class
      B-1 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. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      Certificate is subordinated in right of payment to the Class A and Class M
      Certificates as described in the Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        B-9-10

        
          

        

      

      
        
        

      

    

     

    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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and 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 the same Class in authorized denominations
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      transfer of this Certificate shall be made unless that transfer is made pursuant
      to an effective registration statement under the 1933 Act and effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      If a
      transfer of this Certificate is to be made without registration under the 1933
      Act, then the Certificate Registrar shall refuse to register such transfer
      unless it receives (and upon receipt, may conclusively rely upon) certain
      certificate(s) and opinions, as applicable, required pursuant to Section 5.02
      of
      the Agreement (as to which, so long as this Certificate is a Book-Entry
      Certificate, the representations and agreements made therein will be deemed
      to
      have been made by the prospective transferor and/or the prospective transferee,
      as applicable). None of the Depositor, the Certificate Registrar or the Trustee
      is obligated to register or qualify the Class of Certificates specified on
      the
      face hereof under the 1933 Act or any other securities law or to take any action
      not otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any such Certificateholder
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee, the Depositor, the Certificate Registrar and the Servicer 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
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    
      
        
        

      

      
        B-9-11

        
          

        

      

      
        
        

      

    

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-9-12

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	Dated:	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Authorized
              Officer
	 	 

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Certificate Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Authorized
              Signatory
	 	 

    

    Date
      of
      authentication:

     

    
      
        
        

      

      
        B-9-13

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        
          
            	
                    TEN
                      COM  

                     

                    TEN
                      ENT   

                     

                    JT
                      TEN   

                  	
                  	
                    -

                     

                    -

                     

                    -

                  	
                  	
                    as tenants in common

                     

                    as tenants by the entireties

                     

                    as joint tenants with right of
                      survivorship and not as tenants
                      in common

                  	
                  	
                    UNIF
                      GIFT MIN ACT  

                  	
                  	
                    -

                  	
                  	
                    Custodian

                    (Cust)
                      (Minor)

                    under
                      Uniform Gifts

                    to
                      Minors Act

                    ________________

                                
                      (State)

                  

          

        

      

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        B-9-14

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto __________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) __________________ a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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
	 	 

    

     

    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-9-15

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C-1

     

    [FORM
      OF CLASS CE-1 CERTIFICATES]

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A DIRECT OR
      INDIRECT BENEFICIAL INTEREST IN 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”) AND IN
      CERTAIN OTHER PROPERTY.

     

    THIS
      CLASS CE-1 CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES AND THE CLASS
      B CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS CE-1 CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS CE-1 CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE.
      ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
      REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT
      REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY
      PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT
      IN
      ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN.

     

    
      
        
        

      

      
        C-1-1

        
          

        

      

      
        
        

      

    

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS CE-1

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class CE-1

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

               

              Percentage
                Interest: 100%

            	
              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

            

    

    

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that __________________________________
      is the
      registered owner of the Percentage Interest set forth above in that certain
      beneficial ownership interest evidenced by all the Class CE-1 Certificates
      in
      the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated
      as
      specified above (the “Agreement”), among Asset Backed Funding Corporation
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the
      “Seller”), the Servicer and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class CE-1 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class CE-1 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of a 66% Percentage Interest
      of the Class CE-1 Certificates, or by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register, provided that the Certificate Registrar may deduct
      a
      reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    
      
        
        

      

      
        C-1-2

        
          

        

      

      
        
        

      

    

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing the Percentage
      Interest specified on the face hereof.

     

    The
      Class
      CE-1 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. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the 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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    
      
        
        

      

      
        C-1-3

        
          

        

      

      
        
        

      

    

     

    No
      transfer of this Certificate shall be made unless that transfer is made pursuant
      to an effective registration statement under the 1933 Act and effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      If a
      transfer of this Certificate is to be made without registration under the 1933
      Act, then the Certificate Registrar shall refuse to register such transfer
      unless it receives (and upon receipt, may conclusively rely upon) certain
      certificate(s) and opinions, as applicable, required pursuant to Section 5.02
      of
      the Agreement. None of the Depositor, the Certificate Registrar or the Trustee
      is obligated to register or qualify the Class of Certificates specified on
      the
      face hereof under the 1933 Act or any other securities law or to take any action
      not otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any such Certificateholder
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee, the Depositor, the Certificate Registrar and the Servicer 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 (as defined in the Agreement) or any
      person acting on behalf of, or using assets of, a Plan shall be made except
      in
      accordance with Section 5.02 of the Agreement referenced herein. 

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        C-1-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Certificate Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Authorized
              Signatory
	 	 

    

    Date
      of
      authentication:

     

    
      
        
        

      

      
        C-1-5

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        
          
            
              	
                      TEN
                        COM  

                       

                      TEN
                        ENT   

                       

                      JT
                        TEN   

                    	
                    	
                      -

                       

                      -

                       

                      -

                    	
                    	
                      as tenants in common

                       

                      as tenants by the entireties

                       

                      as joint tenants with right of
                        survivorship and not as tenants
                        in common

                    	
                    	
                      UNIF
                        GIFT MIN ACT  

                    	
                    	
                      -

                    	
                    	
                      Custodian

                      (Cust)
                        (Minor)

                      under
                        Uniform Gifts

                      to
                        Minors Act

                      ________________

                                  
                        (State)

                    

            

          

        

      

       

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        C-1-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto _________________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) ____________________________
a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

            
	 	 

    

     

    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.

     

    
      
        
        

      

      
        C-1-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C-2

     

    [FORM
      OF CLASS CE-2 CERTIFICATES]

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A DIRECT OR
      INDIRECT BENEFICIAL INTEREST IN 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”) AND IN
      CERTAIN OTHER PROPERTY.

     

    THIS
      CLASS CE-2 CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS CE-2 CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE.
      ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
      REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT
      REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY
      PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT
      IN
      ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN.

     

    
      
        
        

      

      
        C-1-1

        
          

        

      

      
        
        

      

    

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS CE-1

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class CE-2

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

               

              Percentage
                Interest: 100%

            	
              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

            

    

    

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that __________________________________
      is the
      registered owner of the Percentage Interest set forth above in that certain
      beneficial ownership interest evidenced by all the Class CE-2 Certificates
      in
      the Trust Fund created pursuant to a Pooling and Servicing Agreement, dated
      as
      specified above (the “Agreement”), among Asset Backed Funding Corporation
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the
      “Seller”), the Servicer and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class CE-2 Certificates on such Distribution Date pursuant to the
      Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class CE-2 Certificates the aggregate Initial
      Certificate Principal Balance of which is in excess of a 66% Percentage Interest
      of the Class CE-2 Certificates, or by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register, provided that the Certificate Registrar may deduct
      a
      reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    
      
        
        

      

      
        C-2-2

        
          

        

      

      
        
        

      

    

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing the Percentage
      Interest specified on the face hereof.

     

    The
      Class
      CE-2 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. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the 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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    
      
        
        

      

      
        C-2-3

        
          

        

      

      
        
        

      

    

     

    No
      transfer of this Certificate shall be made unless that transfer is made pursuant
      to an effective registration statement under the 1933 Act and effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      If a
      transfer of this Certificate is to be made without registration under the 1933
      Act, then the Certificate Registrar shall refuse to register such transfer
      unless it receives (and upon receipt, may conclusively rely upon) certain
      certificate(s) and opinions, as applicable, required pursuant to Section 5.02
      of
      the Agreement. None of the Depositor, the Certificate Registrar or the Trustee
      is obligated to register or qualify the Class of Certificates specified on
      the
      face hereof under the 1933 Act or any other securities law or to take any action
      not otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any such Certificateholder
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee, the Depositor, the Certificate Registrar and the Servicer 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 (as defined in the Agreement) or any
      person acting on behalf of, or using assets of, a Plan shall be made except
      in
      accordance with Section 5.02 of the Agreement referenced herein. 

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in connection with
      any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        C-2-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Authorized
              Officer

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Certificate Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Authorized
                Signatory

            
	 	 

    

    Date
      of
      authentication:

     

    
      
        
        

      

      
        C-2-5

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        
          
            
              
                	
                        TEN
                          COM  

                         

                        TEN
                          ENT   

                         

                        JT
                          TEN   

                      	
                      	
                        -

                         

                        -

                         

                        -

                      	
                      	
                        as tenants in common

                         

                        as tenants by the entireties

                         

                        as joint tenants with right of
                          survivorship and not as tenants
                          in common

                      	
                      	
                        UNIF
                          GIFT MIN ACT  

                      	
                      	
                        -

                      	
                      	
                        Custodian

                        (Cust)
                          (Minor)

                        under
                          Uniform Gifts

                        to
                          Minors Act

                        ________________

                                    
                          (State)

                      

              

            

          

        

         

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        C-2-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto ________________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) _________________________________
a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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
	 	 

    

     

    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.

     

    
      
        
        

      

      
        C-2-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C-3

     

    [FORM
      OF CLASS P CERTIFICATE]

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A DIRECT OR
      INDIRECT BENEFICIAL INTEREST IN 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”) AND IN
      CERTAIN OTHER PROPERTY.

     

    THIS
      CLASS P CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE.
      ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
      REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT
      REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO A PLAN (AS DEFINED IN THE AGREEMENT) OR ANY
      PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A PLAN SHALL BE MADE EXCEPT
      IN
      ACCORDANCE WITH SECTION 5.02 OF THE AGREEMENT REFERENCED
      HEREIN.

     

    
      
        
        

      

      
        C-3-1

        
          

        

      

      
        
        

      

    

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS P

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class P

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

            	
              Original
                Class Certificate Principal Balance as of the Closing Date:
                $100

               

              Initial
                Certificate Principal Balance: $100

               

              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

            

    

    

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that __________________________________
      is the
      registered owner of the Percentage Interest set forth above in that certain
      beneficial ownership interest evidenced by all the Class P Certificates in
      the
      Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as
      specified above (the “Agreement”), among Asset Backed Funding Corporation
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the
      “Seller”), the Servicer and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class P Certificates on such Distribution Date pursuant to the
      Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class P Certificates the aggregate Initial Certificate
      Principal Balance of which is in excess of a 66% Percentage Interest of the
      Class P Certificates, or by check mailed by first class mail to the address
      of
      the Person entitled thereto, as such name and address shall appear on the
      Certificate Register, provided that the Certificate Registrar may deduct a
      reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    
      
        
        

      

      
        C-3-2

        
          

        

      

      
        
        

      

    

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing the Percentage
      Interest specified on the face hereof.

     

    The
      Class
      P 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. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the 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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    
      
        
        

      

      
        C-3-3

        
          

        

      

      
        
        

      

    

     

    No
      transfer of this Certificate shall be made unless that transfer is made pursuant
      to an effective registration statement under the 1933 Act and effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      If a
      transfer of this Certificate is to be made without registration under the 1933
      Act, then the Certificate Registrar shall refuse to register such transfer
      unless it receives (and upon receipt, may conclusively rely upon) certain
      certificate(s) and opinions, as applicable, required pursuant to Section 5.02
      of
      the Agreement. None of the Depositor, the Certificate Registrar or the Trustee
      is obligated to register or qualify the Class of Certificates specified on
      the
      face hereof under the 1933 Act or any other securities law or to take any action
      not otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any such Certificateholder
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee, the Depositor, the Certificate Registrar and the Servicer 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 (as defined in the Agreement) or any
      person acting on behalf of, or using assets of, a Plan shall be made except
      in
      accordance with Section 5.02 of the Agreement referenced herein. 

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        C-3-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Authorized
              Officer

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Certificate Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Authorized
              Signatory
	 	 

    

    
      Date
        of
        authentication:

    

     

    
      
        
        

      

      
        C-3-5

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        
          
            
              
                
                  	
                          TEN
                            COM  

                           

                          TEN
                            ENT   

                           

                          JT
                            TEN   

                        	
                        	
                          -

                           

                          -

                           

                          -

                        	
                        	
                          as tenants in common

                           

                          as tenants by the entireties

                           

                          as joint tenants with right of
                            survivorship and not as tenants
                            in common

                        	
                        	
                          UNIF
                            GIFT MIN ACT  

                        	
                        	
                          -

                        	
                        	
                          Custodian

                          (Cust)
                            (Minor)

                          under
                            Uniform Gifts

                          to
                            Minors Act

                          ________________

                                      
                            (State)

                        

                

              

            

          

           

        

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        C-3-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto _____________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) ___________________________ a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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
	 	 

    

     

    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.

     

    
      
        
        

      

      
        C-3-7

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      C-4

     

    [FORM
      OF CLASS R CERTIFICATE]

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES
      PERSON.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE “RESIDUAL
      INTEREST” IN MULTIPLE SEPARATE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS,” AS
      THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

     

    THIS
      CLASS R CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES, THE CLASS B
      CERTIFICATES, THE CLASS CE CERTIFICATES AND THE CLASS P CERTIFICATES OF THIS
      SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CLASS R CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS R CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE.
      ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
      REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT
      REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE SHALL NOT BE TRANSFERRED TO OR HELD BY A PLAN (AS DEFINED IN THE
      AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A
      PLAN.

    

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE MAY BE MADE
      ONLY IF THE PROPOSED TRANSFEREE PROVIDES (1) AN AFFIDAVIT TO THE CERTIFICATE
      REGISTRAR THAT 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 (ANY SUCH PERSON
      DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREINAFTER REFERRED
      TO
      AS A “DISQUALIFIED ORGANIZATION”), OR (D) AN AGENT OF A DISQUALIFIED
      ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
      OR
      COLLECTION OF TAX, AND (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
      CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
      NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER,
      SALE OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, 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
      A CLASS R CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO
      HAVE
      CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION
      5.02(d) OF THE AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED
      ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CLASS
      R
      CERTIFICATE.

     

    
      
        
        

      

      
        C-4-1

        
          

        

      

      
        
        

      

    

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS R

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class R

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

               

              Percentage
                Interest: 100%

            	
              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

            

    

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that _______________________
      is the
      registered owner of the Percentage Interest set forth above in that certain
      beneficial ownership interest evidenced by all the Class R Certificates in
      the
      Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as
      specified above (the “Agreement”), among Asset Backed Funding Corporation
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the
      “Seller”), the Servicer and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class R Certificates on such Distribution Date pursuant to the
      Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class R Certificates the aggregate Percentage Interest
      of which is in excess of a 66% Percentage Interest of the Class R Certificates,
      or by check mailed by first class mail to the address of the Person entitled
      thereto, as such name and address shall appear on the Certificate Register,
      provided that the Certificate Registrar may deduct a reasonable wire transfer
      fee from any payment made by wire transfer. Notwithstanding the above, the
      final
      distribution on this Certificate will be made after due notice by the Trustee
      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 as provided in the Agreement.

     

    
      
        
        

      

      
        C-4-2

        
          

        

      

      
        
        

      

    

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing the Percentage
      Interest specified on the face hereof.

     

    The
      Class
      R 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. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      Certificate is subordinated in right of payment to the Offered Certificates,
      the
      Class B Certificates, the Class CE Certificates and the Class P Certificates
      as
      described in the Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the 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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    
      
        
        

      

      
        C-4-3

        
          

        

      

      
        
        

      

    

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate shall be made unless that transfer is made pursuant
      to an effective registration statement under the 1933 Act and effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      If a
      transfer of this Certificate is to be made without registration under the 1933
      Act, then the Certificate Registrar shall refuse to register such transfer
      unless it receives (and upon receipt, may conclusively rely upon) certain
      certificate(s) and opinions, as applicable, required pursuant to Section 5.02
      of
      the Agreement. None of the Depositor, the Certificate Registrar or the Trustee
      is obligated to register or qualify the Class of Certificates specified on
      the
      face hereof under the 1933 Act or any other securities law or to take any action
      not otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any such Certificateholder
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee, the Depositor, the Certificate Registrar and the Servicer 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.

     

    This
      Certificate shall not be transferred to or held by a Plan (as defined in the
      Agreement) or any person acting on behalf of, or using assets of, a Plan.

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed for all
      purposes to have consented to the provisions of Section 5.02 of the Agreement
      and to any amendment of the Agreement deemed necessary by counsel of the
      Depositor to ensure that the transfer of this Certificate to any Person other
      than a Permitted Transferee or any other Person will not cause the Trust to
      cease to qualify as multiple separate REMICs or cause the imposition of a tax
      upon the Trust.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    
      
        
        

      

      
        C-4-4

        
          

        

      

      
        
        

      

    

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        C-4-5

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:

            	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, 

              as
                Certificate Registrar

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Authorized
              Signatory
	 	 

    

    Date
      of
      authentication:

     

    
      
        
        

      

      
        C-4-6

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        
          
            
              
                
                  
                    	
                            TEN
                              COM  

                             

                            TEN
                              ENT   

                             

                            JT
                              TEN   

                          	
                          	
                            -

                             

                            -

                             

                            -

                          	
                          	
                            as tenants in common

                             

                            as tenants by the entireties

                             

                            as joint tenants with right of
                              survivorship and not as tenants
                              in common

                          	
                          	
                            UNIF
                              GIFT MIN ACT  

                          	
                          	
                            -

                          	
                          	
                            Custodian

                            (Cust)
                              (Minor)

                            under
                              Uniform Gifts

                            to
                              Minors Act

                            ________________

                                        
                              (State)

                          

                  

                

              

            

             

          

        

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        C-4-7

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto ____________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) ______________________________
a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

    

     

    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.

     

    
      
        
        

      

      
        C-4-8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C-5

     

    [FORM
      OF CLASS R-X CERTIFICATE]

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES
      PERSON.

     

    FOR
      U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE “RESIDUAL
      INTEREST” IN MULTIPLE SEPARATE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS,” AS
      THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

     

    THIS
      CLASS R-X CERTIFICATE IS SUBORDINATE TO THE OFFERED CERTIFICATES, THE CLASS
      B
      CERTIFICATES, THE CLASS CE CERTIFICATES AND THE CLASS P CERTIFICATES OF THIS
      SERIES TO THE EXTENT DESCRIBED HEREIN AND IN THE AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CLASS R-X CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS R-X CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE.
      ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
      REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION THAT DOES NOT
      REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE SHALL NOT BE TRANSFERRED TO OR HELD BY A PLAN (AS DEFINED IN THE
      AGREEMENT) OR ANY PERSON ACTING ON BEHALF OF, OR USING ASSETS OF, A
      PLAN.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R-X CERTIFICATE MAY BE
      MADE
      ONLY IF THE PROPOSED TRANSFEREE PROVIDES (1) AN AFFIDAVIT TO THE CERTIFICATE
      REGISTRAR THAT 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 (ANY SUCH PERSON
      DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREINAFTER REFERRED
      TO
      AS A “DISQUALIFIED ORGANIZATION”), OR (D) AN AGENT OF A DISQUALIFIED
      ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
      OR
      COLLECTION OF TAX, AND (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
      CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
      NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER,
      SALE OR OTHER DISPOSITION OF THIS CLASS R-X CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, 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
      A CLASS R-X CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO
      HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION
      5.02(d) OF THE AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED
      ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CLASS
      R-X
      CERTIFICATE.

     

    
      
        
        

      

      
        C-5-1

        
          

        

      

      
        
        

      

    

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES

    SERIES
      2007-CB5, CLASS R-X

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund consisting
      primarily of a pool of fixed-rate and adjustable-rate one- to four-family first
      and second lien mortgage loans formed and sold by

     

    ASSET
      BACKED FUNDING CORPORATION

     

    
      	
              Series
                2007-CB5, Class R-X

               

              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2007

               

              First
                Distribution Date: June 25, 2007

               

              No.

               

              Percentage
                Interest: 100%

            	
              Servicer:
                Litton Loan Servicing LP

               

              Trustee:
                LaSalle Bank National Association

               

              Closing
                Date: May 31, 2007

            

    

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ASSET BACKED
      FUNDING CORPORATION, THE SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES.
      THIS
      CERTIFICATE IS NOT GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
      STATES.

     

    This
      certifies that _______________________
      is the
      registered owner of the Percentage Interest set forth above in that certain
      beneficial ownership interest evidenced by all the Class R-X Certificates in
      the
      Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as
      specified above (the “Agreement”), among Asset Backed Funding Corporation
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), Credit-Based Asset Servicing and Securitization LLC (the
      “Seller”), the Servicer and 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, distributions 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 (a “Distribution Date”), commencing on the first
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the applicable Record Date, from funds in the Distribution
      Account in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class R-X Certificates on such Distribution Date pursuant to the
      Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by or on behalf of the Trustee by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Certificate Registrar in writing at
      least
      five Business Days prior to the Record Date for such Distribution Date and
      is
      the registered owner of Class R-X Certificates the aggregate Percentage Interest
      of which is in excess of a 66% Percentage Interest of the Class R-X
      Certificates, or by check mailed by first class mail to the address of the
      Person entitled thereto, as such name and address shall appear on the
      Certificate Register, provided that the Certificate Registrar may deduct a
      reasonable wire transfer fee from any payment made by wire transfer.
      Notwithstanding the above, the final distribution on this Certificate will
      be
      made after due notice by the Trustee 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 as provided in the
      Agreement.

     

    
      
        
        

      

      
        C-5-2

        
          

        

      

      
        
        

      

    

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      C-BASS Mortgage Loan Asset-Backed Certificates of the Series specified on the
      face hereof (herein called the “Certificates”) and representing the Percentage
      Interest specified on the face hereof.

     

    The
      Class
      R-X 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. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    This
      Certificate is subordinated in right of payment to the Offered Certificates,
      the
      Class B Certificates, the Class CE Certificates and the Class P Certificates
      as
      described in the Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Servicer, the Trustee, the Seller and the rights of the Certificateholders
      under
      the Agreement at any time by the Depositor, the Servicer, the Seller and the
      Trustee with the consent of the Holders of Certificates entitled to the Voting
      Rights identified in the agreement. 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 this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the 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 as provided in the Agreement, 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 the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    
      
        
        

      

      
        C-5-3

        
          

        

      

      
        
        

      

    

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate shall be made unless that transfer is made pursuant
      to an effective registration statement under the 1933 Act and effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      If a
      transfer of this Certificate is to be made without registration under the 1933
      Act, then the Certificate Registrar shall refuse to register such transfer
      unless it receives (and upon receipt, may conclusively rely upon) certain
      certificate(s) and opinions, as applicable, required pursuant to Section 5.02
      of
      the Agreement. None of the Depositor, the Certificate Registrar or the Trustee
      is obligated to register or qualify the Class of Certificates specified on
      the
      face hereof under the 1933 Act or any other securities law or to take any action
      not otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any such Certificateholder
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee, the Depositor, the Certificate Registrar and the Servicer 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.

     

    This
      Certificate shall not be transferred to or held by a Plan (as defined in the
      Agreement) or any person acting on behalf of, or using assets of, a Plan,

    

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed for all
      purposes to have consented to the provisions of Section 5.02 of the Agreement
      and to any amendment of the Agreement deemed necessary by counsel of the
      Depositor to ensure that the transfer of this Certificate to any Person other
      than a Permitted Transferee or any other Person will not cause the Trust to
      cease to qualify as multiple separate REMICs or cause the imposition of a tax
      upon the Trust.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Certificate Registrar may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Servicer, the Trustee, any Paying Agent and the Certificate
      Registrar and any agent of the Depositor, the Servicer, the Trustee, any Paying
      Agent or the Certificate Registrar may treat the Person in whose name this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Servicer, the Trustee, the Certificate Registrar, any Paying
      Agent nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby 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 pursuant to the Agreement
      following the earliest of (i) the Distribution Date on which the
      Certificate Principal Balance of each Class of Certificates has been reduced
      to
      zero, (ii) the final payment or other liquidation of the last Mortgage Loan
      in the Trust Fund, and (iii) the optional purchase by the Servicer of the
      Mortgage Loans.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trustee assumes no responsibility for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        C-5-4

        
          

        

      

      
        
        

      

    

    
       

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

    

    
      	
              Dated:

            	 	 	 
	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Officer

            

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Certificate Registrar

            
	 	 	 	 
	 	 	 	 
	
            	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Signatory

            
	
            	 	 	
            

    

    Date
      of
      authentication:

     

    
      
        
        

      

      
        C-5-5

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - as
                tenants in common

              TEN
                ENT -
                 as
                tenants by the entireties

              JT
                TEN -     
                as
                joint tenants with right

                
                of survivorship and not as

                
                tenants in common

            	
              UNIF
                GIFT MIN ACT - 
                Custodian

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              ________________

              (State)

            

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        C-5-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto _______________________________________________ (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) _________________________ a
      Percentage Interest equal to ____% evidenced by the within asset-backed
      Certificate and hereby authorize(s) the registration of transfer 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
      Percentage Interest 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

            

    

     

    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.

     

    
      
        
        

      

      
        C-5-7

        
          

        

      

      
        
        

      

    

    

    
      EXHIBIT
        D

      MORTGAGE
        LOAN SCHEDULE

      

      [Please
        see the Free Writing Prospectus filed and accepted by the

      Securities
        and Exchange Commission on May 31, 2007, with a filing

      date
        of May 31, 2007 and accession number

      0001393401-07-000014.]

    

     

     

     

     

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

    FORM
      OF REQUEST FOR RELEASE OF DOCUMENTS

     

    
      	
              To:

            	
              The
                Bank of New York

            

    

    101
      Barclay Street, 4W

    New
      York,
      New York 10286

    

    
      	
              Cc:

            	
              LaSalle
                Bank National Association

            

    

    135
      S.
      LaSalle Street, Suite 1511,

    Chicago,
      IL 60603

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of May 1, 2007 among Asset Backed
                Funding
                Corporation, as depositor, Credit-Based Asset Servicing and Securitization
                LLC, as seller, Litton Loan Servicing LP, as servicer and LaSalle
                Bank
                National Association, as trustee.

            

    

    

    All
      capitalized terms used herein shall have the means ascribed to them in the
      Pooling and Servicing Agreement (the “Agreement”) referenced above.

     

    In
      connection with the administration of the Mortgage Loans held by you as
      Custodian pursuant to the Agreement, we request the release, and hereby
      acknowledge receipt, of the Mortgage File for the Mortgage Loan described below,
      for the reason indicated.

     

    Mortgage
      Loan Number:

     

    Mortgagor
      Name, Address & Zip Code:

     

    Reason
      for Requesting Documents (check one):

     

    _____ 1. Mortgage
      Paid in Full

     

    _____ 2. Foreclosure

     

    _____ 3. Substitution

     

    _____ 4. Other
      Liquidation (Repurchases, etc.)

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

     

    
      	
              _____ 5. Nonliquidation 

            	 	 	Reason:
	 	 	 	
              
                

              

            
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              (authorized
                signer)

            
	 	 	 	 
	 	 	 	
              Issuer:
                

            
	 	 	 	
              
                

              

              Address:
                

            
	
            	 	 	
              
                

              

               

              
                

              

              
                Date:

              

            
	 	 	 	
              
                
 

            

    

     

    Custodian

    The
      Bank
      of New York

     

    Please
      acknowledge the execution of the above request by your signature and date
      below:

    
      	 	 	 	 
	
              
                
Signature

            	 	 	
              

              Date

            

    

     

    Documents
      returned to Custodian:

    
      	
            	 	 	 
	
              
                
Custodian

            	 	 	
              

              Date

            

    

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F-1

    FORM
      OF INITIAL CERTIFICATION

     

    Date

    

    Asset
      Backed Funding Corporation

    214
      North
      Tryon Street 

    Charlotte,
      North Carolina 28255

    

    Litton
      Loan Servicing LP

    4828
      Loop
      Central Drive

    Houston,
      Texas 77081

    

    LaSalle
      Bank National Association

    135
      South
      LaSalle Street, Suite 1511

    Chicago,
      Illinois 60603

    Attn:
      Global Securities and Trust Services Group - C-BASS 2007-CB5

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as
                of May 1, 2007, among Asset Backed Funding Corporation, as depositor,
                Credit-Based Asset Servicing and Securitization LLC, as seller, Litton
                Loan Servicing LP, as servicer, and LaSalle Bank National Association,
                as
                trustee (the “Trustee”), with respect to C-BASS Mortgage Loan Asset-Backed
                Certificates, Series 2007-CB5.

            

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement, the
      undersigned, as Custodian, hereby certifies that it has received the documents
      listed in Section 2.01 of the Pooling and Servicing Agreement for each Mortgage
      File pertaining to each Mortgage Loan listed on Schedule A, to the Pooling
      and
      Servicing Agreement, subject to any exceptions noted on Schedule I
      hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing Agreement.
      This Certificate is subject in all respects to the terms of Section 2.02 of
      the
      Pooling and Servicing Agreement and the Pooling and Servicing Agreement sections
      cross-referenced therein.

     

    
      	 	 	 	
              [____________]

            
	 	 	 	 
	 	 	 	 
	
            	 	 	
              By:

            
	
            	 	 	
              
                

              

              Name:
                

            
	
            	 	 	
              Title:

            

    

    

    
      
        
        

      

      
        F-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F-2

    FORM
      OF FINAL CERTIFICATION

    

    [Date]

    

    Asset
      Backed Funding Corporation

    214
      North
      Tryon Street 

    Charlotte,
      North Carolina 28255

    

    Litton
      Loan Servicing LP

    4828
      Loop
      Central Drive

    Houston,
      Texas 77081

    

    LaSalle
      Bank National Association

    135
      South
      LaSalle Street, Suite 1511

    Chicago,
      Illinois 60603

    Attn:
      Global Securities and Trust Services Group - C-BASS 2007-CB5

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as
                of May 1, 2007, among Asset Backed Funding Corporation, as depositor,
                Credit-Based Asset Servicing and Securitization LLC, as seller, Litton
                Loan Servicing LP, as servicer, and LaSalle Bank National Association,
                as
                trustee (the “Trustee”), with respect to C-BASS Mortgage Loan Asset-Backed
                Certificates, Series 2007-CB5

            

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement, the
      undersigned, as Custodian, 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 Schedule I hereto), it has received the applicable documents listed
      in
      Section 2.01 of the Pooling and Servicing Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears to be complete and, based on an examination of such
      documents, the information set forth in the Mortgage Loan Schedule is
      correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement. This Certificate is qualified
      in
      all respects by the terms of said Pooling and Servicing Agreement.

     

    
      	 	 	 	
              [_________________]

            
	 	 	 	 
	 	 	 	 
	
            	 	 	
              By:

            
	
            	 	 	
              
                

              

              Name:
                

            
	
            	 	 	
              Title:

            

    

    

    
      
        
        

      

      
        F-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F-3

    FORM
      OF RECEIPT OF MORTGAGE NOTE

    

    Asset
      Backed Funding Corporation

    214
      North
      Tryon Street 

    Charlotte,
      North Carolina 28255

    

    Re: C-BASS
      Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

    

    Ladies
      and Gentlemen:

    

    Pursuant
      to Section 2.01 of the Pooling and Servicing Agreement, dated as of May 1,
      2007,
      among Asset Backed Funding Corporation, as depositor, Credit-Based Asset
      Servicing and Securitization LLC, as seller, Litton Loan Servicing LP, as
      servicer, and LaSalle Bank National Association, as trustee, we have received
      the original Mortgage Note with any exceptions thereto listed on Exhibit
      1.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement. This Certificate is qualified
      in
      all respects by the terms of said Pooling and Servicing Agreement.

     

    
      	 	 	 	
              THE
                BANK OF NEW YORK, as Custodian

            
	 	 	 	 
	 	 	 	 
	
            	 	 	
              By:

            
	
            	 	 	
              
                

              

              Name:
                

            
	
            	 	 	
              Title:

            

    

    

    
      
        
        

      

      
        F-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

    MORTGAGE
      LOAN PURCHASE AGREEMENT

    

    [Please
      see the 8-K filed and accepted by the

    Securities
      and Exchange Commission on June 15, 2007, with a filing

    date
      of June 15, 2007 and accession number

    0001393401-07-000020.]

     

     

     

     

     

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    FORM
      OF LOST NOTE AFFIDAVIT

     

    Personally
      appeared before me the undersigned authority to administer oaths,
      ______________________ who first being duly sworn deposes and says: Deponent
      is
      ______________________ of ___________________________________________ (“Seller”)
      and who has personal knowledge of the facts set out in this
      affidavit.

     

    On
      ___________________, _________________________ did execute and deliver a
      promissory note in the principal amount of $__________.

     

    That
      said
      note has been misplaced or lost through causes unknown and is presently lost
      and
      unavailable after diligent search has been made. Seller’s records show that an
      amount of principal and interest on said note is still presently outstanding,
      due, and unpaid, and Seller is still owner and holder in due course of said
      lost
      note.

     

    Seller
      executes this Affidavit for the purpose of inducing LaSalle Bank National
      Association, as trustee on behalf of C-BASS Mortgage Loan Asset-Backed
      Certificates, Series 2007-CB5, to accept the transfer of the above described
      loan from Seller.

     

    Seller
      agrees to indemnify and hold harmless LaSalle Bank National Association and
      Asset Backed Funding Corporation for any losses incurred by such parties
      resulting from the above described promissory note has been lost or
      misplaced.

    
      	 	 	 	 
	
            	 	 	
              By:

            
	
            	 	 	
              
                

              

            
	
            	 	 	
              
                

              

            

    

     

    
      	
              STATE
                OF  

            	)	 
	 	
              ) SS:

            	 
	
              COUNTY
                OF  

            	)	 

    

     

    On
      this
      ____ day of _______ 20__, before me, a Notary Public, in and for said County
      and
      State, appeared ________________________, who acknowledged the extension of
      the
      foregoing and who, having been duly sworn, states that any representations
      therein contained are true.

     

    Witness
      my hand and Notarial Seal this ____ day of _______ 20__.

     

    
      	 	 	 	 
	
              
 	 	 	
            
	
              

            	 	 	
            
	 	 	 	 
	
              My
                commission expires _________.

            	 	 	
            

    

    

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

    FORM
      OF ERISA REPRESENTATION

     

    LaSalle
      Bank National Association

    135
      S.
      LaSalle Street, Suite 1511

    Chicago,
      IL 60603

    Attn:
      Global Securities and Trust Services Group - C-BASS 2007-CB5

    

    Asset
      Backed Funding Corporation

    214
      North
      Tryon Street 

    Charlotte,
      North Carolina 28255

    

    Re: C-BASS
      Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

    

    Ladies
      and Gentlemen:

    

    1. [The
      undersigned is the ______________________ of (the “Transferee”) a [corporation
      duly organized] and existing under the laws of __________, on behalf of which
      he
      makes this affidavit.] [The undersigned, ___________________, is the transferee
      (the “Transferee”).]

     

    2. The
      Transferee hereby acknowledges that under the terms of the Pooling and Servicing
      Agreement (the “Agreement”) among Asset Backed Funding Corporation, as depositor
      (the “Depositor”), Credit-Based Asset Servicing and Securitization LLC, as
      seller, Litton Loan Servicing LP, as servicer, and LaSalle Bank National
      Association, as trustee (the “Trustee”), no transfer of the ERISA-Restricted
      Certificates shall be permitted to be made to any person unless the Depositor
      and the Trustee (as defined in the Agreement) have received a certificate from
      such transferee in the form hereof.

     

    3. The
      Transferee either (i) is not an employee benefit plan subject to Title I of
      the
      Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a plan
      subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the
      “Code”), (each, a “Plan”)or a person acting on behalf of any such Plan or a
      person using the assets of any such plan or (ii) (except in the case of the
      Class R, Class R-X, Class P, Class CE-1 or N Class CE-2 Certificates) is an
      insurance company which is using funds from an “insurance company general
      account” (as such term is defined in Section V(e) of Prohibited Transaction
      Class Exemption 95-60 (60 Fed. Reg. 35925 (July 20, 1995)) (“PTCE 95-60”) to
      purchase such Certificates and the purchase and holding of such Certificates
      are
      covered under Sections I and III of PTCE 95-60.

     

    Capitalized
      terms used but not defined herein shall have the meanings ascribed to such
      terms
      in the Agreement.

     

    IN
      WITNESS WHEREOF, the Transferee has executed this certificate.

     

    
      	
            	 	 	
              

              [Transferee]

            
	
            	 	 	
            
	 	 	 	 
	 	 	 	
              By:

            
	 	 	 	
              
                
Name:

            
	 	 	 	
              Title:

            

    

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      J-1

    FORM
      OF INVESTMENT LETTER [NON-RULE 144A]

     

    [DATE]

    

    Asset
      Backed Funding Corporation

    214
      North
      Tryon Street

    Charlotte,
      North Carolina 28255

    

    LaSalle
      Bank National Association

    135
      S.
      LaSalle Street, Suite 1511

    Chicago,
      IL 60603

    Attn:
      Global Securities and Trust Services Group - C-BASS 2007-CB5

    

    Re:
       C-BASS
      Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

    

    Ladies
      and Gentlemen:

    

    In
      connection with our acquisition of the C-BASS Mortgage Loan Asset-Backed
      Certificates, Series 2007-CB5 (the “Certificates”), we certify that (a) we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we are an “accredited investor,”
as defined in Regulation D under the Act, and have such knowledge and experience
      in financial and business matters that we are capable of evaluating the merits
      and risks of investments in the Certificates, (c) we have had the opportunity
      to
      ask questions of and receive answers from the Depositor concerning the purchase
      of the Certificates and all matters relating thereto or any additional
      information deemed necessary to our decision to purchase the Certificates,
      (d)
      we are acquiring the Certificates for investment for our own account and not
      with a view to any distribution of such Certificates (but without prejudice
      to
      our right at all times to sell or otherwise dispose of the Certificates in
      accordance with clause (g) below), (e) we agree that the Certificates must
      be
      held indefinitely by us and we acknowledge that we are able to bear the economic
      risk of investment in the Certificates, (f) we have not offered or sold any
      Certificates to, or solicited offers to buy any Certificates from, any person,
      or otherwise approached or negotiated with any person with respect thereto,
      or
      taken any other action which would result in a violation of Section 5 of the
      Act, (g) we will not sell, transfer or otherwise dispose of any Certificates
      unless (1) such sale, transfer or other disposition is made pursuant to an
      effective registration statement under the Act or is exempt from such
      registration requirements, and if requested, we will at our expense provide
      an
      opinion of counsel satisfactory to the addressees of this Certificate that
      such
      sale, transfer or other disposition may be made pursuant to an exemption from
      the Act, (2) the purchaser or transferee of such Certificate has executed and
      delivered to you a certificate to substantially the same effect as this
      certificate, and (3) the purchaser or transferee has otherwise complied with
      any
      conditions for transfer set forth in the Pooling and Servicing Agreement, (h)
      in
      the
      case of the Class CE-1 Certificates only, we will provide to the Trustee a
      duly
      executed IRS Form W-9, W-8BEN, W-8IMY orW-8ECI (or applicable successor form)
      and agree to update any such form (i) upon expiration of any such form, (ii)
      as
      required under then applicable U.S. Treasury regulations and
      (ii)
      promptly upon learning than any such form has become obsolete or incorrect
      and
      (i) we acknowledge that the Certificates will bear a legend setting forth the
      applicable restrictions on transfer.

     

    
      	 	 	 	
              Very
                truly yours,

            
	
            	 	 	
              [NAME
                OF TRANSFEREE]

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Officer

            

    

    

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      J-2

     

    FORM
      OF
      RULE 144A INVESTMENT LETTER

    [DATE]

     

    Asset
      Backed Funding Corporation

    214
      North
      Tryon Street 

    Charlotte,
      North Carolina 28255

    

    LaSalle
      Bank National Association

    135
      S.
      LaSalle Street, Suite 1511

    Chicago,
      IL 60603

    Attn:
      Global Securities and Trust Services Group - C-BASS 2007-CB5

    

    Re: C-BASS
      Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

    

    Ladies
      and Gentlemen:

    

    In
      connection with our acquisition of the C-BASS Mortgage Loan Asset-Backed
      Certificates, Series 2007-CB5 (the “Certificates”), we certify that (a) we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we have had the opportunity
      to
      ask questions of and receive answers from the Depositor concerning the purchase
      of the Certificates and all matters relating thereto or any additional
      information deemed necessary to our decision to purchase the Certificates,
      (c)
      we have not, nor has anyone acting on our behalf offered, transferred, pledged,
      sold or otherwise disposed of the Certificates, any interest in the Certificates
      or any other similar security to, or solicited any offer to buy or accept a
      transfer, pledge or other disposition of the Certificates, any interest in
      the
      Certificates or any other similar security from, or otherwise approached or
      negotiated with respect to the Certificates, any interest in the Certificates
      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 Certificates
      under
      the Securities Act or that would render the disposition of the Certificates
      a
      violation of Section 5 of the Securities Act or require registration pursuant
      thereto, nor will act, nor has authorized or will authorize any person to act,
      in such manner with respect to the Certificates, (d) we are a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act and have completed either of the forms of certification to that effect
      attached hereto as Annex 1 or Annex 2. We are aware that the sale to us is
      being
      made in reliance on Rule 144A. We are acquiring the Certificates for our own
      account or for resale pursuant to Rule 144A and further, understand that such
      Certificates 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
      Securities Act. If we are acquiring the Class CE-1 Certificates, we will provide
      to the Trustee a duly executed IRS Form W-9, W-8BEN, W-8IMY orW-8ECI (or
      applicable successor form) and agree to update any such form (i) upon expiration
      of any such form, (ii) as required under then applicable U.S. Treasury
      regulations.

     

    
      	 	 	 	
              Very
                truly yours,

            
	
            	 	 	
              [NAME
                OF TRANSFEREE]

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Authorized
                Officer

            
	
            	 	 	
            

    

    

    
      
        
        

      

      
        J-2

        
          

        

      

      
        
        

      

    

    

    ANNEX
      1 TO EXHIBIT J-2

    

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

    

    [For
      Transferees Other Than Registered Investment Companies]

    

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    i. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    ii. 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, as
      amended (“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 of 1986, as amended.

     

    ___ 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 statements, 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, a
      copy
      of which is attached hereto.

     

    ___ 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 $_______ in securities
        unless Buyer is a dealer, and, in that case, Buyer must own and/or invest
        on a
        discretionary basis at least $__________ in securities.

    

     

    
      
        
        

      

      
        J-3

        
          

        

      

      
        
        

      

    

     

    ___ 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
      Advisor.
      The
      Buyer is an investment advisor registered under the Investment Advisors Act
      of
      1940.

     

    ___ Small
      Business Investment Company.
      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.
      Buyer
      is a business development company as defined in Section 202(a)(22) of the
      Investment Advisors Act of 1940.

     

    iii. 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) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iv) bank deposit notes and certificates of deposit,
      (v) loan participations, (vi) repurchase agreements, (vii) securities owned
      but
      subject to a repurchase agreement and (viii) currency, interest rate and
      commodity swaps.

     

    iv. 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, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published. If clause (ii) in the preceding sentence applies, the securities
      may be valued at market. 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, as
      amended.

     

    v. 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.

     

    
      
        
        

      

      
        J-4

        
          

        

      

      
        
        

      

    

     

    vi. Until
      the
      date of purchase of the Rule 144A Securities, 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 the
      Certificates will constitute a reaffirmation of this certification as of the
      date of such purchase. In addition, if the Buyer is a bank or savings and loan
      is provided above, the Buyer agrees that it will furnish to such parties updated
      annual financial statements promptly after they become available.

     

    
      	
            	 	 	
              

              Print
                Name of Buyer

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	 	 	 	
              
                

              

              Name:

            
	
            	 	 	
              Title:

            
	 	 	 	 
	 	 	 	
              Date:

            
	 	 	 	
              
                

              

            

    

     

    
      
        
        

      

      
        J-5

        
          

        

      

      
        
        

      

    

    

    ANNEX
      2 TO EXHIBIT J-2

    

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    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, as amended (“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, as amended 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,
      except (i) where the Buyer or the Buyer’s Family of Investment Companies reports
      its securities holdings in its financial statements on the basis of their market
      value, and (ii) no current information with respect to the cost of those
      securities has been published. If clause (ii) in the preceding sentence applies,
      the securities may be valued at market.

     

    ___ 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) securities
      issued or guaranteed by the U.S. or any instrumentality thereof, (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.

     

    
      
        
        

      

      
        J-6

        
          

        

      

      
        
        

      

    

     

    5. The
      Buyer
      is familiar with Rule 144A and understands that the parties listed in the Rule
      144A Transferee Certificate to which this certification relates 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.

     

    6. Until
      the
      date of purchase of the Certificates, the undersigned will notify the parties
      listed in the Rule 144A Transferee Certificate to which this certification
      relates of any changes in the information and conclusions herein. Until such
      notice is given, the Buyer’s purchase of the Certificates will constitute a
      reaffirmation of this certification by the undersigned as of the date of such
      purchase.

     

    
      	
            	 	 	
              

              Print
                Name of Buyer or Adviser

            
	
            	 	 	
            
	 	 	 	 
	 	 	 	
              By:

            
	 	 	 	
              
                

              

              Name:

            
	 	 	 	
              Title:

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              IF
                AN ADVISER:

            
	 	 	 	 
	 	 	 	
              
                
Print
                Name of Buyer

            
	 	 	 	 
	 	 	 	
              Date:

            
	 	 	 	
              
                

              

            

    

     

    
      
        
        

      

      
        J-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    FORM
      OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT

     

    C-BASS
      MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2007-CB5

     

    
      	
              STATE
                OF 

            	)	 
	 	
              )
                ss.:

            	 
	
              COUNTY
                OF 

            	)	 

    

    

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1. The
      undersigned is [an officer of]                     ,
      the
      proposed Transferee of an Ownership Interest in a [Class R and/or Class R-X
      Certificates] (the “Residual Certificate”) issued pursuant to the Pooling and
      Servicing Agreement, (the “Agreement”), relating to the above-referenced
      Certificates, among Asset Backed Funding Corporation, as depositor, Credit-Based
      Asset Servicing and Securitization LLC, as seller, Litton Loan Servicing LP,
      as
      servicer, and LaSalle Bank National Association, as trustee (the “Trustee”).
      Capitalized terms used, but not defined herein shall have the meanings ascribed
      to such terms in the Agreement. The Transferee has authorized the undersigned
      to
      make this affidavit on behalf of the Transferee.

     

    2. The
      Transferee is, as of the date hereof, and will be, as of the date of the
      transfer, a Permitted Transferee. The Transferee is acquiring the Residual
      Certificate either (i) for its own account or (ii) as nominee, trustee or agent
      for another Person who is a Permitted Transferee and has attached hereto an
      affidavit from such Person in substantially the same form as this affidavit.
      The
      Transferee has no knowledge that any such affidavit is false.

     

    3. The
      Transferee has been advised of, and understands that (i) a tax will be imposed
      on Transfers of the Residual Certificate 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
      the
      subsequent Transferee furnished 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.

     

    4. The
      Transferee has been advised of, and understands that a tax will be imposed
      on a
“pass-through entity” holding the Certificate 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 Transferee understands
      that, other than in the case of an “electing large partnership” under Section
      775 of the Code, 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.)

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

     

    5. The
      Transferee has reviewed the provisions of Section 5.02 of the Agreement and
      understands the legal consequences of the acquisition of the Residual
      Certificate including, without limitation, the restrictions on subsequent
      Transfers and the provisions regarding voiding the transfer and mandatory sales.
      The Transferee expressly agrees to be bound by and to abide by the provisions
      of
      Section 5.02 of the Agreement and the restrictions noted on the face of the
      Certificate. The Transferee understands and agrees that any breach of any of
      the
      representations included herein shall render the transfer to the Transferee
      contemplated hereby null and void.

     

    6. The
      Transferee agrees to require a transfer affidavit in the form of this Affidavit
      from any Person to whom the Transferee attempts to transfer the Residual
      Certificate, and in connection with any transfer by a Person for whom the
      Transferee is acting as nominee, trustee or agent, and the Transferee will
      not
      transfer the Residual Certificate or cause the Residual Certificate to be
      transferred to any Person that the Transferee knows is not a Permitted
      Transferee.

     

    7. The
      Transferee historically has paid its debts as they have become due.

     

    8. The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the Residual
      Certificate.

     

    9. The
      taxpayer identification number of the Transferee (or the Transferee’s nominee,
      if applicable) is ___________.

     

    10. The
      Transferee is a U.S. Person as defined in Code Section 7701(a)(30).

     

    11. The
      Transferee is aware that the Residual Certificate may be a “noneconomic residual
      interest” within the meaning of Treasury Regulations promulgated pursuant to 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.

     

    12. The
      Transferee will not cause income from the Residual Certificate to be
      attributable to a foreign permanent establishment or fixed base, within the
      meaning of an applicable income tax treaty, of the Transferee or any other
      person.

     

    13. If
      the
      Transferee is purchasing the Residual Certificate in a transfer intended to
      meet
      the safe harbor provisions of Treasury Regulations Sections 1.860E-1(c), the
      Transferee has executed and attached Attachment A hereto.

     

    
      
        
        

      

      
        K-2

        
          

        

      

      
        
        

      

    

     

    14. The
      Transferee is not an employee benefit plan or arrangement, subject to Title
      I of
      ERISA, or a plan subject to Section 4975 of the Code (each, a “Plan”), and the
      Transferee is not acting on behalf of, or using assets of, such a
      Plan.

     

    * * *

     

    
      
        
        

      

      
        K-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer this _____ day of ________________, ____.

     

    
      	
            	 	 	
              

              Print
                Name of Transferee

            
	
            	 	 	
            
	 	 	 	 
	 	 	 	
              By:

            
	 	 	 	
              
                
Name:

            
	 	 	 	
              Title:

            

    

     

    Personally
      appeared before me the above-named ______________________________, known or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the _______________________ of the Transferee, and acknowledged that he
      executed the same as his free act and deed and the free act and deed of the
      Transferee.

     

    Subscribed
      and sworn before me this _____ day of _______________________, ____

     

     

    
      	
            	 	 	
               

              
                

              

              NOTARY
                PUBLIC

            
	
            	 	 	
            
	 	 	 	
              My
                Commission expires the ____ day of ______________,
                ____

            

    

    

    
      
        
        

      

      
        K-4

        
          

        

      

      
        
        

      

    

    ATTACHMENT
      A

     

    to

     

    AFFIDAVIT
      PURSUANT TO SECTION 860E(e)(4) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
      AND FOR NON-ERISA INVESTORS

     

    Check
      the
      appropriate box:

     

    
      	·	
              The
                consideration paid to the Transferee to acquire the Residual Certificate
                equals or exceeds the excess of (a) the present value of the anticipated
                tax liabilities over (b) the present value of the anticipated savings
                associated with holding such Residual Certificate, in each case calculated
                in accordance with U.S. Treasury Regulations Sections 1.860E-1(c)(7)
                and (8), computing present values using a discount rate equal to
                the
                short-term Federal rate prescribed by Section 1274(d) of the Code and
                the compounding period used by the
                Transferee.

            

    

     

    OR

    

      
        	·	
                The
                  transfer of the Residual Certificate complies with U.S. Treasury
                  Regulations Sections 1.860E-1(c)(5) and (6) and,
                  accordingly:

              

      

    

     

    
      	 	
              (i)

            	
              the
                Transferee is an “eligible corporation,” as defined in U.S. Treasury
                Regulations Section 1.860E-1(c)(6)(i), as to which income from Residual
                Certificate will only be taxed in the United
                States;

            

    

     

    
      	 	
              (ii)

            	
              at
                the time of the transfer, and at the close of the Transferee’s two fiscal
                years preceding the year of the transfer, the Transferee had gross
                assets
                for financial reporting purposes (excluding any obligation of a person
                related to the Transferee within the meaning of U.S. Treasury Regulations
                Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                in
                excess of $10 million;

            

    

     

    
      	 	
              (iii)

            	
              the
                Transferee will transfer the Residual Certificate only to another
                “eligible corporation,” as defined in U.S. Treasury Regulations Section
                1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                of
                Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                of
                the U.S. Treasury Regulations;

            

    

     

    
      	 	
              (iv)

            	
              the
                Transferee has determined the consideration paid to it to acquire
                the
                Residual Certificate 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 Transferee) that it has determined in good
                faith;
                and

            

    

     

    
      	 	
              (v)

            	
              in
                the event of any transfer of the Residual Certificate by the Transferee,
                the Transferee will require its transferee to complete a representation
                in
                the form of this Attachment A as a condition of such transferee’s purchase
                of the Residual Certificate.

            

    

     

    
      
        
        

      

      
        K-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

     

    FORM
      OF TRANSFEROR CERTIFICATE

     

    [DATE]

    

    LaSalle
      Bank National Association

    135
      S.
      LaSalle Street, Suite 1511

    Chicago,
      IL 60603

    Attn:
      Global Securities and Trust Services Group - C-BASS 2007-CB5

    

    Asset
      Backed Funding Corporation

    214
      North
      Tryon Street 

    Charlotte,
      North Carolina 28255

    

    Re: C-BASS
      Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

    

    Ladies
      and Gentlemen:

    

    In
      connection with our disposition of the C-BASS Mortgage Loan Asset-Backed
      Certificates, Series 2007-CB5 (the “Certificates”), we certify that (a) we
      understand that the Certificates have not been registered under the Securities
      Act of 1933, as amended (the “Act”), and are being disposed by us in a
      transaction that is exempt from the registration requirements of the Act, (b)
      we
      have not offered or sold any Certificates to, or solicited offers to buy any
      Certificates from, any person, or otherwise approached or negotiated with any
      person with respect thereto, in a manner that would be deemed, or taken any
      other action which would result in, a violation of Section 5 of the Act, (c)
      to
      the extent we are disposing of a Class R or Class R-X Certificate, we have
      no
      knowledge the Transferee is not a Permitted Transferee and (d) no purpose of
      the
      proposed disposition of a Class R or Class R-X Certificate is to impede the
      assessment or collection of tax.

     

    
      	 	 	 	
              Very
                truly yours,

            
	 	 	 	 
	 	 	 	 
	
            	 	 	
              [_____________________]

            
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

            

    

    

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      M

     

    FORM
      OF OFFICER’S CERTIFICATE WITH RESPECT TO PREPAYMENTS

     

    Officer’s
      Certificate

    C-BASS
      Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

    

    <Date>

    

    Via
      Facsimile

    

    LaSalle
      Bank National Association, as Trustee

    135
      S.
      LaSalle Street, Suite 1511

    Chicago,
      IL 60603

    Attn:
      Global Securities and Trust Services Group - C-BASS 2007-CB5

    

    Re: Prepayments

    

    Dear
      Sir
      or Madam:

    

    __________________
      hereby certifies that he/she is an officer of the Servicer, holding the office
      set forth beneath his/her name and hereby further certifies as follows with
      respect to the Mortgage Loans set forth in the attached schedule:

     

    
      	1.  	
              A
                Principal Prepayment in full was received during the related Collection
                Period;

            

    

     

    
      	2.  	
              Any
                prepayment charge due under the terms of the Mortgage Note with respect
                to
                such Principal Prepayment in Full was received from the mortgagor
                and
                deposited in the Collection Account;

              ____
                Yes ____
                No

            

    

     

    
      	3.  	
              As
                to each Mortgage Loan so noted on the attached schedule, all or part
                of
                the prepayment charge required in connection with the Principal Prepayment
                in Full was waived based upon (Circle one): (i) the related Mortgage
                Loan
                being in default or foreseeable default and such waiver (a) was standard
                and customary in servicing mortgage loans similar to the Mortgage
                Loans
                and (b) the Servicer’s determination that such waiver would maximize
                recovery of Liquidation Proceeds for such Mortgage Loan, taking into
                account the value of such prepayment penalty, (ii)(A) the enforceability
                thereof be limited (1) by bankruptcy insolvency, moratorium, receivership,
                or other similar law relating to creditors’ rights generally or (2) due to
                acceleration in connection with a foreclosure or other involuntary
                payment, or (B) the enforceability is otherwise limited or prohibited
                by
                applicable law or (iii) the Servicer not being provided with information
                sufficient to enable it to collect the prepayment
                charge;

            

    

     

    
      	4.  	
              We
                certify that all amounts due in connection with the waiver of a prepayment
                charge inconsistent with number 3 above which are required to be
                deposited
                by the Servicer pursuant to Section 3.01 of the Pooling and Servicing
                Agreement, have been or will be so
                deposited.

            

    

     

    
      	5.  	
              Capitalized
                terms used herein shall have the meanings ascribed to such terms
                in the
                Pooling and Servicing Agreement, dated as of May 1, 2007, among Asset
                Backed Funding Corporation, as depositor, Credit-Based Asset Servicing
                and
                Securitization LLC, as seller, Litton Loan Servicing LP, as servicer,
                and
                LaSalle Bank National Association.

            

    

     

    
      	 	 	 	
              By:
                LITTON LOAN SERVICING LP

            
	
            	 	 	
            
	 	 	 	 
	
            	 	 	
              

              Name:

            
	
            	 	 	
              Title:

            

    

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

    

    [RESERVED]

     

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O-1

     

    CAP
      AGREEMENT

     

    [Please
      see the 8-K filed and accepted by the

    Securities
      and Exchange Commission on June 15, 2007, with a filing

    date
      of June 15, 2007 and accession number

    0001393401-07-000020.]

     

     

     

     

     

     

    
      
        
        

      

      
        O-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O-2

     

    SWAP
      AGREEMENT

     

    [Please
      see the 8-K filed and accepted by the

    Securities
      and Exchange Commission on June 15, 2007, with a filing

    date
      of June 15, 2007 and accession number

    0001393401-07-000020.]

     

     

     

     

     

     

     

    
      
        
        

      

      
        O-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P-1

     

    FORM
      OF SARBANES CERTIFICATION

     

    
      	 	
              Re:

            	
              C-BASS
                2007-CB5 Trust (the “Trust”), C-BASS Mortgage Loan Asset-Backed
                Certificates, Series 2007-CB5, issued pursuant to the Pooling and
                Servicing Agreement, dated as of May 1, 2007 (the “Pooling and Servicing
                Agreement”), among Asset Backed Funding Corporation, as depositor (the
                “Depositor”), Litton Loan Servicing LP, as servicer (the “Servicer”),
                Credit-Based Asset Servicing and Securitization LLC, as seller (the
                “Seller”), and LaSalle Bank National Association, as trustee (the
                “Trustee”)

            

    

     

    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 the Trust
      (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 Pooling
      and
      Servicing Agreement [and servicing agreement(s)] in all material respects;
      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.

     

    
      
        
        

      

      
        P-1-1

        
          

        

      

      
        
        

      

    

     

    [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, trustee or the custodian].]

    
      	 	 	 	 
	
              Date:

            	 	 	
            
	
              
                

              

            	 	 	 
	
               

            	 	 	
              

              [Signature]

            
	
            	 	 	
              [Title]

            

    

    

    
      
        
        

      

      
        P-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P-2

     

    FORM
      OF CERTIFICATE TO BE PROVIDED BY TRUSTEE

     

    
      	 	
              Re:

            	
              C-BASS
                2007-CB5 Trust (the “Trust”), C-BASS Mortgage Loan Asset-Backed
                Certificates, Series 2007-CB5, issued pursuant to the Pooling and
                Servicing Agreement, dated as of May 1, 2007 (the “Pooling and Servicing
                Agreement”), among Asset Backed Funding Corporation, as depositor (the
                “Depositor”), Litton Loan Servicing LP, as servicer (the “Servicer”),
                Credit-Based Asset Servicing and Securitization LLC, as seller (the
                “Seller”), and LaSalle Bank National Association, as trustee (the
                “Trustee”)

            

    

     

    The
      Trustee hereby certifies to the Servicer, 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 [_] (the “Annual
      Report”), and all reports on Monthly Statements filed in respect of period
      covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

     

    (2) Subject
      to Paragraph 4, based on my knowledge, the Distribution Information in the
      Monthly Statements prepared by the Trustee, taken as a whole, do not contain
      any
      untrue statement of a material fact or omit to state a material fact required
      by
      the Pooling and Servicing Agreement to be included therein and 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 the Annual
      Report;

     

    (3) Based
      on
      my knowledge, the Distribution Information required to be provided by the
      Trustee under the Pooling and Servicing Agreement is included in the
      Reports;

     

    (4) In
      compiling the Distribution Information and making the foregoing certifications,
      the Trustee has relied upon information furnished to it by the Servicer under
      the Pooling and Servicing Agreement. The Trustee shall have no responsibility
      or
      liability for any inaccuracy in such Reports resulting from information so
      provided by the Servicer.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Pooling and Servicing Agreement.

     

    
      	
              Date:

            	 	 	 
	 	 	 	 
	
            	 	 	
            
	
              

              Name:

            	 	 	
            
	
              Title:

            	 	 	
            

    

    

    
      
        
        

      

      
        P-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q

    

    SCHEDULE
      OF MORTGAGE LOANS WITHOUT TITLE POLICIES

    

    
      	 	
              Loan
                Number

            	 	 
	
              1.

            	 	 	 
	
              2.

            	 	 	 

    

    

    
      
        
        

      

      
        Q-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

     

    FORM
      OF POWER OF ATTORNEY

     

    RECORDING
      REQUESTED BY

    AND
      WHEN
      RECORDED MAIL TO

    LITTON
      LOAN SERVICING LP

    4828
      Loop
      Central Drive

    Houston,
      Texas 77081

    

    Attn:
      _________________________________

     

    LIMITED
      POWER OF ATTORNEY

    

    KNOW
      ALL
      MEN BY THESE PRESENTS, that LaSalle Bank National Association, having its
      principal place of business at 135 S. LaSalle Street, Suite 1511, Chicago,
      IL
      60603, as Trustee (the “Trustee”) pursuant to that Pooling and Servicing
      Agreement among Asset Backed Funding Corporation (the “Depositor”), Litton Loan
      Servicing LP (the “Servicer”), Credit-Based Asset Servicing and Securitization
      LLC (the “Seller”), and the Trustee, dated as of May 1, 2007 (the “Pooling and
      Servicing Agreement”), hereby constitutes and appoints the Servicer, by and
      through the Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact,
      in the Trustee’s name, place and stead and for the Trustee’s benefit, in
      connection with all mortgage loans serviced by the Servicer pursuant to the
      Pooling and Servicing Agreement for the purpose of performing all acts and
      executing all documents in the name of the Trustee as may be customarily and
      reasonably necessary and appropriate to effectuate the following enumerated
      transactions in respect of any of the mortgages or deeds of trust (the
“Mortgages” and the “Deeds of Trust,” respectively) and promissory notes secured
      thereby (the “Mortgage Notes”) for which the undersigned is acting as Trustee
      for various certificateholders (whether the undersigned is named therein as
      mortgagee or beneficiary or has become mortgagee by virtue of endorsement of
      the
      Mortgage Note secured by any such Mortgage or Deed of Trust) and for which
      the
      Servicer is acting as servicer, all subject to the terms of the Pooling and
      Servicing Agreement.

     

    This
      appointment shall apply to the following enumerated transactions
      only:

     

    1. The
      modification or re-recording of a Mortgage or Deed of Trust, where said
      modification or re-recordings is for the purpose of correcting the Mortgage
      or
      Deed of Trust to conform same to the original intent of the parties thereto
      or
      to correct title errors discovered after such title insurance was issued and
      said modification or re-recording, in either instance, does not adversely affect
      the lien of the Mortgage or Deed of Trust as insured.

     

    2. The
      subordination of the lien of a Mortgage or Deed of Trust to an easement in
      favor
      of a public utility company of a government agency or unit with powers of
      eminent domain; this section shall include, without limitation, the execution
      of
      partial satisfactions/releases, partial reconveyances or the execution or
      requests to trustees to accomplish same.

     

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

     

    3. The
      conveyance of the properties to the mortgage insurer, or the closing of the
      title to the property to be acquired as real estate owned, or conveyance of
      title to real estate owned.

     

    4. The
      completion of loan assumption agreements.

     

    5. The
      full
      satisfaction/release of a Mortgage or Deed of Trust or full conveyance upon
      payment and discharge of all sums secured thereby, including, without
      limitation, cancellation of the related Mortgage Note.

     

    6. The
      assignment of any Mortgage or Deed of Trust and the related Mortgage Note,
      in
      connection with the repurchase of the mortgage loan secured and evidenced
      thereby.

     

    7. The
      full
      assignment of a Mortgage or Deed of Trust upon payment and discharge of all
      sums
      secured thereby in conjunction with the refinancing thereof, including, without
      limitation, the assignment of the related Mortgage Note.

     

    8. With
      respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a deed
      in
      lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
      or termination, cancellation or rescission of any such foreclosure, including,
      without limitation, any and all of the following acts:

     

    a. the
      substitution of trustee(s) serving under a Deed of Trust, in accordance with
      state law and the Deed of Trust;

    b. the
      preparation and issuance of statements of breach or
      non-performance;

    c. the
      preparation and filing of notices of default and/or notices of
      sale;

    d. the
      cancellation/rescission of notices of default and/or notices of
      sale;

    e. the
      taking of a deed in lieu of foreclosure; and

    f. the
      preparation and execution of such other documents and performance of such other
      actions as may be necessary under the terms of the Mortgage, Deed of Trust
      or
      state law to expeditiously complete said transactions in paragraphs 8.a. through
      8.e., above.

     

    Notwithstanding
      anything contained herein to the contrary, the Servicer shall not, without
      the
      Trustee’s written consent: (i) initiate any action, suit or proceeding solely
      under the Trustee's name without indicating the Servicer’s representative
      capacity; provided that the Servicer shall not be required to sign this Limited
      Power of Attorney in order to perform the functions enumerated herein or (ii)
      take any action with the intent to cause, or which actually does cause, the
      Trustee to be registered to do business in any state.

     

    The
      undersigned gives said Attorney-in-Fact full power and authority to execute
      such
      instruments and to do and perform all and every act and thing necessary and
      proper to carry into effect the power or powers granted by or under this Limited
      Power of Attorney as fully as the undersigned might or could do, and hereby
      does
      ratify and confirm to all that said Attorney-in-Fact shall lawfully do or cause
      to be done by authority hereof.

     

    Third
      parties without actual notice may rely upon the exercise of the power granted
      under this Limited Power of attorney; and may be satisfied that this Limited
      Power of Attorney shall continue in full force and effect and has not been
      revoked unless an instrument of revocation has been made in writing by the
      undersigned.

     

    
      
        
        

      

      
        R-2

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, LaSalle Bank National Association, as Trustee pursuant to
      that
      Pooling and Servicing Agreement among the Depositor, the Servicer, the Seller
      and the Trustee, dated as of May 1, 2007 (C-BASS Mortgage Loan Asset Backed
      Certificates, Series 2007-CB5), has caused its corporate seal to be hereto
      affixed and these presents to be signed and acknowledged in its name and behalf
      by its duly elected and authorized ___________ this ___ day of __________,
      2007.

     

    
      	
            	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as
                Trustee

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Name:

            
	
            	 	 	
              Title:

            

    

     

    Personally
      appeared before me the above-named ______________________________, known or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the _______________________ of the Trustee for C-BASS Mortgage Loan Asset
      Backed Certificates, Series 2007-CB5, and acknowledged that s/he executed the
      same as her/his free act and deed and the free act and deed of the
      Trustee.

     

    Subscribed
      and sworn before me this _____ day of _______________________, ____

     

    
      	
            	 	 	
              
                

              

              NOTARY
                PUBLIC

            
	
            	 	 	
            
	 	 	 	
              My
                Commission expires the ____ day of ______________,
                ____

            

    

    

    
      
        
        

      

      
        R-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S

    

    SERVICING
      CRITERIA

    

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

    

    

      
        	
                Definitions

              	
                Key:

              
	
                Servicer
                  -
                  transaction party having borrower contact

              	
                X
                  -
                  obligation

              
	
                Custodian
                  -
                  safe keeper of pool assets

              	 
	
                Trustee
                  -
                  fiduciary of the transaction

              	 

      

    

    

    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. This Exhibit S may be amended by mutual consent between the parties
      hereto.

    

      
        	
                Reg
                  AB Reference

              	 	
                Servicing
                  Criteria

              	 	
                Litton
                  Loan Servicing LP (Servicer)

              	 	
                The
                  Bank of New York (Custodian)

              	 	
                LaSalle
                  Bank National Association (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

              
	
                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.

              	 	
                If
                  applicable for a transaction participant

              	 	
                If
                  applicable for a transaction participant

              	 	
                If
                  applicable for a transaction participant

              
	
                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

              	 	 	 	 
	 	 	
                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*

              
	
                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

              

      

       

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB Reference

              	 	
                Servicing
                  Criteria

              	 	
                Litton
                  Loan Servicing LP (Servicer)

              	 	
                The
                  Bank of New York (Custodian)

              	 	
                LaSalle
                  Bank National Association (Trustee)

              
	
                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

              	 	 	 	 
	
                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

              
	
                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*

              
	
                1122(d)(2)(vi)

              	 	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	 	
                If
                  applicable

              	 	 	 	
                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

              
	 	 	
                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 Servicer.
                  

              	 	
                X*

              	 	 	 	
                X

              

      

       

      
        
          
          

        

        
          S-2

          
            

          

        

        
          
          

        

      

       

        	
                Reg
                  AB Reference

              	 	
                Servicing
                  Criteria

              	 	
                Litton
                  Loan Servicing LP (Servicer)

              	 	
                The
                  Bank of New York (Custodian)

              	 	
                LaSalle
                  Bank National Association
                  (Trustee)

              

      

      
        	
                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

              
	
                1122(d)(3)(iii)

              	 	
                Disbursements
                  made to an investor are posted within two business days to the
                  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*

              
	
                1122(d)(4)(ii)

              	 	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	 	 	 	
                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 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
                  Servicer’s records regarding the pool assets agree with the 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

              	 	 	 	 
	
                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

              	 	 	 	 
	
                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

              	 	 	 	 

      

       

      
        
          
          

        

        
          S-3

          
            

          

        

        
          
          

        

      

       

        	
                Reg
                  AB Reference

              	 	
                Servicing
                  Criteria

              	 	
                Litton
                  Loan Servicing LP (Servicer)

              	 	
                The
                  Bank of New York (Custodian)

              	 	
                LaSalle
                  Bank National Association
                  (Trustee)

              

      

      
        	
                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

              	 	 	 	 
	
                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

              	 	 	 	 
	
                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 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 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 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

              	 	 	 	 
	
                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

              

      

    

     

    *For
      (d)(2)(i) and (v) - Trustee needs to provide only if it is deemed that any
      account maintained by the Trustee is a custodial account for purposes of the
      these servicing criteria 

     

    *
      For
      (d)(2)(iv) - Servicer needs to provide only if it is deemed that the collection
      account is subject to this criteria

     

    *For
      (d)(3)(i)(C) - Waterfall calculations are a Trustee responsibility under the
      Pooling Agreement.

     

    *For
      (d)(3)(ii) - Waterfall calculations are a Trustee responsibility under the
      Pooling Agreement.

     

    *
      For (d)
      (4)(i) - Trustee needs to provide only if it is deemed that the final
      certification required to be delivered by the Trustee pursuant to Section 2.02,
      Acceptance by the Trustee of the Mortgage Loans, of the Pooling Agreement is
      not
      covered in the (d)(4)(iii) servicing criteria.

     

    
      
        
        

      

      
        S-4

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      T-1

    

    FORM
      8-K DISCLOSURE

    

    
      	
              Item
                on Form 8-K

            	 	
              Party
                Responsible

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

            	 	
              All
                parties as to themselves 

            
	
              Item
                1.02- Termination of a Material Definitive Agreement 

            	 	
              All
                parties as to themselves 

            
	
              Item
                1.03- Bankruptcy or Receivership

            	 	
              All
                parties as to themselves 

            
	
              Item
                2.04- Triggering Events that Accelerate or Increase a Direct Financial
                Obligation or an Obligation under an Off-Balance Sheet
                Arrangement

            	 	
              N/A
                

            
	
              Item
                3.03- Material Modification to Rights of Security Holders 

            	 	
              Covered
                in Item 1.01 

            
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year 

            	 	
              Depositor

            
	
              Item
                6.01 - ABS Informational and Computational Material

            	 	
              N/A
                

            
	
              Item
                6.02- Change of Servicer or Trustee

            	 	
              Servicer
                (as to Servicer or each Subservicer it engages), Trustee (as to Trustee
                or
                any Subcontractor it engages) 

            
	
              Item
                6.03- Change in Credit Enhancement or External Support

            	 	
              Depositor
                

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	 	
              Trustee
                

            
	
              Item
                6.05- Securities Act Updating Disclosure 

            	 	
              Depositor
                

            
	
              Item
                7.01- Reg FD Disclosure 

            	 	
              Depositor
                

            
	
              Item
                8.01 - Other Events 

            	 	
              All
                parties as to themselves 

            
	
              Item
                9.01 - Financial Statements and Exhibits 

            	 	
              All
                parties as it relates to their own agreements

            

    

    

    
      
        
        

      

      
        T-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      T-2

    

    FORM
      10-D DISCLOSURE

    

    
      	
              Item
                on Form 10-D

            	 	
              Party
                Responsible

            
	
              Item
                1: Distribution and Pool 

              Performance
                Information 

              Material
                breaches of Mortgage Loan 

              Representations
                

              Material
                breaches of 

              covenants
                under this Agreement 

            	 	
              Trustee
                

              Servicer
                

              Servicer,
                Trustee and Depositor (each as 

              to
                itself and with respect to other parties, 

              as
                to which it obtains actual notice.) 

            
	
              Item
                2: Legal Proceedings per Item 1117 of Reg AB

            	 	
              All
                parties to the Pooling and Servicing Agreement (as to themselves),
                the
                depositor as to the issuing entity and any 1100(d)(1) party
                

            
	
              Item
                3: Sale of Securities and Use of Proceeds

            	 	
              Depositor
                

            
	
              Item
                4: Defaults Upon Senior Securities

            	 	
              Trustee
                

            
	
              Item
                5: Submission of Matters to a Vote of Security Holders 

            	 	
              Trustee

            
	
              Item
                6: Significant Obligors of Pool Assets 1112(b) 

            	 	
              N/A

            
	
              Item
                7: Significant Enhancement Provider Information 

            	 	 
	
              Item
                1114(b)(2)-Credit Enhancement Provider Financial Information
                

            	 	
              N/A

            
	
              Item
                1115(b)-Derivative Counterparty Financial Information 

            	 	
              Depositor

            
	
              Item
                8: Other Information

            	 	
              Depositor,
                Sponsor, Trustee and any other party responsible for disclosure items
                on
                Form 8-K 

            
	
              Item
                9: Exhibits

            	 	
              Depositor,
                Sponsor, Trustee (as to monthly payment/distribution reports only)
                

            

    

     

    
      
        
        

      

      
        T-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      T-3

    

    FORM
      10-K DISCLOSURE

    

    
      	
              Item
                on Form 10-K

            	 	
              Party
                Responsible

            
	
              Item
                9B: Other Information

            	 	
              Depositor,
                Trustee and any other party responsible for disclosure items on Form
                8-K
                

            
	
              Item
                15: Exhibits, Financial Statement Schedules 

            	 	
              Trustee/Servicer/
                Depositor 

            
	
              Additional
                Item: Disclosure per Item 1112(b) of Reg AB 

            	 	
              N/A

            
	
              Additional
                Item: Disclosure per Item 1114(b)(2) of Reg AB 

            	 	
              N/A

            
	
              Additional
                Item: Disclosure per Item 1115(b) of Reg AB 

            	 	
              Depositor

            
	
              Additional
                Item: Disclosure per Item 1117 of Reg AB

            	 	
              All
                parties to the Pooling and Servicing Agreement (as to themselves),
                the
                Depositor as to the issuing entity and any 1100(d)(1) party
                

            
	
              Additional
                Item: Disclosure per Item 1119 of Reg AB 

            	 	
              All
                parties to the Pooling and Servicing Agreement 

            
	
              Additional
                Item: Disclosure per Item 1122 of Reg AB 

            	 	
              Servicer
                and Subservicer, Trustee and Subcontractor and Custodian
                

            
	
              Additional
                Item: Disclosure per Items 1123 of Reg AB 

            	 	
              Servicer
                and Subservicer, Trustee and Subcontractor and Custodian
                

            

    

    

    
      
        
        

      

      
        T-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      U

    

    ADDITIONAL
      DISCLOSURE INFORMATION

    

    **SEND
      TO LASALLE VIA FAX AT 312-904-2084 AND VIA EMAIL TO edgar@abnamro.com
      AND SEND TO BOTH LASALLE AND THE DEPOSITOR VIA OVERNIGHT MAIL TO THE ADDRESS
      IMMEDIATELY BELOW**

    

    LaSalle
      Bank, N.A., as Trustee

    135
      S.
      LaSalle Street, Suite 1511

    Chicago,
      Illinois 60603

    Attention:
      Global Securities and Trust Services - C-BASS, Series 2007-CB5—SEC REPORT
      PROCESSING

    

    Asset
      Backed Funding Corporation

    214
      North
      Tryon Street

    Charlotte,
      North Carolina 28255

    

    RE:
      **Additional Form [__] Disclosure** Required

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 3.29 of the Pooling and Servicing Agreement, dated
      as of
      May 1, 2007, among Asset Backed Funding Corporation, as depositor (the
“Depositor”), Credit-Based Asset Servicing and Securitization LLC, as seller
      (the “Seller”), Litton Loan Servicing LP, as servicer (the “Servicer”), and
      LaSalle Bank National Association, as trustee (the “Trustee”). The undersigned,
      as [____], hereby notifies you that certain events have come to our attention
      that [will][may] need to be disclosed on Form [___].

    

    Description
      of Additional Form [__ ] Disclosure:

    

    List
      of
      Any Attachments hereto to be included in the Additional Form [__]
      Disclosure:

    

    Any
      inquiries related to this notification should be directed to [___], phone
      number: [___]; email address: [___].

     

    
      	 	 	 	
              [NAME
                OF PARTY]

            
	
            	 	 	
              as
                [role]

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              By:

            
	
            	 	 	
              
                

              

              Name:

            
	
            	 	 	
              Title:

            

    

     

    
      
        
        

      

      
        U-1

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